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 groups its asks as financial, legal and licenses, operations and people, commercial, and insurance; sending it whole the day after the LOI is signed is what keeps a 90-day close on schedule.