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Fill a Valid Florida Commercial Contract Form

The Florida Commercial Contract form is a document outlining the agreement between a buyer and a seller for the purchase of commercial property in the state of Florida. Drafted by the Florida Association of REALTORS®, it includes detailed terms and conditions such as the identification of parties, property description, purchase price, and closing details. This form serves as a comprehensive guide to ensure a legally binding contract that addresses various aspects of the commercial transaction. If you're ready to proceed with a commercial property transaction in Florida, click the button below to fill out the form.

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Fill a Valid Florida Commercial Contract Form

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The Florida Commercial Contract form, as provided by the Florida Association of Realtors®, outlines the structured agreement between a buyer and a seller for the transaction of commercial property. This detailed document establishes the expectations and responsibilities of both parties, starting with identifying the parties involved and a comprehensive description of the property, including any personal property included in the transaction. It meticulously sets the purchase price and the terms related to the deposit, including the initial amount, additional deposits, and the final financing arrangements. Crucially, the form also specifies timelines for the offer's acceptance, the effective date of the agreement, and the computation of time for any deliverables or contingencies. Closing details, such as the date, location, and responsibilities of each party at closing, are clearly delineated. Financing conditions are outlined, including obligations of the buyer to secure financing and the conditions under which the contract could be canceled if financing is not obtained. Title transfer procedures, property condition disclosures, operational mandates during the contract period, and closing procedures including possession, costs, and document provision are thoroughly described. Furthermore, the form addresses risk of loss, assignability, and the binding nature of the contract, ensuring all legal bases are covered for a commercial property transaction in Florida. This comprehensive contract serves as a definitive guide for executing commercial property sales, ensuring clarity, legality, and fairness for all parties involved.

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COMMERCIAL CONTRACT

FLORIDA ASSOCIATION OF REALTORS®

1* 1. PARTIES AND PROPERTY: _____________________________________________________________________________(“Buyer”)

2* agrees to buy and _______________________________________________________________________________________ (“Seller”)

3* agrees to sell the property described as: Street Address: ______________________________________________________________

4* _______________________________________________________________________________________________________________

5* Legal Description: _____________________________________________________________________________________________

6* _______________________________________________________________________________________________________________

7* and the following Personal Property: ________________________________________________________________________________

8* _______________________________________________________________________________________________________________

9(all collectively referred to as the “Property”) on the terms and conditions set forth below.

10* 2. PURCHASE PRICE:		$ ________________________
11*	(a) Deposit held in escrow by___________________________________________________	$ ________________________
12	(“Escrow Agent”) (checks are subject to actual and ﬁnal collection)
13*	Escrow Agent’s address: _________________________________ Phone: ______________
14*	(b) Additional deposit to be made to Escrow Agent within _____ days after Effective Date	$ ________________________
15*	(c) Additional deposit to be made to Escrow Agent within _____ days after Effective Date	$ ________________________
16*	(d) Total ﬁnancing (see Paragraph 5)	$ ________________________
17*	(e) Other ___________________________________________________________________	$ ________________________

18(f) All deposits will be credited to the purchase price at closing. Balance to close, subject

19* to adjustments and prorations, to be paid with locally drawn cashier’s or ofﬁcial bank

$ ________________________

20check(s) or wire transfer.

213. TIME FOR ACCEPTANCE; EFFECTIVE DATE; COMPUTATION OF TIME: Unless this offer is signed by Seller and Buyer

22* and an executed copy delivered to all parties on or before ________________________, this offer will be withdrawn and the

23Buyer’s deposit, if any, will be returned. The time for acceptance of any counter offer will be 3 days from the date the counter

24offer is delivered. The “Effective Date” of this Contract is the date on which the last one of the Seller and Buyer has signed

25or initialed and delivered this offer or the ﬁnal counter offer. Calendar days will be used when computing time periods, except

26time periods of 5 days or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national

27legal holidays. Any time period ending on a Saturday, Sunday, or national legal holiday will extend until 5:00 p.m. of the next

28business day. Time is of the essence in this Contract.

294. CLOSING DATE AND LOCATION:

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(a)Closing Date: This transaction will be closed on ____________________________________ (Closing Date), unless speciﬁcally extended by other provisions of this Contract. The Closing Date will prevail over all other time periods including, but not limited to, Financing and Due Diligence periods. In the event insurance underwriting is suspended on Closing Date and Buyer is unable to obtain property insurance, Buyer may postpone closing up to 5 days after the insurance underwriting suspension is lifted.

(b)Location: Closing will take place in __________________________________________________ County, Florida. (If left blank, closing will take place in the county where the Property is located.) Closing may be conducted by mail or electronic means.

36* Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 1 of 7 Pages.

375. THIRD PARTY FINANCING:

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BUYER’S OBLIGATION: Within ______ days (5 days if left blank) after Effective Date, Buyer will apply for third party ﬁnancing in an

amount not to exceed ______% of the purchase price or $ ______________________, with a ﬁxed interest rate not to exceed ______%

per year or with an initial variable interest rate not to exceed ______%, with points or commitment or loan fees not to exceed ______%

of the principal amount, for a term of ______ years, and amortized over ______ years, with additional terms as follows: _____________

__________________________________________________________________________________________________________________.

Buyer will timely provide any and all credit, employment, ﬁnancial and other information reasonably required by any lender. Buyer will use good faith and reasonable diligence to (i) obtain Loan Approval within _____ days (45 days if left blank) from Effective Date

(Loan Approval Date), (ii) satisfy terms and conditions of the Loan Approval, and (iii) close the loan. Buyer will keep Seller and Broker fully informed about loan application status and authorizes the mortgage broker and lender to disclose all such information to Seller and Broker. Buyer will notify Seller immediately upon obtaining ﬁnancing or being rejected by a lender. CANCELATION: If Buyer, after using good faith and reasonable diligence, fails to obtain Loan Approval by Loan Approval Date, Buyer may within ______ days (3 days if left blank) deliver written notice to Seller stating Buyer either waives this ﬁnancing

contingency or cancels this Contract. If Buyer does neither, then Seller may cancel this Contract by delivering written notice to Buyer at any time thereafter. Unless this ﬁnancing contingency has been waived, this Contract shall remain subject to the satisfaction, by closing, of those conditions of Loan Approval related to the Property.

DEPOSIT(S) (for purposes of Paragraph 5 only): If Buyer has used good faith and reasonable diligence but does not obtain Loan Approval by Loan Approval Date and thereafter either party elects to cancel this Contract as set forth above or the lender fails or refuses to close on or before the Closing Date without fault on Buyer’s part, the Deposit(s) shall be returned to Buyer, whereupon both parties will be released from all further obligations under this Contract, except for obligations stated herein as surviving the termination of this Contract. If neither party elects to terminate this Contract as set forth above or Buyer fails to use good faith or reasonable diligence as set forth above, Seller will be entitled to retain the Deposit(s) if the transaction does not close.

6.TITLE: Seller has the legal capacity to and will convey marketable title to the Property by o statutory warranty deed

o other ________________________________________, free of liens, easements and encumbrances of record or known to Seller,

but subject to property taxes for the year of closing; covenants, restrictions and public utility easements of record; existing zoning and governmental regulations; and (list any other matters to which title will be subject) ______________________________________

________________________________________________________________________________________________________________

____________________________________________________________________________________________________________;

provided there exists at closing no violation of the foregoing and none of them prevents Buyer’s intended use of the Property as

_______________________________________________________________________________________________________________.

(a)Evidence of Title: The party who pays the premium for the title insurance policy will select the closing agent and pay for the title search and closing services. Seller will, at (check one) o Seller’s o Buyer’s expense and within _____ days o after Effective Date o or at least _____ days before Closing Date deliver to Buyer (check one)

o (i.) a title insurance commitment by a Florida licensed title insurer and, upon Buyer recording the deed, an owner’s policy in the amount of the purchase price for fee simple title subject only to exceptions stated above. If Buyer is paying for the evidence of title and Seller has an owner’s policy, Seller will deliver a copy to Buyer within 15 days after Effective Date.

o (ii.) an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. However, if such an abstract is not available to Seller, then a prior owner’s title policy acceptable to the proposed insurer as a base for reissuance of coverage may be used. The prior policy will include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to Buyer or Buyer’s closing agent together with copies of all documents recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller then (i.) above will be the evidence of title.

(b)Title Examination: Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller of title defects. Title will be deemed acceptable to Buyer if (1) Buyer fails to deliver proper notice of defects or (2) Buyer delivers proper written notice and Seller cures the defects within _____ days from receipt of the notice (“Curative Period”). If the defects are cured within the Curative Period, closing will occur within 10 days from receipt by Buyer of notice of such curing. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer will have 10 days from receipt of notice of Seller’s inability to cure the defects to elect whether to terminate this Contract or accept title subject to existing defects and close the transaction without reduction in purchase price.

(c)Survey: (check applicable provisions below)

o Seller will, within _____ days from Effective Date, deliver to Buyer copies of prior surveys, plans, specifications, and engineering documents, if any, and the following documents relevant to this transaction: _______________________________

______________________________________________________________________________, prepared for Seller or in Seller’s

91* Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages.

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possession, which show all currently existing structures. In the event this transaction does not close, all documents provided by Seller will be returned to Seller within 10 days from the date this Contract is terminated.

o Buyer will, at o Seller’s o Buyer’s expense and within the time period allowed to deliver and examine title evidence, obtain a current certified survey of the Property from a registered surveyor. If the survey reveals encroachments on the Property or that the improvements encroach on the lands of another, o Buyer will accept the Property with existing encroachments o such encroachments will constitute a title defect to be cured within the Curative Period.

98(d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress.

997. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time agreed in its present “as is” condition, ordinary

100wear and tear excepted, and will maintain the landscaping and grounds in a comparable condition. Seller makes no warranties

101other than marketability of title. By accepting the Property “as is,” Buyer waives all claims against Seller for any defects in the

102Property. (Check (a) or (b))

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o (a) As Is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its “as is” condition.

o (b) Due Diligence Period: Buyer will, at Buyer’s expense and within _______ days from Effective Date (“Due Diligence

Period”), determine whether the Property is suitable, in Buyer’s sole and absolute discretion, for Buyer’s intended use and development of the Property as speciﬁed in Paragraph 6. During the Due Diligence Period, Buyer may conduct any tests, analyses, surveys and investigations (“Inspections”) which Buyer deems necessary to determine to Buyer’s satisfaction the Property’s engineering, architectural, environmental properties; zoning and zoning restrictions; ﬂood zone designation and restrictions; subdivision regulations; soil and grade; availability of access to public roads, water, and other utilities; consistency with local, state and regional growth management and comprehensive land use plans; availability of permits, government approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground water contamination; and other inspections that Buyer deems appropriate to determine the suitability of the Property for Buyer’s intended use and development. Buyer will deliver written notice to Seller prior to the expiration of the Due Diligence Period of Buyer’s determination of whether or not the Property is acceptable. Buyer’s failure to comply with this notice requirement will constitute acceptance of the Property in its present “as is” condition. Seller grants to Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Due Diligence Period for the purpose of conducting Inspections; provided, however, that Buyer, its agents, contractors and assigns enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from losses, damages, costs, claims and expenses of any nature, including attorneys’ fees at all levels, and from liability to any person, arising from the conduct of any and all inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result in a mechanic’s lien being ﬁled against the Property without Seller’s prior written consent. In the event this transaction does not close, (1) Buyer will repair all damages to the Property resulting from the Inspections and return the Property to the condition it was in prior to conduct of the Inspections, and

(2)Buyer will, at Buyer’s expense, release to Seller all reports and other work generated as a result of the Inspections. Should Buyer deliver timely notice that the Property is not acceptable, Seller agrees that Buyer’s deposit will be immediately returned to Buyer and the Contract terminated.

126(c) Walk-through Inspection: Buyer may, on the day prior to closing or any other time mutually agreeable to the parties,

127conduct a ﬁnal “walk-through” inspection of the Property to determine compliance with this paragraph and to ensure that all

128Property is on the premises.

1298. OPERATION OF PROPERTY DURING CONTRACT PERIOD: Seller will continue to operate the Property and any business

130conducted on the Property in the manner operated prior to Contract and will take no action that would adversely impact the

131Property, tenants, lenders or business, if any. Any changes, such as renting vacant space, that materially affect the Property or

132* Buyer’s intended use of the Property will be permitted o only with Buyer’s consent o without Buyer’s consent.

1339. CLOSING PROCEDURE:

134(a) Possession and Occupancy: Seller will deliver possession and occupancy of the Property to Buyer at closing. Seller will

135provide keys, remote controls, and any security/access codes necessary to operate all locks, mailboxes, and security systems.

136(b) Costs: Buyer will pay buyer’s attorneys’ fees, taxes and recording fees on notes, mortgages and ﬁnancing statements and

137recording fees for the deed. Seller will pay seller’s attorneys’ fees, taxes on the deed and recording fees for documents needed

138to cure title defects. If Seller is obligated to discharge any encumbrance at or prior to closing and fails to do so, Buyer may use

139purchase proceeds to satisfy the encumbrances.

140(c) Documents: Seller will provide the deed; bill of sale; mechanic’s lien afﬁdavit; originals of those assignable service and

141maintenance contracts that will be assumed by Buyer after the Closing Date and letters to each service contractor from Seller

142* Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages.

143advising each of them of the sale of the Property and, if applicable, the transfer of its contract, and any assignable warranties or

144guarantees received or held by Seller from any manufacturer, contractor, subcontractor, or material supplier in connection with

145the Property; current copies of the condominium documents, if applicable; assignments of leases, updated rent roll; tenant and

146lender estoppel letters; assignments of permits and licenses; corrective instruments; and letters notifying tenants of the change

147in ownership/rental agent. If any tenant refuses to execute an estoppel letter, Seller will certify that information regarding the

148tenant’s lease is correct. If Seller is a corporation, Seller will deliver a resolution of its Board of Directors authorizing the sale

149and delivery of the deed and certiﬁcation by the corporate Secretary certifying the resolution and setting forth facts showing the

150conveyance conforms to the requirements of local law. Seller will transfer security deposits to Buyer. Buyer will provide the

151closing statement, mortgages and notes, security agreements, and ﬁnancing statements.

152(d) Taxes and Prorations: Real estates taxes, personal property taxes on any tangible personal property, bond payments

153assumed by Buyer, interest, rents, association dues, insurance premiums acceptable to Buyer, and operating expenses will be

154prorated through the day before closing. If the amount of taxes for the current year cannot be ascertained, rates for the previous

155year will be used with due allowance being made for improvements and exemptions. Any tax proration based on an estimate

156will, at request of either party, be readjusted upon receipt of current year’s tax bill; this provision will survive closing.

157(e) Special Assessment Liens: Certiﬁed, conﬁrmed, and ratiﬁed special assessment liens as of the Closing Date will be paid

158by Seller. If a certiﬁed, conﬁrmed, or ratiﬁed special assessment is payable in installments, Seller will pay all installments due

159and payable on or before the Closing Date, with any installment for any period extending beyond the Closing Date prorated,

160and Buyer will assume all installments that become due and payable after the Closing Date. Buyer will be responsible for all

161assessments of any kind which become due and owing after Closing Date, unless an improvement is substantially completed as

162of Closing Date. If an improvement is substantially completed as of the Closing Date but has not resulted in a lien before closing,

163Seller will pay the amount of the last estimate of the assessment.

164(f) Foreign Investment In Real Property Tax Act (FIRPTA): If Seller is a “foreign person” as deﬁned by FIRPTA, Seller and

165Buyer agree to comply with Section 1445 of the Internal Revenue Code. Seller and Buyer will complete, execute, and deliver

166as directed any instrument, afﬁdavit, or statement reasonably necessary to comply with the FIRPTA requirements, including

167delivery of their respective federal taxpayer identiﬁcation numbers or Social Security Numbers to the closing agent. If Buyer

168does not pay sufﬁcient cash at closing to meet the withholding requirement, Seller will deliver to Buyer at closing the additional

169cash necessary to satisfy the requirement.

17010. ESCROW AGENT: Seller and Buyer authorize Escrow Agent (Agent) to receive, deposit, and hold funds and other property

171in escrow and, subject to collection, disburse them in accordance with the terms of this Contract. The parties agree that Agent

172will not be liable to any person for misdelivery of escrowed items to Seller or Buyer, unless the misdelivery is due to Agent’s willful

173breach of this Contract or gross negligence. If Agent has doubt as to Agent’s duties or obligations under this Contract, Agent may,

174at Agent’s option, (a) hold the escrowed items until the parties mutually agree to its disbursement or until a court of competent

175jurisdiction or arbitrator determines the rights of the parties or (b) deposit the escrowed items with the clerk of the court having

176jurisdiction over the matter and ﬁle an action in interpleader. Upon notifying the parties of such action, Agent will be released from

177all liability except for the duty to account for items previously delivered out of escrow. If Agent is a licensed real estate broker,

178Agent will comply with Chapter 475, Florida Statutes. In any suit in which Agent interpleads the escrowed items or is made a party

179because of acting as Agent hereunder, Agent will recover reasonable attorney’s fees and costs incurred, with these amounts to be

180paid from and out of the escrowed items and charged and awarded as court costs in favor of the prevailing party.

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11.CURE PERIOD: Prior to any claim for default being made, a party will have an opportunity to cure any alleged default. If a party fails to comply with any provision of this Contract, the other party will deliver written notice to the non-complying party specifying the non-compliance. The non-complying party will have _____ days (5 days if left blank) after delivery of such notice to cure the non-compliance.

18512. RETURN OF DEPOSIT: Unless otherwise speciﬁed in the Contract, in the event any condition of this Contract is not met

186and Buyer has timely given any required notice regarding the condition having not been met, Buyer’s deposit will be returned in

187accordance with applicable Florida laws and regulations.

18813. DEFAULT:

189(a) In the event the sale is not closed due to any default or failure on the part of Seller other than failure to make the title

190marketable after diligent effort, Buyer may either (1) receive a refund of Buyer’s deposit(s) or (2) seek speciﬁc performance. If

191Buyer elects a deposit refund, Seller will be liable to Broker for the full amount of the brokerage fee.

192(b) In the event the sale is not closed due to any default or failure on the part of Buyer, Seller may either (1) retain all deposit(s)

193paid or agreed to be paid by Buyer as agreed upon liquidated damages, consideration for the execution of this Contract, and

194* Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 4 of 7 Pages.

195in full settlement of any claims, upon which this Contract will terminate or (2) seek speciﬁc performance. If Seller retains the

196deposit, Seller will pay the Brokers named in Paragraph 20 ﬁfty percent of all forfeited deposits retained by Seller (to be split

197equally among the Brokers) up to the full amount of the brokerage fee.

19814. ATTORNEY’S FEES AND COSTS: In any claim or controversy arising out of or relating to this Contract, the prevailing party,

199which for purposes of this provision will include Buyer, Seller and Broker, will be awarded reasonable attorneys’ fees, costs, and

200expenses.

20115. NOTICES: All notices will be in writing and may be delivered by mail, personal delivery, or electronic means. Parties agree to

202send all notices to addresses speciﬁed on the signature page(s). Any notice, document, or item given by or delivered to an attorney

203or real estate licensee (including a transaction broker) representing a party will be as effective as if given by or delivered to that party.

20416. DISCLOSURES:

205(a) Commercial Real Estate Sales Commission Lien Act: The Florida Commercial Real Estate Sales Commission Lien Act

206provides that when a broker has earned a commission by performing licensed services under a brokerage agreement with you,

207the broker may claim a lien against your net sales proceeds for the broker’s commission. The broker’s lien rights under the act

208cannot be waived before the commission is earned.

209(b) Special Assessment Liens Imposed by Public Body: The Property may be subject to unpaid special assessment lien(s)

210imposed by a public body. (A public body includes a Community Development District.) Such liens, if any, shall be paid as set

211forth in Paragraph 9.(e).

212(c) Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufﬁcient quantities,

213may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines

214have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your

215county public health unit.

216(d) Energy-Efﬁciency Rating Information: Buyer acknowledges receipt of the information brochure required by Section

217553.996, Florida Statutes.

21817. RISK OF LOSS:

219(a) If, after the Effective Date and before closing, the Property is damaged by ﬁre or other casualty, Seller will bear the risk of

220loss and Buyer may cancel this Contract without liability and the deposit(s) will be returned to Buyer. Alternatively, Buyer will

221have the option of purchasing the Property at the agreed upon purchase price and Seller will transfer to Buyer at closing any

222insurance proceeds, or Seller’s claim to any insurance proceeds payable for the damage. Seller will cooperate with and assist

223Buyer in collecting any such proceeds.

224(b) If, after the Effective Date and before closing, any part of the Property is taken in condemnation or under the right of eminent

225domain, or proceedings for such taking will be pending or threatened, Buyer may cancel this Contract without liability and the

226deposit(s) will be returned to Buyer. Alternatively, Buyer will have the option of purchasing what is left of the Property at the

227agreed upon purchase price and Seller will transfer to the Buyer at closing the proceeds of any award, or Seller’s claim to any

228award payable for the taking. Seller will cooperate with and assist Buyer in collecting any such award.

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18.ASSIGNABILITY; PERSONS BOUND: This Contract may be assigned to a related entity, and otherwise o is not assignable o is assignable. The terms “Buyer,” “Seller” and “Broker” may be singular or plural. This Contract is binding upon Buyer, Seller and their heirs, personal representatives, successors and assigns (if assignment is permitted).

23219. MISCELLANEOUS: The terms of this Contract constitute the entire agreement between Buyer and Seller. Modiﬁcations of

233this Contract will not be binding unless in writing, signed and delivered by the party to be bound. Signatures, initials, documents

234referenced in this Contract, counterparts and written modiﬁcations communicated electronically or on paper will be acceptable

235for all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted in or attached to this Contract

236prevail over preprinted terms. If any provision of this Contract is or becomes invalid or unenforceable, all remaining provisions will

237continue to be fully effective. This Contract will be construed under Florida law and will not be recorded in any public records.

238* Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 5 of 7 Pages.

23920. BROKERS: Neither Seller nor Buyer has used the services of, or for any other reason owes compensation to, a licensed real

240estate Broker other than:

241*	(a) Seller’s Broker: ____________________________________________________________________________________________,
242	(Company Name)	(Licensee)
243*	______________________________________________________________________________________________________________,
244	(Address, Telephone, Fax, E-mail)
245*	who o is a single agent o is a transaction broker o has no brokerage relationship and who will be compensated by o Seller
246*	o Buyer o both parties pursuant to o a listing agreement o other (specify) _____________________________________________
247*	______________________________________________________________________________________________________________
248*	(b) Buyer’s Broker: ___________________________________________________________________________________________,
249	(Company Name)	(Licensee)
250*	______________________________________________________________________________________________________________,
251	(Address, Telephone, Fax, E-mail)
252*	who o is a single agent o is a transaction broker o has no brokerage relationship and who will be compensated by o Seller’s
253*	Broker o Seller o Buyer o both parties pursuant to o an MLS offer of compensation o other (specify)
254*	______________________________________________________________________________________________________________

255(collectively referred to as “Broker”) in connection with any act relating to the Property, including but not limited to inquiries,

256introductions, consultations, and negotiations resulting in this transaction. Seller and Buyer agree to indemnify and hold Broker

257harmless from and against losses, damages, costs and expenses of any kind, including reasonable attorneys’ fees at all levels,

258and from liability to any person, arising from (1) compensation claimed which is inconsistent with the representation in this

259Paragraph, (2) enforcement action to collect a brokerage fee pursuant to Paragraph 10, (3) any duty accepted by Broker at the

260request of Seller or Buyer, which is beyond the scope of services regulated by Chapter 475, Florida Statutes, as amended, or (4)

261recommendations of or services provided and expenses incurred by any third party whom Broker refers, recommends, or retains

262for or on behalf of Seller or Buyer.

26321. OPTION (Check if any of the following clauses are applicable and are attached as an addendum to this Contract):

264*	o Arbitration	o Seller Warranty	o Existing Mortgage
265*	o Section 1031 Exchange	o Coastal Construction Control Line	o Buyer’s Attorney Approval
266*	o Property Inspection and Repair	o Flood Area Hazard Zone	o Seller’s Attorney Approval
267*	o Seller Representations	o Seller Financing	o Other ___________________________

26822. ADDITIONAL TERMS:

269*	________________________________________________________________________________________________________________
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278*	________________________________________________________________________________________________________________

279THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE

280OF AN ATTORNEY PRIOR TO SIGNING. BROKER ADVISES BUYER AND SELLER TO VERIFY ALL FACTS AND

281REPRESENTATIONS THAT ARE IMPORTANT TO THEM AND TO CONSULT AN APPROPRIATE PROFESSIONAL

282FOR LEGAL ADVICE (FOR EXAMPLE, INTERPRETING CONTRACTS, DETERMINING THE EFFECT OF LAWS ON

283THE PROPERTY AND TRANSACTION, STATUS OF TITLE, FOREIGN INVESTOR REPORTING REQUIREMENTS,

284ETC.) AND FOR TAX, PROPERTY CONDITION, ENVIRONMENTAL AND OTHER ADVICE. BUYER ACKNOWLEDGES

285THAT BROKER DOES NOT OCCUPY THE PROPERTY AND THAT ALL REPRESENTATIONS (ORAL, WRITTEN OR

286OTHERWISE) BY BROKER ARE BASED ON SELLER REPRESENTATIONS OR PUBLIC RECORDS UNLESS BROKER

287INDICATES PERSONAL VERIFICATION OF THE REPRESENTATION. BUYER AGREES TO RELY SOLELY ON SELLER,

288PROFESSIONAL INSPECTORS AND GOVERNMENTAL AGENCIES FOR VERIFICATION OF THE PROPERTY CONDITION,

289SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT PROPERTY VALUE.

290* Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 6 of 7 Pages.

291Each person signing this Contract on behalf of a party that is a business entity represents and warrants to the other party that

292such signatory has full power and authority to enter into and perform this Contract in accordance with its terms and each person

293executing this Contract and other documents on behalf of such party has been duly authorized to do so.

294*	_________________________________________________________	Date: ______________________________________________
295	(Signature of Buyer)
296*	_________________________________________________________	Tax ID No.: _________________________________________
297	(Typed or Printed Name of Buyer)
298*	Title: ____________________________________________________	Telephone: _________________________________________
299*	_________________________________________________________	Date: ______________________________________________
300	(Signature of Buyer)
301*	_________________________________________________________	Tax ID No.: _________________________________________
302	(Typed or Printed Name of Buyer)
303*	Title: ____________________________________________________	Telephone: _________________________________________
304*	Buyer’s Address for purpose of notice: _____________________________________________________________________________
305*	Facsimile: ________________________________________________	E-mail:_____________________________________________
306*	_________________________________________________________	Date: ______________________________________________

307(Signature of Seller)

308*	_________________________________________________________	Tax ID No.: _________________________________________
309	(Typed or Printed Name of Seller)
310*	Title: ____________________________________________________	Telephone: _________________________________________
311*	_________________________________________________________	Date: ______________________________________________
312	(Signature of Seller)
313*	_________________________________________________________	Tax ID No.: _________________________________________
314	(Typed or Printed Name of Seller)
315*	Title: ____________________________________________________	Telephone: _________________________________________
316*	Seller’s Address for purpose of notice: ______________________________________________________________________________
317*	Facsimile: ________________________________________________	E-mail:_____________________________________________

The Florida Association of REALTORS® makes no representation as to the legal validity or adequacy of any provision of this form in any speciﬁc transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the user as a REALTOR®. REALTOR® is a registered collective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® and who subscribe to its Code of Ethics.

The copyright laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms.

318* Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 7 of 7 Pages.

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File Characteristics

Fact Number	Description
1	The Florida Commercial Contract is governed by the laws of the State of Florida.
2	Seller's and Buyer's agreement to buy and sell the property is formally acknowledged in the contract.
3	Details such as the purchase price, deposits, and financing terms are specified within the contract.
4	Specific deadlines for acceptance, counter-offers, and effective dates are set forth to ensure timely execution.
5	The contract specifies closing date and location, including provisions for postponement under certain conditions.
6	Provisions regarding third party financing, including obligations of the buyer, are included to clarify financial arrangements.
7	Seller is required to convey marketable title to the buyer, free of specified encumbrances, through a stipulated type of deed.
8	Procedure for property condition inspection and due diligence period is outlined to protect the buyer's interests.
9	The contract highlights the closing procedure, detailing responsibilities for possession, costs, and documents necessary for transaction completion.

Steps to Writing Florida Commercial Contract

Embarking on the process of completing the Florida Commercial Contract requires attention to detail and an understanding of each section's specific requirements. This guide aims to break down the steps involved in filling out the form, ensuring accuracy and compliance with the terms outlined by the Florida Association of Realtors®. Starting with identifying the parties involved and ending with acknowledging the comprehensive terms, following these step-by-step instructions will streamline the contract completion process.

Under "1. PARTIES AND PROPERTY," input the names of the “Buyer” and “Seller” in the designated blanks.
Provide the “Street Address” and “Legal Description” of the property to be sold, ensuring accuracy in the details to avoid any ambiguity.
List all “Personal Property” included in the sale. This may encompass equipment, furniture, or any other movable items agreed upon.
In the “2. PURCHASE PRICE” section, write the agreed-upon price and detail the arrangement for deposits, financing, and any other components making up the total amount.
For “3. TIME FOR ACCEPTANCE; EFFECTIVE DATE; COMPUTATION OF TIME,” specify the deadline for offer acceptance and understand the calculation of time periods as detailed, noting the stipulation for business days and legal holidays.
Detail the “CLOSING DATE AND LOCATION,” capturing the agreed date and specifying the county for the closing event if different from the property location.
In the section marked “5. THIRD PARTY FINANCING,” fill in all relevant financial terms related to the purchase, including loan amounts, interest rates, and timeframes for obtaining financing approval.
Under “6.TITLE,” select the appropriate method the seller will use to convey title and detail any exceptions or encumbrances that will not be cleared at closing.
If applicable, check the appropriate box to indicate whether the seller or buyer will provide “Evidence of Title” and within what timeframe.
For the “7. PROPERTY CONDITION” section, decide between accepting the property “as is” or specifying a due diligence period for further inspection and approval.
Detail any arrangements for the “OPERATION OF PROPERTY DURING CONTRACT PERIOD,” clarifying expectations regarding the property’s management prior to closing.
Complete the “9. CLOSING PROCEDURE” by detailing possession details, cost responsibilities, necessary documents, and prorations.
In “10. ESCROW AGENT,” affirm the appointment of an escrow agent and their responsibilities in handling deposits and disbursements.
Address "11.CURE PERIOD" by specifying the number of days allowed for correcting any defaults before a claim can be made.
The section on “RETURN OF DEPOSIT” and “DEFAULT” outlines the conditions under which deposits may be returned or retained, and the steps in case of contract breaches. Ensure these terms are clearly understood and agreed upon.
Recognize the provisions regarding “14. ATTORNEY’S FEES AND COSTS” for any legal disputes arising from the contract.
Under “15. NOTICES,” ensure contact information is accurate to facilitate effective communication.
Revisit and understand the “DISCLOSURES” section, acknowledging regulatory and environmental factors that may affect the property.
Confirm understanding and agreement to the terms under “17. RISK OF LOSS,” “18.ASSIGNABILITY; PERSONS BOUND,” and “19. MISCELLANEOUS,” which outline the governance of the contract and the binding nature of its terms.

By following these outlined steps, parties can ensure a comprehensive and compliant approach to filling out the Florida Commercial Contract. It's critical to review each section thoroughly, seeking clarification or legal advice if necessary, to ensure all terms and conditions are correctly represented and understood before finalizing the agreement.

Important Details about Florida Commercial Contract

What is a Florida Commercial Contract?

A Florida Commercial Contract is a legal document used for the transaction of commercial properties within the state of Florida. It outlines the terms and conditions under which the sale of a commercial property will occur between a buyer and a seller. This includes details on the agreement such as the parties involved, the property description, purchase price, and specific clauses relating to closing costs, title, property condition, and other pertinent terms.

Who needs to sign the Florida Commercial Contract?

Both the buyer and the seller need to sign the Florida Commercial Contract for it to be considered valid and binding. In some cases, witnesses or notaries may also be required to sign, depending on the specific type of commercial property being transacted or as required by local laws and regulations.

How is the purchase price determined in the Florida Commercial Contract?

The purchase price in the Florida Commercial Contract is mutually agreed upon by the buyer and the seller. This amount is clearly stated in the contract, along with any deposits made, financing arrangements, and how the balance will be paid at closing. It also specifies how the deposits will be credited towards the purchase price at the closing of the transaction.

What is the 'Effective Date' as mentioned in the Florida Commercial Contract?

The 'Effective Date' in the Florida Commercial Contract is the date upon which both parties (the buyer and the seller) have fully executed the agreement - meaning both have signed and delivered the contract to each other. This date is crucial as it marks the starting point for the calculation of various time-sensitive obligations and deadlines outlined within the contract, such as the inspection period, financing approval, and the closing date.

Can the buyer inspect the property?

Yes, the buyer is typically granted the right to inspect the property within a specified Due Diligence Period as outlined in the contract. During this time, the buyer may conduct any necessary inspections, tests, and reviews to ensure the property meets their needs and is in acceptable condition. The contract may specify whether the seller or the buyer bears the cost of these inspections.

What happens if the property is damaged or destroyed before closing?

If the property is damaged or destroyed before the closing date, the Florida Commercial Contract outlines the buyer's and seller's rights. Generally, the seller bears the risk of loss until closing. The buyer may have the option to terminate the contract and receive back their deposit or proceed with the purchase and receive any insurance proceeds assigned by the seller for the damage. However, specific terms and conditions related to risk of loss before closing should be clearly delineated in the contract.

Common mistakes

Filling out the Florida Commercial Contract form requires careful attention to detail, yet errors frequently occur, leading to complications in commercial real estate transactions. One common mistake is the incomplete or inaccurate description of the property in sections 1 and 6, which includes the street address and legal description of the property, as well as the inclusion of personal property. Ensuring these sections are filled out with precision is paramount to the clarity of the contract and to averting any disputes regarding what assets are included in the sale.

Another area where mistakes are often made is in section 2, regarding the purchase price and payment structure. Erroneous entering of the price, misunderstanding the allocation of various deposits or failing to clearly specify the terms related to financing options can lead to financial discrepancies and disputes that could derail the transaction.

Sections 5 and third party financing terms further complicate matters. Parties sometimes neglect to fill in specifics about the financing terms, such as interest rates, down payment amounts, and deadlines for securing financing. This oversight can cause confusion, delay the financing process, and put the purchase at risk if the buyer fails to obtain the necessary loans in time due to misunderstandings about their obligations.

A critical yet frequently overlooked aspect is the effective date and time for acceptance listed under section 3. Mistakes in noting the correct dates or misinterpretation of the acceptance period can invalidate the contract or lead to legal disputes over misunderstandings about the timeline of the transaction.

Additionally, a failure to address title and survey matters properly in sections 6 and 9(d) can lead to significant problems. Overlooking the necessity for clear title or a current and accurate survey of the property can cause last-minute hurdles, potentially threatening the closing process. These sections require particular attention to ensure that the property’s title is free of liens, easements, or other encumbrances that could affect the buyer’s intended use of the property.

Lastly, underestimating the importance of specifying due diligence and inspection periods in section 7 often leads to disputes. Buyers might proceed without properly investigating the property’s condition, zoning laws, environmental assessments, or other crucial inspections. This omission can result in unexpected liabilities or costs for the buyer, or disputes over the property’s condition and value. Thus, accurately detailing the due diligence period is critical to safeguarding the interests of both parties.

Documents used along the form

When navigating the complexities of commercial real estate transactions in Florida, a multitude of additional documents often accompany the foundational Florida Commercial Contract. These documents serve to clarify, enhance, and protect the agreements made within the main contract. Let's explore some of these critical documents that play a vital role in ensuring a transparent and streamlined real estate transaction.

Title Insurance Commitment: This document outlines the terms under which a title insurance company agrees to insure the title to the property. It details any existing liens, easements, or encumbrances on the property and the conditions that must be met for the issuance of a final title insurance policy.
Property Survey: A current survey of the property conducted by a registered surveyor. It provides a precise measurement of the land, delineates property boundaries, and identifies any encroachments or zoning issues that might affect the property's use or value.
Escrow Agreement: This agreement sets forth the terms and responsibilities of the escrow agent, who holds the deposit and other important documents in trust until the transaction's completion. It includes instructions for the disbursement of funds according to the contract terms.
Environmental Assessment Report: An essential document for understanding the environmental condition of the property. It identifies potential or existing environmental contamination issues, ensuring that the buyer is aware of any environmental liabilities.
Lease Agreements and Estoppel Certificates: For properties with existing tenants, copies of lease agreements are crucial. Estoppel Certificates from tenants confirm the status of their leases, verifying terms, and ensuring there are no undisclosed agreements between the tenant and the seller.

These documents, while not an exhaustive list, represent key pieces of a well-structured commercial real estate transaction in Florida. Each serves a specific purpose, helping to ensure that all parties are fully informed and protected throughout the process. Whether you are a buyer, a seller, or an intermediary in the transaction, understanding the role of these documents can help streamline the process and prevent unforeseen complications. Remember, it's always a good idea to consult with a real estate professional or attorney when dealing with commercial property transactions to ensure that all legal requirements are met and your interests are protected.

Similar forms

The Florida Residential Contract for Sale and Purchase is notably similar to the Commercial Contract in its structure and purpose, facilitating the sale and purchase of residential property. Both documents delineate the terms, conditions, and responsibilities of both the buyer and seller, including property description, purchase price, deposit information, financing, and closing details. While the content and specific clauses are tailored to the respective market—commercial or residential—the fundamental objective and contractual mechanics are parallel, establishing a clear framework for transaction completion.

The Commercial Lease Agreement shares similarities with the Commercial Contract, especially in handling properties for business purposes. However, instead of facilitating a purchase, a lease agreement outlines terms for renting commercial spaces. Key elements such as property description, payment terms, deposit requirements, and duration of the lease mirror the structure of purchase agreements, albeit within a leasing rather than buying context. Both documents serve to formalize the agreement between parties over commercial property, ensuring legal protections and clarifying expectations.

An Offer to Purchase Real Estate Form is another document that bears resemblance to the Florida Commercial Contract, initiating the buying process of real estate by presenting terms and conditions from a prospective buyer to a seller. This document often serves as a preliminary agreement, subject to further negotiation and acceptance, similar to the initial offer made in the Commercial Contract. Both documents specify the offered price, earnest money deposits, and contingencies, setting the stage for the ensuing negotiation and potential sale.

The Real Estate Purchase Agreement, prevalent in various jurisdictions, functions similarly to the Florida Commercial Contract, albeit more generic, providing a legally binding agreement between buyer and seller for the transfer of real estate. Essential elements such as identification of parties, description of the property, purchase price, contingencies, and closing details are common to both, regardless of their geographic specificity. This universality underscores the foundational role such contracts play in real estate transactions.

The Assignment of Contract form, which is used to transfer one party's rights and obligations under a contract to another, mirrors the section of the Florida Commercial Contract that discusses assignability and persons bound by the contract. While the Assignment of Contract is a standalone document, the provisions within the Commercial Contract concerning assignment underscore the negotiability and transferability inherent in commercial real estate dealings, facilitating the continuity of contractual obligations.

Amendment to Contract forms, used to make changes or additions to existing agreements, reflect the adaptability of the Commercial Contract through its provisions for modifications. Both types of documents recognize the necessity of altering terms to reflect changes in agreement or circumstance, ensuring that the contractual obligations remain relevant and agreed-upon by all parties involved.

The Escrow Agreement highlights parallel functions to those found in the escrow provisions of the Florida Commercial Contract, safeguarding assets until specific conditions are met. Both documents outline the roles and responsibilities of the escrow agent, conditions for holding and releasing funds or property, and protection mechanisms for the involved parties, integral to ensuring trust and compliance in substantial transactions.

A Notice to Perform is a legal document demanding that a party fulfill their contractual obligations within a specified timeframe, akin to the cure period and default sections of the Commercial Contract. These provisions are crucial for enforcing contract terms and resolving disputes by providing a clear recourse for non-compliance, thereby maintaining the contract's integrity and the parties' accountability.

The Financing Addendum, often attached to real estate purchase agreements to specify loan details, shares similarities with the financing provisions of the Florida Commercial Contract. Both outline the terms under which financing will be sought and secured, including loan amount, type of financing, and conditions for approval. Such details ensure both buyer and seller are aware of the financing conditions integral to the transaction's completion.

Finally, the Property Disclosure Statement, though not a contract, is complementary to the Florida Commercial Contract's property condition and disclosure sections, providing detailed information about the property's condition and history. This statement ensures transparency and informs the purchasing decision, similar to how the contract outlines the property's as-is condition and any due diligence performed by the buyer.

Dos and Don'ts

When filling out the Florida Commercial Contract form, there are several important dos and don'ts to keep in mind for a smooth real estate transaction. Following these guidelines can help avoid common pitfalls and ensure your interests are protected.

Do:

Review the entire contract carefully: Ensure all the information is accurate, including parties' names, property details, and financial terms, to avoid any disputes or misunderstandings later.
Use precise language: Be clear and specific about the terms and conditions of the sale, including purchase price, deposits, and closing date, to avoid ambiguity.
Check for contingencies: Make sure all necessary contingencies, such as financing and inspections, are explicitly stated to protect both the buyer and the seller.
Seek professional advice: Consult with a real estate attorney or a professional experienced in commercial real estate transactions to review the contract before signing.

Don't:

Leave blanks: Do not leave any spaces blank. If a section does not apply, write "N/A" (not applicable) to ensure completeness and prevent unauthorized additions.
Ignore the fine print: Pay attention to all clauses, especially those pertaining to default, dispute resolution, and closing conditions, to understand your rights and obligations fully.
Forget to verify the escrow agent: Confirm the escrow agent's credibility and ensure they are properly licensed to hold and manage the deposit funds securely.
Rush the process: Take your time to understand every aspect of the contract and do not rush into signing it without ensuring that all terms are fair and in your best interest.

Misconceptions

When dealing with commercial real estate transactions in Florida, the Commercial Contract form, sanctioned by the Florida Association of REALTORS®, becomes a pivotal document. Its comprehensive nature attempts to cover a broad variety of scenarios, aiming to safeguard the interests of both buyers and sellers. However, over time, a number of misconceptions have arisen regarding the details and implications of this form. These misunderstandings can lead to confusion, misinterpretation, and occasionally disputes. Let's clarify some of these misconceptions:

Misconception 1: "As Is" means the buyer cannot negotiate repairs. Despite the contract stipulating the property is sold "as is," buyers have the opportunity during the Due Diligence Period to inspect the property and can negotiate repairs or adjustments based on findings before finalizing the purchase.
Misconception 2: The deposit is always non-refundable. The condition of the deposit is contingent upon specific terms within the contract. If the buyer fails to meet certain conditions or elects to cancel the contract within allowable periods, such as the financing contingency period or the due diligence period, the deposit may be refundable.
Misconception 3: The seller is always responsible for clearing title defects. While the seller is expected to deliver marketable title, the responsibility for addressing title defects, if agreed upon after the title examination, may fall on the buyer or be negotiated between parties.
Misconception 4: The closing date is fixed and cannot be changed. The contract provides mechanisms for the closing date to be extended under certain conditions, such as delays in financing or other contingencies outlined within the contract.
Misconception 5: The buyer cannot back out if financing falls through. The contract contains a financing contingency that allows the buyer to cancel the contract within a specified period if they are unable to secure financing, provided they have demonstrated due diligence in their effort to obtain it.
Misconception 6: The escrow agent is liable for disputes between buyer and seller. The escrow agent's role is limited to holding and disbursing funds according to the contract terms. They are not generally liable for disputes that arise between the buyer and seller regarding contract terms.
Misconception 7: Sellers can accept another offer while under contract. Once the commercial contract is fully executed and in effect, the seller cannot legally accept another offer unless the current deal is terminated in accordance with contract provisions.
Misconception 8: All deposits must be made in cash. Deposits can be made in various forms as agreed upon in the contract, not strictly cash. This includes checks or wire transfers, subject to final collection.
Misconception 9: The contract automatically transfers all property warranties to the buyer. While the transfer of warranties can be stipulated in the contract, it requires explicit inclusion and agreement to ensure all relevant warranties are assigned to the buyer at closing.
Misconception 10: The buyer assumes all past liabilities of the property. The contract typically specifies that the seller is responsible for clearing any known liens or encumbrances prior to or at closing, and the buyer is entitled to take ownership free from past liabilities, unless otherwise agreed upon.

In conclusion, comprehension and attention to the terms of the Florida Commercial Contract form are crucial for both buyers and sellers in a commercial real estate transaction. Misinterpretations can lead to unfounded expectations and legal disputes, highlighting the need for thorough review and possibly legal counsel when dealing with such important transactions.

Key takeaways

Understanding the Florida Commercial Contract form is key to navigating commercial real estate transactions in the state. This document, designed by the Florida Association of Realtors®, outlines the framework for buying or selling commercial property. Here are five essential takeaways that can help both buyers and sellers:

Defining the Agreement: The very beginning of the form makes it clear who the buyer and seller are, along with a detailed description of the property being transacted. This includes both the physical address and the legal description, indicating the importance of accuracy and completeness in these entries.
Financial Terms: The contract specifies not only the purchase price but also the structure of deposits, additional payments, and the balance due at closing. This section is critical for understanding the financial commitments involved, including the handling of escrow deposits and the specifics of any financing arrangements.
Timing and Deadlines: Key dates are outlined, such as when the offer expires, the closing date, and specific periods for deposits and loan approvals. The importance of these dates cannot be overstated, as they form the backbone of the transaction timeline and ensure that both parties are on the same page.
Title and Survey Matters: It is stated that the seller will provide a title that is free of liens, easements, and encumbrances, with certain exceptions. The buyer has the right to review the title evidence and to notify the seller of any defects. Additionally, there's mention of surveys, which can reveal encroachments or other issues that might need resolution before closing.
Contingencies and Disclosures: The contract includes provisions for financing contingencies, allowing the buyer a way out if they cannot secure financing under specified conditions. There's also attention to property condition, with an “as is” clause, and other considerations like the Risk of Loss and the possibility of assignment. Alerts about radon gas and the potential impact of the Federal Investment in Real Property Tax Act (FIRPTA) underscore the importance of due diligence and proper disclosure in commercial real estate transactions.

In navigating commercial real estate deals, understanding each element of the Florida Commercial Contract is fundamental. Both buyers and sellers should thoroughly review and understand each provision, ideally with the assistance of legal counsel, to ensure their interests are fully protected.

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