Buyers Agent for Apartment Purchases and LOI Terms

[Victor Peng]

Is it common to use a buyer broker/agent when purchasing apartment buildings?

What are the typical terms when putting an LOI in your market? (EMD, Pre-Look, Money goes hard when, Days for due diligence, days to close, etc.)

[Russell Brazil]

Ive been in many residential transactions where there is 1 party being represented by an agent, and 1 unrepresented. Ive never been part of a successful commercial transaction where there wasn't 2 agents involved. (My commercial deals are typically 5-30 unit buildings, not multiple hundred unit complexes)

Some LOI terms to include

Price, transfer taxes, concessions, contingencies, study period, closing date.