In this episode of the Ironclad Underwriting Podcast, Jason Williams and co-host Frank Patalano break down one of the most misunderstood documents in commercial real estate: the Letter of Intent (LOI).

They unpack what an LOI is, how it differs from a Purchase and Sale Agreement (PSA), and why, even though it’s not legally binding, you should treat it like it is. From due diligence checklists to earnest money deposits, financing contingencies, and retreading in shifting markets, this episode is a masterclass in protecting both your deal and your reputation.

Topics Covered

• What an LOI really is-and what it’s not
• Key differences between an LOI and a PSA (Purchase & Sale Agreement)
• Why reputation matters more than legal technicalities
• Earnest money deposits: How much to offer and wh ...