Quote:
Originally Posted by The Cobra
A LOI if drafted properly can be a binding commitment if that is the intention of the parties.
Depends on the cost of the option. If there is little demand and lots of supply. Sellers may be only too happy to at least be in the game.
There is no generalities in these situations.
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I’m not talking about generalities. I’m saying these guys are buffoons and there is no way they are entering into contracts for multiple parcels of land and then picking one later. I can’t be any more specific than that.
Frankly I’d like to see this LOI they claim to have signed. If it even exists, I am quite confident it is highly vague with no breakage fees and no meaningful economic terms. This press release is PR to keep the wolves at bay.
To be clear an LOI can be worded many ways but in my experience it is always a sign of a buyer who is genuinely interested and willing to complete the deal in good faith. Not someone who is “shopping around”.