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.
West Virginia Contract of Sale of Commercial Property with No Broker Involved: A Detailed Description In West Virginia, a Contract of Sale of Commercial Property with No Broker Involved is a legally binding agreement between a seller and buyer for the purchase and sale of commercial property without the involvement of a real estate broker. This contract outlines the terms and conditions of the transaction, ensuring a smooth transfer of ownership. Below, we will discuss the key elements and relevant keywords associated with this type of contract. 1. Parties: The contract will identify the seller (often referred to as the "Granter" in legal terms) and the buyer (also known as the "Grantee"). Both parties must be properly identified along with their contact details. 2. Property Description: The contract should provide an accurate and comprehensive description of the commercial property being sold. This includes the property's physical address, legal description, and any relevant parcel or tax identification numbers. 3. Purchase Price: The contract will state the agreed-upon purchase price for the commercial property. This price may include any additional terms such as down payment, financing options, or adjustments for prorated taxes or utility bills. 4. Earnest Money: Earnest money, also known as a deposit, is a sum of money provided by the buyer as a show of good faith and commitment towards purchasing the property. The contract will specify the amount of earnest money and how it will be handled during the transaction. 5. Terms and Conditions: This section covers various essential provisions, including: — Contingencies: Any contingencies or conditions precedent that need to be met before the sale can be finalized, such as property inspections, financing approval, or obtaining necessary permits. — Title and Closing: The contract will address the seller's obligation to provide clear and marketable title to the buyer. It may also include provisions for closing, such as the date, location, and allocation of closing costs. — Due Diligence: The buyer's rights and responsibilities to conduct inspections, investigations, and other due diligence activities that ensure they are satisfied with the property's condition, zoning, environmental factors, and legal status. — Property Disclosures: Certain disclosures, such as known defects, property conditions, or pending legal actions, must be provided by the seller to the buyer as required by law. 6. Default and Remedies: This section outlines the rights and remedies available to both parties in case of breach or default by either party. It may include provisions related to the return of earnest money, specific performance, or liquidated damages. Different types of West Virginia Contracts of Sale of Commercial Property with No Broker Involved may include variations in clauses or additional terms tailored to specific situations. However, these variations may not differ significantly from the key elements discussed above. Additional Keywords: West Virginia, commercial property, sale contract, no broker involved, parties, property description, purchase price, earnest money, terms and conditions, contingencies, title and closing, due diligence, property disclosures, default and remedies.
