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Essential Contract Provisions

Regardless if you're a veteran at commercial purchasing, or a rookie that has just stepped into the game, the future isn't always predictable. Obstacles will arise, yet many - to a large extent - can be avoided. To minimize the stress level, having a concrete and unambiguous purchase contract is crucial. Clearly, the document should be comprehensive. Though one should consult his/her attorney regarding the terms' legality and suitability, there are some ground provisions to include:

  • Parties to the CRE transaction (buyer/seller)
  • The history of the transaction; the purpose of the real estate venture
  • Property description - price, condition, etc.
  • Payment terms/ closing date and conditional closing
  • Title abstract and insurance
  • Rights to adjust purchase contract
  • Duration/ termination provision
  • Assignment/delegation rights
  • Escrow
  • Warranties
  • Zoning and land use issues
  • Inspection rights
  • 1031 tax deferral/exchange
  • Liability insurance
  • Contract breach remedies
  • Possible dispute settlement options (arbitration)
  • Governing laws
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