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4 Essential Elements of a Florida Real Estate Contract The contract must contain a valid offer and acceptance of the offer. There must be adequate consideration (the exchange of items of value) The contract must be for legal purposes and the parties must be legally competent to enter the contract.

A lengthier and more detailed letter of intent may include a lot of the terms that will ultimately show up in the final lease or purchase and sales agreement, including terms of due diligence, inspection rights and obligations, financing, representations and warranties, title insurance, waivers, allocation of closing ...

Writing- A contract for the purchase and sale of real estate must generally be in writing to be enforceable. Identification of the Parties- The contract must specifically identify the parties to the contract, the buyer and seller. Identification of the Real Property- The contract must identify the real property.

An LOI should include fundamental items of a deal, including the parties and the property. An LOI must specifically state the complete legal names of the parties involved in the transaction, as well as the property address and the property type, whether warehouse, office, industrial or retail.

A written contract is made under Florida law when the three elements of contract formation are present. These elements are an offer by one party to the other, the acceptance of the offer, and consideration. Acceptance is the last act necessary to complete the contract.

A LOI is used in commercial real estate to put the major points of a proposed purchase or lease into writing. The party presenting the letter of intent should research and tour available properties on the market before submitting a LOI to the owner or landlord.