Letter of Intent

Efficient Negotiations

This is a favorite form of mine. When I bought or sold apartment houses, I used it all the time. It saves a lot of time and time is money.

Instead of writing up a complete binding offer, you would write up a simple form that explains the conditions under which a buyer would write an offer. I have used it recently in buying rentals and in leasing units.

You list the property, conditional purchase price, possession date desired. financing conditions, and other language to indicate that this is not an offer, seller can work with other buyers, and other counter proposals can be listed. In apartment houses we stated that the income would be xxxxxx and tenant estoppel certificates would be furnished. That’s it. The last two times I used this form in Orange County the listing broker was Coldwell Banker, and everything went smoothly. Also, at this time you do not have to give all the DISCLOSURES needed in residential sales. Associates should consider giving the Agency Disclosure. The DISCLOSURES that would be needed on a real residential offer could include¬†AD, SBSA, WFA, TDS, MCA, SPQ, WHSD, FHDS, PRBS, BIA, AVID.

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