By Jay Zollars, Chair, Commercial Standard Forms Committee
Columbus Commercial REALTORS® have access to multiple standard forms that have been created, modified, and consulted on by your industry peers with years of experience. The process of review and approval is long and well thought out. I have had the honor to serve on this committee pretty much since I joined the Association. At that time, I couldn’t think of a better way to know, understand, and learn the reasons and rationale of each form and I still believe this to be true almost 30 years later. Time flies when you love your profession.
Our committee tries to review all forms every few years and we have tweaked forms as necessary with input from our members. Last year we wanted to review the purchase contract. After months of reviewing and improving the contract, we decided to then compare this form with the current commercial land purchase contract to make sure both forms were similar and with same clauses. While this task was informative, our committee found that aside from time frames and a few due diligence areas, the majority of the two forms were the same.
So, in conclusion, the committee decided to combine these forms with the ability to customize your transaction. We have added more space to add additional clauses that your particular deal may require.
The form approval process continues with the form being sent first to the Commercial Advisory Board. After the Advisor Committee approval, the contract was sent to Columbus REALTORS® legal counsel for review and approval. The last process is to take the form to the Columbus REALTORS® Board of Directors for final approval.
We now have final approval for a new commercial purchase contact and the form is available to the membership. We will be offering classes with our honorable Jim Maniace teaching our members about the new contract.
We hope all of our members use the new contract and hopefully find it extremely useful. Our committee welcomes new and seasoned commercial REALTORS®. If you want to get involved and learn more about commercial forms or have suggestions please reach out to me anytime[email protected].
Commercial Purchase Contract
10/29/2020 • 9a–12:15p
Overview of the changes made to the Commercial Purchase Contract as of June 2020. Instructors: Jim Maniace & Jay Zollars. Cost: $30. Register by 10/27/2020.
