Topic 6.1: Make an Offer
If you are satisfied with your underwriting and you know you have a deal, it then becomes time to let the sellers know you want to buy the property by submitting a Letter of Intent or an LOI. The Letter of Intent is a short document that outlines the terms under which you would enter an agreement to buy an apartment building. The terms must be acceptable to both parties, but it is not legally binding. This is just the first step in indicating you would like to do a deal.