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.
District of Columbia Contract of Sale of Commercial Property with No Broker Involved: In the District of Columbia, a Contract of Sale of Commercial Property with No Broker Involved is a legal document that establishes the terms and conditions of the sale of a commercial property without the involvement of a broker or real estate agent. This type of contract is commonly used when the parties involved prefer to handle the transaction directly, saving on brokerage fees and commissions. The contract typically includes the following key elements: 1. Parties Involved: The contract will clearly identify the buyer and the seller, stating their legal names and contact information. In some cases, additional parties like attorneys or representatives may be included. 2. Property Details: The contract will provide a thorough description of the commercial property being sold. This includes the address, parcel number, and any specific features or characteristics. 3. Purchase Price: The contract will outline the agreed-upon purchase price for the commercial property. It may also specify any financing arrangements, down payment, or deposit required. 4. Terms and Conditions: The contract will outline the terms and conditions of the sale, such as the timeline for closing, property inspection, and contingencies. It may also include provisions for due diligence, title search, and approval of necessary permits or licenses. 5. Representations and Warranties: The contract may include statements made by the seller regarding the condition, use, or legality of the property. Both parties are expected to provide accurate information to the best of their knowledge. 6. Closing Procedures: The contract will specify the procedures and responsibilities for the closing of the sale. This may include the transfer of ownership documents, payment of taxes, prorated expenses, and any other relevant details. Different types of District of Columbia Contract of Sale of Commercial Property with No Broker Involved may include variations based on specific property types, such as: 1. Office Space: Contract of Sale for the purchase/sale of office space in the District of Columbia. 2. Retail Space: Contract of Sale for the purchase/sale of retail space, such as storefronts or shopping centers, in the District of Columbia. 3. Industrial Property: Contract of Sale for the purchase/sale of industrial properties, such as warehouses or factories, in the District of Columbia. 4. Mixed-Use Property: Contract of Sale for the purchase/sale of mixed-use properties, combining residential and commercial aspects, in the District of Columbia. It's important for both buyers and sellers to seek legal advice and ensure that all necessary disclosures and due diligence are completed before entering into a District of Columbia Contract of Sale of Commercial Property with No Broker Involved.
