1. PARTIESThis Commercial Real Estate Purchase Agreement (“Agreement”) is entered into by and between [Seller’s Name] (hereinafter referred to as “Seller”) and [Buyer’s Name] (hereinafter referred to as “Buyer”).
2. PROPERTYSeller agrees to sell and Buyer agrees to purchase all that parcel of land located at [Property Address], together with all improvements, fixtures, and appurtenances. The Legal Description of the Property is as follows: [Insert Legal Description].
3. PURCHASE PRICEThe total purchase price to be paid by Buyer to Seller for the Property is [Price] US Dollars ($).
4. FINANCINGThis Agreement is contingent upon Buyer obtaining a commercial real estate loan in the amount of [Loan Amount] at an interest rate not to exceed [Interest Rate]%.
5. DEPOSITUpon execution of this Agreement, Buyer shall deposit with an escrow agent the sum of [Deposit Amount] as earnest money deposit.
6. CLOSINGThe closing of the purchase and sale of the Property shall occur on [Closing Date] at the offices of the escrow agent.
7. POSSESSIONSeller shall deliver possession of the Property to Buyer at closing, free and clear of all occupants and personal property, unless otherwise agreed in writing.
8. REPRESENTATIONSSeller represents and warrants to Buyer that, to Seller’s knowledge, there are no hazardous substances on the Property.
9. STATE SPECIFIC DISCLOSURES[Insert any state specific disclosures, if applicable]
10. CONTINGENCIESThis Agreement is contingent upon the following conditions being satisfied or waived by Buyer: (a) satisfactory completion of Buyer’s due diligence, (b) Buyer’s obtaining financing, and (c) Seller’s delivery of good and marketable title.
11. CLOSING COSTSAll standard closing costs associated with this transaction shall be paid by [Seller/Buyer].
12. INDEMNIFICATIONSeller shall indemnify and hold harmless Buyer from any and all claims, liabilities, damages, and costs arising from Seller’s ownership of the Property prior to closing.
13. ENTIRE AGREEMENTThis Agreement contains the entire agreement of the parties and there are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Agreement.
14. GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the state of [State].
SIGNATURESEach party to this Agreement has read and fully understands the terms and provisions of this Agreement, and has had the opportunity to consult with legal counsel of his or her own choosing. The parties have executed this Agreement as of the date first above written. _______________________________________
[Seller’s Name] _______________________________________
[Buyer’s Name] This is a sample agreement, and some terms may need to be modified to fit the specific needs of the parties involved. It is recommended to have a lawyer review or help draft any legal agreement.
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