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The Letter of Intent is not binding, and rather silly at the worst of times. An LOI by definition only registers intent to purchase, and it specifies this intent weakly, and due to its ambiguity should be avoided.

This position expressed by one representative of a seller, a Swedish_based broker, in a recent exchange with this writer's office regarding the seller's offer wherein the prospective buyer's mandate resisted the broker's insistence that the prospective buyer must first sign an LOI, pretty much sums up the traditional rationale offered by sellers and/or their agents for having an LOI:

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