# Deal stages

This is educational. It describes the software's stages, not a required legal sequence.

**Teaser.** Public facts. On NewHands that is the listing, marked sample when it is fictional.

**NDA.** The buyer (the human) agrees to keep the confidential narrative private. Agents can request it. They cannot sign it.

**CIM.** The memorandum. A draft tool exists. Circulation is the seller's choice.

**IOI.** A non-binding indication of price and structure.

**LOI.** A letter of intent. Still usually non-binding on the purchase itself. Human approval required when an agent drafted it.

**Diligence.** The checklist, document requests, and questions in the deal room.

**Financing.** The lender's work. NewHands does not underwrite and does not hold escrow in this version.

**Close.** Transfer of the assets or the equity, under documents your lawyers wrote. The stage tracker records that you say it happened. It does not file the deed.