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.
A South Dakota Contract of Sale of Commercial Property with No Broker Involved is a legally binding agreement that outlines the terms and conditions of the sale of a commercial property within the state of South Dakota, without the involvement of a real estate broker or agent. This contract serves as an essential document in the buying and selling process, providing both the buyer and seller with a clear understanding of their respective obligations, rights, and responsibilities. By eliminating the need for a broker, both parties can negotiate directly and potentially save on brokerage fees. Key elements included in a South Dakota Contract of Sale of Commercial Property with No Broker Involved may include: 1. Parties Involved: Clearly identify the buyer and seller by providing their full legal names and addresses. Additionally, include any authorized representatives or agents acting on their behalf. 2. Property Description: Describe the commercial property being sold accurately. Provide the physical address, legal description, parcel number, and any relevant documentation such as surveys or title reports. 3. Purchase Price and Payment Terms: Specify the agreed-upon purchase price for the commercial property, including the currency and any applicable taxes or fees. Outline the payment terms, such as the method of payment (cash, check, wire transfer), the due date for the payment, and any applicable installment plans. 4. Due Diligence Period: Determine the duration within which the buyer can conduct inspections, investigations, and appraisals to assess the property's condition and value. Include provisions for potential renegotiation or termination of the contract based on the findings. 5. Closing and Transfer of Title: Define the date and location for the closing, where the transfer of ownership will occur. Specify which party is responsible for covering the closing costs and attorney fees associated with the transaction. 6. Contingencies: Address any conditions that must be fulfilled before the sale can proceed, such as obtaining financing, securing necessary permits or licenses, or resolving any legal disputes related to the property. 7. Representations and Warranties: Ensure that both parties provide accurate information and disclosures about the property's condition, relevant zoning regulations, environmental concerns, ongoing litigation, or any other material facts that may impact the transaction. 8. Default and Remedies: Outline the consequences if either party fails to fulfill their obligations under the contract, including potential remedies such as earnest money forfeiture, specific performance, or monetary damages. Some variations or specialized contracts may include: 1. South Dakota Contract of Sale of Commercial Property with No Broker Involved for Leased Properties: Specifically tailored for commercial properties with existing lease agreements that need to be transferred or addressed during the sale process. 2. South Dakota Contract of Sale of Commercial Property with No Broker Involved for Vacant Land: Designed for transactions involving undeveloped commercial land, addressing potential zoning issues, easements, access rights, or environmental concerns. 3. South Dakota Contract of Sale of Commercial Property with No Broker Involved for Multi-unit Properties: Geared towards the sale of commercial properties with multiple units, such as apartment buildings, retail plazas, or office complexes, considering specific considerations, such as rent roll, lease documentation, or potential rent control restrictions. In conclusion, a South Dakota Contract of Sale of Commercial Property with No Broker Involved is a specialized legal document that facilitates the direct sale of a commercial property between a buyer and seller, without the involvement of a broker. Properly drafting and executing this contract is crucial to ensure the smooth and legally compliant transfer of ownership.
