You then ask how he spells his name and start filling out the agreement.

title has spelling error supposed to be NEVER CHARGE FOR SECURITY DEPOSITS

If it is black and white spelled out as to who will do what then if a partner doesn't hold up their end then legal stuff can be done at that point. 

all spelled out in your LLC documents.No offense but its funny how you wholesalers do business.   

Is the late fee due ASAP or should that have been spelled out in the lease?

In your scenario you will likely be using the security deposit to cover rent, but that should be spelled out in your itemized list that you provide.

Why a lender wouldn't take the time to spell out for you what I just did and also give you a loan cost estimate to give you an idea of costs and interest rates at the current moment, is beyond bad service.

@Bruce Mackay Then what you need is a LOI (letter of intent) or MOU (memorandum of understanding) that spells out the material terms which are not subject to re-negotiation later but which letter/memo is non-binding until a final agreement is signed. 

When the purchase agreement gets drafted, just make sure everything is spelled out.The other one that I have seen is where the CA states that as the buyer, if I bring an agent, I am responsible for their commission.

Does option period spell out rent amount or is it at market rate?