Commercial Real Estate Purchase and Sale Agreements (TX)


A letter of intent or LOI (also known as a memorandum of understanding, an agreement in principle, or a term sheet) is a written expression of the important terms of a proposed transaction usually signed by both parties. The letter of intent forms the basis for negotiation of a final definitive agreement. It is not intended to include all of the terms of the purchase and sale transaction, but it should include enough material terms so that the parties have some assurance that they will ultimately be able to arrive at a deal to execute a definitive purchase and sale agreement.