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02-06-2008, 06:18 PM #1
Renter
- Join Date
- Feb 2008
- Location
- Essex Junction, Vermont
- Posts
- 11
Contracts - Residential vs. Commercial
Could someone explain the difference between a residential sale contract and a commercial sale contract?
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02-08-2008, 01:09 PM #2
Condominium
- Join Date
- Jan 2008
- Location
- NW suburbs of Chicago
- Posts
- 107
That depends on the area. For example, California requires residential to be on their state forms, commercial do not have a form. Residential are usually much simpler as they have fewer issues to deal with. After that, commercial contracts vary considerably. Generally speaking, people who enter into commercial real estate deals carry with them a much higher level of sophistication than your run-of-the-mill residential deal. I've seen commercial contracts in the 1,000's of pages of text. I've also seen them reduced to a couple of dozen. It all depends on the type of deal & who the parties are.
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02-08-2008, 07:41 PM #3
Condominium
- Join Date
- Jan 2008
- Location
- Apollo Beach, FL
- Posts
- 340
I totally agree with you. It depends on the state you are in as to what the forms are. For example, here in florida, the listing document is simple compared to the residential, the purchase can pretty much be whatever the atty puts together as to what is being sold, the assests, customers, etc...complicated financing etc. I just transitioned into commercial from residential, got tired of it and like it much better. Owners arent typically attached to the listing as it is pretty much all business....just how I like it.
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02-27-2008, 04:20 AM #4
Fixer Upper
- Join Date
- Jul 2007
- Posts
- 15
Good luck with the transition to commercial. Been thinking about it myself.
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