Commercial Leases: Letter of Intent
Often, the first step towards creating a commercial lease agreement is a document called the "letter of intent." Once the tenant and landlord have agreed upon the most basic terms of the commercial lease, have come to some basic mutual understanding, and are ready to proceed with a commercial tenancy, one of two things will happen:
- Commonly, the landlord will offer an initial draft of the lease agreement for the prospective tenant to go over.
- Alternatively, either party may write up a letter of intent, which basically states that the tenant (or landlord) is serious about committing to a lease and ready to move forward.
This section will cover, in detail, the purpose of the letter of intent, how to prepare a letter of intent, and how to respond to one.
What's in the letter? What is it's purpose? Find out here.
Be careful not to get stuck with unfavorable terms early on in your lease negotiations.
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