Commercial Purchase Contract

As a member benefit, Arizona REALTORS® entered into an agreement that allows members to purchase a full complement of commercial real estate forms from AIR at a discount. For those members who choose not to take advantage of these AIR forms, the state association maintains its own Commercial Purchase Contract. This contract is designed for commercial transactions and reflects the realities of the commercial market.

KEY POINTS TO REMEMBER when using the Arizona REALTORS® Commercial Purchase Contract include:

  • All time periods in the Arizona REALTORS® Commercial Contract run from the opening of escrow
  • The buyer’s financing contingency, if any, ends with the due diligence period in the Arizona REALTORS® Commercial Contract
  • The Arizona REALTORS® Commercial Contract instructs the escrow company to distribute a commitment for title insurance in sufficient detail for the issuance of an Extended Owner’s Title Insurance Policy within 15 days after opening of escrow
  • The Arizona REALTORS® Commercial Contract allows the parties to choose the remedy in the event of a buyer’s breach
  • The Arizona REALTORS® Commercial Short Sale Addenda are available for use in a short sale of commercial property.

Lind, K. Michelle. Arizona Real Estate: A Professional’s Guide to Law and Practice – Third Edition
Xulon Press (pages 268-269). Kindle edition (location 5676).

©2018 by K. Michelle Lind, Esq./Arizona REALTORS®

This post is of a general nature and reflects only the opinion of the author at the time it was drafted. It is not intended as definitive legal advice, and you should not act upon it without seeking independent legal counsel.

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