Not sure if this is the proper category. I'm brand new to the website and not yet familiar with the breakdown of the forums, so I apologize if this question is better suited in another location.
I am unsure of what form to use to submit my offer.
I am purchasing storage units with seller financing from my parents. I am hoping to submit them with a formal purchase offer today. The units are located in Utah and I live in Nevada. I was using this form; Real Estate Purchase Contract from the Utah Division of Real Estate website, but I also came across this one; purchase and sale agreement for commercial real estate - CCIM Utah. As you can see the Commercial form is specifically for use for licensed Utah Realtors which I'm not. I do not have an agent and don't intend to use one for this purchase.
I know this is a super rookie question, but does it matter for this situation which form I use?
Do I need a commercial specific form or will the Real Estate Purchase Contract form be sufficient?
Thank you so much for any advice or feedback anyone is willing to offer. It is greatly appreciated.
1). You can use that form, it doesn't matter that you are not a broker.
2) In Commercial real estate you should really seek advice of an attorney because there is no way a form can suffice to cover all the aspects of a commercial deal, especially since it is not a conventional commercial deal and your really buying a business with property. I'm assuming based on your post your parents are financing this and you are purchasing from a third party... not that they own the property)
Nvm just reread your post and you are purchasing from them... yes you can use the contract... my bad
Awesome, thank you! I have just started educating my self about commercial real estate through books, and podcasts.
I became interested in Self Storage and started researching that asset class. 3 weeks later my parents tell me they want to sell their storage units, ironically. They had no idea of my interest in self storage and I hadn't even considered asking to buy theirs.
If it wasn't my parents I would definitely be using an attorney . Although some may argue thats when you need a lawyer most is when its family :)
Copied the wrong link for the "Commercial Contract". This is the one I had doubts about using commercial real estate purchase contract - Interwest Realty Brokers ...
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you