Answer for "What is a commitment letter?"
Cora Bett Thomas Realty
A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which the lender has agreed to the loan.
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Comments for What Is A Commitment Letter?
An Ohio Broker would like to present recruited agents with a commitment letter. Is there a template for this type of letter. I am not asking for a legal binding contract, simply a professional understanding.
Aug 21, 2018 16:08:25Hey, Glenn
Aug 21, 2018 17:20:59We believe the commitment letter in your case is different from the one we showcase here. It's more of a letter of intent saying "if such and such is met, the firm would like to count on your services" type of deal; right?
We're not aware of templates for that kind of commitment letter and we're not even sure it would be a nice idea to have a generic one, because all brokerage firms have their very own specificities, don't you agree? Just think of what needs to be locked into your agreement (on your part and on the real estate agents part) and what is expected from both of them and of you within this relationship and try to sound elegant and professional and the least wordy you can. Go straight to the point; don't give too much information. It's face to face or over the telephone where you two should really go over any real decisions. Good luck!