Commercial Real Estate Sale Agreement Generator for the USA

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Key Requirements PROMPT example:

Commercial Real Estate Sale Agreement

"I need a Commercial Real Estate Sale Agreement for the purchase of a multi-tenant office building in Miami, Florida, with specific provisions for existing leases and environmental concerns due to the property's previous use as a dry cleaning facility."

Document background
The Commercial Real Estate Sale Agreement is a comprehensive document used when transferring ownership of commercial property in the United States. It serves as the primary contract between buyer and seller, detailing all aspects of the transaction from initial offer through closing. This agreement addresses crucial elements including property condition, environmental concerns, existing tenancies, title matters, and financing arrangements. It must comply with both federal regulations and state-specific real estate laws, making it essential for complex commercial property transactions.
Suggested Sections

1. Parties: Identification of buyer and seller, including legal entity type and state of formation

2. Background/Recitals: Brief description of the property and purpose of the transaction

3. Definitions: Key terms used throughout the agreement

4. Purchase Price and Payment Terms: Details of consideration, deposit, and payment structure

5. Property Description: Detailed legal description of the property and included assets

6. Due Diligence: Inspection period, access rights, and review of documents

7. Closing Conditions: Requirements to be met before closing

8. Representations and Warranties: Statements of fact by both parties

9. Default and Remedies: Consequences of breach by either party

10. Closing Procedures: Timeline and requirements for completion

Optional Sections

1. Environmental Matters: Additional provisions for properties with potential environmental issues or industrial history

2. Tenant Matters: Provisions addressing existing leases and tenants for properties with current occupants

3. Development Rights: Provisions regarding transfer of development rights or entitlements for properties with unused development potential

4. 1031 Exchange: Provisions facilitating tax-deferred exchange when either party intends to conduct such exchange

Suggested Schedules

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

2. Schedule B - Due Diligence Documents: Inventory of required documentation

3. Schedule C - Permitted Exceptions: List of accepted title exceptions

4. Schedule D - Rent Roll: Current tenant information and lease terms

5. Schedule E - Environmental Reports: Phase I/II environmental assessments

6. Schedule F - Property Condition Report: Physical condition assessment

7. Schedule G - Closing Documents: Required closing deliverables

8. Schedule H - Form Deed: Template of deed to be used for the transaction

Authors

Alex Denne

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

Relevant legal definitions
Industries

Americans with Disabilities Act (ADA): Federal law requiring commercial properties to be accessible to persons with disabilities

CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act): Federal environmental law governing hazardous waste and substance cleanup, crucial for property transfer liability

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions

FIRPTA: Foreign Investment in Real Property Tax Act regulating tax withholding on property sales by foreign persons

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

State Real Property Laws: State-specific laws governing real estate ownership, transfer, and rights

State Zoning Regulations: Local and state regulations controlling property use and development

State Environmental Regulations: State-specific environmental protection requirements and disclosures

State Recording Requirements: State-specific rules for documenting and recording property transfers

Title Insurance Requirements: State and lender requirements for insuring clear title to property

Building Codes: Local and state construction and maintenance standards for commercial properties

Transfer Tax Requirements: State and local taxes imposed on real estate transfers

Commercial Leasing Laws: Regulations governing existing tenant rights and lease obligations in commercial properties

Due Diligence Requirements: Legal and practical investigation requirements before completing property purchase

Escrow Requirements: State-specific rules for handling funds and documents during transaction closing

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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