Multifamily Purchase Agreement Conditions

[Douglas Alexander]

Hey BiggerPockets Community! I am putting in an offer on my first multifamily property. I won't be house hacking this one, as my wife and I already own a single family residence and aren't in a position to sell it or rent it out prior to purchase this next property. What conditions do you put in your purchase agreements? This is what I have so far, having not seen all the units or been given info I consider necessary:

"This offer is subject to receiving and approving of the seller's disclosure and utility information, and viewing/approving all 4 units. Seller to provide 3 year rental history along with copies of current leases for the occupied units and all operating expenses.Rent for the month of closing to be prorated to buyer. Tenants' security deposits to be transferred to buyer."

What else do you like to add in your offer? Any advice would be greatly appreciated!

Thanks!

Doug Alexander

[Aaron Montague]

1. Inspection Clause with a "back out for any reason" attached

2. 3 Way communication with you, the current tenants and the current owner.  This is designed to make absolutely sure everyone is on the same page with the basics: last month's rent and security deposits, who changes the light bulbs in the hallways.