The Commercial Property Sale Agreement serves as the primary document governing the transfer of commercial real estate in the United States. It is essential when any business or individual wishes to purchase or sell commercial property, whether it's an office building, retail space, industrial facility, or mixed-use development. This comprehensive agreement addresses all aspects of the transaction, including property description, purchase price, due diligence periods, representations and warranties, and closing requirements. It must comply with both federal and state-specific real estate laws, making it a crucial document for ensuring legal compliance and protecting all parties' interests in commercial real estate transactions.
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1. Parties: Identification and details of buyer and seller entities
2. Background/Recitals: Context of the transaction and property description
3. Definitions: Key terms used throughout the agreement
4. Purchase Price: Price and payment terms, including deposit arrangements
5. Property Description: Detailed description of the property and included/excluded items
6. Closing: Closing date, location, and requirements
7. Representations and Warranties: Statements of fact by both parties about the property and transaction
8. Due Diligence: Inspection period and requirements
1. Financing Contingency: Optional section addressing terms related to buyer's financing requirements, used when buyer requires financing to complete purchase
2. Environmental Matters: Optional section covering environmental assessments and remediation requirements, used for properties with potential environmental concerns
3. Tenant Rights: Optional section addressing existing lease agreements and tenant obligations, used when property has existing tenants
4. Development Rights: Optional section covering transfer of development rights or permits, used for properties with development potential
1. Property Description Schedule: Detailed legal description of the property
2. Title Schedule: Title commitment and exceptions
3. Environmental Reports: Environmental assessment results and reports
4. Lease Schedule: List of existing leases and terms
5. Personal Property Schedule: Inventory of included personal property
6. Due Diligence Documents: Property condition reports, surveys, permits
Relevant legal definitions
Agreement
Closing
Closing Date
Deposit
Due Diligence Period
Effective Date
Earnest Money
Encumbrances
Environmental Laws
Escrow Agent
Hazardous Materials
Improvements
Land
Permitted Exceptions
Personal Property
Property
Purchase Price
Real Property
Seller's Knowledge
Survey
Title Commitment
Title Company
Title Insurance Policy
Title Objections
Transaction Documents
Utilities
Zoning Laws
Fixtures
Lease(s)
Tenant(s)
Operating Expenses
Property Documents
Service Contracts
Warranties
Business Day
Certificate of Occupancy
Governmental Authority
Material Adverse Change
Permitted Use
Recording Office
Closing
Closing Date
Deposit
Due Diligence Period
Effective Date
Earnest Money
Encumbrances
Environmental Laws
Escrow Agent
Hazardous Materials
Improvements
Land
Permitted Exceptions
Personal Property
Property
Purchase Price
Real Property
Seller's Knowledge
Survey
Title Commitment
Title Company
Title Insurance Policy
Title Objections
Transaction Documents
Utilities
Zoning Laws
Fixtures
Lease(s)
Tenant(s)
Operating Expenses
Property Documents
Service Contracts
Warranties
Business Day
Certificate of Occupancy
Governmental Authority
Material Adverse Change
Permitted Use
Recording Office
Clauses
Property Description
Purchase Price
Payment Terms
Due Diligence
Title and Survey
Representations and Warranties
Covenants
Conditions Precedent
Closing Conditions
Environmental Matters
Property Access
Risk of Loss
Default and Remedies
Prorations and Adjustments
Assignment
Broker Commission
Confidentiality
Force Majeure
Indemnification
Insurance
Notices
Governing Law
Dispute Resolution
Termination Rights
Time of Essence
Casualty and Condemnation
Zoning Compliance
Property Condition
Tenant Rights
Service Contracts
Development Rights
Utilities
Transfer Tax
Recording
Survival
Entire Agreement
Amendment
Severability
Waiver
Purchase Price
Payment Terms
Due Diligence
Title and Survey
Representations and Warranties
Covenants
Conditions Precedent
Closing Conditions
Environmental Matters
Property Access
Risk of Loss
Default and Remedies
Prorations and Adjustments
Assignment
Broker Commission
Confidentiality
Force Majeure
Indemnification
Insurance
Notices
Governing Law
Dispute Resolution
Termination Rights
Time of Essence
Casualty and Condemnation
Zoning Compliance
Property Condition
Tenant Rights
Service Contracts
Development Rights
Utilities
Transfer Tax
Recording
Survival
Entire Agreement
Amendment
Severability
Waiver
Relevant Industries
Relevant Teams
Relevant Roles
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