Can I still talk to other buyers once I've signed an LOI?
It depends entirely on whether the LOI you signed contains an exclusivity or "no-shop" clause, since that's a separate question from whether the rest of the document is binding. Many LOIs do include one, and it's exactly the kind of provision that's typically drafted to be enforceable even while the price and other deal terms are not. If your LOI has this clause, continuing to negotiate with, share information with, or accept an offer from another buyer during the stated period would generally put you in breach of that specific commitment, even though you're not otherwise bound to sell.
If the LOI is silent on exclusivity, you may still be free to talk to other buyers, but "silent" and "the buyer assumed exclusivity" are different things worth clarifying before you act, since disputes here are common. Some sellers also don't realize a standalone exclusivity letter, separate from the LOI itself, can create the same restriction.
Before assuming either way, read the specific document you signed, or have a Treadstone business lawyer confirm what it actually says, since the consequences of getting this wrong land squarely on you as the seller.
Key takeaways
- Whether you can talk to other buyers depends on whether your LOI has an exclusivity clause.
- Exclusivity is commonly binding even when the rest of the LOI isn't.
- A separate standalone exclusivity letter can create the same restriction as a clause inside the LOI.
- Confirm the specific wording rather than assuming you are or aren't free to shop the deal.