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Utah Commercial Real Estate Purchase Contract Form

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Utah Commercial Real Estate Purchase Contract Form
Utah Commercial Real Estate Purchase Contract Form
COMMERCIAL REAL ESTATE PURCHASE CONTRACT
This is a legally binding contract. It has been prepared by the Utah Association of REALTORS® for the use of its members only, in their
transactions with clients and customers. Parties to this Commercial Real Estate Contract ("Contract") may agree, in writing, to alter or
delete provisions of this Contract. Seek advice from your attorney or tax advisor before entering into a binding contract.
EARNEST MONEY RECEIPT
On this day of , ("Offer Reference Date")
("Buyer") offers to purchase from ("Seller") the
Property described below and hereby delivers to the Brokerage or Title/Escrow Company, as Earnest Money, the amount
of $ in the form of which, upon Acceptance of this offer by all
parties (as defined in Section 23), shall be deposited in accordance with state law.
Brokerage or Title/Escrow Company Interwest Realty Brokers LLC Address 2270 East 4500 South #2B
Received by:
(Signature above acknowledges receipt of Earnest Money)
on (Date)
OFFER TO PURCHASE
1. PROPERTY (General Description):
Address City
County State of Utah, ZIP
County Tax I.D. # (the "Property")
For a legal description (Check Applicable Box): .[ ] SEE ADDENDUM # .[ ] COMMITMENT FOR TITLE
INSURANCE as provided in Section 7(b).
1.1 INCLUDED ITEMS: Unless excluded herein, this sale includes all fixtures presently attached to the Property. The
following personal property shall also be included in this sale and conveyed under separate Bill of Sale with warranties as
to title:
1.2 Excluded Items. These items are excluded from this sale:
2. PURCHASE PRICE The Purchase Price for the Property is $
The Purchase Price will be paid as follows:
$ (a) Earnest Money Deposit.
$ (b) New Loan. Buyer will apply for one or more of the following loans: .[ ] Conventional .[ ] SBA
.[ ] Other (specify) .
Buyer shall have the right to approve the terms and conditions of the new loan as provided in
Section 8 (f).
$ (c) Loan Assumption Addendum (see attached Assumption Addendum if applicable)
$ (d) Seller Financing (see attached Seller Financing Addendum if applicable)
$ (e) Other (specify)
$ (f) Balance of Purchase Price in Cash at Settlement
$ PURCHASE PRICE. Total of lines (a) through (f)
3. SETTLEMENT AND CLOSING. Settlement shall take place on the Settlement Deadline referenced in Section 24(c), or
on a date upon which Buyer and Seller agree in writing. "Settlement" shall occur only when all of the following have been
completed: (a) Buyer and Seller have signed and delivered to each other or to the escrow/closing office all documents
required by this Contract, by the lender, by written escrow instructions or by applicable law; (b) any monies required to be
paid by Buyer under these documents (except for the proceeds of any new loan) have been delivered by Buyer to Seller
or to the escrow/closing office in the form of collected or cleared funds; and (c) any monies required to be paid by Seller
under these documents have been delivered by Seller to Buyer or to the escrow/closing office in the form of collected or
cleared funds. Seller and Buyer shall each pay one−half (½) of the fee charged by the escrow/closing office for its
services in the settlement/closing process. Taxes and assessments for the current year, rents, and interest on assumed
obligations shall be prorated at Settlement as set forth in this Section. Tenant deposits (including, but not limited to,
security deposits and prepaid rents) shall be paid or credited by Seller to Buyer at Settlement. Prorations set forth in this
Section shall be made as of the Settlement Deadline date referenced in Section 24(c), unless otherwise agreed to in
writing by the parties. Such writing could include the settlement statement. For purposes of this Contract, "Closing" means
Page 1 of 6 pages Seller's Initials______________ Date_______________ Buyer's Initials______________ Date_______________
Utah Commercial Real Estate Purchase Contract Form
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