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.
The Alabama Contract of Sale of Commercial Property with No Broker Involved is a legally binding document that outlines the terms and conditions for the sale of a commercial property in Alabama without the involvement of a real estate broker. This contract ensures that both the buyer and seller are protected and have a clear understanding of their rights and responsibilities. This contract includes various sections covering important aspects of the sale, such as: 1. Identification of Parties: The contract starts by identifying the buyer and the seller of the commercial property. It includes their legal names, addresses, and contact information. 2. Property Details: This section provides a detailed description of the commercial property being sold. It includes the property address, legal description, and any other relevant identifying details. 3. Purchase Price and Terms: The contract specifies the purchase price for the commercial property and outlines the payment terms agreed upon by both parties. This includes information about the initial deposit, financing options, if any, and the final payment method. 4. Due Diligence Period: This section sets a timeframe for the buyer to conduct inspections, research, and other due diligence activities on the property. It outlines the rights of the buyer to terminate the contract if any issues arise during this period. 5. Closing and Title: The contract includes details about the closing process, including the agreed-upon date, location, and allocation of closing costs. It also addresses the transfer of title and provisions for obtaining title insurance. 6. Representations and Warranties: This section outlines the representations and warranties made by both the buyer and seller. It includes guarantees about the property's condition, compliance with laws and regulations, and any ongoing leases or contracts tied to the property. 7. Default and Remedies: The contract covers the consequences for defaulting on the agreement by either party. It specifies remedies available to the non-defaulting party, such as potential financial penalties or legal action. 8. Arbitration or Mediation: Some contracts may include a provision for alternative dispute resolution methods, such as arbitration or mediation, should conflicts arise during or after the sale process. Different types of Alabama Contracts of Sale of Commercial Property with No Broker Involved may include variations in the specific terms and conditions outlined within the agreement. However, the basic structure and key elements discussed above remain consistent across most contracts. Important keywords: Alabama, contract, sale, commercial property, no broker involved, buyer, seller, terms and conditions, purchase price, due diligence, closing, title, representations and warranties, default, remedies, arbitration, mediation.
