Should a letter of intent have a time limit to go to lease or sales contract?
A listener asks: Should a letter of intent have a time limit to go to lease or sales contract? "Ask Michael Bull" is a commercial real estate FAQ video series featuring a new video posted each business day. Michael Bull, CCIM is a thirty year industry veteran, CEO of Bull Realty, a U.S. commercial real estate sales, leasing and advisory firm headquartered in Atlanta, and host of the nationally syndicated Commercial Real Estate Show.
-
- Michael Bull, CCIM
- Show Host
- Bull Realty, Inc.
- Website
- (404) 876-1640 x 101
Michael's brokerage services: Bull Realty.com
Michael's video training: Commercial Agent Success.com
RELATED MEDIA
2 comments
Trackbacks and pingbacks
No trackback or pingback available for this article.
Leave a Reply
The Commercial Real Estate Show (TM) is protected by trademark and copyright laws. The information from this site and show is not to be copied, distributed, or sold without express written permission from the Commercial Real Estate Show. Because of the limitations of web sites and talk radio shows, the information from this site and the show are not to be relied upon as professional, accounting or legal advice. The show information is for enlightenment and entertainment purposes only and is not deemed reliable for your particular property, situation or location. Consult a referred and licensed commercial broker, accountant & attorney who has entered into a representation agreement with you and knows all the details of your location, property and situation for professional advice. For a professional referral contact the Commercial Real Estate Show at Info@CREshow.com or 888-612-SHOW (7469). All rights reserved. (C) 2014
© Copyright 2019. All Rights Reserved. Commercial Real Estate Show™
Good point John. I still like time limits in LOIs to try to keep the parties on a reasonable time line. Plus I want my client to honor the intent, but not for an unreasonable time frame. More of a way of doing business than a legal matter.
There’s no such thing as an agreement to agree so it doesn’t really make a difference.. this is likely what your lawyer friend was getting at