There are several provisions that you should consider including in a commercial real estate purchase agreement. Here are a few examples:
- Parties: The names and contact information of the buyer and seller should be included in the purchase agreement.
- Property: The address and a detailed description of the property should be included.
- Purchase price: The agreement should specify the purchase price and the terms of payment, including any deposits or contingencies.
- Closing date: The agreement should specify the date on which the sale is expected to close.
- Financing: If the buyer is obtaining financing to purchase the property, the agreement should specify the terms of the financing, including the lender and the interest rate.
- Title: The agreement should specify who is responsible for transferring title to the property and obtaining title insurance.
- Condition of the property: The agreement should specify the condition of the property at the time of sale, including any repairs or improvements that are necessary.
- Representations and warranties: The seller should make representations and warranties about the condition and ownership of the property.
- Indemnification: The agreement should specify which party is responsible for any claims or damages that may arise in relation to the property.
- Termination: The agreement should specify the circumstances under which either party can terminate the agreement.