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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
This form is used by brokers to document their representation of a buyer who is attempting to find and purchase real property or a tenant who is attempting to find and lease real property.
The AIR Agreement provides for arbitration under the commercial rules of the American Arbitration Association and requires that each arbitrator shall be an impartial real estate broker with at least 5 years of full time experience in both the area where the property is located, and the type of real estate involved.
Air rights refers to a real estate owners license over the vertical space extending above their property. Property owners gain the rights to the land beneath the physical property as well as the airspace above it, which can offer significant development opportunities.
The AIR forms are designed to keep the transaction moving. The s allow the buyer more time to inspect, perform, or extend the closing date. Often, it is also more likely the buyer can get the deposit refunded if a is used.