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Contract for Sale of Commercial Property including Building
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					             Contract to Sale of Commercial Property including Building

Agreement made on the (date), between (Name of Purchaser), a corporation organized
and existing under the laws of the state of (name of state), with its principal office
located at (street address, city, state, zip code), referred to herein as Buyer, and (Name
of Purchaser), a corporation organized and existing under the laws of the state of (name
of state), with its principal office located at (street address, city, state, zip code), referred
to herein as Seller.
For and in consideration of the mutual benefits and obligations set forth in this
Agreement, Seller agrees to sell and convey to Purchaser, and Purchaser agrees to
purchase and take from Seller, the Property situated at (street address, city, state, zip
code), and particularly described in Exhibit A attached hereto and made a part hereof,
together with all improvements on the Property and appurtenances to it, and the articles
of equipment and other personal property listed in Exhibit B, which is attached hereto
and incorporated by reference. The real and personal Property described above is
collectively referred to in this Agreement as the Property.

Purchaser shall transfer all right, title, and interest of Seller in and to all streets, alleys,
roads, and avenues adjoining the Property, and shall further include any award for
damaging or taking by eminent domain by public or quasi-public authority, of the
Property or any part of it.

The following terms, provisions, and conditions are further agreed to:

1.     Price. The purchase price for Property is $___________, payable in cash at
closing.

       A.     Conveyance of title to Property shall be by warranty deed with full
       covenants, executed by Seller, to Purchaser. Title to be conveyed shall be good
       and marketable, subject only to the acceptable liens, encumbrances, restrictions,
       easements and other burdens listed in Exhibit C attached hereto and made a
       part hereof.

       B.     The Property is presently occupied by (number) tenants under month-to-
       month tenancies or leases, as set forth in Exhibit D, which is attached and made
       a part of this Agreement. Transfer of title and possession to Property shall be
       subject to those tenancies, but all right, title and interest of Seller in Property
       shall be transferred to Purchaser at the time of conveyance of title.

       C.      Conveyance of title shall be made and sale closed within (number) days
       after the date of this Agreement. Title shall be evidenced by a standard form title
       insurance policy issued by (Name of Title Company), insuring title to Property to
       be in Purchaser, subject only to the matters set forth in this Agreement.

3.     Assessments. If, at the time of transfer of title, Property or any part of Property
is subject to an assessment or assessments payable in installments, all such
installments not due or delinquent at the time of transfer shall nevertheless be deemed
to be due and payable at such time and as liens on the Property described above, and
all such assessments shall be paid and discharged by Seller.

4.     Proration. The following items shall be prorated as of the close of escrow:
rentals, real estate taxes due but not delinquent, prepaid insurance premiums, and (list
any others).

5.     Risk of Loss; Maintenance; and Transfer of Possession
       A.     Risk of loss or damage by fire or other casualty to Property or any part of
       Property prior to close shall be the risk of Seller. In the event of such loss or
       damage prior to closing, this Agreement shall not be affected but Seller shall
       assign to Purchaser all rights under any insurance policy or policies applicable to
       the loss. If action is necessary to recover under any casualty policy, Seller shall
       grant permission to bring the action in Seller's name.

       B.      Improvements and personal property described above shall be maintained
       in their present condition prior to the closing by Seller, wear from normal and
       reasonable use and deterioration excepted.

       C.    Possession of Property, subject to the leases and tenancies referred to
       above, shall be transferred at closing.

6.      Commercial Zoning. Seller warrants that Property is zoned for commercial
purposes and that all existing uses are lawful and within such zoning. Purchaser plans
the use of Property for the construction of a (number) story brick building near the
corner of Property, bordered by (name of first street) and (name of second street), to be
used as a (describe use). Plans and specifications for the building have been pre
				
DOCUMENT INFO
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posted:4/22/2012
language:English
pages:4
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),