6 Terms to Watch For in a Purchase Contract
1. The closing date.
See if the date the buyer wants to take title is reasonable for you.
2. The deposit.
Look for the largest deposit possible. A large deposit is usually a good indication of a sincere buyer.
3. Fixtures, Furniture, Equipment.
Check the list of items that the buyer expects to stay with the property and be sure it’s acceptable.
Determine what the requested repairs will cost and whether you’re willing to do the work or would rather lower the price by that amount.
See what other conditions the buyer wants to have met before the contract is final e.g., inspection, sale of the current building, financing approval, review, and approval of the contract by their lawyer. Set time deadlines for completion of each of these contingencies, so that they don’t drag on and prevent your sale from being final and binding.
6. The Closing Date.
See how long you have to make a decision on the contract.
As with all contracts – commercial real estate is just another area where getting the help of a professional real estate agent can be invaluable. From start to closing.