What Should Be Included in a Purchase Contract for Commercial Realty in Overland Park

Are you overwhelmed by figuring out what you might want to include in a commercial real estate purchase contract?  While the exact content of a contract will vary from transaction to transaction, some experts recognize a few staples that most commercial real estate contracts should set forth:

•    The parties
•    The sales price of the property and terms of payment
•    A description of the property
•    Specifics on title and title insurance
•    Closing location and date
•    Any financing contingencies
•    Closing conditions
•    Warranties and representations
•    Provision for any environmental and hazardous waste
•    Matters of land use and zoning
•    A plan of action if a party breaches contract
•    Inspection and due diligence rights
•    Attorney’s fees and costs
•    Matters regarding dispute resolution
•    Term and termination rights
•    Governing laws
•    Notice and any other typical contractual provisions

This list is just a basic guideline from one expert.  A little research and a conversation with a lawyer could also be helpful steps in making sure you are ready to draw up a contract for you business’s future rental property.

If you would like to learn more about the terms of renting with Southcreek Office Park, feel free to give one of our commercial real estate brokers in Overland Park a call at 913-685-4100.  Many of our spaces are perfect for small, start-up companies, and we would be happy to answer any commercial real estate questions you have!


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