Chicago Illinois Contrato de Venta de Propiedad Comercial sin Corredor Involucrado - Contract of Sale of Commercial Property with No Broker Involved

• Category: Bienes Raíces - Contratos - Comercial o No Residencial
• State: Multi-State
• City: Chicago
• Control #: US-02697BG
• Format: Word

Description

Commercial real estate includes income producing property, such as office buildings, restaurants, shopping centers, hotels, industrial parks, warehouses, and factories. Commercial property usually must be zoned for business purposes. A person licensed to arrange the buying and selling of real estate for a fee. A real estate broker acts as an intermediary between the parties selling and buying the real estate. Real estate brokers can also be called real estate salespersons, and the people who assist them (who are generally not required to be licensed) are generally called real estate agents. Chicago, Illinois Contract of Sale of Commercial Property with No Broker Involved A Chicago, Illinois Contract of Sale of Commercial Property with No Broker Involved is a legally binding document that outlines the terms and conditions for the purchase and sale of commercial property within the city of Chicago, Illinois, without the involvement of a real estate broker. This type of contract is commonly used when the buyer and seller of the commercial property decide to handle the transaction directly, without relying on the services of a real estate agent or broker. It provides a straightforward and transparent agreement between the parties involved. The contract typically includes the following key elements: 1. Parties Involved: The contract clearly identifies the buyer and seller by their legal names and addresses. It is important to provide accurate information to ensure the validity of the agreement. 2. Property Description: The commercial property being sold must be described in detail, including its physical address, area measurements, and any other relevant features or improvements. 3. Purchase Price and Terms: The contract specifies the agreed-upon purchase price for the property in both numerical and written forms. Additionally, it outlines any payment terms, such as a down payment amount, installment plans, or financing arrangements. 4. Title and Condition of Property: The contract states that the seller will provide marketable title to the property and guarantees its legality against any liens, encumbrances, or claims. It also describes the property's current condition and any warranties or disclosures made by the seller. 5. Contingencies: The contract may include contingencies that allow the buyer to conduct inspections, obtain financing, or satisfy other conditions before finalizing the sale. These contingencies protect the buyer's interests and give them the right to terminate the contract if they are not satisfied. 6. Closing and Possession: The contract specifies the date and location of the closing, where all necessary documents and funds will be exchanged. It also establishes when the buyer will take possession of the property, ensuring a smooth transition from the seller to the buyer. Types of Chicago, Illinois Contract of Sale of Commercial Property with No Broker Involved: 1. Basic Contract of Sale: This standard contract includes all the essential elements mentioned above and serves as a foundation for the transaction. It is suitable for straightforward sales without any additional complexities. 2. Purchase Agreements with Seller Financing: Some commercial property sales involve the seller providing financing to the buyer. This type of contract includes additional terms and conditions related to the seller financing arrangement, such as interest rates, payment schedules, and default provisions. 3. Contract with Detailed Due Diligence Period: In more complex commercial property transactions, buyers may require a longer due diligence period to assess the property's legal, financial, and environmental aspects thoroughly. This type of contract includes specific terms for the due diligence period and any contingencies related to it. In conclusion, a Chicago, Illinois Contract of Sale of Commercial Property with No Broker Involved is a vital legal document that facilitates the direct purchase and sale of commercial properties in Chicago. By covering essential aspects such as property description, purchase price, contingencies, and closing details, this contract safeguards the rights and interests of both the buyer and seller.

Chicago, Illinois Contract of Sale of Commercial Property with No Broker Involved A Chicago, Illinois Contract of Sale of Commercial Property with No Broker Involved is a legally binding document that outlines the terms and conditions for the purchase and sale of commercial property within the city of Chicago, Illinois, without the involvement of a real estate broker. This type of contract is commonly used when the buyer and seller of the commercial property decide to handle the transaction directly, without relying on the services of a real estate agent or broker. It provides a straightforward and transparent agreement between the parties involved. The contract typically includes the following key elements: 1. Parties Involved: The contract clearly identifies the buyer and seller by their legal names and addresses. It is important to provide accurate information to ensure the validity of the agreement. 2. Property Description: The commercial property being sold must be described in detail, including its physical address, area measurements, and any other relevant features or improvements. 3. Purchase Price and Terms: The contract specifies the agreed-upon purchase price for the property in both numerical and written forms. Additionally, it outlines any payment terms, such as a down payment amount, installment plans, or financing arrangements. 4. Title and Condition of Property: The contract states that the seller will provide marketable title to the property and guarantees its legality against any liens, encumbrances, or claims. It also describes the property's current condition and any warranties or disclosures made by the seller. 5. Contingencies: The contract may include contingencies that allow the buyer to conduct inspections, obtain financing, or satisfy other conditions before finalizing the sale. These contingencies protect the buyer's interests and give them the right to terminate the contract if they are not satisfied. 6. Closing and Possession: The contract specifies the date and location of the closing, where all necessary documents and funds will be exchanged. It also establishes when the buyer will take possession of the property, ensuring a smooth transition from the seller to the buyer. Types of Chicago, Illinois Contract of Sale of Commercial Property with No Broker Involved: 1. Basic Contract of Sale: This standard contract includes all the essential elements mentioned above and serves as a foundation for the transaction. It is suitable for straightforward sales without any additional complexities. 2. Purchase Agreements with Seller Financing: Some commercial property sales involve the seller providing financing to the buyer. This type of contract includes additional terms and conditions related to the seller financing arrangement, such as interest rates, payment schedules, and default provisions. 3. Contract with Detailed Due Diligence Period: In more complex commercial property transactions, buyers may require a longer due diligence period to assess the property's legal, financial, and environmental aspects thoroughly. This type of contract includes specific terms for the due diligence period and any contingencies related to it. In conclusion, a Chicago, Illinois Contract of Sale of Commercial Property with No Broker Involved is a vital legal document that facilitates the direct purchase and sale of commercial properties in Chicago. By covering essential aspects such as property description, purchase price, contingencies, and closing details, this contract safeguards the rights and interests of both the buyer and seller.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.