There _ we got that out of the way! OK. Now let's look at when to use a Letter of Intent vs. a Purchase Offer. I am specifically going to address this when looking at buying an apartment building or commercial real estate. The standard contract used when purchasing real estate is called a Purchase Offer, or a Purchase and Sale Agreement. You probably used this to buy your own house or condo.
4.Adjustments and pro_rations shall be made at Closing for rent, utilities, and property taxes. 5.Buyer must find acceptable financing for a portion of the purchase price. (could be a contingency) 6.Seller shall assist in delivering, and Buyer must receive, a lease agreement with rates and terms that are acceptable to the Buyer for the property at specified address.