Sometimes owners won’t provide much information about their tenants, etc. until they know you are serious about the building. Or, they might want you to sign a confidentiality agreement in which you agree not to share any information you learn about the building. This might require you to put out a binding letter of intent to the seller with a number of contingencies. If the building you want to buy has many tenants you will also need to estopple letters from each tenant. This letter allows you to review what the tenants believes the terms of their lease is verses what the lease states. It is important to match up these documents to make sure there are no surprises after the closing.
Requesting Information to Make that Purchase Decision
About the Author
Lynn Drake’s status is well known in the industry: She’s the commercial realtor focused on maintaining “true north” for her corporate clients. It’s a reputation built on 35 years of commercial real estate experience. Lynn became a commercial realtor in 2001 after 15 years in corporate real estate. Thus far in her career, Lynn has successfully completed over 1,500 real estate transactions ranging from small business tenant leases to the sale and purchase of industrial complexes.