Purchase and Sale Agreement (Commercial Real Estate) (Negotiated Long Form)

by Practical Law Real Estate

A Standard Document that is a long form purchase and sale agreement for commercial real estate, drafted as a negotiated form that favors neither the purchaser nor the seller. This jurisdictionally neutral template provides a robust framework for a property transaction, outlining key terms from the initial agreement through closing. This Standard Document includes a detailed financing contingency as well as a due diligence period, allowing the purchaser to conduct inspections. Both seller and purchaser representations and warranties are included to allocate risk. Provisions for closing obligations, prorations, casualty, and default remedies offer guidance for navigating the final stages of the acquisition.