If I am buying commercial real estate, what should go into my contract?
Since every real estate deal is different, you will need to get advice from lawyer on how best to protect your interests in the contract. Typically, however, your contract should address at least the following issues:
(1) An exact description of the property you are buying, including the land surrounding the building.
(2) The purchase price and whether it is all due at closing or in installments.
(3) A list of any equipment or personal property that is included in your purchase.
(4) Any contingencies that must be met before you are obligated to complete the purchase, for example, you can make the deal contingent on your ability to get a mortgage loan.
(5) How property taxes and utility bill will be pro-rated (allocated) between you and the seller.
(6) The type of title evidence or title insurance the seller must provide.
(7) The date for closing and delivery of possession.
(8) What legal recourse a party has if the other party defaults.
Your lawyer may advise you to include several other provisions as well.
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