Nov 08, 2017 - 0 Comments - Negotiating -

The Florida Commercial Contract CC-5 ~ Commercial Property Purchase Agreement

Below are links to jump directly to key sections of the FAR/BAR Florida Commercial Contract CC-5, commonly used in Florida for commercial property purchase transactions.  This form replaced its predecessor, the FAR/BAR Commercial Contract CC-4, in 2017.

Commercial buyers otherwise inclined to begin the process with a letter of intent (LOI) should consider simply beginning with this widely used form. An LOI is non-binding. Some might say it is a written handshake, but it is really less than this. A handshake can be a verbal agreement, implied if not legally binding, but an LOI is generally non-binding, because it (usually) says so. Conversely, a contract is binding, but, locking locks up a property for a buyer. However, if a due diligence period is chosen in section 7 (language here, line 126), a buyer has time to fully evaluate the property during the (due diligence) period.

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