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title: What should be included in a purchase agreement when buying a commercial property?
description: Looking to buy a commercial property? Legal Faqs explains the essential components of a solid purchase agreement, so you can proceed with confidence. Learn about due diligence, contingencies, and other important considerations.
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 March 24, 2023

# What should be included in a purchase agreement when buying a commercial property?

![Picture of Chris Battis](https://www.legalfaq.ai/hs-fs/hubfs/battis-mug.jpg?width=50&name=battis-mug.jpg) By  [Chris Battis](https://www.legalfaq.ai/faqs/author/chris-battis)  ·   1 minute read

Purchase Agreement for Commercial Property

# When Buying Commercial Property

It is important to have a purchase agreement in place that outlines the terms and conditions of the purchase transaction. The purchase agreement should include the following elements:

1. **Description of Property:** The purchase agreement should clearly describe the property being purchased, including its address, legal description, and any other relevant details.
2. **Purchase Price:** The agreement should specify the purchase price of the property, including any deposit or earnest money that is being paid.
3. **Payment Terms:** The agreement should outline the payment terms, including the schedule of payments and any escrow arrangements that may be required.
4. **Due Diligence:** The agreement should include a due diligence period for the buyer to review the property and any related documents or information. This should include a list of documents that must be provided by the seller, such as surveys, appraisals, or environmental reports.
5. **Contingencies:** The agreement should include any contingencies that must be met for the sale to proceed, such as the buyer obtaining financing, or the property passing a property inspection.
6. **Closing Date:** The agreement should specify the closing date for the transaction, as well as any provisions for extensions or delays.
7. **Closing Costs:** The agreement should specify who is responsible for paying closing costs, including any transfer taxes, title fees, or other expenses.
8. **Representations and Warranties:** The agreement should include representations and warranties from the seller regarding the condition of the property, any liens or encumbrances, and the seller's authority to sell the property.
9. **Dispute Resolution:** The agreement should include provisions for resolving any disputes that may arise, including alternative dispute resolution mechanisms such as mediation or arbitration.

*It is important to work with a licensed attorney to review and prepare a purchase agreement to ensure that all necessary provisions are included and to protect your interests.*

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