[NOTE: The following sample questionnaire is used with
the New York Commercial Realty Contracts
Library. If you ordered the library for some other jurisdiction,
some of the questions and terms would be different.]
COMMERCIAL REALTY CONTRACTS QUESTIONNAIRE
Identify Seller:
Name(s):
Address(es):
Phone:
__male __female __corporation __partnership __LLC
Identify Purchaser:
Name(s):
Address(es):
Phone:
__male __female __corporation __partnership __LLC
You represent: __Seller __Purchaser
If the other party is represented by an attorney:
Name:
Firm:
Address:
Phone:
If there is one or more BROKER -
Name(s):
Address(es):
Phone(s):
__prepare brokerage agreement for __Seller/__Purchaser
commission is ___% of purchase price, or $
Identify premises -
Street Address:
Common Name:
City:
County:
State:
Number of parcels: __one __other:
Section:
Block:
Lot:
[metes and bounds will be Exhibit A]
USE of premises -
__an apartment house __industrial/manufacturing
__garden apartments __mixed use - office and com'l
__an office building __mixed use - office and res'l
__a shopping center __mixed use - res'l and com'l
__a house
__vacant land __other:
ESTATE being sold -
__fee title - both land and buildings
__land only
__buildings
__a leasehold estate
__leasehold and fee title
__leasehold and land
__leasehold and buildings
Personal property to be expressly included or excluded:
How is the purchase price to be paid -
__all cash without a bank loan contingency [usually]
__all cash WITH a bank loan contingency
Contingent for how many days:
Amount of loan: $
Amortized over how many years:
__Purchaser to represent annual earnings: $
__cash and taking subject to EXISTING Mortgage
__cash and PURCHASE MONEY Mortgage
__cash, EXISTING Mortgage and subordinate PM Mortgage
__cash and PM WRAPAROUND Mortgage
__cash and PM NOTE secured by a LETTER OF CREDIT
__cash, EXISTING Mortgage and PM NOTE and L/C
__no cash at closing, just:
__EXISTING Mortgage __PM Mortgage __EXISTING Mortgage and subordinate PM Mortgage
__PM WRAPAROUND Mortgage __NOTE and L/C __EXISTING Mortgage, NOTE and L/C
TOTAL PRICE: $
downpayment: $
cash at closing: $ [__Federal Funds]
amount of EXISTING Mortgage: $
amount of PURCHASE MONEY Mortgage: $
amount of PM WRAPAROUND Mortgage: $
amount of PM NOTE and L/C: $
If premises sold subject to an EXISTING Mortgage -
__one __more than one
Identify EXISTING Mortgage:
May it be accelerated by __sale of premises or __subordinate mortgage - if so, __bank's
consent is to be a condition (and whether either party is to pay to get consent, time
for doing so):
The purchase price is to be - __fixed amount above balance of EXISTING Mortgage at closing,
or __If EXISTING Mortgage is greater or less than anticipated - __adjust cash at closing
__adjust PM NOTE [__first vs __last installments]
If this sale involves the sale of a leasehold estate -
Identify Ground Lease:
Is Ground Lessor's consent required for __sale of premises or __placing a mortgage - if so,
__consent is to be a condition (and whether either party is to pay to get consent, time
for doing so):
If there are to be a PURCHASE MONEY NOTE (and Mortgage) -
__non-recourse
__expressly prepayable without penalty
__a prepayment premium: ___% of principal
__higher rate of interest after default: ___%
__a fixed late charge: ___% of amount due
__due on sale
__prohibit any further mortgage
__must maintain flood insurance
__escrow deposits for taxes & insurance
__to sign non-disturbance agreements with tenants
__to provide title insurance to Seller
__payment of attorneys' fees if foreclosed [___% of principal, __minimum fee: $ ]
__Seller's attorneys to be paid preparation fee: $
__short form of mortgage
__prepare a rider rather than entire Mortgage [__use Blumberg form - No. of last article: ]
__LETTER OF CREDIT to be issued by a specific bank Name:
Payment terms of NOTE:
EXCEPTIONS TO TITLE -
__any covenants, easements or title exceptions, such shown in title report [Exhibit B]
__a survey:
__any leases or tenancies:
__apartments
__rent stabilized
__rent controlled
__premises is to be converted (so Seller to provide financial statements)
__ordinary space leases
__a "net" or "operating" lease
__one major lease of entire premises
__a "lease-back" of __a portion/__entire premises to Seller
__Seller not to lease vacant space (Purchaser pays reasonable compensation)
__estoppel letters from specific tenants to be delivered at closing
__service contracts
__agreements with employees [__union contract to be assumed]
__other:
__Seller is to represent that there are no hazardous substances on the premises
Re violations -
__Purchaser accepts violations issued after the contract (but Seller will be
responsible for prior violations)
[__but Seller shall not have to pay more than $ ]
__Purchaser accepts all violations whenever issued
__Seller must remove all violations
__contract to be silent on subject
Re any defects to title -
__Purchaser is to search title and provide the title report to Seller [within ___ days
after contract, or ___ days before closing]
__Purchaser may search title without using a title company
__Seller is to provide a title abstract to Purchaser
Is the deed to be -
__bargain and sale deed WITHOUT covenant against grantor's acts
__bargain and sale deed WITH covenant against grantor's acts
__general warranty deed
__special warranty deed
__quitclaim or other deed without warranty or recourse
__other:
__contract to discuss condemnation or casualty loss
__Seller to remain in possession after closing
How many days:
Any per diem payment: $
Any days without fee:
Any deposit to secure delivery of possession: $
Are there going to be closing adjustments for -
__real estate taxes
__water & sewer [__metered]
__rent under leases [__and "additional" rent]
__oil
__gas
__coal
__electricity [usually not adjusted]
__other:
__tax reduction proceeding pending
__transfer tax to be paid by Seller
__Seller expressly to pay any sales taxes on personal property
__errors in computing apportionments to be corrected after closing
__downpayment to be held in escrow
__escrow to terminate when mortgage contingency elapses
Escrow agent is __your firm __other:
__downpayment to be liquidated damages
__contract to provide for a tax free exchange (IRC 1031)
__contract to prohibit assignment
__but may assign to affiliate
__consent to assignment not to be unreasonably withheld
__prepare just a RIDER (rather than entire contract)
__prepare a short form of contract
__prepare a Purchaser's form of contract, rather than a form biased in favor of Seller
Is Seller to represent that -
__equipment will be in working order
__insurance policies are being maintained
__zoned for:
__assessed valuation - land $ buildings $
__other:
__contract may be recorded [__prepare memo of contract]
Date of contract:
Date of closing: [__time of the essence]
Place of closing:
__or at offices of Purchaser's lender
Are notices to be given to parties - __and attorneys __just attorneys,
Prepare -
__closing documents
__backs
__acknowledgments
__witnessing and attestation
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