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These are often
very detailed
documents that
cover the just
in case scenarios
that normally
don't arise.
Here are some
of the many
points that
are generally
covered:
- Parties involved
- Detailed description
of the property
- Final sale
/ lease price,
terms of payment
- Zoning and
land use requirements
- Closing date
- Any relevant
escrow provisions
- Closing conditions
- Title / title
insurance
- Representations
and warranties
- Recitals (background
facts describing
why the deal
is taking place)
- Environmental
and hazardous
waste provisions
- Rights to
inspection
- Liabilities
if terms of
the contract
are not upheld
- 1031 exchange
provisions,
if applicable
- Liability
insurance requirements
- Indemnification
and hold harmless
provisions
- Abilities
to amend / modify
- Termination
provision
- Rights to
assignment or
delegation of
rights
- Attorneys'
fees
- Arbitration
rights, if any
- Applicable
governing laws
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