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.
The North Dakota Contract of Sale of Commercial Property with No Broker Involved is a legal document that outlines the terms and conditions for the sale of commercial property in North Dakota, without the involvement of a real estate broker. This contract is essential for protecting both the buyer and seller in the transaction and ensuring a smooth sale process. Keywords: North Dakota, Contract of Sale, Commercial Property, No Broker Involved There are several types of North Dakota Contracts of Sale of Commercial Property with No Broker Involved: 1. Standard Contract of Sale: This is the most common type of contract used for the sale of commercial property. It includes comprehensive provisions covering the purchase price, deposit, contingencies, financing terms, closing process, and more. 2. Cash Sale Contract: This type of contract is used when the buyer intends to purchase the commercial property without any financing. It highlights the terms of the cash purchase, including the price, deposit, and closing timeline. 3. Installment Sale Contract: In this type of contract, the buyer agrees to make installment payments over an agreed period of time instead of paying the full purchase price upfront. The contract clearly outlines the payment schedule, interest rate (if applicable), default consequences, and other necessary terms. 4. Lease with Option to Purchase Contract: This contract combines aspects of a lease agreement and a sale contract. It allows the buyer to lease the commercial property for a specified period, with the option to purchase it at the end of the lease term. The contract outlines the lease terms, purchase price, option exercise period, and other relevant details. 5. Land Contract: Also known as a contract for deed or agreement for deed, this type of contract allows the buyer to make regular payments to the seller over an agreed period until the full purchase price is paid. The title of the property is transferred to the buyer only upon the completion of payment. It is important to note that while these contracts are commonly used, it is recommended to seek legal advice and customize the contract according to the specific requirements of the commercial property transaction. Always ensure that all relevant details and terms are explicitly stated in the contract to protect both parties' interests.
