I don't see why a residential lot would need a commercial contract. At least, in Texas you don't. We actually have a separate contract promulgated by the Texas Real Estate Commission for unimproved land. But really, as long as the agreement states all the important information (buyer, seller, county, state, legal description--especially important, parcel # if there is no address, sales price and terms, closing date and conditions, etc), you can write one yourself. Although it would be prudent to run it by an attorney just in case.
it's totally different from one with a home. Inspections are different, environmental is more important, no reps about buildability, etc.
Contract law and property law are STATE SPECIFIC. Just don't. Ask locally.
Originally posted by @Malik Batchelor :
Do I use a purchase and sales agreement just as I would for w home or do I need to use a different contract since its for a vacant lot?
are you a buyer or seller? I would suggest finding a local attorney
@Malik Batchelor as other attorneys have stated in this post contracts and property law are very state specific. The best advice is for you to consult a local attorney.
Vacant land presents different issues than when a structure already exists. The due diligence period will also need to consider what, if anything, you will be able to build on the land. Having professional assistance and counsel is very important in such a situation.