Answer: A Letter of Intent is a non-binding agreement between two or more parties who look to enter into a real estate transaction such as a lease or sale. It provides an outline of the proposed transaction, which can be negotiated before going to contract. If either party isn’t satisfied with the terms, a counteroffer can be proposed. If accepted, the LOI is revised and reviewed again by both sides. Either party can reject the deal before the final sale contract or lease is signed.
No comments:
Post a Comment