A letter of intent isn't the start of a buyer's process — it's the end of their first round of homework. By the time a serious buyer writes one, they've already verified enough to be confident. Knowing what they verify lets a seller get ahead of it and avoid the surprises that produce a low offer or a retrade later.
The income story
For income property, this is everything: the rent roll, the actual leases (not summaries), and verifiable NOI. Buyers test whether the income you're advertising is real, current, and durable — and they discount anything they can't verify. Clean, provable numbers are the single biggest driver of a strong, fast offer.
The leases themselves
Remaining term, escalations, renewal options, who pays what (NNN versus gross), and tenant credit. A great rate on a lease that expires next year prices very differently than the same rate with eight years left.
Physical condition
Roof, HVAC, parking, structure, and any deferred maintenance. Every dollar of work a buyer expects to inherit comes off their offer — so known issues are better disclosed and priced than discovered.
Title, survey, and easements
Buyers and their attorneys want clean title and want to understand any easements or encroachments before they commit, not after. Surprises here are a classic source of mid-deal friction.
Zoning and use
Whether the current and intended use is permitted, and whether any approvals are needed. A buyer with a specific use won't write an LOI until they believe they can legally operate there.
Environmental and financeability
On industrial and former auto or industrial sites especially, buyers screen for environmental risk early. And quietly, every buyer is asking whether a lender will finance the property at the price — debt-service coverage, condition, and tenant quality all feed that answer.
The sellers who transact fastest are the ones whose documents are ready and whose story holds up under verification. Disorganized or unverifiable financials are the most common reason a buyer hesitates, low-balls, or walks. Get buyer-ready before you list, and the offers come in stronger.
