Must read: Real Estate LOIs For example, one c
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Posted On: 02/14/2023 8:22:11 PM
Must read: Real Estate LOIs
For example, one court held that the following language did not constitute a legally binding commitment:
The parties intend this statement to reflect the basic understanding between them, but agree that the transactions contemplated herein shall be subject to the execution of mutually acceptable definitive and final agreements to be negotiated . . . [and] subject to the approval of the Board of Harbor Commissioners . . . and by [COSCO] . . . . This statement does not constitute a legally binding commitment.
Wake up Willy!
We already know the company's LOI is subject to getting 75% tax rebates and getting a loan. Take a wild guess that LOI constitutes a legally binding commitment or not.
Why would snpw (or EPC) "so desire" to have an LOI be binding with NO $$ at the time of signing the LOI?
My cowboy friends...we're past 90 days since LOI notice was released (tweeted...uggh).
in my humble opinion
cheers
For example, one court held that the following language did not constitute a legally binding commitment:
The parties intend this statement to reflect the basic understanding between them, but agree that the transactions contemplated herein shall be subject to the execution of mutually acceptable definitive and final agreements to be negotiated . . . [and] subject to the approval of the Board of Harbor Commissioners . . . and by [COSCO] . . . . This statement does not constitute a legally binding commitment.
Wake up Willy!
We already know the company's LOI is subject to getting 75% tax rebates and getting a loan. Take a wild guess that LOI constitutes a legally binding commitment or not.
Why would snpw (or EPC) "so desire" to have an LOI be binding with NO $$ at the time of signing the LOI?
Quote:
How binding is a letter of intent in real estate?
In real estate deals, a Letter of Intent are typical before entering large leases or an agreement to buy or sell commercial real estate. Letters of Intent are typically not binding on the parties, but can be if the parties so desire.
My cowboy friends...we're past 90 days since LOI notice was released (tweeted...uggh).
Quote:
Once the LOI is signed, the next steps are to negotiate the purchase agreement and perform due diligence. These are separate processes, but they usually occur in parallel and take about 90 days to complete.
in my humble opinion
cheers
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