If you`re looking to purchase commercial real estate in Texas, it`s important to know the ins and outs of the purchase contract. This agreement spells out the terms and conditions of the sale, and can help ensure a smooth transaction if executed correctly.
Here are some key things to keep in mind when reviewing a Texas commercial real estate purchase contract:
1. Identify the parties involved: The contract should clearly state the names of the buyer and seller, as well as any agents or representatives involved in the transaction.
2. Define the property being sold: The contract should include a legal description of the property, including any buildings, fixtures, or improvements being conveyed.
3. Outline the purchase price: The contract should state the agreed-upon purchase price for the property, as well as any earnest money deposit or other funds being paid at closing.
4. Specify the closing date and location: The contract should outline when and where the closing will take place, as well as any conditions that must be met prior to closing.
5. Detail any contingencies: Contingencies are conditions that must be met in order for the sale to proceed. Common contingencies in commercial real estate contracts include inspections, financing, and zoning approvals.
6. Address any warranties: Warranties are promises made by the seller regarding the condition of the property. The contract should detail any warranties being provided, as well as any exclusions or limitations.
7. Include any special provisions: If there are any unique aspects to the transaction, such as seller financing or leaseback agreements, these should be clearly spelled out in the contract.
It`s important to have a qualified attorney review any commercial real estate purchase contract before signing, to ensure that your interests are protected and the terms are fair. By doing your due diligence and carefully reviewing the contract, you can help ensure a successful purchase and avoid any potential legal issues down the road.