When should the first draft of the final purchase and sale agreement be written?

The first draft of the final purchase and sale agreement should be written when the due diligence proves beneficial to the buyer. This is crucial because due diligence refers to the comprehensive evaluation of a property, including its financial, operational, legal, and physical aspects. If the findings during this due diligence process indicate that the investment is sound, advantageous terms can be negotiated and outlined in the purchase and sale agreement. This timing ensures that the agreement reflects the buyer's interests based on verified information, supporting a smoother transaction process and enhancing the buyer’s confidence in moving forward.

The other options suggest different circumstances. Assembling a leasing team is a preparatory step but doesn't directly relate to the agreement's drafting. A dip in market value or being in a soft market may alter the dynamics of negotiation but aren't necessarily indicators that the due diligence is favorable or that a strong agreement should be drafted immediately. Therefore, the beneficial outcome of due diligence is the critical catalyst for drafting this important document.