Contracts
A 'letter of intent' (LOI) in a NH commercial real estate transaction is typically:
AA legally binding purchase contract
BA non-binding document outlining proposed terms before formal contract negotiation✓ Correct
CA required NHREC form
DA binding agreement that can only be canceled with court permission
Explanation
An LOI outlines the proposed key terms of a transaction and signals serious intent, but is typically non-binding (unless specifically stated otherwise). Formal binding contracts (purchase agreements or leases) are negotiated after an LOI is signed.
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