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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
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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
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Over 32 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 Webinar

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.

Audio & Reference Manual

  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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Why Lorman?

Over 32 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
  • Recognized as a market leader in office leasing
  • 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
  • Served twice as a judge for the San Francisco Business Times Real Estate Deals of the Year
  • Graduate of the University of San Francisco and is an 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
  • Serves as chair of the Building Owners and Managers Association (BOMA) of San Francisco’s Government Affairs and Policy Advisory Committee (GAPAC)
  • Recognized as a 2016 Best Lawyer in America™ in Real Estate Law, an honor he has received since 2007
  • Recognized as a Northern California Super Lawyer from 2012 to 2015 and as one of Bay Area magazine’s “Top Lawyers in the Bay Area”
  • 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]
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Product ID: 401416
Published 2018
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