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Kentucky Offer to Purchase Commercial Real Estate Form

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Kentucky Offer to Purchase Commercial Real Estate Form
Kentucky Offer to Purchase Commercial Real Estate Form
This document has been approved by the
Kentucky Real Estate Commission (October 2012)
OFFER TO PURCHASE COMMERCIAL REAL ESTATE
This is a legally binding offer which, upon acceptance, will become a binding contract.
If not understood, seek competent legal advice.
___ ___________
AGENT Date/Time
1. We, ____________________________________ (the “Buyer”) having an address of
_____________________, offer to purchase from ________________________ (the “Seller”) having an
address of __________________ the following described property in _____________ County,
Kentucky:_________________________________________________; comprised of +/- _____ acres,
as further depicted or described on Exhibit "A," attached hereto, with all improvements permanently
installed and affixed thereto (the “Property”), subject to the terms and conditions set forth below.
2. The "Purchase Price" shall be ________
($ ), payable by Buyer in full at Closing (including the Deposit, if any, described in
Section [8] below). Closing of the purchase contemplated by this Offer (the “Closing”) shall take place
no later than _________ days from the date of execution of this Offer by both parties (the “Effective
Date”). Time is of the essence with respect to the obligations of the parties to this Offer.
3. Risk of loss shall remain with Seller until Closing, and Seller shall continue to maintain the
Property in its condition as of the Effective Date, through Closing, and shall continue to maintain
general liability and hazard insurance coverage on the Property through Closing. In the event of
casualty at the Property, or if Seller receives notice of proposed condemnation proceedings with respect
to the Property, Seller shall notify Buyer immediately of same and Buyer shall have the option of
terminating this Offer, or proceeding towards Closing and taking an assignment of insurance proceeds or
condemnation award up to the amount of the Purchase Price.
4. Buyer and Seller recognize that the Agent involved in this sale is relying on all information
provided herein or supplied by the Seller or his sources in connection with the Property and agree to
indemnify and hold harmless the Agent and his employers from any claims, demands, damages, suits,
liabilities, cost and expense (including reasonable attorney’s fees) arising out of any hidden or latent
defects concerning the Property, misrepresentation or concealment of facts by the Seller or his sources.
The obligations of Buyer and Seller under this Section shall survive the Closing.
5. Seller shall convey to Buyer marketable title to the Property by deed of general warranty/ special
warranty (the "Deed"), with the usual covenants such as any reputable title company will insure,
unencumbered, except by easements of record, restrictive covenants of record as to use and
improvement of the Property, and except applicable regulations imposed by the planning and zoning
commission. Should title prove defective and such cannot be remedied, Seller shall pay all title
examination costs.
6. The obligations of Buyer under this Offer shall be subject to the following contingencies:
Kentucky Offer to Purchase Commercial Real Estate Form
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