Not sure why your relative wants to give the owner a letter of intent as opposed to a purchase contract. Letters of intent are not binding on anyone. Suggest your relative sit down with the property owner and discuss terms and price. Very important for the buyer here to have a real estateattorney involved in preparing the offer to make sure their flank is covered (contingencies for instance, relating to hazardous substances and full compliance of the gas station).
Nancy, he already has the terms and conditions spelt out but wanted it on papers while both the buyer and seller go through an escrow agent. What advise is good for him? thank you!
Not sure why your relative wants to give the owner a letter of intent as opposed to a purchase contract. Letters of intent are not binding on anyone. Suggest your relative sit down with the property owner and discuss terms and price. Very important for the buyer here to have a real estate attorney involved in preparing the offer to make sure their flank is covered (contingencies for instance, relating to hazardous substances and full compliance of the gas station).
Nancy
Nancy, he already has the terms and conditions spelt out but wanted it on papers while both the buyer and seller go through an escrow agent. What advise is good for him? thank you!
My advice is for the buyer to get a real estate attorney prepare the purchase contract for the buyer.
Nancy
thank you. problem solved. looking for an attorney in that field and near the area.