Lorman offers professional resources regarding COVID-19 and the 2020 Elections

Show navigation

Available in:

OnDemand Course

Letters of Intent:Defining Terms for Efficient Lease Negotiations

Learn what to include and exclude in a letter of intent to avoid pitfalls down the road.

Before committing to any real estate transaction, the 'deal terms' need to be put in writing so that the parties can engage their respective team members to understand and model the design, construction, financial and operational assumptions and key business terms associated with the transaction. The initial document where these concepts are identified is the 'letter of intent'. While for the most part non-binding, the letter of intent serves as the moral compass for the deal. How to get to the letter of intent stage in a transaction, what to put in the letter of intent and how to avoid being caught in a 'binding' contract as a result of what is stated in a letter of intent are important concepts to understand in any lease transaction. A well drafted letter of intent informs the lawyers in drafting the underlying lease and minimizes disputes and late arising 'deal breaker' issues that may add significant expense to or derail a transaction. This topic will provide legal advice on how principals and representatives for landlords and tenants should structure a letter of intent and how to use the document to promote efficient lease negotiations in office and retail lease transactions. The presenters will also discuss issues unique to brokers in the letter of intent stage of real estate transactions.

Runtime: 89 minutes
Purchase Options

More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Use a Letter of Intent?

  • Allows Parties to Confirm Terms, Even If the Agreement Is Not Binding
  • Sets Moral Compass of the Transaction
  • Provides for Certain Binding Terms
  • Triggers Internal Reporting and Modeling and Engagement of Outside Counsel
  • Conformity and Predictability in Repeat Transactions

Before Getting to the Letter of Intent

  • Request for Proposals
  • Test Fits
  • Market Due Diligence
  • Multiple Offers

Legal Framework and Issues

  • Published Cases Relating to Exchanging a Letter of Intent
  • Implied Duty of Good Faith
  • Risks of Providing Estimates of Operating Expenses and Other Benchmarks

Structure of a Letter of Intent

  • Key Business Terms
  • Using the Qualifier 'to Be Further Negotiated in the Lease Documentation'
  • Sample Letter of Intent 'Non-Binding' Language
  • Avoidance of Marketing Language
  • Termination of Negotiations
  • Parallel Tracking Design and Construction and Binding Side Agreements

Broker Disclosure and Agency Issues

  • Broker Disclosure Obligations to Clients
  • Statutory Disclosures Relating to Agency and Dual Agency
  • Letter of Intent Not a Substitute for Engagement Agreement
Purchase Options

More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on January 23, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Margaret R. Duskin, LEED GA

Margaret R. Duskin, LEED GA

Cushman & Wakefield of California, Inc.

  • Executive director with Cushman & Wakefield of California, Inc.
  • Recognized as a market leader in office leasing
  • Sold or leased over 10 million square feet of office and retail property
  • Specializes in complex lease structures, major project marketing, advanced and complex negotiation, and corporate strategic planning; her insightful and expert client communication, marketing, financial analysis, and negotiation skills result in positive solutions for her clients
  • Received the Twenty-First Century Award from The International Alliance for Women
  • Founding board member of the City Club of San Francisco
  • Recognized as a Woman of Power in Bay Area Commercial Real Estate by Biznow Publications, 2016
  • Continuing guest lecturer for USF’s Graduate School of Business and the State Bar of California
  • Graduate, University of San Francisco; alumna of the Stanford University Advanced Management College
  • Can be contacted at 415-773-3538 or [email protected]
Manuel Fishman, Esq.

Manuel Fishman, Esq.

Buchalter Nemer

  • Shareholder with Buchalter Nemer
  • Focuses practice on representing real estate developers and owners in the acquisition, sale and financing of commercial properties
  • Active leasing practice representing owners of several major office buildings in San Francisco, including the Transamerica Pyramid, as well as tenants in lease and sublease transactions
  • Expertise includes letters of intent, tenant improvement work agreements, security deposits/letters of credit, signage rights, expansion and contraction rights, permitted transfers, operating expense audits, and lender and master landlord recognition agreements and extensive experience in the area of ground leasing and retail leasing
  • Leading attorney in the area of landline and wireless communications and Internet-based services in commercial properties and rooftop installations
  • 2020 Best Lawyer in America in real estate law, an honor he has received since 2007; 2014 Top Rated Lawyer by American Lawyer Media, 2012-2018; one of Bay Area Magazine’s Top Lawyers in the Bay Area; and recipient of the 2019 Raymond C. Nann Distinguished Service Award
  • Frequent lecturer on office and shopping center leasing matters and writes frequently for industry newsletters
  • J.D. degree, magna cum laude, Santa Clara University School of Law; B.A. degree, State University of New York at Purchase
  • Can be contacted at 415-227-3504 or [email protected]
Purchase Options

More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 401416
Published 2018
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!