The Simple Commercial Real Estate Purchase Agreement serves as the primary contract document for commercial property transactions in the United States. This agreement is typically used when parties seek a straightforward approach to documenting the sale of commercial property without complex contingencies or unusual terms. It includes essential elements such as property description, purchase price, closing conditions, and due diligence requirements while ensuring compliance with applicable state and federal regulations. The agreement is designed to protect both buyer and seller interests while facilitating efficient commercial real estate transactions.
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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
5. Purchase Price: Amount and payment terms
6. Closing Date: Specified date for completion of the transaction
7. Due Diligence: Buyer's investigation rights and timeline
8. Representations and Warranties: Statements of fact by both parties
9. Default and Remedies: Consequences of breach by either party
1. Financing Contingency: Terms related to buyer's ability to secure funding - use when buyer requires external financing
2. Environmental Provisions: Specific environmental requirements and responsibilities - use when property has potential environmental concerns
3. Tenant Rights: Provisions regarding existing tenants - use when property has current tenants
1. Property Survey: Detailed survey of the property and boundaries
2. Title Report: Current title search results and exceptions
3. Environmental Reports: Results of environmental assessments
4. Property Inspection Reports: Results of physical property inspections
5. Existing Leases: Copies of current tenant agreements if property has existing tenants
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