Georgia Contract for the Sale and Purchase of Real Estate - No Broker - Commercial Lot or Land

• Category: Real Estate - Contracts - Land or Lots
• State: Multi-State
• Control #: US-00472C
• Format: Word; Rich Text

Description

This form is a Contract for the Sale and Purchase of Commercial Real Estate. The form requires information such as: property condition, earnest money, taxes pro ration and utilities. The form provides that the seller has agreed to sell and the buyer will purchase the property described in the form. This contract also contains a contingency for purchase based upon the sale of another property owned by the buyer.

The Georgia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land is a legally binding agreement used in Georgia for the sale and purchase of commercial lots or land without the involvement of real estate brokers. This contract is specifically designed for commercial transactions and differs from other contracts used for residential or other types of real estate dealings. This contract outlines the terms and conditions between the buyer and seller, covering various aspects of the transaction. It provides a clear understanding between both parties, reducing the chances of any confusion or disputes. Key elements included in the Georgia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land may consist of: 1. Identification of the Parties: The contract clearly identifies the buyer and seller with their legal names, addresses, and contact details. 2. Property Description: The contract provides a detailed description of the commercial lot or land being sold, including its location, boundaries, size, and any distinctive features. 3. Purchase Price and Payment Terms: The contract specifies the agreed-upon purchase price and outlines the payment terms, including the amount of the down payment, financing arrangements, and the timeline for the remaining payments. 4. Closing Date: The contract sets a specific date for the closing of the transaction when the sale is finalized. It may also include provisions for extensions to the closing date, if necessary. 5. Due Diligence: This contract often includes a due diligence period during which the buyer can inspect the property, review documents, conduct environmental tests, and perform any necessary research to ensure the property meets their requirements. 6. Title and Survey: The contract typically addresses issues related to title insurance, title search, and any survey requirements to validate the ownership and boundaries of the property. 7. Contingencies: The contract may include contingencies, such as obtaining financing, rezoning approval, or the removal of any liens or encumbrances on the property. 8. Earnest Money: This contract outlines the amount of earnest money the buyer must deposit as a sign of their commitment to the purchase, and it specifies the conditions under which this money may be forfeited. 9. Disclosures: The contract may require the seller to disclose any known defects, environmental concerns, or legal issues associated with the property, ensuring that the buyer is informed before proceeding with the purchase. It's important to note that variations of the Georgia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land may exist, tailored to specific types of commercial lots or land transactions, such as industrial, agricultural, or retail properties. These variations may include additional clauses or specific requirements relevant to the particular type of property involved.