RECEIVE, COUNTER, OR ACCEPT THE TERMS
Leases
After an LOI has been sent the landlord has a set period of time to respond, usually a minimum of one week. They can opt to accept the terms as is and move on to the space planning and lease agreement process or counter with alternate terms. There can often be a back and forth during this time as a deal is negotiated; the process can take some time, anywhere from one to three months depending on the business schedule and desired move-in date.
Purchases
Similarly, a seller is usually given a set date to respond to an LOI to purchase, which usually contains a basic set of terms under which a business is willing to enter into a purchase and sale agreement with a seller. Acceptance of these terms allows both parties to begin drafting a formal purchase and sale agreement and conducting a feasibility study.
After an LOI has been sent the landlord has a set period of time to respond, usually a minimum of one week. They can opt to accept the terms as is and move on to the space planning and lease agreement process or counter with alternate terms. There can often be a back and forth during this time as a deal is negotiated; the process can take some time, anywhere from one to three months depending on the business schedule and desired move-in date.
Purchases
Similarly, a seller is usually given a set date to respond to an LOI to purchase, which usually contains a basic set of terms under which a business is willing to enter into a purchase and sale agreement with a seller. Acceptance of these terms allows both parties to begin drafting a formal purchase and sale agreement and conducting a feasibility study.