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Chicago association of realtors commercial real estate contract

CONTRACT TO PURCHASE COMMERCIAL REAL ESTATE - MLS 2025

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The document is a legally binding Contract to Purchase Commercial Real Estate, approved by the Southwestern Illinois Regional Multiple Listing Service. It outlines the terms and conditions under which a Seller agrees to sell and a Buyer agrees to purchase specified real estate in Illinois. Key sections include mutual covenants, dual agency consent, contingencies for financing and inspections, closing procedures, risk of loss, remedies upon default, and provisions for earnest money. The contract emphasizes that the property is sold 'as-is' and includes various legal disclaimers regarding the condition of the property.

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What is the purpose of this Contract to Purchase Commercial Real Estate?

This contract outlines the terms and conditions under which a buyer agrees to purchase commercial real estate from a seller, including details about the property, purchase price, and contingencies.

Who can use this contract?

The contract is intended solely for use by REALTOR® members of the REALTOR® Association of Southwestern Illinois, Inc. and the Greater Gateway Association of REALTORS®, Inc.

What should I do if I do not understand any part of this contract?

If any part of the contract is unclear, it is advised to seek competent legal advice before proceeding.

How can I edit this document on DocHub?

To edit the document on DocHub, upload the PDF file, use the editing tools available to make changes, and save your edits before sharing or printing.

What are 'Inclusions' and 'Exclusions' in this contract?

'Inclusions' refer to items that are included in the sale of the property, while 'Exclusions' refer to items that are not included in the sale.

Is there a site like Zillow for commercial property?

LoopNet is one of the most recognized CRE search engines. For those more involved in multi family or residential real estate, LoopNet is often considered the Zillow of commercial real estate.

Does MLS do commercial real estate?

MLS is typically used for the sale of residential properties, and while it can be used for the sale of commercial properties, many choose not to.

How to structure a commercial lease purchase agreement?

How To Structure A Lease Purchase Agreement Set The Lease Period. The lease should outline how long the lease period will be and the monthly rent amount. Include Special Clauses. Allocate Portion Of Rent To The Down Payment. Include A Contract Of Sale. Have A Professional Review Your Contract.

Is there an MLS for commercial real estate?

A commercial MLS typically lists properties such as retail, multifamily, industrial, medical, land, and hospitality properties. ing to Commercial Real Estate Loans, the top 10 commercial MLS options for brokers and investors in 2022 include CIMLS, Catylist, Total Commercial, and LoopNet.

Where can I find commercial property owners?

Where to go to find commercial property owners. The first place to look is at a county assessors office, so named because they assess property values for tax purposes. County assessors might also be referred to as county appraisers in some states.

CONTRACT TO PURCHASE COMMERCIAL REAL ESTATE - MLS 2025

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