Meeting of the Minds is the informal process of two (or more) parties coming to a verbal and mutually understood agreement in relation to a currently, or potentially contended point or decision.
Meeting of the Minds in real estate (and private investment transactions) most commonly refers to a buyer and seller coming to a mutual, informal, and verbal agreement around a specific term or aspect of a transaction.
The most common point of agreement the term Meeting of the Minds is used to refer to is purchase or sale price. Meeting of the Minds typically occurs prior to a letter of intent and purchase agreement.
Interested in becoming a contributor? Apply for our Expert Contributor Program.