Questionnaire - FASTER DRAFT

Who is Seller?

A person that sells a commercial property (the Seller) is:
- An individual
- A company or organization
Indicate a Seller's full name:
Indicate a Seller's company full name:
Indicate a Seller's full residential address:
Indicate a Seller's company registered address:

Who is Buyer?

A person that wishes to purchase a commercial property (Buyer) is:
- An individual
- A company or organization
Indicate a Buyer's full name:
Indicate a Buyer's company full name:
Indicate a Buyer's company registered address:
Indicate a Buyer's full residential address:

About this Agreement

Select the date on which parties sign this Agreement:
Select the state where the commercial property is located:

!
The laws of a state where the commercial property is located will automatically apply towards the provisions of the present Agreement.
Shall the Buyer have the right to inspect the commercial property prior to its purchase?
- Yes
- No
!
Before the closing date, the buyer may wish to inspect a commercial property in person. The parties to every sale-purchase agreement of property may decide if the buyer should have such a right.

If the parties agree upon the inspection, the buyer may engage qualified and certified inspectors of their choice to perform all the necessary inspections at the buyer’s expense.
Select the date upon which the Buyer shall get the full possession of a commercial property:

!
Transfer of full possession over a property from seller to buyer means the seller delivers physical control and use of the property to the buyer, allowing the buyer exclusive access and occupancy, typically occurring at or shortly after Closing date.

Property description

Provide a full address of a commercial property:
Indicate a commercial property's size (in square feet):

!
The answer to this question should be provided according to the property deed or survey report containing the property’s latest and accurate measurements.
Select a commercial property's type:
Indicate a property's APN (Assessor's Parcel Number):

!
An Assessor’s Parcel Number (APN) is a unique identifier assigned by a local government’s assessor to a specific parcel of land on which a property is being located.

The Assessor’s Parcel Number (APN) of a commercial property is typically shown on:

– The property tax assessment notice or tax bill issued by the local county assessor’s office.
– The property deed or legal description documents recorded with the county recorder.
– The preliminary title report or title insurance documents.
– The county assessor’s property records or online property databases.
How many floors does a commercial property have?
Describe in detail all fixtures or personal items attached to a commercial property:

Limitations on Property

Is the commercial property free and clear of all municipal liens (e.g., unpaid utilities)?
- Yes
- No
!
The list of municipal liens over a commercial property may include the following:

– Unpaid property taxes;
– Outstanding water and sewer charges;
– Code enforcement fines (e.g., building violations);
– Special assessment fees (e.g., street improvements);
– Utility liens (e.g., trash collection fees);
– Municipal service charges (e.g., fire or police fees) etc.
Describe in detail all applicable municipal liens:
Is the commercial property subject to any pending court or arbitration proceeding?
- No
- Yes
Describe all pending court or arbitration proceedings:
Are there any contractual or lawful easements established over a commercial property?
- No
- Yes
!
An easement is a legal right that allows a person or entity to use a portion of another person’s commercial property for a specific purpose, without owning it.

The easement could be established by virtue of a law or based on a contract.

The easements may include:

– Utility easement (for power lines, water, or sewer pipes);
– Access easement (allowing passage across a private road);
– Conservation easement (restricting development to preserve natural features) etc.
Describe in detail an easement(s), including its purpose and year of establishment:
Are there any existing leases or occupancy rights related to the commercial property?
- No
- Yes
!
If the commercial property is subject to tenancy or lease rights over existing lease agreements, those rights are transferred automatically to the new buyer.

It basically means that the buyer automatically becomes a party to all existing lease agreements concluded earlier by the seller.
Describe in details all existing lease or occupancy right:

!
The following information should be provided:

– full legal name of a person that has the lease or other occupancy rights of the property;
– full name and date of a document based on which such a right has been given;
– duration of the lease or occupancy rights.

Payment Terms

Indicate a purchase price (in USD) the Buyer shall pay to the Seller:
Indicate the deposit amount (in USD) the Buyer pays on the date of signing:

!
A deposit in a purchase agreement is an initial sum of money paid by the Buyer to show good faith and commitment to the transaction.

It is typically held in escrow and applied toward the purchase price at Closing or refunded under specific contract conditions.
The remaining balance of the purchase price should be paid:
- In one installment
- According to specific schedule
Describe a payment schedule according to which the remaining balance should be paid by the Buyer:
When shall the Buyer pay the remaining balance of the purchase price?
- Upon the delivery of deed at the Closing
- On certain date
- Other arrangement
Select the date by which the remaining balance should be paid by the Buyer:
Describe when exactly the remaining balance should be paid:
Indicate all acceptable payment methods the Buyer can use to make payments:

Financing

Does the Buyer needs to get loan or mortgage to finance the purchase?
- No
- Yes
How many days (after signing this Agreement) does the Buyer have to get approval for the loan or mortgage?

!
The Buyer’s obligations under this Agreement are contingent upon the Buyer’s ability to obtain a firm commitment for a mortgage or loan within the period of time specified in the answer to the present question.

The average waiting period for the approval may last between 30 and 90 days.
Describe specific conditions for a loan or mortgage the Buyer has to get (e.g., annual rate, amount etc.):
Shall the Buyer assume the Seller's existing mortgage?
- No
- Yes
Describe in detail all conditions of the existing mortgage that shall be transferred to the Buyer:

!
The parties to this Agreement shall specify the following information:

– the remaining balance under the existing mortgage;
– the name of the financial institution that issued the mortgage; and
– the date of the mortgage’s issuance.

Closing Date

Select the date of the closing (the "Closing date"):

!
The closing date is the agreed-upon date when the transaction is finalized, legal title is transferred from Seller to Buyer, and all funds and documents are exchanged.
Indicate the address where closing should take place:

!
Closing address refers to the physical location where the closing of a sale-purchase of commercial property takes place.

This place could be an office of the title company, escrow agent, real estate attorney, or other authorized party responsible for handling the final transaction paperwork and fund transfers.
List all the fees the Seller should pay on or before the Closing date:

!
Before the Closing date the seller and the buyer have to settle all the remaining fees related to the transaction.

Those fees may include either of the following:

– escrow fees;
– transfer tax;
– conveyance fees;
– closing fees;
– legal fees;
– real estate agent fees;
– property gains tax (if applicable) etc.
List all the fees the Buyer should pay on or before the Closing date:

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Who is Seller?

A person that sells a commercial property (the Seller) is:

Indicate a Seller's full name:

Indicate a Seller's company full name:

Indicate a Seller's full residential address:

Indicate a Seller's company registered address:

Who is Buyer?

A person that wishes to purchase a commercial property (Buyer) is:

Indicate a Buyer's full name:

Indicate a Buyer's company full name:

Indicate a Buyer's company registered address:

Indicate a Buyer's full residential address:

About this Agreement

Select the date on which parties sign this Agreement:

Select the state where the commercial property is located:

Shall the Buyer have the right to inspect the commercial property prior to its purchase?

Select the date upon which the Buyer shall get the full possession of a commercial property:

Property description

Provide a full address of a commercial property:

Indicate a commercial property's size (in square feet):

Select a commercial property's type:

Indicate a property's APN (Assessor's Parcel Number):

How many floors does a commercial property have?

Describe in detail all fixtures or personal items attached to a commercial property:

Limitations on Property

Is the commercial property free and clear of all municipal liens (e.g., unpaid utilities)?

Describe in detail all applicable municipal liens:

Is the commercial property subject to any pending court or arbitration proceeding?

Describe all pending court or arbitration proceedings:

Are there any contractual or lawful easements established over a commercial property?

Describe in detail an easement(s), including its purpose and year of establishment:

Are there any existing leases or occupancy rights related to the commercial property?

Describe in details all existing lease or occupancy right:

Payment Terms

Indicate a purchase price (in USD) the Buyer shall pay to the Seller:

Indicate the deposit amount (in USD) the Buyer pays on the date of signing:

The remaining balance of the purchase price should be paid:

Describe a payment schedule according to which the remaining balance should be paid by the Buyer:

When shall the Buyer pay the remaining balance of the purchase price?

Select the date by which the remaining balance should be paid by the Buyer:

Describe when exactly the remaining balance should be paid:

Indicate all acceptable payment methods the Buyer can use to make payments:

Financing

Does the Buyer needs to get loan or mortgage to finance the purchase?

How many days (after signing this Agreement) does the Buyer have to get approval for the loan or mortgage?

Describe specific conditions for a loan or mortgage the Buyer has to get (e.g., annual rate, amount etc.):

Shall the Buyer assume the Seller's existing mortgage?

Describe in detail all conditions of the existing mortgage that shall be transferred to the Buyer:

Closing Date

Select the date of the closing (the "Closing date"):

Indicate the address where closing should take place:

List all the fees the Seller should pay on or before the Closing date:

List all the fees the Buyer should pay on or before the Closing date:

Select a document's format: