I am writing an offer for my client to purchase a commercial property. . .

Legal Q&A | Elimination of the loan contingency in Standard Form 580-T

QUESTION: I am writing an offer for my client to purchase a commercial property. My client will be financing his purchase. Much like paragraph 1(d) of the standard residential sales contract (Form 2-T), paragraph 1(b) of the standard agreement for the purchase of commercial property (Form 580-T) has a line to insert the total purchase price, and then several lines indicating how that price will be paid, i.e. for earnest money, delivery of a promissory note, cash at closing, etc. When completing the form, I noticed that there is no longer a line to insert “Proceeds of a new loan.” What happened to that line? And how I am I supposed to complete the form without showing my client’s loan amount?

 
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Mobile Mondays| Tune in TODAY at 1PM

Join global keynote speaker, podcaster and international best-selling author, Marki Lemons Ryhal TODAY at 1pm for our next Mobile Mondays’ session. She will be teaching you how to boost your business and online presence through strategic partnerships with diverse groups like AREAA, WCR, NAHREP, and others. Sign me up >>

Can’t make it live? Don’t worry, the video will be archived in the Mobile Mondays’ Facebook group for you to check out on your own schedule.
 



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