The Commercial Real Estate Purchase Contract serves as the primary document governing the sale and purchase of commercial property in the United States. This agreement is essential when acquiring office buildings, retail spaces, industrial facilities, or other commercial properties. It includes comprehensive terms covering property inspection, environmental considerations, existing tenancies, and financing conditions. The contract must comply with both federal regulations and state-specific real estate laws, making it a complex document requiring careful consideration of local jurisdiction requirements.
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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 and included fixtures/equipment
5. Purchase Price: Terms of payment, including deposit and financing conditions
6. Due Diligence: Inspection period and buyer's investigation rights
7. Closing: Closing date, location, and deliverables
8. Representations and Warranties: Statements of fact by both parties
9. Default and Remedies: Consequences of breach by either party
1. Environmental Matters: Environmental warranties and indemnities - used when property has potential environmental concerns
2. Tenant Rights: Existing lease agreements and tenant obligations - used when property has existing tenants
3. Development Rights: Transfer of development rights or permits - used when property has pending development potential
4. 1031 Exchange: Terms related to tax-deferred exchange - used when either party is conducting a 1031 exchange
1. Property Survey: Current survey showing property boundaries and improvements
2. Title Commitment: Preliminary title report and exceptions
3. Environmental Reports: Phase I/II environmental assessments if applicable
4. Rent Roll: Current tenant list and lease terms if applicable
5. Property Financials: Operating statements and financial records
6. Building Plans: Architectural drawings and site plans
7. Service Contracts: List of assignable service agreements
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