New York Sample Purchase and Sale Agreement between Shopco Malls, LP and Barker Pacific Group, Inc.

• Category: Corporations - Public - Purchase
• State: Multi-State
• Control #: US-EG-9174
• Format: Word; Rich Text

Description

Purchase and Sale Agreement between Shopco Malls, LP and Barker Pacific Group, Inc. dated September, 1999. 45 pages Title: New York Sample Purchase and Sale Agreement between Shop co Malls, LP and Barker Pacific Group, Inc.: A Comprehensive Overview Introduction: The New York Sample Purchase and Sale Agreement between Shop co Malls, LP and Barker Pacific Group, Inc. provides a legally binding framework for the purchase and sale of commercial real estate properties in the state of New York. This agreement outlines the terms and conditions, role of involved parties, and critical legal aspects governing the transaction. Below, we will delve into the key components and various types of this agreement. 1. Agreement Parties: The agreement involves Shop co Malls, LP, a renowned commercial real estate firm specializing in mall development and operation, and Barker Pacific Group, Inc., a prominent real estate investment and development company. Both parties enter into this agreement as buyer (Barker Pacific Group, Inc.) and seller (Shop co Malls, LP). 2. Property Description: The agreement clearly identifies the property being purchased or sold. Comprehensive details such as the address, legal description, dimensions, zoning information, and any encumbrances or liens on the property are precisely outlined. 3. Purchase Price and Payment Terms: The agreement elucidates the purchase price of the property and the payment terms agreed upon by both parties. This section highlights whether the agreed amount is a fixed price, or if there is room for negotiation based on certain conditions, such as property inspection results. 4. Closing and Transfer: The agreement specifies the timeline for the closing of the transaction, including the expected date of completion. It outlines the responsibilities of each party during the transfer phase, including the provision of necessary documents, payment of transfer taxes, and compliance with local laws and regulations. 5. Representations and Warranties: This section entails the representations made by each party regarding the property and its condition. It includes assurances regarding the absence of liens, structural defects, environmental issues, and compliance with zoning and building regulations. 6. Indemnification: The agreement determines the obligations of both parties in regard to indemnification, should any claims arise post-transaction. It covers liabilities pertaining to undisclosed property defects, violations, or inaccurate representations made during the negotiation stage. 7. Contingencies: Various contingencies may be included in the agreement, such as a financing contingency, which allows the buyer to withdraw from the agreement if they fail to secure the necessary financing within a specified period. Different Types of New York Sample Purchase and Sale Agreements: 1. Commercial Property Agreement: This type of agreement specifically relates to the purchase and sale of commercial properties, including office buildings, shopping centers, warehouses, and industrial spaces. 2. Residential Property Agreement: This agreement focuses on the purchase and sale of residential properties, such as single-family homes, condominiums, townhouses, and apartment buildings. 3. Mixed-Use Property Agreement: This type of agreement pertains to properties that combine both commercial and residential elements, such as buildings with retail spaces on the first floor and residential units on the upper levels. By tailoring the agreement to the specific property type, the parties can address unique considerations inherent in different real estate sectors. Conclusion: The New York Sample Purchase and Sale Agreement between Shop co Malls, LP and Barker Pacific Group, Inc. aims to provide a comprehensive framework for the purchase and sale of commercial real estate properties. Flexible in nature, it encompasses various property types while meticulously addressing critical legal aspects. By adhering to the terms outlined within this agreement, both parties can ensure a smooth and successful transaction in accordance with New York state laws and regulations.

Title: New York Sample Purchase and Sale Agreement between Shop co Malls, LP and Barker Pacific Group, Inc.: A Comprehensive Overview Introduction: The New York Sample Purchase and Sale Agreement between Shop co Malls, LP and Barker Pacific Group, Inc. provides a legally binding framework for the purchase and sale of commercial real estate properties in the state of New York. This agreement outlines the terms and conditions, role of involved parties, and critical legal aspects governing the transaction. Below, we will delve into the key components and various types of this agreement. 1. Agreement Parties: The agreement involves Shop co Malls, LP, a renowned commercial real estate firm specializing in mall development and operation, and Barker Pacific Group, Inc., a prominent real estate investment and development company. Both parties enter into this agreement as buyer (Barker Pacific Group, Inc.) and seller (Shop co Malls, LP). 2. Property Description: The agreement clearly identifies the property being purchased or sold. Comprehensive details such as the address, legal description, dimensions, zoning information, and any encumbrances or liens on the property are precisely outlined. 3. Purchase Price and Payment Terms: The agreement elucidates the purchase price of the property and the payment terms agreed upon by both parties. This section highlights whether the agreed amount is a fixed price, or if there is room for negotiation based on certain conditions, such as property inspection results. 4. Closing and Transfer: The agreement specifies the timeline for the closing of the transaction, including the expected date of completion. It outlines the responsibilities of each party during the transfer phase, including the provision of necessary documents, payment of transfer taxes, and compliance with local laws and regulations. 5. Representations and Warranties: This section entails the representations made by each party regarding the property and its condition. It includes assurances regarding the absence of liens, structural defects, environmental issues, and compliance with zoning and building regulations. 6. Indemnification: The agreement determines the obligations of both parties in regard to indemnification, should any claims arise post-transaction. It covers liabilities pertaining to undisclosed property defects, violations, or inaccurate representations made during the negotiation stage. 7. Contingencies: Various contingencies may be included in the agreement, such as a financing contingency, which allows the buyer to withdraw from the agreement if they fail to secure the necessary financing within a specified period. Different Types of New York Sample Purchase and Sale Agreements: 1. Commercial Property Agreement: This type of agreement specifically relates to the purchase and sale of commercial properties, including office buildings, shopping centers, warehouses, and industrial spaces. 2. Residential Property Agreement: This agreement focuses on the purchase and sale of residential properties, such as single-family homes, condominiums, townhouses, and apartment buildings. 3. Mixed-Use Property Agreement: This type of agreement pertains to properties that combine both commercial and residential elements, such as buildings with retail spaces on the first floor and residential units on the upper levels. By tailoring the agreement to the specific property type, the parties can address unique considerations inherent in different real estate sectors. Conclusion: The New York Sample Purchase and Sale Agreement between Shop co Malls, LP and Barker Pacific Group, Inc. aims to provide a comprehensive framework for the purchase and sale of commercial real estate properties. Flexible in nature, it encompasses various property types while meticulously addressing critical legal aspects. By adhering to the terms outlined within this agreement, both parties can ensure a smooth and successful transaction in accordance with New York state laws and regulations.