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.
Pennsylvania Contract of Sale of Commercial Property with No Broker Involved A Pennsylvania Contract of Sale of Commercial Property with No Broker Involved refers to a legal agreement between a buyer and seller for the purchase and sale of commercial real estate in Pennsylvania without the involvement of a real estate broker. This type of contract allows for a direct transaction between the parties, eliminating the need for a broker's intervention. In this contract, several important clauses and terms are included to protect the interests of both the buyer and seller involved. These clauses typically include: 1. Purchase Price: This clause specifies the agreed-upon purchase price for the commercial property. It outlines the payment terms, such as the down payment amount, financing details, and the timeline for full payment. 2. Property Description: This section provides a detailed and accurate description of the commercial property being sold. It includes the property address, lot size, building measurements, zoning classification, and any other relevant details pertaining to the property. 3. Due Diligence: This clause allows the buyer a period to conduct investigative activities and inspections on the property, such as environmental assessments, title searches, and appraisal. It outlines any contingencies that may allow the buyer to exit the contract if issues are discovered during this period. 4. Closing and Settlement: This section outlines the process and location for the closing of the sale. It specifies the responsibilities of both the buyer and seller, including the transfer of the property's title, payment of closing costs, and any prorated expenses, such as property taxes or utilities. 5. Representations and Warranties: This clause ensures that both parties provide accurate and truthful information regarding the property's condition, ownership, and any legal or financial obligations associated with it. 6. Default and Remedies: This clause outlines the actions that can be taken by either party in the event of a breach of the contract. It covers situations such as non-payment, failure to deliver the property as agreed, or any other violation of the terms specified in the contract. Types of Pennsylvania Contracts of Sale of Commercial Property with No Broker Involved: 1. Standard Contract: This is a general contract used for the sale of commercial properties without the involvement of a broker. It includes the essential clauses mentioned above and can be customized to meet the specific needs of the buyer and seller. 2. Lease with Option to Purchase Contract: This type of contract allows a tenant to lease a commercial property for a specified period with an option to purchase it at a later date. The terms of the lease, purchase price, and other relevant details are stated in the agreement. 3. Seller Financing Contract: In this type of contract, the seller provides financing to the buyer, allowing them to purchase the commercial property over time through installment payments. This contract outlines the interest rates, payment schedule, and consequences for defaulting on payments. It is essential to consult a legal professional experienced in commercial real estate transactions to ensure the contract accurately reflects the intentions of both parties and complies with Pennsylvania laws and regulations.
