What must the purchase contract specify for mixed-use properties?

For mixed-use properties, the purchase contract must specify which unit will be empty at closing. This is particularly important because mixed-use properties often contain both residential and commercial spaces. Clarity on which unit is to be vacated ensures that buyers are aware of the occupancy status at the time of closing, which can impact financing, property management, and the intended use of the space.

Specifying which unit will be empty allows for proper planning and transition for the new owner or tenant. It helps prevent disputes regarding occupancy, and if a unit is to be vacated for the sale, it can facilitate a smoother closing process.

While terms for the commercial lease, business hours for commercial units, and zoning regulations are relevant to the functionality and legality of the mixed-use property, they do not directly address the necessity outlined in the purchase contract regarding occupancy at closing.