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Under Colorado law, the elements of a promissory estoppel claim are: (1) the promisor made a promise to the promisee; (2) the promisor should reasonably have expected that promise would induce action or forbearance by the promisee; (3) the promisee in fact reasonably relied on the promise to the promisees detriment;
It is an informal document that will give your loved ones important information about personal and financial matters after your death. Letters of intent are not legally binding and do not replace your need for a will or a living trust, however it can be a nice complement to those documents.
A real estate letter of intent (LOI) outlines the terms of a proposed real estate contract between a buyer or tenant and a property owner. The letter indicates the buyer/applicants intention to buy or lease the property and opens negotiations between the parties.
An estoppel certificate establishes the current status of the lease terms for a third party. Generally, the certificate requests that the Tenant verify that the rent is current or whether the Tenant has any potential claims against the Landlord.
Using an LOI can help prospective buyers and/or tenants test the waters before committing to the purchase or lease of a commercial property. An LOI can gauge an owners willingness to negotiate moving forward. It can also help identify what issues may be sticking points that the parties may be unable to overcome.
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That said, if you cant agree on terms, youre free to back out of the deal since most of an LOI is non-binding. You must only uphold certain sections (specified below) until the deal closes or the LOI expires.
An Exclusive Brokerage addendum relieves a broker from any obligations of advertising a property. An Open Listing allows a broker to receive compensation even if another broker sells the property. The Exclusive Brokerage listing agreement in Colorado is the same thing as an Exclusive Agency listing agreement.

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