When making offers using the standard commercial purchase agreement you'll run into situations where the broker or seller want to use their own contract.
Brokers might even indicate that they "can't use any other contract besides the real estate commission approved form."
While it is true that for a broker to fill out a contract, they have to use the real estate commission approved form, they can (and in fact must) accept all offers that are given to them and send these offers along to the seller.
So what can you do if they don't want you to use the standard commercial purchase agreement?
The best response is to say "This is what I'm familiar with, if we need to use your agreement then it will take me 2 to 3 weeks to run it by my attorney, and they are tied up with a big case right now, so it may take even longer than that. Why don't we just use the Standard Agreement so that we can get this moving toward a successful closing."
If that doesn't work (and the broker or seller insists on using their own contract)
Here's my favorite clauses to add to any real estate contract (when you are the buyer)
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Note on contracts: Since I'm not an attorney I'm required to say you should get your own counsel to review and approve any legal documents you use prior to entering into any real estate or other legal transaction. I'm happy to share what works for me and my other clients but obviously I can't give legal advice.
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1. Inspection Contingency: This Contract is contingent upon full inspection by Buyer of the following items
and subjects. Seller shall make the subject property and all necessary records and materials available to
Buyer for study and inspection in the same metropolitan area the property is located:
a. Documents and policies referenced in the Title Insurance section of the printed portion of this
Contract.
b. All existing insurance policies, service contracts and other contractual documents affecting the
property and/or its operation.
c. An accounting of all security, damage and/or performance deposits.
d. A written inventory of all furnishings and other personal property in, on, or commonly in use for the
normal operation and maintenance of the subject property.
e. All notes, trust deeds, and other documents relating to title to, and liens or debts against, the
subject property, and title insurance commitment.
The Effective Date of the Contract shall be five (5) business days from receipt of the above records,
materials, and property access to complete said inspections and approve same by written notice. Buyer
shall have 30 business days from Effective Date to complete all further due diligence including zoning,
environmental, and lead inspection reports. Either party may extend this period for one time only not to
exceed 20 business days. Should Buyer not approve the inspections and due diligence, this Contract shall
automatically terminate.
2. Earnest Money Deposit: Buyer agrees to deposit Earnest Money Deposit with _________________ (Title
Company) along with signed escrow instructions no later than three (3) Business Days after Effective Date.
3. Default: In the event of default by Buyer, Seller shall be entitled, as Seller’s sole and exclusive remedy, to
terminate the contract and retain Earnest Money Deposit as full and complete liquidated damages. In the
event of default by Seller, Buyer shall be entitled, at its option: (a) to terminate contract in which event the
Earnest Money Deposit shall be returned to Buyer and Buyer shall be entitled to and agrees to accept from
Seller, a sum equal to the Earnest Money Deposit as liquidated damages; (b) to enforce Seller’s obligations
under contract by a suit for specific performance.