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Commercial Real Estate Terms: What is a Letter of Intent?

April 26, 2017Commercial intent letter Real Estate terms

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Commercial Real Estate Terms: What is a Letter of Intent?

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A Letter of Intent is an informal method of stating that a Prospective Tenant or Buyer is interested in a property. It is neither binding, nor a legal document in the contractual sense, but demonstrates a prospect’s good faith interest. In the case of a Lease, a Proposal to Lease may be used in place of a Letter of Intent.