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Erica from Gokuche Capital discusses a case where the school board of Alachua County, Florida was tricked into overpaying for a property. She emphasizes the importance of using a letter of intent in real estate negotiations, which is a non-binding agreement outlining terms and conditions. This document helps nail down key terms before a finalized contract is created. A letter of intent is typically used in commercial real estate transactions to facilitate negotiations and clarify mutual expectations before a purchase or lease agreement is finalized.