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[Music] so the first thing about a letter of intent is that it can be non-binding and most of the ones that we draft are non-binding but it also can be binding you can put up some form of consideration typically money that will or something else like a service or an act consideration doesnt just have to be money it can be just even an act and it can bind the letter of intent so youve got to make sure you understand that and whether thats what you want to do do i want to send over a binding loi or do i want to send over a non-binding lor typically the reason why you do a non-binding is because the seller doesnt want to get bogged down with a contract at this stage he just wants to know hey were going to do this deal or are we not going to do this deal and if we just make it non-binding it takes the onus off the seller towards burdening his property because remember what happens when you do when you have a contract on a property what actually is going on is you have now owned an int
