AIR COMMERCIAL REAL ESTATE ASSOCIATION ... - AIR CRE 2025

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The document is a standard sublease agreement between a sublessor and sublessee for a portion of commercial property. It outlines the basic provisions including parties involved, premises details, term of lease, base rent, operating expenses, and responsibilities regarding maintenance and compliance with applicable laws. The agreement also addresses parking rights, common area usage, and conditions for early possession. Additionally, it includes clauses related to the master lease, assignment of the sublease, consent requirements from the master lessor, and legal representations. The document emphasizes the importance of verifying property conditions and compliance with regulations.

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What is an air purchase agreement?

AIR Agreement has passive or automatic contingency removal of the financing and physical inspection contingency. This means that if the buyer fails to notify the seller that it is not removing its contingencies it is presumed that the contingencies have been waived and the transaction will continue.

What does CRE mean in commercial real estate?

Commercial real estate (CRE) is property used for business-related purposes or to provide workspace rather than living space. Most often, commercial real estate is leased by tenants to conduct income-generating activities.

What does AIR CRE do?

AIR CRE is an innovative, member-owned organization that provides commercial real estate professionals in Southern California with the critical tools they need to be successful. We have curated the best resources that the industry has to offer, and packaged them together as a single integrated network.

What does CRE mean in business?

Commercial real estate (CRE) properties are any properties that are only used for business-related purposes, as opposed to residential real estate, which usually refers to single-family homes, condos, and townhouses. This can range from shopping malls and medical offices to dormitories and senior living communities.

What does air mean in real estate?

For commercial property transactions, two commonly used agreements are the AIR Commercial Real Estate (AIR CRE) Standard Offer, Agreement, and Escrow Instructions for Purchase of Real Estate (Non-Residential) (AIR Agreement) and the (CAR) Commercial Property Purchase Agreement

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What is the air space in real estate law?

Air rights refer to a property owners legal ability to control and occupy the vertical air space above their owned real estate. The concept goes back centuries but was popularized in the late 18th century.

What does air in AIR CRE stand for?

Often, when commercial property is involved, the parties may be utilizing an AIR Commercial Real Estate (AIR CRE) purchase agreement.