A letter of intent is submitted by a serious prospective tenant, buyer, or representing broker in a commercial real estate transaction as an initial offer. It is prepared based on basic preliminary information that was provided by the seller or selling broker and on initial due diligence of the property. Negotiations and formal due diligence begin after the LOI has been delivered and before a formal purchase agreement is entered into.
Align Healthcare Real Estate uses an “Exhibit A” to go along with the potential tenant’s letter of intent. This entails creating a very precise and measurement of each part of the space/each room and making a design rendering.