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Contract of Sale of Commercial Property with No Broker Involved

North Carolina Contract of Sale of Commercial Property with No Broker Involved

Name: North Carolina Contract of Sale of Commercial Property with No Broker Involved
Brand: US Legal Forms
Rating: 4.66 (330 reviews)

Category:

Real Estate - Contracts - Commercial

State:

Multi-State

Control #:

US-02697BG

Format:

Instant download

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. Title: North Carolina Contract of Sale of Commercial Property with No Broker Involved: A Comprehensive Guide Keywords: North Carolina, contract of sale, commercial property, no broker involved, types Introduction: A North Carolina Contract of Sale of Commercial Property with No Broker Involved refers to a legally binding agreement between a buyer and seller for the transfer of a commercial property in North Carolina without the involvement of a broker. This detailed description will outline the essential elements of such a contract, the parties involved, and different types of contracts that may exist. 1. Parties Involved: The contract typically involves two main parties: — Seller: The current owner of the commercial property who wishes to sell it. — Buyer: The individual, entity, or organization interested in purchasing the commercial property. 2. Essential Elements of the Contract: — Identification of Parties: Full legal names, addresses, and contact details of both the seller and buyer. — Property Description: Accurate and detailed information about the commercial property being sold, including its address, size, boundaries, and any associated fixtures or improvements. — Purchase Price and Terms: The agreed-upon purchase price, payment terms, and any additional contingencies or conditions precedent to the finalization of the sale. — Earnest Money Deposit: The amount of money the buyer must submit as a sign of good faith and intention to proceed with the purchase. — Due Diligence Period: A fixed duration during which the buyer can conduct inspections, investigations, and assessments of the property's title, environmental aspects, permits, and other relevant factors. — Closing and Possession: The date on which the transaction will be concluded, along with provisions for the transfer of ownership and possession of the property. — Default and Remedies: The actions that can be taken by either party in case of non-compliance with the contractual obligations, including termination, legal remedies, or specific performance. Types of North Carolina Contract of Sale of Commercial Property with No Broker Involved (if applicable): — Standard Contract: A generic contract template commonly used for the sale of commercial properties without broker involvement. — Customized Contract: Contracts tailored to specific circumstances, incorporating additional clauses or unique provisions based on the parties' requirements. — Lease with Option to Purchase: A contract that allows the buyer to lease the commercial property for a specific period with an option to later purchase it at a predetermined price. Conclusion: A North Carolina Contract of Sale of Commercial Property with No Broker Involved is a crucial legal document defining the terms and conditions of the sale process. While the essential elements remain constant across various contracts, certain types, such as standard, customized, or lease with an option to purchase, may exist based on the particular circumstances of the transaction. Seeking professional legal advice is highly recommended ensuring compliance with North Carolina laws and to safeguard the interests of both parties involved.

Title: North Carolina Contract of Sale of Commercial Property with No Broker Involved: A Comprehensive Guide Keywords: North Carolina, contract of sale, commercial property, no broker involved, types Introduction: A North Carolina Contract of Sale of Commercial Property with No Broker Involved refers to a legally binding agreement between a buyer and seller for the transfer of a commercial property in North Carolina without the involvement of a broker. This detailed description will outline the essential elements of such a contract, the parties involved, and different types of contracts that may exist. 1. Parties Involved: The contract typically involves two main parties: — Seller: The current owner of the commercial property who wishes to sell it. — Buyer: The individual, entity, or organization interested in purchasing the commercial property. 2. Essential Elements of the Contract: — Identification of Parties: Full legal names, addresses, and contact details of both the seller and buyer. — Property Description: Accurate and detailed information about the commercial property being sold, including its address, size, boundaries, and any associated fixtures or improvements. — Purchase Price and Terms: The agreed-upon purchase price, payment terms, and any additional contingencies or conditions precedent to the finalization of the sale. — Earnest Money Deposit: The amount of money the buyer must submit as a sign of good faith and intention to proceed with the purchase. — Due Diligence Period: A fixed duration during which the buyer can conduct inspections, investigations, and assessments of the property's title, environmental aspects, permits, and other relevant factors. — Closing and Possession: The date on which the transaction will be concluded, along with provisions for the transfer of ownership and possession of the property. — Default and Remedies: The actions that can be taken by either party in case of non-compliance with the contractual obligations, including termination, legal remedies, or specific performance. Types of North Carolina Contract of Sale of Commercial Property with No Broker Involved (if applicable): — Standard Contract: A generic contract template commonly used for the sale of commercial properties without broker involvement. — Customized Contract: Contracts tailored to specific circumstances, incorporating additional clauses or unique provisions based on the parties' requirements. — Lease with Option to Purchase: A contract that allows the buyer to lease the commercial property for a specific period with an option to later purchase it at a predetermined price. Conclusion: A North Carolina Contract of Sale of Commercial Property with No Broker Involved is a crucial legal document defining the terms and conditions of the sale process. While the essential elements remain constant across various contracts, certain types, such as standard, customized, or lease with an option to purchase, may exist based on the particular circumstances of the transaction. Seeking professional legal advice is highly recommended ensuring compliance with North Carolina laws and to safeguard the interests of both parties involved.

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FAQ

To have a contract of sale prepared, you will need a licensed conveyancer or qualified solicitor. There are many ways to find a good conveyancer or solicitor. One of them is to talk to your real estate agent.

Follow these steps to write an LOI for an intended commercial real estate transaction:Structure it like a letter.Write the opening paragraph.State the parties involved.Draft a property description.Outline the terms of the offer.Include disclaimers.Conclude with a closing statement.

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.

6 Things Every Commercial Lease Letter of Intent Should IncludeA Statement Declaring Your Interest in Leasing the Space.A Description of Your Company.An Outline of On-Site Employees, Equipment, and Machinery.Your Business Hours.An Overview of Your Current Space.Contact Details.

The contract should always be prepared by a qualified lawyer or licensed conveyancer for one party, and carefully checked by a lawyer or licensed conveyancer acting for the other. This is to ensure that both parties' interests are protected.

The LOI should be in writing; it should be signed by the parties; it should state all needed terms of a property sale agreement or lease, like price or rent, party names and descriptions of the property and the interest conveyed and finally, it should state clearly that the parties may (or will) prepare a final written

A Contract to Sell refers to an agreement between a seller and a buyer. The contract shows that the seller promises to sell something to the buyer and the buyer also promises the seller the buy the property. However, the contract does not instantly transfer the right to the buyer even when this contract is signed.

In commercial real estate, a Letter of Intent is a preliminary agreement that is negotiated between a tenant and landlord or buyer and seller. The LOI or Letter of Intent states the primary economics and deal points with proposed terms.

Who prepares the contract of sale? The document is prepared either by a qualified conveyancer or solicitor. When a home is sold privately, it is typically the real estate agent who drafts the contract, and the total price of the property, as well as the initial deposit, so that the buyer can make an offer.

For most conventional sales, this involves two parties -- a buyer and a seller. The contract will specify who exactly each party is. For example, many sales contracts take place between a person, or buyer, and a company, the seller, even though the physical transaction involved a representative of the business.

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A: To be enforceable, real estate sales contracts in North Carolina must be inincluded in the sale, you or your broker should list them in your offer. The all too common scenario is a broker who procures a buyer, or represents a seller, of real property, completes the purchase and sale agreement, ...Although the use of a real estate agent is not required, he or she can helpthe Contract if he can not obtain a loan for the purchase of the property. Feuerstein, No. COA08-1456, 2009 WL 2501399 (N.C. Ct. App. Aug. 18, 2009). In Augusta Homes, the facts are a bit peculiar as they involved the sale of a lot ... When buying or selling real property, you will find it helpful to obtain the assistance of a real estate agent who is a member of the National, State and local ... Due diligence and earnest money are a way to protect both buyers and sellers during a real estate transaction. Buyers want to ensure that they are given the ... Any contract for the sale, lease or exchange of real estate. (3) Acts or services performed by an attorney who is an active member of the North. Carolina ... ... including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. A broker may complete preprinted offers, option contracts, sales contracts orof the North Carolina Real Estate Commission and shall read as follows:. AN ACT TO ENACT THE COMMERCIAL REAL ESTATE BROKER LIEN ACT.the subject of an agreement for broker services: a. Is lawfully used primarily for sales, ...

North Carolina Contract of Sale of Commercial Property with No Broker Involved

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