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.
Ohio Contract of Sale of Commercial Property with No Broker Involved A contract of sale of commercial property is a legal document that outlines the terms and conditions between the seller and the buyer for the transfer of ownership of a commercial property in the state of Ohio. When there is no broker involved in the transaction, it means that the seller and the buyer are handling the negotiation and sale process directly. In Ohio, there are several types of contracts of sale of commercial property with no broker involved that individuals can use. These contracts may include: 1. Standard Ohio Contract of Sale of Commercial Property with No Broker Involved: This is the most common type of contract used for the sale of commercial property in Ohio without the involvement of a broker. It includes essential details such as the names and addresses of the parties involved, property description, purchase price, payment terms, closing date, contingencies, and other important provisions that safeguard the interests of both the buyer and the seller. 2. Ohio Contract of Sale of Commercial Property with No Broker Involved — As-Is Condition: This type of contract is used when the buyer agrees to purchase the commercial property in its existing condition, without any warranties or guarantees from the seller. It is crucial for the buyer to conduct thorough due diligence before signing this contract to ensure they are aware of any potential issues associated with the property. 3. Ohio Contract of Sale of Commercial Property with No Broker Involved — Installment Sale: This contract is utilized when the buyer and seller agree to a purchase arrangement where the payment for the commercial property is made in installments over a specific period. The contract will outline the payment schedule, interest rate (if any), and consequences for default or late payments. 4. Ohio Contract of Sale of Commercial Property with No Broker Involved — Seller Financing: In this arrangement, the seller finances a portion or the entirety of the purchase price for the buyer. This contract will detail the terms of the loan, including interest rates, repayment schedule, and any collateral or security provided by the buyer. 5. Ohio Contract of Sale of Commercial Property with No Broker Involved — Lease Option to Purchase: This contract is used when the buyer chooses to lease the commercial property for a predetermined period with the option to purchase it at a later date. The contract will outline the lease terms, purchase price, option period, and allocation of rent payments towards the purchase price. 6. Ohio Contract of Sale of Commercial Property with No Broker Involved — Assignment: This type of contract allows the original buyer (assignor) to transfer their rights and obligations under the contract to another party (assignee). The assignor may assign the contract before the closing date, with the assignee assuming the buyer's responsibilities and benefits. When using any of these Ohio contracts of sale of commercial property without a broker involved, it is important to consult with a qualified real estate attorney to ensure that all legal requirements and obligations are met. Additionally, both parties must fully understand the terms and conditions specified within the contract before signing, as it becomes legally binding once executed.
