REAL ESTATE PURCHASE AGREEMENT (COMMERCIAL)
THIS AGREEMENT is made on [Date],
BETWEEN:
[Seller Name], of [Seller Address] ("Seller")
AND
[Buyer Name], of [Buyer Address] ("Buyer").
RECITALS
WHEREAS, Seller is the lawful owner of the commercial real property located at [Property Address], more particularly described as [Legal Description of Property] ("Property");
AND WHEREAS, Buyer desires to purchase the Property from Seller, and Seller desires to sell the Property to Buyer, on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
1. PROPERTY
1.1 Seller agrees to sell, and Buyer agrees to purchase, the Property located at [Property Address], including all improvements, fixtures, and appurtenances, as legally described in [Legal Description of Property].
2. PURCHASE PRICE AND PAYMENT
2.1 The total purchase price for the Property shall be $[Purchase Price] ("Purchase Price").
2.2 The Purchase Price shall be paid as follows:
- An earnest money deposit of $[Earnest Money Amount] ("Earnest Money") shall be paid by Buyer to [Escrow Agent Name] at [Escrow Agent Address] within [Number of Days] days of execution of this Agreement.
- The balance of the Purchase Price shall be paid by Buyer at closing by wire transfer, cashier’s check, or other immediately available funds.
3. CLOSING
3.1 The closing of the sale ("Closing") shall take place on or before [Closing Date], at [Closing Location], or at such other time and place as the parties may agree in writing.
3.2 At Closing, Seller shall deliver to Buyer:
- A duly executed and recordable [Type of Deed] deed conveying good and marketable title to the Property, free and clear of all liens and encumbrances except as specified in this Agreement.
- All keys, access codes, and security devices for the Property.
- Any other documents reasonably required to consummate the transaction.
3.3 Buyer shall deliver the balance of the Purchase Price and any documents necessary to complete the transaction.
4. CONDITIONS PRECEDENT
4.1 This Agreement and Buyer's obligations are contingent upon:
- Buyer's satisfactory inspection of the Property within [Inspection Period Days] days of the Effective Date.
- Buyer's ability to obtain financing on terms acceptable to Buyer by [Financing Contingency Date], if applicable.
- Seller providing clear and marketable title to the Property at Closing.
5. REPRESENTATIONS AND WARRANTIES
5.1 Seller represents and warrants that:
- Seller is the lawful owner of the Property with full authority to sell.
- There are no pending or threatened legal actions, claims, or proceedings affecting the Property.
- The Property will be delivered free of any tenants or occupants unless otherwise agreed in writing.
5.2 Buyer represents and warrants that:
- Buyer has the authority to enter into this Agreement and perform its obligations.
- Buyer is purchasing the Property "AS IS," except as otherwise provided in this Agreement.
6. TITLE AND SURVEY
6.1 Seller shall, at Seller's expense, provide Buyer with a current title commitment from [Title Company Name] for the issuance of an owner's title insurance policy in the amount of the Purchase Price.
6.2 Buyer may, at Buyer's expense, obtain a survey of the Property within [Survey Period Days] days of the Effective Date.
7. PRORATIONS AND CLOSING COSTS
7.1 Real estate taxes, assessments, rents, utilities, and other charges relating to the Property shall be prorated as of the Closing Date.
7.2 Seller shall pay the cost of [Specify Seller Closing Costs, e.g., deed preparation, release of liens].
7.3 Buyer shall pay the cost of [Specify Buyer Closing Costs, e.g., recording fees, title insurance].
8. DEFAULT
8.1 If Buyer defaults, Seller may retain the Earnest Money as liquidated damages.
8.2 If Seller defaults, Buyer may elect to terminate this Agreement and receive a refund of the Earnest Money or pursue specific performance or other remedies available at law or in equity.
9. POSSESSION
9.1 Possession of the Property shall be delivered to Buyer at Closing, unless otherwise agreed in writing.
10. NOTICES
10.1 Any notice required or permitted under this Agreement shall be in writing and delivered to the parties at their respective addresses listed above (or such other address as either party may designate in writing) by personal delivery, certified mail, or email.
11. MISCELLANEOUS
11.1 Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements or understandings.
11.2 Amendments: Any amendment to this Agreement must be in writing and signed by both parties.
11.3 Assignment: Neither party may assign this Agreement without the prior written consent of the other party.
11.4 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of [Governing Law State/Country].
11.5 Counterparts: This Agreement may be executed in counterparts, each of which shall be deemed an original.
12. DISCLAIMER
This document is a template and may not be suitable for all situations. The parties should consult with legal counsel before signing this agreement.
SIGNATURES
IN WITNESS WHEREOF, the parties have executed this Real Estate Purchase Agreement (Commercial) as of the date first written above.
SELLER:
Signature: ___________________________
Name: [Seller Name]
Date: _______________________________
BUYER:
Signature: ___________________________
Name: [Buyer Name]
Date: _______________________________
