Writing an Income Property offer depends on whether the building is commercial (+4 units) or residential (2-4 units).
Residential Offers are written on California Association of Realtor, Residential Income Property Purchase Agreement (RIPA).
A complete offer will include (click on link to review the CAR form):
1. Residential Income Property Purchase Agreement and Joint Escrow Instructions
2. (Optional) Wood Destroying Pest Inspection and Allocation of Cost Addendum
3. Proof of Funds
4. Preapproval Letter (if financed)
For commercial offers, negotiations start with a “Letter of Intent” or LOI for short.
An LOI is a one page piece of paper that outlines the basic terms of the agreement, mainly price. If an agreement is reached then a contract will be negotiated and drafted.
*If you plan to take title as an LLC a copy of your Articles of Organization will also be needed.