The Commercial Real Estate Purchase Agreement Form serves as the primary contract document for commercial property transactions in the United States. It is used when a party wishes to purchase commercial real estate from a seller, whether it's an office building, retail space, industrial facility, or other commercial property. The agreement includes essential elements such as property description, purchase price, due diligence period, representations and warranties, and closing requirements. It must comply with both federal regulations and state-specific real estate laws, making it a comprehensive document that protects both parties' interests throughout the transaction.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold, including all improvements and fixtures
5. Purchase Price: Purchase price, payment terms, deposits, and adjustments
6. Due Diligence: Investigation period, requirements, and procedures for property inspection
7. Representations and Warranties: Statements of fact and promises by both parties regarding the property and transaction
8. Conditions Precedent: Conditions that must be satisfied before closing
9. Closing: Timing, location, and requirements for completion of the transaction
10. Default and Remedies: Consequences of breach and available remedies for both parties
11. Miscellaneous: Standard legal provisions including governing law, notices, and interpretation
1. Tenant Rights: Provisions dealing with existing tenants, assignment of leases, and security deposits
2. Environmental Provisions: Specific environmental requirements, warranties, and indemnifications
3. Development Rights: Transfer of development rights, entitlements, and permits
4. Financing Contingency: Conditions related to buyer's ability to obtain financing
5. Property Management: Transition of property management responsibilities and contracts
1. Schedule A - Property Survey: Current survey showing property boundaries, improvements, and easements
2. Schedule B - Title Report: Current title report showing encumbrances and ownership history
3. Schedule C - Environmental Reports: Phase I/II environmental assessments and related documentation
4. Schedule D - Rent Roll: Current tenant list, lease terms, and security deposits
5. Schedule E - Property Documents: Inventory of delivered property documents, permits, and materials
6. Schedule F - Service Contracts: List of existing service contracts and maintenance agreements
7. Schedule G - Property Disclosures: Required statutory and material property disclosures
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