Document request list (DRL)

Definition

The itemized list of records a buyer sends the seller once the LOI is signed.

Why It Matters

Sending a complete one on day one starts the diligence clock cleanly, while dribbling requests out over weeks reads as disorganization and burns the exclusivity you paid for. It also becomes the record of what was asked and what never arrived, which is where a retrade or a walk gets its footing. Send it grouped by workstream so the seller's bookkeeper, lawyer, and landlord can each work their own section in parallel rather than queueing behind one another.

In numbers: A first request list for a $4,000,000 acquisition typically runs 40 to 60 items across financials, tax, customers, employees, contracts, and legal; sending it the day after the LOI is signed, complete rather than in dribbles, is what keeps a 90-day close on schedule.