Using Letters of Intent in CRE Transactions
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To make sure that you have a deal, a letter of intent (“LOI”) should always be drafted so as to be binding.
As long as an LOI includes the word “Non-Binding” in its title, there is no need to include a provision dealing with the non-binding nature of the LOI in the document itself.
One defense to a party’s allegation that an LOI is legally binding is that the LOI did not contain all of the essential terms needed for a legally-binding contract.