Commercial Contract Clauses
I am preparing to draft a purchase contract on my first commercial (triplexes/ quad plexes have been my largest to date) Are there any clauses that are absolutely necessary, or recommended that I should be including?
I would love to look at some of your old contracts to get ideas. You can cross out names, addresses, price, etc.
For Sure. Commerical contracts, esp, if YOU are writing them can vary greatly and take a long time to negotiate. One of the reasons LOI s are used is to save time for all parties. You come to an agreement on the basics like price and terms, then send time and money hammering out the contract.
Some key elements:
Due Diligence period
Price based on some representation (Like NOI)
Engineering,Accounting inspections
Mechanicals
Leases
Insurance policies ( look for prior claims)
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