If you are not an experienced user of such documents, I suggest you find YOUR commercial real estate agent/broker. Although the original intent of the LOI was NOT to be binding on the parties, many have found to be fully binding, in part, due to the extent or wording of the LOI. In addition, many states have different legal requirements. YOUR OWN real estate Agent/Broker does not generally 'cost' you, but rather the landlords agent pays from his fees with the landlord - assuming you are a tenant. If you are a landlord, ask YOUR agent/broker. If you don't have an agent/broker, see your legal counsel. These can be legally binding. Seek good counsel. These are major commitments.
Sep 26, 2011