Commercial Property Management Agreement

Closing is scheduled for tomorrow morning and everyone is excited to finalize the deal. You suddenly get a frantic call from your seller who explains they were about to leave the house with the last few boxes when a torrential downpour blew through the area and they now have an inch of standing water in the basement. Now what do you do about the closing in the morning?

A new PAR Commercial Property Management Agreement (Form CPMA) became available to members on July 1. 

PAR already has an Appraisal Contingency Addendum to the Agreement of Sale (Form ACA), which allows a buyer to terminate the agreement if the appraisal doesn’t hit a specified value. But member feedback indicates that parties are often trying to write in stronger language to keep buyers in the deal. This new revision addresses that issue by expanding the form with a second buyer option.

PAR’s Legal Hotline attorneys held a webinar yesterday discussing frequently asked questions on standard forms, specifically, Seller’s Property Disclosure, Appraisal Contingency Addendum, Price Escalation Addendum and COVID-19 Property Access Notice.

Although it may seem at first glance that there are many changes to the form, most of the new language you’ll see is a clarification of current questions and not the addition of new ones.

New and revised forms include the Seller’s Property Disclosure, the Appraisal Contingency Addendum, the COVID-19 Property Access Notice and the Commercial Property Management Agreement:.