A contract of sales of commercial Property is an agreement between the buyer and seller and lists the many rights, obligations and liabilities of each party involved. It is an agreement that permits the seller to transfer the ownership rights of the real estate to the buyer. The contract of sale closes a sales transaction and the lists the discussed parameters and the application. Contract for Sale of commercial properties need a proper inspection of the property along with any tangible or intangible and associated assets. If the property is clear of mortgage or any other obligations.
The commercial purchase agreement demands a consideration or advance payment to seal the deal. This advance payment is refundable in the case post inspection the property is not as per due diligence.
Commercial agreements also come with a host of supporting documents that are mandatory and obligatory to be reviewed before closing a deal.
Contract of sale of commercial property also additionally explores the setup, equipment, machinery, obtaining certain licences and permissions before actually signing the contract.
The contract is a bilateral one and binding to both the parties and therefore should be very carefully drafted.