Posted by curtis gabhart on May 30, 2009 at 15:30:19:
Yes the LOI is exactly what it says a letter of INTENT it is rarely binding. To avoid that just write up a purchase contract which will solve your problems. You still will have time for your due dillegence and if you don’t like the deal cancel it.
Curtis Gabhart
LOI multifamily - Posted by Scotty1
Posted by Scotty1 on May 17, 2009 at 10:27:33:
Hi,
I am working on my first multifamily deal. The details are not pertinent, but I am looking to purchase a good deal. The 3-4 deals I have tried to acquire before always go with a better offer from another investor before accepting my LOI.
If the seller excepts my LOI and we are agreeable on terms, does he have any obligation to sign a P&S agreement with me?
What if a better offer comes in a day before we sign and I have spent money and time on attorneys and other expenses only to find out he will go elsewhere. I know it says in 14 days we will sign, but can he back out of a LOI since it is not a binding contract?
Thanks for the advice!