LOI format / example

[Dave Wyman]

When submitting an LOI for a small multifamily property, should I use a lawyer to draft a template to use? Or is there a standard LOI most investors use? If so, would anyone be willing to share an example?

Thanks in advance! 

[Trevor Richardson]

If you go by the book, I guess any offer "could" be binding. But in reality. A 1-2 page LOI with basic terms and a big "this offer is non-binding" is very very common. Most if not all LOIs are drafted without an attorney. Actually people use them for that very reason. It's a let's get to common ground before a serious PSA and before people start paying attorneys for legal. Chat GPT that thing!