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(CG) Commercial Letters of Intent (LOIs) – 2 CE
October 26 @ 10:00 am - 12:00 pm
$15.00Instructor: $Avi S. Tryson, Esq.
$$
Early payment membership dues credits can be applied to this class if dues were paid by June 14th, 2023.
An LOI details all the major points of the real estate purchase or lease; it is not a binding document. Instead, it signifies the buyer is sincerely interested in making a purchase and has plans to negotiate in good faith. A commercial real estate broker will typically write an LOI, but the buyer can also draft one themselves.
In this class you will learn:
• Common terminology used in LOIs
• The importance of guaranties and security deposits
• How options to extend and termination options are structured
• What items are critical to include in the LOI and what items are ok to exclude from the LOI
• How to protect your commission
Letters of intent are important because they put the terms of a complicated transaction in writing. They also make difficult negotiations clearer and easier to navigate. In commercial real estate, an LOI can protect each party while they prepare to make a more formal arrangement in the near future.
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