Members and guests of the Industrial and Office Real Estate Brokers Association looked on as Ivette Alvarado (far left), a member of Sills Cummis & Gross PC, spoke to IOREBA President Lorenzo Lambiase during an event titled “Dissecting Your LOI: Bring Your LOI to Contract Quicker” on Sept. 17 in Parsippany. — Courtesy: IOREBA
By Joshua Burd
One of the industry’s key legal tools took center stage recently as the Industrial and Office Real Estate Brokers Association hosted its latest networking and educational event.
The organization said the program, which it held on Sept. 17 at 300 Kimball Drive in Parsippany, focused on the critical role of the letter of intent or LOI in the real estate transaction process and strategies for brokers and clients to move from initial agreement to contract more efficiently. It did so with the help of attorney Ivette Alvarado of Sills Cummis & Gross PC and Lorenzo Lambiase, IOREBA’s president, highlighting what provisions should always be included in an LOI, how to identify and avoid common drafting errors and how to anticipate attorney concerns before they become obstacles.
According to IOREBA, Alvarado also emphasized the importance of precision and foresight in drafting, noting that a strong LOI can save time, reduce legal expenses and establish a clear foundation for negotiations.
“Understanding the nuances of the LOI is essential to creating efficient and effective transactions,” said Lambiase, an associate vice president at NAI James E. Hanson. “This program gave our members valuable strategies they can put to work immediately to serve their clients better and keep deals on track.”
