i have not written an offer for a multifamily unit, could anyone help me where I can locate an offer to purcha

In Buying Property - Asked by Catherine F. - Feb 8, 2015
Report Abuse
Answer this Question

Answer(s)

J. David F.
Broker/Agent
Brentwood, TN

I strongly urge you that, if this is not you usual area of expertise and training, you either refer this or get hands-on assistance. This is not typically just a sign a contract do the deal kind of deal. There are diligence needs and milestones that must be done prior to a final closing of the transaction. If you have to locate a "contract", that says you are not normally doing these type deals. For anyone to provide you with a contract also places liability on them.
Again do not get caught up in the commission, far worse things can happen and in 80% of transactions that are commercial in nature but involve a primarily residential agent, the deals fail to close. Get some hands-on assistance, pay them their fee or refer it and take a fee. Reduce your risk and maximize the profit while properly servicing the customer/client.

Feb 9, 2015
Report Abuse
Michael C.
Broker/Agent
San Leandro, CA

Check your Local or State Real Estate Association for the latest forms. Contracts should be state specific.

Feb 9, 2015
Report Abuse
Alex L.
Broker/Agent
Pompano Beach, FL

Form Simplicity should have all the forms you need.

Feb 10, 2015
Report Abuse
Glen W.
Lender/Mortgage Broker
Atlanta, GA

Good advice from David below. This is not an area to "wing it" to save a few bucks. A good commercial attorney can also pretty inexpensively do a contract for you. Purchasing a commercial property is radically different than a residential property. For example the contract needs to spell out how security deposits will be handled, etc...

Feb 10, 2015
Report Abuse
Karla J.
Broker/Agent
Los Angeles, CA

I agree with David and Michael's suggestions. In California, the Bureau of Real Estate provides a database with commercial real estate forms; AIR is another company that provides forms for commercial transactions. For your first few transactions, get help from an experienced commercial broker.

Feb 11, 2015
Report Abuse
L A.
Broker/Agent
Sacramento, CA

You should be able to get a purchase agreement from your local association of realtors. They usually have a retail store open to the public. However, I strongly urge you to have the agreement reviewed by a lawyer that specializes in real estate. The upfront money you pay to an attorney can keep you out of court later. - Good luck, I have provided a link to the real estate retail store.

Feb 11, 2015
Report Abuse
Steven A.
Broker/Agent
Green Bay, WI

You can usually use a regular Residential offer to purchase unless it is over 4 units then you would use a commercial offer to purchase.

Feb 13, 2015
Report Abuse
Ken S.
Broker/Agent
Westlake Village, CA

I agree with David. Many Multi-family properties are in jurisdictions that have rent control on rents and retrofitting requirements when a property changes hands. Make sure you understand the contract that addresses these issues as well.

Feb 17, 2015
Report Abuse
Tony H.
Broker/Agent
Chicago, IL

Hi Catherine, if you still have questions about this. Don't hesitate to give me a call. I may be able to help.

Feb 25, 2015
Report Abuse
Dawn S.
Broker/Agent
Spring, TX

Catherine F.
I sincerely after 20+ years of being in business Suggest you Listen to J. Davids suggestion.. He is right on key with his points.. State forms Do not always cover the variables.
What state are you located in? Besides Most investors have their own attorney and also The seller most likely has their own attorney..
You will need to construct Just an Loi.. for the intent to purchase.. But also you may want to use an state form for the offer .. (so as to protect your commission.
But get someone who deals in this regularly.. (t will be a very helpful learning experience for the future)..
Dawn
J.Davids' comments inserted below for reference purposes only.
"I strongly urge you that, if this is not you usual area of expertise and training, you either refer this or get hands-on assistance. This is not typically just a sign a contract do the deal kind of deal. There are diligence needs and milestones that must be done prior to a final closing of the transaction. If you have to locate a "contract", that says you are not normally doing these type deals. For anyone to provide you with a contract also places liability on them.
Again do not get caught up in the commission, far worse things can happen and in 80% of transactions that are commercial in nature but involve a primarily residential agent, the deals fail to close. Get some hands-on assistance, pay them their fee or refer it and take a fee. Reduce your risk and maximize the profit while properly servicing the customer/client." J.David

Mar 5, 2015
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question