Letter of Intent (LOI)
An LOI is a preliminary document used in lease or purchase negotiations that summarizes core business terms (such as size, term, rent, concessions, and key conditions) before drafting definitive documents. LOIs are commonly - but not always - non-binding except for specified provisions (for example, confidentiality or exclusivity) depending on drafting.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Offer / Negotiation
- Property types
- Commercial Leasing; sometimes Commercial Sales
Read more in the Knowledge Base
- Time-to-Deposit CompressionLandlords
Related terms
Marketing and Listing Terms
- Asking Price / Asking Rent
- Co-Brokering
- Concessions
- Days on Market (DOM)
- Listing
- Multiple Listing Service (MLS)
- Offering Memorandum (OM)
- Residential Listing Service (RLS)
- Term Sheet
- Universal Co-Brokerage Agreement (UCBA)
General information, not legal, tax or financial advice.