Letters of Intent

This practice note provides an overview of letters of intent. A written letter of intent in a commercial real estate purchase and sale transaction is used to set forth the basic terms of agreement with respect to a proposed purchase and sale of a commercial property, prior to expending the time and cost of drafting and negotiating a full contract. A well-drafted letter of intent will provide guidance for the initial draft of the purchase and sale agreement. For a sample letter of intent that includes practical guidance and drafting notes, see Letter of Intent (Commercial Purchase and Sale).