Real Estate Commercial Law & Legal Definition
The elements of a contract for the sale of commercial property, meaning property used or to be used for income-producing purposes, are essentially the same as those of contracts for real property sales in general. However, certain differences arising from the nature of the existing or contemplated use of the property may require more detailed treatment than may be necessary in the case of a noncommercial sale. For example, existing tenancies or leases of the subject property and present or contemplated zoning of the property are frequently involved in the sale of commercial property, and any agreements or conditions with respect to such matters should be carefully set out in the contract of sale.
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