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.
Connecticut Contract of Sale of Commercial Property with No Broker Involved: A Connecticut Contract of Sale of Commercial Property with No Broker Involved refers to a legally binding agreement between a seller and buyer, where the seller intends to sell a commercial property in Connecticut and no real estate broker or agent is involved in the transaction. This type of contract is often used when both parties prefer to handle the sale independently and avoid paying any commission fees to a broker. Key terms and elements within the Connecticut Contract of Sale of Commercial Property with No Broker Involved may include: 1. Parties involved: The contract will clearly identify the seller and buyer of the commercial property, including their legal names, addresses, and contact information. 2. Property details: The contract should provide a detailed description of the commercial property being sold, including the address, legal description, and any unique features or characteristics that may impact the sale. 3. Purchase price: The contract will outline the agreed-upon purchase price for the commercial property. It should specify whether the price is a fixed amount or if there are any allowances for negotiation. 4. Earnest money deposit: This section covers the initial deposit made by the buyer to demonstrate their serious intent to purchase the property. It will outline the amount of earnest money, how it will be held in escrow, and what conditions might cause forfeiture or return of the deposit. 5. Contingencies: These are conditions that must be met for the sale to proceed successfully. Common contingencies may include obtaining financing or required permits, satisfactory property inspection, or the resolution of any legal disputes pertaining to the property. 6. Closing date and transfer of ownership: The contract will specify a closing date, often coordinated with the buyer's financing and other logistics. It outlines the process for transferring ownership, including the exchange of funds and necessary documentation. 7. Representations and warranties: This section ensures that both parties make certain representations about the property and its condition. Sellers may disclose known defects, while buyers may affirm their financial readiness for the purchase. It is important to be honest and transparent to avoid potential legal issues in the future. 8. Dispute resolution: In case of any disputes or disagreements during the transaction, the contract might include a clause stating the preferred method of resolution, such as mediation, arbitration, or litigation. Different types of Connecticut Contracts of Sale of Commercial Property with No Broker Involved may include variations based on specific property types, such as office buildings, retail spaces, industrial warehouses, or vacant land. Additionally, the terms may vary depending on the preferences and negotiations between the buyer and seller. It is crucial for both parties to carefully review and understand the contract before signing, and it is advisable to consult with legal professionals, such as real estate attorneys, to ensure compliance with Connecticut real estate laws and regulations.
