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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