Letters of Intent in Real Estate Transactions
This is an advanced lesson covering the use of letters of intent in real estate transactions. To get the full benefit of this lesson, students should have completed at least the basic law school course in Contracts. Students should also complete the CALI lesson entitled: Purchase Options: Their Uses in Real Estate Transactions.
On completion of the lesson, the student will be able to:
1. Identify what constitutes a letter of intent.
2. Explain why letters of intent are used in real estate transactions.
3. Discuss how letters of intent are used in real estate transactions.
4. Discuss what might a court interpret a letter of intent to be.
5. Relate the dangers of using letters of intent in real estate transactions.
6. State how one might avoid the dangers of using letters of intent in real estate transactions.
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