This week our class learned about contracts and letters of intent for our redevelopment. For our presentation, we submitted letters of intent which included price, due dilgence date, and a description of the parcel.
The commercial contract agreement, however, was a bit lengthier. The contract includes clauses for legal description, buyer's remedies, purchase price and method of payment, due diligience, costs at closing, earnest money, possession, choice of law and others all in an effort to ensure that our client is fully protected and has made a good investment.