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Dear Forms Committee: Are there different time periods for inspection contingencies and other types of due diligence contingencies in OREF C-501 – Commercial Sale Agreement?

In OREF C-501 – Commercial Sale Agreement, the inspection and due diligence period are the same. In Section 8 (lines 128-135), you will find that this period allows the buyer time to complete and review inspections, business documents, leases, and any other due diligence. In addition, it allows time for the buyer and seller to work through any objections the buyer has made to the title report and documents.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.