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The Hubbard clause specifies a timeframe during which the buyer must secure a buyer for their current property. The length of time is negotiable and can range from weeks to months. Once the buyer receives an offer for their current home, they must notify the seller of the new property.

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It includes the basic terms of what they're willing to pay for a property and under what conditions. The main purpose of an LOI is to help the owner and buyer reach a mutual understanding on deal terms before moving into a longer, more formalized due diligence period. It is important to note that LOIs are non-binding.

In real estate, a Letter of Intent (LOI) is typically used in various scenarios to express a party's intention to enter into a formal agreement or transaction.

Despite its preliminary nature, under certain circumstances, an LOI can be binding. If the document includes all the elements of a contract?offer, acceptance, and consideration?it might legally hold the parties to its terms.

A letter of intent is important as it serves as a comprehensive guide for your loved ones and executor after you pass. While your will legally dictates how to distribute your assets, a letter of intent can provide context, reasons for your decisions, and detailed instructions about elements not covered in a will.

Hubbard- A contingency clause indicating that the current property purchase is contingent upon the sale of an existing property. The most common use case scenario of a Hubbard Clause is when a buyer cannot simultaneously afford two properties and still needs a place to live (they have not secured short-term housing).

A letter of intent (LOI) is a written, nonbinding document that outlines an agreement in principle between two or more parties before a legal agreement is finalized. It is often used in business transactions, such as mergers and acquisitions, joint ventures and real estate leases.