What to include in a Letter of Intent
Here's what I'm putting together for an apartment LOI, not sure what or if I should save stuff for the purchase contract:
A) Purchase Price (high offer, almost asking price since there's already another offer on the table from Monday, realtor let the seller know I'm putting in my offer this week)
B) Seller Pays closing costs
C) Cash put in an escrow for repairs and operating
D) Contingent upon inspection and financing
E) Contingent upon partner review and approval
F) Management is to be let go day of closing.
G) 60 days until closing
H) Allow for a day for contractors to come and bid on projects before closing.
I) Allow for a day to advertise rentals and show prospective tenants rooms before closing.
J) Able to see all units vacant or not.
K) Allow interviewing of available, current tenants.
This is a big apartment complex purchase so I think these are rather justified. I'm just not sure what to put in an initial LOI and what can wait till the contract.