What Should Be in a Commercial Real Estate Purchase Contract?

In a real estate purchase contract you definitely need to make sure you identify the property, identify the parties (who is the buyer and who is the seller), identify the purchase price and how it’s going to be paid and have the seller make some warranties to you about the condition of the property (how it is zoned, whether there are utilities and those types of things). You also need to deal with how the closing costs are going to be allocated, who is paying for the title insurance, who is recording the deed, is there financing involved and does the buyer need the ability to get out if the financing doesn’t come through. In a commercial real estate transaction there are a whole lot of issues that need to be addressed in the contract and it’s good to have good counsel helping you out in that process.

© 2014 Parsonage Vandenack Williams LLC

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