Best Practices in Commercial Real Estate: Commitment Letter
While a commitment letter in the real estate lending process fleshes out any issues or misunderstandings between the parties prior to the preparation of the ultimate loan documents, it is important to be aware of some potential pitfalls and issues that it can present, warns Benjamin Bruner in a Dickinson Mackaman Tyler & Hagen web post.
The post outlines some of the dangers that cause problems for parties to the contract and then discusses some fundamental terms that a commitment letter should include for the protection of the bank.
