Dumbest question on how to make an offer on a commercial property

[Michael V Akbar]

Only a real newbie can come up with this question;  So you've been evaluating and analyzing a commercial property, how do you put your offer together?  I know that on the residential side the process is pretty structured, but how does it work on the commercial step by step before you actually sign a purchase and sale agreement, that is you are expressing your interest to purchase and documenting what you need from the seller but before you make any non-retractable commitment?

[Dan Bernstein]

@Michael V Akbar I'm in Alexandria and I sell commercial real estate.  @Angie Brooks is correct, typically you would start with an LOI. Depending on the type property, you can use a simple VAR/NVAR/GCAAR contract. Many people use an attorney to draft the purchase contract after the basic terms of the LOI are agreed upon. It will cost you a minimum of $1500-2000 to have an attorney draft up a contract. Feel free to PM me if you have any questions.