Virginia commercial real estate contract is set out for the ease of buyers and sellers of the property. The contract is comprised of several sections where each section is laid out to avoid any argument or inconvenience so that whenever a person buy or sells property, they can do so easily. The Virginia commercial real estate contract includes a section under the head exclusive right. It is the first head where the exclusive rights of owner are outlined. The head also involves the listing period, date of termination and the complete address of the property to be sold or leased. Both the parties are allowed to set price or any terms relating to the property.
The second head of Virginia commercial real estate contract is listing price and terms. Under this head the property to be leased or sold is to be listed with the broker. This head also contains separate sections for lease and sale where the buyer and seller of the property can highlight easily whether the property is listed for sale or lease. Both the sections outline the general laws relating to lease and sale with the written exception of unless agreed otherwise by the owner or purchaser. Another additional section is included under this head owner is allowed to appoint a broker for collecting rent.
Under third head of Virginia commercial real estate contract, the terms of extension are discussed where again the general laws of the contract are listed unless the buyer and the seller agrees otherwise. The contract also adds the section of compensations where the terms relating to compensation are discussed such as the percentage of the gross purchase or gross lease. The compensation head also discusses tenant’s purchase of property where the terms and rules relating to tenant’s purchase of property during the term of lease are discussed. This section involves brief rules regarding the percentages and gross percentages of purchase price.
Virginia commercial real estate contract involves other sections of fee after expiration, advertising and access, owner’s representations, internet and other publication, related business and services, broker’s liability, enforcement, notices, sale of property, waiver of conflict and miscellaneous. All these sections are laid out to address all the specs and issues related to buying and purchasing of the property. Under the head of advertising and access the rules are outlined relating to the broker’s authority of advertising the property.
But the advertising should only be undertaken if the broker deems it necessary to facilitate the lease or sale of the property. The Virginia commercial real estate contract is through and complete in order to define every term and condition relating to selling, purchasing or leasing of the property. In order to avoid any inconvenience, the parties should go through the contract thoroughly. It not only helps in avoiding any inconvenience on the part of both the parties but it also helps with setting out any exceptional terms and conditions relating to the property.