A letter of intent (LOI) used to begin negotiations between a seller and purchaser in a commercial real estate purchase and sale transaction, drafted neutrally between the purchaser and seller. This Standard Document is for the purchase and sale of a single piece of real property and assumes a single purchaser and a single seller. This Standard Document has integrated notes with important explanatory drafting and negotiating tips. While commercial real estate transactions are generally governed by state law, this jurisdictionally neutral template is useful and relevant in every state.