commercial webinar series 1 hour presentation tar commercial purchase contracts presented by rick...

Commercial Webinar Series1 hour presentation

TAR Commercial Purchase Contracts

presented by

Rick Albers

Questions will be answered at the end.

For technical questions call 800-263-6317.

Commercial Webinar Series

Texas Association of Realtors® Commercial Purchase Contracts

Presented by

Rick Albers Kuperman Orr & Albers, P.C.1501 S. MoPac, Suite 325

Austin, Texas 78746ralbers@koalaw.com

March 26, 2015

Topics

• Purchase Contracts

• Addenda & Exhibits

• Completion of the Contract Forms

• Use of Addenda

• Common Mistakes

• How to Obtain the Forms

TREC vs TAR

• TREC –Texas Real Estate Commission – licensing agency (governmental)

• TAR – Texas Association of Realtors® – professional trade organization

• provides services to it members• attempts to influence TREC’s rules and

regulations

4

TARCommercial Purchase Contracts

Commercial Contract - Improved Property (TAR 1801)

Commercial Contract - Unimproved Property (TAR 1802)

Paragraphs 1 & 22 E

Paragraphs 1 & 22 E

==============================================================

Paragraph 2 A – Property Description

Paragraph 2 A – Property Description

Paragraph 4 & Financing Addendum

Paragraph 6 B - Survey

Paragraph 6 C – UCC Search

Paragraph 7 B – Feasibility Period

Paragraph 7 D(1) - Property Information

Paragraph 8 B – Estoppel Certificates

Paragraph 8 B & Agreement Between Brokers

Paragraph 8 B & Agreement Between Brokers

================================================================

Paragraph 8 B – Commission (County)

Paragraph 9 - Special Provisions

Paragraph 19 A - Property Condition Statement

Paragraph 20 - Notices

Addendum – the word Addendum – something added to

the original Contract

Addendums – plural (commonly accepted)

Addenda – plural (original Latin form)

Addendas – plural-plural

Amendment – a change to the Contract after execution

TAR Commercial Contract Addenda & Exhibits

Pre-Contract

Commercial Letter of Intent to Purchase (TAR 1803)

Addendums and Exhibits

• Commercial Contract Financing Addendum(TAR1931)

Addendums and Exhibits

• Commercial Contract Financing Addendum(TAR1931)

• Commercial Contract Exhibit (TAR 1937)

• Commercial Contract Addendum for Special Provisions (TAR 1940)

• Condominium Addendum to Commercial Contract (TAR 1930)

Addendums and Exhibits

• Commercial Contract Financing Addendum(TAR1931)

• Commercial Contract Exhibit (TAR 1937)

• Commercial Contract Addendum for Special Provisions (TAR 1940)

• Condominium Addendum to Commercial Contract (TAR 1930)

• Addendum for Reservation of Oil, Gas, and Other Minerals (TAR 1905)

Addendums and Exhibits

• Addendum For Seller's Disclosure of Information On Lead-Based Paint (TAR 1906)

• Addendum for Coastal Area Property (TAR 1915)

• Addendum for Property Located Seaward of the Gulf Intracoastal Waterway (TAR 1916)

• Non-Realty Items Addendum (TAR 1924)

• Commercial Property Condition Statement (TAR 1408)

Negotiation

• Seller's Invitation to Buyer to Submit New Offer (TAR 1926)

Amendments

• Commercial Contract Amendment (TAR 1932)

Administration

• Commercial Contract Critical Date List (TAR 1942)

Administration

• Commercial Contract Critical Date List (TAR 1942)

• Condominium Resale Certificate (TAR 1921)

• Condominium Information Statement (TAR 1934)

• Authorization to Obtain Consumer Report (TAR 1929)

• Commercial Tenant Estoppel Certificate (TAR 1938)

Administration

• Commercial Contract Critical Date List (TAR 1942)

• Condominium Resale Certificate (TAR 1921)

• Condominium Information Statement (TAR 1934)

• Authorization to Obtain Consumer Report (TAR 1929)

• Commercial Tenant Estoppel Certificate (TAR 1938)

• Buyer's Walk-Through and Acceptance Form (TAR 1925)

• Seller's Estimated Net Proceeds (TAR 1935)

• Buyer's Estimated Costs (TAR 1936)

Assignment

• Commercial Contract Assignment of Buyer's Interest (TAR 1943)

Termination

• Commercial Contract Termination Notice (TAR 1939)

Termination

• Commercial Contract Termination Notice (TAR 1939)

• Release of Earnest Money (TAR 1904)

FORM ACCESS

• Obtain PDF copies of Forms through TAR Website

• Complete Forms with zipForms

www.TexasRealtors.com www.TexasRealEstate.com

51

52

53

54

Questions ?• NOW –

Type your questions now.

• LATER –

TAR Legal Hotline 512-480-8200

Rick Albersralbers@koalaw.com

Thanks for your participation in the TAR Commercial webinars!

• Bonus:Today, March 26, 2015 1:00 PM CDT

Pre-Hill (Legislature) Visits for Commercial Brokers

• Next Presentation:April 23, 2015 10:00 AM CDT

Commercial Leasing Basics

• Give us your feedback!