Updated almost 2 years ago on . Most recent reply
Where do I get/how do I create a term sheet?
Situation: The first floor of the property is occupied by a business owned by the seller. They want to remain as tenants. They "do not need to sell", so I suggested a master lease with an option. Rather than an option fee upfront, I suggested that the seller continue to use the first-floor space rent-free, and the payments they would otherwise pay to me would be considered a rent credit that would be deducted from the option fee. Now that I got them interested, I need a term sheet. Do I need an attorney to draft it? Does it specifically need to be a "master lease term sheet"?