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.
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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