Legal Question in Real Estate Law in Nevada

Re: Purchasing commercial property in Nevada

A typical Nevada residential real estate form contract contains provisions completely unsuited to a commercial purchase and sale. The parties are likely to give their title company fits in attempting to close a commercial deal on a residential form, including obtaining or waiving compliance with seller's disclosure of defects and HOA disclosures, to name only two.

Your attorney can explain further.

Re: Purchasing commercial property in Nevada

Thank you for your recent inquiry. Due to the substantial difference between residential property and commercial real property, there are differing provisions used in the respective purchase and sales agreement.

Re: Purchasing commercial property in Nevada

You can use any contract that you'd like as long as the parties agree. Be sure that you understand the contract before any one signs it and make sure it has all the terms you want.

This is the type of deal that ends up in a law suit.

Re: Purchasing commercial property in Nevada

I'm a California real estate lawyer, so what right do I have to jump in here? None at all! I can't resist commenting on what seems on the face of it to be conflicting advice, however.

I think both answers are right if you look at it this way: the correct form (one designed for commercial real property transactions in Nevada) is better than any incorrect or compromise form, such as a Nevada residential form, or a California commercial form. However, if you use the wrong form, you have nonetheless (probably) created a binding contract when you sign and deliver it. The difference is that the truly correct form is far less likely to have inapplicable, unintended, unnecessary or missing language.

Finally, I think it might just be a proper role for the buyer's broker to provide the correct contract form. After all, if something goes wrong with the deal, the broker is probably going to be sued by somebody, so he or she ought to take a proactive role in making sure that the right contract form is selected and that the information inserted into the blanks is correct.