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!
Commercial legal property with right of survivorship is a type of jointly owned property that pertains to business premises or real estate used for commercial purposes. This legally binding arrangement grants co-owners the right to inherit a deceased co-owner's share of the property upon their death. This concept is most commonly utilized in business partnerships to ensure continuity of ownership and smooth transition of assets in the event of a co-owner's passing. In a commercial context, the right of survivorship is of utmost importance as it prevents an individual co-owner's interested in the property from being included in their estate or passed on to their heirs. Instead, the deceased co-owner's share automatically transfers to the surviving co-owner(s) without the need for probate or court intervention. This provision ensures that the business operations are not disrupted, and the property remains under the control of those involved in running the enterprise. There are various types of commercial legal property with right of survivorship, including: 1. Commercial Buildings: This includes office buildings, retail spaces, warehouses, factories, and other structures used for business operations. Co-owners of these properties may opt for a right of survivorship arrangement to safeguard their interest and ensure that the property continues to serve its intended commercial purpose. 2. Business Partnerships: When two or more individuals establish a business together, they might jointly own the real estate where the business is located. By implementing a right of survivorship agreement, partners can secure the seamless transfer of property ownership in the event of a partner's demise, preventing potential disputes or the need for outside intervention. 3. Investment Properties: Individuals or entities that invest in commercial real estate for rental income often form partnerships or joint ventures. In these situations, a right of survivorship clause can be established to designate how the property ownership will be transferred upon the death of one of the investors, ensuring a seamless transition and continued revenue generation. 4. Franchise Properties: Franchise owners may jointly own the building or land where the franchised business operates. A right of survivorship provision grants security to both parties, assuring the continuation of the business under the surviving co-owner's control, thereby enabling them to benefit from the established brand and its associated goodwill. In summary, commercial legal property with right of survivorship is an arrangement that allows co-owners of business premises or real estate utilized for commercial purposes to automatically inherit a deceased co-owner's share upon their passing. This practice ensures the uninterrupted operation of the enterprise and fosters continuity. Different types of commercial legal property with right of survivorship include commercial buildings, business partnerships, investment properties, and franchise properties.
