With this Commercial Property Sales Package, you will find many of the forms that are part of closing a commercial real estate transaction.
Included in your package are the following forms:
1. A Contract for the Sale and Purchase of a Commercial Lot or Land without a Broker;
2. A Option for the Sale and Purchase of a Commercial Building;
3. A Option for the Sale and Purchase of a Commercial Lot or Land;
4. An Addendum for Environmental Assessment of Threatened or Endangered Species or Wetlands;
5. An Addendum for Continued Marketing of Property by Seller due to Contingencies;
6. An Exchange Addendum to Contract for Tax Free Exchange under Section 1031;
7. A Tax Free Exchange Agreement pursuant to Section 1031; and
8. A Fixed Rate Promissory Note Secured by Commercial Real Estate.
Purchase this package and save up to 30% over purchasing the forms separately!
Legal property foreclosure is a legal process through which a lender seizes and sells a property to recover the outstanding debt owed by the borrower. This can occur when the borrower fails to make timely mortgage payments, resulting in the lender exercising their right to reclaim the property. Real estate foreclosure can have various types, including judicial foreclosure, non-judicial foreclosure, and strict foreclosure. 1. Judicial Foreclosure: In judicial foreclosure, the lender files a lawsuit against the borrower to obtain a court order allowing them to auction off the property. This process typically occurs within the framework of the state's legal system, ensures a fair and transparent process, and promotes the borrower's rights in defending their property. Judicial foreclosure requires the lender to prove the borrower's default and obtain a judgment before proceeding with the sale. 2. Non-judicial Foreclosure: Non-judicial foreclosure, also known as power of sale foreclosure, does not involve court intervention and is a streamlined process used when the mortgage or deed of trust includes a power of sale clause. This clause gives the lender the authority to sell the property to satisfy the debt without judicial involvement, following specific procedures outlined in state statutes. Non-judicial foreclosure often involves a notice of default, followed by a notice of sale, and concluding with a public auction where the property is sold to the highest bidder. 3. Strict Foreclosure: Strict foreclosure is a less common type of foreclosure where the lender requests the court to transfer the property's title directly to them without a public auction or sale. This occurs when the outstanding debt is significantly higher than the property's value, making it difficult to find a buyer willing to pay an adequate price. Strict foreclosure allows the lender to take possession of the property more swiftly but may result in the borrower losing any equity they had built up. In all types of real property foreclosure, the lender must follow specific legal procedures and timelines to ensure that the borrower's rights are protected and to maximize the chances of recovering the outstanding debt. Foreclosure laws and processes can vary from state to state, so it is important to consult legal counsel or resources specific to the relevant jurisdiction for a complete understanding of the applicable procedures.
