Here is an example of a good "Due Diligence Clause" you can use: "Seller to provide the following for buyers examination and approval in the next 30 days: 1) All leases, 2) All property management agreements, 3) All vendor contracts, 4) Current Rent Roll, 5) Property Income and Expense History for the last two years, 6) Year to date property income and expense history, 7) Last two years tax returns as they pertain to the property, 8) All units, buildings, grounds and mechanical systems. Buyer may void this contract at any time during this 30 day period if the information found does not meet buyers approval"
Which is Better: An Offer to Purchase or Letter of Intent? First, let's define the two, then I'll discuss when to use a Letter of Intent. 1. Purchase Offer, or Purchase Agreement _ A legal document that describes the price, terms, contingencies, and other details of how a buyer would be willing to purchase a piece of real estate. 2. Letter of Intent (LOI) _ A preliminary document outlining the price, terms, and other transaction details that a buyer would be be interested in purchasing a piece of real estate.