Property Valuation
In South Carolina, a 'letter of intent' (LOI) in a commercial real estate transaction is:
AA legally binding contract to purchase
BA non-binding document outlining preliminary terms before a formal contract✓ Correct
CRequired by SC law for all commercial transactions
DPrepared by the closing attorney
Explanation
A letter of intent is typically a non-binding document that outlines the major terms and conditions parties intend to include in a formal purchase agreement. It helps parties agree on key points before expending resources on due diligence.
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