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What Is a Letter of Intent (LOI) and How Binding Is It?

📖 2,336 words🗓️ Published Jun 23, 2026

Direct Answer

A Letter of Intent (LOI) is a short document — usually 2 to 6 pages — that spells out the major business terms of a lease deal before lawyers draft the full lease: rent, term, TI allowance, free rent, square footage, use, and key clauses. Critically, an LOI is mostly non-binding on the deal terms but selectively binding on a few specific provisions you must control. The money move: state in plain language that the LOI is "non-binding except for the confidentiality, exclusivity/no-shop, and governing-law provisions" — and make sure the economic terms (rent, TI, free rent) are NOT binding until a full lease is signed.

The danger is the reverse: an LOI drafted by the landlord may try to bind you to economic terms while keeping their delivery and contingency obligations loose. Get it backward and you've locked in a $40/sq ft rent with no protections, or accidentally created a binding contract a court will enforce. Negotiate hard at the LOI stage — it sets the anchor for everything, and you have maximum leverage before you've spent money.

What an LOI Actually Does

The LOI is the deal blueprint. Whatever you win here, the lease almost always honors; whatever you skip here, you fight uphill to add later. Use it to lock the big numbers and flag your must-have clauses:

Economic terms: base rent ($/sq ft), annual escalations (commonly 2%–3%), lease term (e.g., 5 or 10 years), renewal options, TI allowance ($30–$80+/sq ft), and free rent / buildout period (60–120 days).
Space terms: rentable vs. usable square footage, load factor, delivery condition, parking.
Key clauses to flag now: co-tenancy, exclusive-use, relocation (delete it), HVAC responsibility, assignment/sublease, and a kick-out/termination right.

If a clause matters to you, name it in the LOI. Silence here is how landlords win the lease draft later.

How Binding Is It, Really?

The honest answer: it depends on the words used and how the parties behave — which is exactly why precision matters. Three rules:

Say it's non-binding — explicitly. Include a clear statement: *"This LOI is a non-binding expression of interest and creates no obligation to lease except for the binding provisions identified below. No party is bound unless and until a definitive lease is fully executed."* Without this, courts in some states can find an enforceable agreement from an LOI plus conduct (deposits paid, possession taken, "agreement to agree" treated as a deal).
Make a few provisions binding — on purpose. You usually *want* these to bind: confidentiality, exclusivity / no-shop (landlord can't shop your deal to other tenants for 30–60 days), governing law, and sometimes good-faith negotiation.
Keep the economics non-binding. Rent, TI, term, and contingencies should bind only in the signed lease, so you retain the right to walk if due diligence turns up problems.

The classic trap: an LOI that is silent on bindingness, includes a deposit, and uses committed language ("Tenant shall lease...") can be argued into a binding contract. Avoid ambiguity.

The Binding-vs-Non-Binding Split

Here's the split a tenant-favorable LOI should draw:

NON-binding (deal can still die): base rent, escalations, term, TI allowance, free rent, square footage, delivery condition, all contingencies. These bind only at lease signing.
BINDING (enforceable from signature): confidentiality, exclusivity / no-shop period, governing law, and a clear statement that nothing else binds without a signed lease.
REFUNDABLE: any good-faith deposit held during LOI negotiation must be fully refundable if the deal doesn't close. Never put non-refundable money down at the LOI stage.

Drawing this line protects you both ways: the landlord can't enforce the economics against you, but you *can* enforce the no-shop so they don't auction your deal to a competitor.

Negotiate Hard Here — Leverage Peaks Early

The LOI stage is where you have the most leverage and the least sunk cost. Use it:

Anchor every number you care about. First numbers stick. If you want $35/sq ft and $60/sq ft TI, put it in the LOI; you'll rarely improve it later.
Win the no-shop. A 30-to-60-day exclusivity stops the landlord from playing you against other tenants while you spend money on due diligence.
Flag clauses you'll demand in the lease. Name relocation deletion, co-tenancy, exclusive-use, HVAC caps, and kick-out rights so they're not a surprise in the draft.
Keep deposits refundable and small. A good-faith deposit is fine; a non-refundable one at LOI is a red flag.
Set the outside dates. Target dates for lease execution, delivery, and rent commencement so the deal has momentum and accountability.

A strong tenant-rep broker runs the LOI for free to you (the landlord pays commission) and routinely turns a landlord's one-sided LOI into a tenant-protective one before a single lawyer dollar is spent.

Mistakes That Turn an LOI Into a Trap

Leaving bindingness silent. Always state it explicitly. Ambiguity is how a non-deal becomes an enforceable one.
Letting economics bind early. Rent, TI, and contingencies should bind only at lease signing, never in the LOI.
Skipping the no-shop. Without exclusivity, the landlord shops your terms to drive a competing bid while you do due diligence.
Non-refundable deposits. Never. Keep good-faith money fully refundable until the lease closes.
Not flagging key clauses. If you don't name relocation deletion, co-tenancy, exclusive-use, HVAC caps, the lease draft will omit your protections and you'll fight to add them.

Brokers at CBRE, JLL, and Cushman & Wakefield all treat the LOI as the single highest-leverage moment in a lease deal — the place where the economics are won or lost before legal fees ever start.

flowchart TD A[LOI drafted] --> B{Bindingness stated?} B -->|No| C[DANGER - court may enforce as contract] B -->|Yes| D[Non-binding except named provisions] D --> E["Binding: confidentiality + no-shop + governing law"] D --> F["Non-binding: rent, TI, term, contingencies"] E --> G[Sign LOI] F --> G G --> H[Due diligence + lease draft] H --> I{Lease fully executed?} I -->|Yes| J[Economic terms now binding] I -->|No| K[Walk away - refundable deposit returned]

flowchart LR A[LOI terms] --> B["Economic: rent/TI/term/free rent"] A --> C["Procedural: confidentiality/no-shop/law"] B --> D[NON-binding until lease signed] C --> E[BINDING from signature] D --> F[Tenant keeps right to walk] E --> G[Landlord can't shop the deal]

Related on PULSE

[How Do I Read a Landlord Work Letter So I Don't Get Screwed?](/knowledge/q13774)
[How will AI-driven intent data reshape B2B lead scoring by 2027?](/knowledge/q16689)
[How should RevOps redesign lead routing when AI in the funnel changes intent score reliability?](/knowledge/q16679)
[Why did 2027 RevOps teams stop using intent data from consolidated vendors due to audience contamination?](/knowledge/q16595)
[How do you validate 2027 intent data when the same AI tool generates both supply and demand?](/knowledge/q16383)
[How do 2027 AI SDR tools distinguish between intent signal and noise in a saturated funnel?](/knowledge/q16365)

Common Pitfalls When Signing an LOI

A Letter of Intent is often treated as a "gentleman’s agreement," but in commercial real estate, that casual approach can cost you. One frequent mistake is signing an LOI that doesn’t explicitly state which clauses are binding and which aren’t. If the document is silent, a court could interpret the entire LOI as a preliminary contract — especially if you’ve started paying rent or taking possession of the space. Another trap: agreeing to a broad "exclusivity" or "no-shop" clause that lasts 60–90 days without a corresponding obligation from the landlord to move the lease forward. During that period, you’re locked out of negotiating with other landlords, while the landlord may stall or shop your terms to other tenants. To protect yourself, keep exclusivity periods to 30–45 days and tie them to specific milestones (e.g., "landlord delivers a draft lease within 14 days"). Also, avoid LOIs that include vague terms like "market standard" or "reasonable" for key provisions — these invite disputes later. A well-crafted LOI should define every material term with numbers or clear benchmarks, leaving no room for interpretation.

How to Use an LOI as a Negotiation Tool

An LOI isn’t just a summary — it’s your first and often most powerful negotiation lever. The LOI stage is where you set the tone and lock in the biggest concessions, because landlords are most eager to get a deal signed before incurring legal fees. Start by asking for more than you expect to get: request a TI allowance 15–20% above market, an extra month of free rent, or a longer term with lower annual escalations. Landlords typically counter, but the final number often lands closer to your ask than their initial offer. Use the LOI to test the landlord’s flexibility on non-economic terms too, like subleasing rights, expansion options, or termination clauses — these are harder to change once the lease is drafted. A smart tactic: include a "good faith deposit" provision in the LOI (typically one month’s rent), refundable if the lease falls through for reasons beyond your control. This signals serious intent and pressures the landlord to move quickly. Remember, once the LOI is signed, your leverage diminishes — so push hard here, not during lease negotiations.

When an LOI Can Become Binding (and How to Avoid It)

While LOIs are generally non-binding, certain actions or wording can inadvertently make them enforceable. If the LOI includes language like "the parties agree to lease the premises on the following terms" without a clear non-binding disclaimer, a court could view it as a binding agreement. Similarly, partial performance — such as moving into the space, paying rent, or starting build-out before a lease is signed — can create a "contract by conduct" in some jurisdictions. To stay safe, include a bolded, standalone clause at the top of the LOI stating: "This Letter of Intent is non-binding and does not create any legal obligation to enter into a lease. Only a fully executed lease agreement will be binding." Also avoid signing any LOI that references "agreed upon" or "final terms" without that disclaimer. If you’re dealing with a landlord who insists on a binding LOI, counter with a "binding LOI" that is actually a short-form lease — but only after your attorney reviews it. In practice, 90% of commercial LOIs remain non-binding, but the 10% that slip through can lock you into unfavorable terms for years.

FAQ

Is an LOI legally binding? Generally, no — the business terms in an LOI are non-binding, but certain clauses like confidentiality, exclusivity, and good faith deposit provisions can be enforceable. Courts typically treat the LOI as a framework for negotiation, not a final contract, unless the document explicitly states otherwise.

What key terms should be in an LOI? Essential terms include rent amount and escalations, lease term length, tenant improvement allowance, free rent period, square footage, permitted use, and any exclusivity or renewal options. Missing or vague terms often lead to disputes later, so clarity upfront saves time and money.

How long does it take to negotiate an LOI? The timeline varies widely, from a few days to several weeks, depending on complexity and the parties’ responsiveness. Simple deals might wrap up in a week, while large or multi-tenant spaces can stretch negotiations to a month or more.

Can I back out after signing an LOI? Yes, typically — because the LOI is non-binding on the main lease terms, either party can walk away without legal penalty, unless a binding clause like a deposit forfeiture or exclusivity period applies. However, backing out may damage trust and waste time and legal fees.

Do I need a lawyer to review an LOI? It’s strongly recommended, though not always required. A lawyer can spot hidden binding language, clarify ambiguous terms, and protect your interests — especially for complex commercial leases. The cost of review is usually small compared to potential disputes.

What happens after the LOI is signed? The LOI serves as a roadmap for the formal lease agreement, which lawyers then draft based on the outlined terms. Both parties negotiate the full lease, often refining details not covered in the LOI, and the deal proceeds to final execution.

Sources

CBRE — Tenant advisory on letters of intent and lease deal-term negotiation.
JLL — Tenant representation guidance on binding vs. non-binding LOI provisions and exclusivity.
Cushman & Wakefield — Leasing advisory on LOI structure and economic-term anchoring.
NAIOP (Commercial Real Estate Development Association) — Commercial lease negotiation resources, including LOI best practices.
BOMA International — Standard lease process commentary on letters of intent.
IREM (Institute of Real Estate Management) — Property management standards on lease documentation.
American Bar Association — Real Property section commentary on enforceability of letters of intent and "agreements to agree."

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![What Is a Letter of Intent (LOI) and How Binding Is It?](https://e8x4d3t2.rocketcdn.me/wp-content/uploads/2020/07/LOI.webp)

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# What Is a Letter of Intent (LOI) and How Binding Is It?

## Direct Answer

A **Letter of Intent (LOI)** is a short document — usually **2 to 6 pages** — that spells out the major business terms of a lease deal before lawyers draft the full lease: **rent, term, TI allowance, free rent, square footage, use, and key clauses**. Critically, an LOI is **mostly non-binding on the deal terms** but **selectively binding on a few specific provisions** you must control. The money move: state in plain language that the LOI is **"non-binding except for the confidentiality, exclusivity/no-shop, and governing-law provisions"** — and make sure the **economic terms (rent, TI, free rent) are NOT binding** until a full lease is signed.

The danger is the reverse: an LOI drafted by the landlord may try to bind you to **economic terms** while keeping their delivery and contingency obligations loose. Get it backward and you've locked in a **$40/sq ft rent** with no protections, or accidentally created a binding contract a court will enforce. Negotiate hard at the LOI stage — it sets the anchor for everything, and you have **maximum leverage before you've spent money**.

## What an LOI Actually Does

![What Is a Letter of Intent (LOI) and How Binding Is It? — What an LOI Actually Does](https://image.pollinations.ai/prompt/high%20quality%20editorial%20business%20professional%20office%20photograph%20illustrating%20What%20an%20LOI%20Actually%20Does%20What%20Is%20a%20Letter%20of%20Intent%20(LOI)%20and%20How%20Binding%20Is%20It%2C%20realistic%20magazine%20style%2C%20warm%20light%2C%20no%20text%2C%20no%20watermark?width=1200&height=675&nologo=true&model=flux&seed=82570)


The LOI is the **deal blueprint**. Whatever you win here, the lease almost always honors; whatever you skip here, you fight uphill to add later. Use it to lock the big numbers and flag your must-have clauses:

- **Economic terms:** **base rent ($/sq ft)**, **annual escalations (commonly 2%–3%)**, **lease term (e.g., 5 or 10 years)**, **renewal options**, **TI allowance ($30–$80+/sq ft)**, and **free rent / buildout period (60–120 days)**.
- **Space terms:** **rentable vs. usable square footage**, **load factor**, **delivery condition**, **parking**.
- **Key clauses to flag now:** **co-tenancy, exclusive-use, relocation (delete it), HVAC responsibility, assignment/sublease, and a kick-out/termination right**.

If a clause matters to you, name it in the LOI. Silence here is how landlords win the lease draft later.

## How Binding Is It, Really?

![What Is a Letter of Intent (LOI) and How Binding Is It? — How Binding Is It, Really?](https://image.pollinations.ai/prompt/high%20quality%20editorial%20business%20professional%20office%20photograph%20illustrating%20How%20Binding%20Is%20It%2C%20Really%3F%20What%20Is%20a%20Letter%20of%20Intent%20(LOI)%20and%20How%20Binding%20Is%20I%2C%20realistic%20magazine%20style%2C%20warm%20light%2C%20no%20text%2C%20no%20watermark?width=1200&height=675&nologo=true&model=flux&seed=47373)


The honest answer: **it depends on the words used and how the parties behave** — which is exactly why precision matters. Three rules:

1. **Say it's non-binding — explicitly.** Include a clear statement: *"This LOI is a non-binding expression of interest and creates no obligation to lease except for the binding provisions identified below. No party is bound unless and until a definitive lease is fully executed."* Without this, courts in some states can find an **enforceable agreement** from an LOI plus conduct (deposits paid, possession taken, "agreement to agree" treated as a deal).
2. **Make a few provisions binding — on purpose.** You usually *want* these to bind: **confidentiality**, **exclusivity / no-shop** (landlord can't shop your deal to other tenants for **30–60 days**), **governing law**, and sometimes **good-faith negotiation**.
3. **Keep the economics non-binding.** Rent, TI, term, and contingencies should bind **only in the signed lease**, so you retain the right to walk if due diligence turns up problems.

The classic trap: an LOI that is **silent on bindingness**, includes a deposit, and uses committed language ("Tenant shall lease...") can be argued into a binding contract. Avoid ambiguity.

## The Binding-vs-Non-Binding Split

![What Is a Letter of Intent (LOI) and How Binding Is It? — The Binding-vs-Non-Binding Split](https://image.pollinations.ai/prompt/high%20quality%20editorial%20business%20professional%20office%20photograph%20illustrating%20The%20Binding-vs-Non-Binding%20Split%20What%20Is%20a%20Letter%20of%20Intent%20(LOI)%20and%20How%20Bindin%2C%20realistic%20magazine%20style%2C%20warm%20light%2C%20no%20text%2C%20no%20watermark?width=1200&height=675&nologo=true&model=flux&seed=94857)


Here's the split a tenant-favorable LOI should draw:

- **NON-binding (deal can still die):** base rent, escalations, term, TI allowance, free rent, square footage, delivery condition, all contingencies. These bind only at lease signing.
- **BINDING (enforceable from signature):** confidentiality, **exclusivity / no-shop period**, governing law, and a clear statement that nothing else binds without a signed lease.
- **REFUNDABLE:** any **good-faith deposit** held during LOI negotiation must be **fully refundable** if the deal doesn't close. Never put non-refundable money down at the LOI stage.

Drawing this line protects you both ways: the landlord can't enforce the economics against you, but you *can* enforce the no-shop so they don't auction your deal to a competitor.

## Negotiate Hard Here — Leverage Peaks Early

The LOI stage is where you have the **most leverage and the least sunk cost**. Use it:

- **Anchor every number you care about.** First numbers stick. If you want **$35/sq ft and $60/sq ft TI**, put it in the LOI; you'll rarely improve it later.
- **Win the no-shop.** A **30-to-60-day exclusivity** stops the landlord from playing you against other tenants while you spend money on due diligence.
- **Flag clauses you'll demand in the lease.** Name **relocation deletion, co-tenancy, exclusive-use, HVAC caps, and kick-out rights** so they're not a surprise in the draft.
- **Keep deposits refundable and small.** A good-faith deposit is fine; a **non-refundable** one at LOI is a red flag.
- **Set the outside dates.** Target dates for **lease execution, delivery, and rent commencement** so the deal has momentum and accountability.

A strong **tenant-rep broker** runs the LOI for free to you (the landlord pays commission) and routinely turns a landlord's one-sided LOI into a tenant-protective one before a single lawyer dollar is spent.

```mermaid
flowchart TD
    A[LOI drafted] --> B{Bindingness stated?}
    B -->|No| C[DANGER - court may enforce as contract]
    B -->|Yes| D[Non-binding except named provisions]
    D --> E[Binding: confidentiality + no-shop + governing law]
    D --> F[Non-binding: rent, TI, term, contingencies]
    E --> G[Sign LOI]
    F --> G
    G --> H[Due diligence + lease draft]
    H --> I{Lease fully executed?}
    I -->|Yes| J[Economic terms now binding]
    I -->|No| K[Walk away - refundable deposit returned]
```

```mermaid
flowchart LR
    A[LOI terms] --> B[Economic: rent/TI/term/free rent]
    A --> C[Procedural: confidentiality/no-shop/law]
    B --> D[NON-binding until lease signed]
    C --> E[BINDING from signature]
    D --> F[Tenant keeps right to walk]
    E --> G[Landlord can't shop the deal]
```

## Mistakes That Turn an LOI Into a Trap

- **Leaving bindingness silent.** Always state it explicitly. Ambiguity is how a non-deal becomes an enforceable one.
- **Letting economics bind early.** Rent, TI, and contingencies should bind **only at lease signing**, never in the LOI.
- **Skipping the no-shop.** Without exclusivity, the landlord shops your terms to drive a competing bid while you do due diligence.
- **Non-refundable deposits.** Never. Keep good-faith money **fully refundable** until the lease closes.
- **Not flagging key clauses.** If you don't name **relocation deletion, co-tenancy, exclusive-use, HVAC caps**, the lease draft will omit your protections and you'll fight to add them.

Brokers at **CBRE**, **JLL**, and **Cushman & Wakefield** all treat the LOI as the single highest-leverage moment in a lease deal — the place where the economics are won or lost before legal fees ever start.

<!--pillar-weave-->
## Related on PULSE

- [How Do I Read a Landlord Work Letter So I Don't Get Screwed?](/knowledge/q13774)
- [How will AI-driven intent data reshape B2B lead scoring by 2027?](/knowledge/q16689)
- [How should RevOps redesign lead routing when AI in the funnel changes intent score reliability?](/knowledge/q16679)
- [Why did 2027 RevOps teams stop using intent data from consolidated vendors due to audience contamination?](/knowledge/q16595)
- [How do you validate 2027 intent data when the same AI tool generates both supply and demand?](/knowledge/q16383)
- [How do 2027 AI SDR tools distinguish between intent signal and noise in a saturated funnel?](/knowledge/q16365)

## Common Pitfalls When Signing an LOI

A Letter of Intent is often treated as a "gentleman’s agreement," but in commercial real estate, that casual approach can cost you. One frequent mistake is **signing an LOI that doesn’t explicitly state which clauses are binding and which aren’t**. If the document is silent, a court could interpret the entire LOI as a preliminary contract — especially if you’ve started paying rent or taking possession of the space. Another trap: **agreeing to a broad "exclusivity" or "no-shop" clause that lasts 60–90 days** without a corresponding obligation from the landlord to move the lease forward. During that period, you’re locked out of negotiating with other landlords, while the landlord may stall or shop your terms to other tenants. To protect yourself, keep exclusivity periods to **30–45 days** and tie them to specific milestones (e.g., "landlord delivers a draft lease within 14 days"). Also, avoid LOIs that include vague terms like "market standard" or "reasonable" for key provisions — these invite disputes later. A well-crafted LOI should define every material term with numbers or clear benchmarks, leaving no room for interpretation.

## How to Use an LOI as a Negotiation Tool

An LOI isn’t just a summary — it’s your first and often most powerful negotiation lever. **The LOI stage is where you set the tone and lock in the biggest concessions**, because landlords are most eager to get a deal signed before incurring legal fees. Start by asking for **more than you expect to get**: request a TI allowance 15–20% above market, an extra month of free rent, or a longer term with lower annual escalations. Landlords typically counter, but the final number often lands closer to your ask than their initial offer. Use the LOI to test the landlord’s flexibility on **non-economic terms** too, like subleasing rights, expansion options, or termination clauses — these are harder to change once the lease is drafted. A smart tactic: include a "good faith deposit" provision in the LOI (typically **one month’s rent**), refundable if the lease falls through for reasons beyond your control. This signals serious intent and pressures the landlord to move quickly. Remember, once the LOI is signed, your leverage diminishes — so push hard here, not during lease negotiations.

## When an LOI Can Become Binding (and How to Avoid It)

While LOIs are generally non-binding, certain actions or wording can inadvertently make them enforceable. **If the LOI includes language like "the parties agree to lease the premises on the following terms"** without a clear non-binding disclaimer, a court could view it as a binding agreement. Similarly, **partial performance** — such as moving into the space, paying rent, or starting build-out before a lease is signed — can create a "contract by conduct" in some jurisdictions. To stay safe, include a bolded, standalone clause at the top of the LOI stating: **"This Letter of Intent is non-binding and does not create any legal obligation to enter into a lease. Only a fully executed lease agreement will be binding."** Also avoid signing any LOI that references "agreed upon" or "final terms" without that disclaimer. If you’re dealing with a landlord who insists on a binding LOI, counter with a **"binding LOI"** that is actually a short-form lease — but only after your attorney reviews it. In practice, 90% of commercial LOIs remain non-binding, but the 10% that slip through can lock you into unfavorable terms for years.

## FAQ

**Is an LOI legally binding?**  
Generally, no — the business terms in an LOI are non-binding, but certain clauses like confidentiality, exclusivity, and good faith deposit provisions can be enforceable. Courts typically treat the LOI as a framework for negotiation, not a final contract, unless the document explicitly states otherwise.

**What key terms should be in an LOI?**  
Essential terms include rent amount and escalations, lease term length, tenant improvement allowance, free rent period, square footage, permitted use, and any exclusivity or renewal options. Missing or vague terms often lead to disputes later, so clarity upfront saves time and money.

**How long does it take to negotiate an LOI?**  
The timeline varies widely, from a few days to several weeks, depending on complexity and the parties’ responsiveness. Simple deals might wrap up in a week, while large or multi-tenant spaces can stretch negotiations to a month or more.

**Can I back out after signing an LOI?**  
Yes, typically — because the LOI is non-binding on the main lease terms, either party can walk away without legal penalty, unless a binding clause like a deposit forfeiture or exclusivity period applies. However, backing out may damage trust and waste time and legal fees.

**Do I need a lawyer to review an LOI?**  
It’s strongly recommended, though not always required. A lawyer can spot hidden binding language, clarify ambiguous terms, and protect your interests — especially for complex commercial leases. The cost of review is usually small compared to potential disputes.

**What happens after the LOI is signed?**  
The LOI serves as a roadmap for the formal lease agreement, which lawyers then draft based on the outlined terms. Both parties negotiate the full lease, often refining details not covered in the LOI, and the deal proceeds to final execution.

## Sources

- **CBRE** — Tenant advisory on letters of intent and lease deal-term negotiation.
- **JLL** — Tenant representation guidance on binding vs. non-binding LOI provisions and exclusivity.
- **Cushman & Wakefield** — Leasing advisory on LOI structure and economic-term anchoring.
- **NAIOP** (Commercial Real Estate Development Association) — Commercial lease negotiation resources, including LOI best practices.
- **BOMA International** — Standard lease process commentary on letters of intent.
- **IREM** (Institute of Real Estate Management) — Property management standards on lease documentation.
- **American Bar Association** — Real Property section commentary on enforceability of letters of intent and "agreements to agree."

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