<p data-rte-preserve-empty="true" style="white-space:pre-wrap;">Key Takeaways:</p><p data-rte-preserve-empty="true" style="white-space:pre-wrap;"><strong>LOIs are non-binding but critical</strong><br>They set the main business terms (price, timing, responsibilities) before you spend money on attorneys and full contracts.</p><p data-rte-preserve-empty="true" style="white-space:pre-wrap;"><strong>You must clearly state “non-binding”</strong><br>Put non-binding language in multiple places, plus a paragraph saying it is only a basis for preparing a formal contract.</p><p data-rte-preserve-empty="true" style="white-space:pre-wrap;"><strong>Use “and/or affiliated assigns” for the buyer</strong><br>This lets you assign the contract to a new entity later and helps manage liability without having to rewrite the deal.</p><p data-rte-preserve-empty="true" style="white-space:pre-wrap;"><strong>Due diligence is your escape hatch</strong><br>During the DD period, you can terminate for almost any reason and get your earnest money back; after DD, you usually can still walk but lose the deposit.</p><p data-rte-preserve-empty="true" style="white-space:pre-wrap;"><strong>Commercial deals are priced on income and risk</strong><br>You rely on NOI, actual financials, and realistic rent/expense assumptions, not “price per door” or emotional comps.</p><p data-rte-preserve-empty="true" style="white-space:pre-wrap;"><strong>Landlord–tenant responsibilities must be explicit</strong><br>Spell out who handles roof, structure, HVAC, TIs, fees tied to the tenant’s specific use, and how much the tenant’s costs are capped, to avoid ugly surprises later.</p>