Rhode Island Contract for the Sale and Purchase of Real Estate - No Broker - Commercial Lot or Land

• Category: Real Estate - Contracts - Land or Lots
• State: Multi-State
• Control #: US-00472C
• Format: Word; Rich Text

Description

This form is a Contract for the Sale and Purchase of Commercial Real Estate. The form requires information such as: property condition, earnest money, taxes pro ration and utilities. The form provides that the seller has agreed to sell and the buyer will purchase the property described in the form. This contract also contains a contingency for purchase based upon the sale of another property owned by the buyer. The Rhode Island Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land is a legally binding document used for the sale and purchase of commercial real estate in Rhode Island. It is specifically designed for transactions where no real estate agent or broker is involved. This contract provides a comprehensive framework that outlines the terms and conditions to be agreed upon between the buyer and the seller. It is essential to use this document to ensure that both parties are protected and that all aspects of the sale are clearly defined. The contract typically contains various sections, including: 1. Parties: This section identifies the buyer and seller, including their legal names, addresses, and contact information. 2. Property Description: It includes a detailed description of the commercial lot or land being sold, such as its address, size, dimensions, and any relevant zoning or building restrictions. 3. Purchase Price: This section specifies the agreed-upon purchase price for the commercial property. It may also outline any down payment or financing arrangements. 4. Earnest Money Deposit: The contract may require the buyer to submit an earnest money deposit as a sign of good faith, which will be held by a designated party until the closing. 5. Due Diligence Period: This is a timeframe given to the buyer to conduct inspections, surveys, and investigations of the property's condition, permits, title, or any other matters of concern. 6. Contingencies: The contract may include contingencies, which are conditions that must be met for the sale to proceed. Common contingencies may involve inspections, financing, or the acquisition of necessary permits. 7. Closing and Possession: This section outlines the date and location for the closing, where the sale is officially completed. It also specifies the date on which the buyer will gain possession and control of the property. 8. Title and Property Condition: The contract may require the seller to provide a clear and marketable title and warrant the property's condition, ensuring that it is free from undisclosed defects or encumbrances. 9. Risk of Loss: This section determines who is responsible for any damage or loss to the property during the period between the contract signing and the closing. There may be different versions or modifications of the Rhode Island Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land, tailored to specific circumstances or additional terms agreed upon between the parties. However, the core elements and purpose of the contract remain the same.

The Rhode Island Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land is a legally binding document used for the sale and purchase of commercial real estate in Rhode Island. It is specifically designed for transactions where no real estate agent or broker is involved. This contract provides a comprehensive framework that outlines the terms and conditions to be agreed upon between the buyer and the seller. It is essential to use this document to ensure that both parties are protected and that all aspects of the sale are clearly defined. The contract typically contains various sections, including: 1. Parties: This section identifies the buyer and seller, including their legal names, addresses, and contact information. 2. Property Description: It includes a detailed description of the commercial lot or land being sold, such as its address, size, dimensions, and any relevant zoning or building restrictions. 3. Purchase Price: This section specifies the agreed-upon purchase price for the commercial property. It may also outline any down payment or financing arrangements. 4. Earnest Money Deposit: The contract may require the buyer to submit an earnest money deposit as a sign of good faith, which will be held by a designated party until the closing. 5. Due Diligence Period: This is a timeframe given to the buyer to conduct inspections, surveys, and investigations of the property's condition, permits, title, or any other matters of concern. 6. Contingencies: The contract may include contingencies, which are conditions that must be met for the sale to proceed. Common contingencies may involve inspections, financing, or the acquisition of necessary permits. 7. Closing and Possession: This section outlines the date and location for the closing, where the sale is officially completed. It also specifies the date on which the buyer will gain possession and control of the property. 8. Title and Property Condition: The contract may require the seller to provide a clear and marketable title and warrant the property's condition, ensuring that it is free from undisclosed defects or encumbrances. 9. Risk of Loss: This section determines who is responsible for any damage or loss to the property during the period between the contract signing and the closing. There may be different versions or modifications of the Rhode Island Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land, tailored to specific circumstances or additional terms agreed upon between the parties. However, the core elements and purpose of the contract remain the same.