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Commonly Asked Questions about Real Estate Legal Letters

A legal document is a written instrument that records and formalizes an agreement, obligation, or other legally enforceable act. It is a communication tool in the legal sphere designed to express and enforce rights, responsibilities, or procedures under the law.
A letter of intent, commonly referred to as an LOI, is a simple, 1-3 page document that prospective buyers or tenants use to outline the terms of their offer for a property. It includes the basic terms of what theyre willing to pay for a property and under what conditions.
Examples of these documents include birth certificates, contracts, deeds, leases, titles, wills, etc. During a trial or in preparation of a trial, documents such as a complaint or a summons can also be referred to as legal papers.
Normally a letter of intent will be drafted by the commercial real estate broker representing the buyer or tenant after touring the property and conducting informal discussions with the owner. The LOI will outline key deal points such as price, due diligence period, financing, and close of escrow or date of possession.
A specification is not a legal document because it is a detailed description of the requirements, dimensions, and materials for a particular project or product. While specifications are important in various industries, they do not hold the same legal weight as a lease, will, or deed.
This form is intended to represent the Buyers perspective in a commercial real estate transaction. It is rarely used in a residential transaction, but you should seek an attorneys help if you have related questions. A Letter of Intent serves as an initial outline for the contemplated real estate purchase.
Heres how to write a legal document in 10 simple steps: Plan Out the Document Before You Begin. Write with Clear and Concise Language. Ensure the Correct Use of Grammar. Be as Accurate as Possible. Make Information Accessible. Ensure All Necessary Information Is Included. Always Use an Active Voice.