What is an LOI? It stands for Letter of Intent. We brought one with us today. It is only one page. ideally, it's just a one pager that outlines the terms and the conditions of the deal. In commercial real estate, this is what starts everything. One important thing to note about an LOI is that it's not legally binding.
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Much of the beginning involves a lot of back and forth. Hey, can we do this? What do we think about this? What about this, Hey, can you do this? The LOI is what starts to make it go from "we're talking about a deal to okay, now we're really serious about a deal." Yes. And it's what it is before the PSA, which is the purchase and sale agreement. Another important thing to note about an LOI is that it's not legally binding. But it is signed by both parties. There's signatures for both parties, the buyer and seller. Some of the things you’ll see on an LOI are the offer price, the amount of the down payment, due diligence timelines, financing timelines, closing timelines, and any special provisions. Once the LOI is signed, then we send this off to the attorney and the attorney goes, He draws up the purchase and sale agreement based on the terms outlined on the LOI. Once you involve the attorney, now you have expenses. And if we don’t even know if those basic high level terms aren't going to be accepted. Essentially, a good LOI helps both the buyer and sellers ensure that they're both on the same page.
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