Wholesale/Syndicate apartment complex property

[Trottie McQueen]

I have a distressed owner wanting to sell, I can't find any good contracts anywhere, would it be just the standard residential purchase contract?

[Brian Adams]

@Trottie McQueen I buy 200+ unit deals, so not sure if this will apply to you and the size of this asset.

The process I follow is to send an LOI (letter of intent) to the seller. The LOI states the purchase price, closing period, earnest money, and some other items. Think of the LOI as the basic framework or outline to a PSA (purchase & sales agreement).

Once the non-binding LOI is accepted by both you and the Seller, the LOI is given to a real estate attorney to prepare the PSA. Again the LOI is the overall framework and your attorney should be including other provisions in the PSA to protect you and your earnest money.

Good luck