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A commercial real estate purchase agreement enables the transfer of ownership of commercial property in exchange for cash or other trades. This document outlines the terms of the sale and includes an earnest money deposit. In the video, essential information about commercial real estate purchase agreements is discussed, along with resources for obtaining an official template. Commercial property is defined as any real estate aimed at generating profit or serving business activities, distinct from residential property, which pertains to homes and residential land. Common types of commercial properties include office buildings, retail spaces, strip malls, hotels, healthcare facilities, multi-family rentals, warehouses, and vacant commercial land.