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Commercial Real Estate Offer To Purchase Form Template for United States

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Key Requirements PROMPT example:

Commercial Real Estate Offer To Purchase Form

"I need a Commercial Real Estate Offer To Purchase Form for acquiring a multi-tenant office building in downtown Chicago, with a purchase price of $12.5 million and a 45-day due diligence period, planning to close by March 15, 2025."

Document background
The Commercial Real Estate Offer To Purchase Form is a crucial initial document in commercial property transactions within the United States. It is typically used when a prospective buyer wishes to formally express interest in purchasing commercial property and establish the basic terms of the transaction. The form includes essential elements such as property description, purchase price, earnest money details, due diligence provisions, and contingencies. This document serves as the foundation for negotiations and, once accepted, becomes a binding agreement that leads to the final purchase contract. It must be carefully drafted to comply with applicable federal, state, and local real estate laws.
Suggested Sections

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Context of the transaction and property description

3. Definitions: Key terms used throughout the document

4. Property Description: Detailed legal description of the property and included items

5. Purchase Price: Amount and payment terms

6. Earnest Money: Deposit amount, holder, and terms

7. Due Diligence Period: Timeframe and terms for buyer's investigation

8. Closing Provisions: Closing date, location, and requirements

Optional Sections

1. Financing Contingency: Terms and conditions related to buyer obtaining necessary financing for the purchase

2. Tenant Rights: Provisions regarding existing lease agreements and tenant obligations

3. Environmental Contingency: Specific terms related to environmental investigations and remediation requirements

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description and property boundaries

2. Schedule B - Due Diligence Items: List of documents to be provided by seller

3. Schedule C - Personal Property: List of included fixtures and equipment

4. Appendix 1 - Title Exceptions: List of permitted exceptions to title

5. Appendix 2 - Environmental Reports: Any existing environmental studies or reports

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Industries

Americans with Disabilities Act (ADA): Federal law requiring commercial properties to meet specific accessibility standards and accommodations for individuals with disabilities

Fair Housing Act: Federal legislation prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, disability, or familial status

CERCLA (Superfund): Federal environmental law governing liability for contamination and cleanup of hazardous substances in commercial properties

Interstate Land Sales Full Disclosure Act: Federal law requiring full disclosure of information to buyers in certain real estate transactions crossing state lines

FIRPTA: Federal tax law requiring withholding of tax on dispositions of U.S. real property interests by foreign persons

State Property Laws: State-specific regulations governing real estate transactions, property rights, and transfer of ownership

State Real Estate Licensing Laws: State-specific requirements for real estate professionals involved in commercial property transactions

State Environmental Regulations: State-level environmental protection rules and compliance requirements for commercial properties

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and material facts affecting the property

State Recording Statutes: State laws governing the recording of real estate documents and establishing priority of interests

State Statute of Frauds: State law requiring certain real estate contracts to be in writing to be enforceable

Local Zoning Ordinances: Municipal regulations controlling property use, development, and modifications in specific zones

Local Building Codes: Municipal construction and safety standards that commercial properties must meet

Local Use Restrictions: Municipal regulations limiting or controlling specific uses of commercial properties

Local Property Tax Regulations: Municipal rules governing property tax assessment, collection, and appeals

Historic Preservation Requirements: Local and state regulations protecting historically significant properties and districts

RESPA: Federal law governing real estate settlement processes and associated service fees

Title Insurance Requirements: Legal requirements and industry standards for title insurance in commercial real estate transactions

Survey Requirements: Legal and practical requirements for property surveys in commercial real estate transactions

Due Diligence Period Provisions: Legal framework for the inspection and investigation period in commercial property purchases

Financing Contingencies: Legal provisions relating to obtaining necessary financing for the property purchase

Earnest Money Requirements: Legal framework governing good faith deposits in commercial real estate transactions

Broker Disclosure Requirements: Legal obligations for real estate brokers to disclose their role, relationships, and compensation

Commercial Lease Impact: Legal considerations regarding existing tenant leases and rights in property transactions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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