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Once you have an idea as to the big picture items of the deal, it is time to get to the small items. Funny thing is in most purchase agreements nothing is small. In the Purchase Agreement we talk about things like: 1. Possession Date 2. Contingencies 3. Financing 4. Inspections of the property, leases, and other documents 5. What happens if we close on time? 6. What happens if we do not close on time? 7. Rent credits, prorations, etc. And much more...

Contrary to the sellers' and their super sales_conscious agents' familiar claim that "There is nothing to lose in signing those documents," quite the complete opposite is true _ namely, a great deal, in fact, could potentially be lost particularly by the buyer by signing an LOI to a supposed seller. Why? In a word, this is because the LOI is actually fraught with many incalculable legal flaws, traps and pitfalls, much of which could often be prohibitively costly for the buyer, according to legal authorities and contract law experts. (See below for more on this)

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