June 12, 2020

2020年 6月 12日

The purchase and sale agreement (the “PSA”) is the central document for the sale of commercial real property and one of the most important. The terms of the agreement are negotiated between buyer and seller often after a letter of intent (“LOI”) has been signed, although sometimes the parties may forego an LOI and jump straight to the PSA. For best practices, an LOI should be used to ensure the parties agree on the basic terms of the sale before investing time and energy into negotiating the PSA, which is often a lengthy and time consuming process involving multiple rounds of revisions before an agreement acceptable to both sides is reached.
购买与销售协议（“买卖协议”）是商品房销售的核心文件，也是最重要的文件之一。买卖双方通常在签署买卖意向书（“意向书”）后就协议条款进行协商，当然有时候双方也可以略过意向书，直接进入买卖协议的环节。实践中最好签署一份意向书，从而确保双方在投入时间和精力协商买卖协议之前已经就销售的基本条款达成一致，因为商议买卖协议是一个漫长的过程，时常需要花费大量时间，经过好几轮反复修改，才能最终达成双方均可接受的协议条款。

The party providing the initial agreement has the benefit of being familiar with the terms and structure of the document while the other side must read and analyze the entire agreement to understand the agreement and any revisions that need to be made.  A custom agreement can be 50-60 pages as opposed to a form agreement such as one provided by the California Association of Realtors which are typically less than 20 pages.
提供初始协议的一方比较熟悉文件条款和结构，而另一方须通读并分析整个协议，从而理解协议内容并做出必要的修改。一份客户签署的协议可以长达50-60页之多，而加州房地产经纪人协会提供的格式协议一般还不到20页。

Initial items to note are the sale price, deposit timing and amount, accurate identification of the parties and the subject property, time permitted for due diligence (including title review and objections), length of the escrow period, the representations and warranties provided by each of buyer and seller, buyer and seller documents that must be delivered to the escrow holder before the close of escrow, and any special clauses that either buyer or seller want incorporated into the PSA.
需要注意的初始条款包括售价、定金支付时间和金额、双方以及待售房产的准确信息、允许进行尽职调查的时限（包括权属情况审查和提出异议）、托管期限长度、买卖各方的陈述和保证、托管结束前须递交至托管人的买卖双方文件，以及买方或卖方希望加入买卖协议中的任何特别条款。

The party reviewing the PSA should make sure the pre-negotiated terms of the LOI have been incorporated into the agreement and the PSA should be revised if it deviates from the LOI. The sale price, deposit, identification of the subject property, length of due diligence and escrow periods are typically negotiated in the LOI, therefore a simple comparison against the LOI will confirm if these items are correctly stated in the PSA.
审阅买卖协议的一方应确保协议中涵盖了事先商定的意向书条款，并就买卖协议与意向书不一致的内容进行修改。在意向书中通常已经就售价、定金、待售房产信息、尽职调查期和托管期进行了协商，因此，简单比对意向书就可以确定买卖协议是否已经准确地列明了这些条款。

During the due diligence period, a buyer should obtain a preliminary title report as soon as possible since it provides access to documents recorded in the title record which impact the property. These documents are typically listed as exceptions to the title insurance policy and it is up to buyer’s counsel to identify which exceptions should be removed as well as explain the responsibilities the buyer is taking on in regards to exceptions that will remain (these are often agreements that run with the land such as CC&Rs, easements, and use restrictions). The PSA should provide a buyer with the opportunity request that the seller remove or modify items identified in the title report, allow the seller time to respond to these requests, and finally give the buyer a right to terminate the PSA without losing its deposit if it is not satisfied with the seller’s response.
在尽职调查期内，买方应尽快取得一份初步的房产权属报告，从而查看对房产权属记录产生影响的文件。这些文件通常列为权属保单的例外情况，并且由买方的顾问查明应消除的例外情况，并解释说明买方对于仍需保留的例外情况所承担的责任（这些通常是涉及土地的协议，例如美国业主协会的约定、条件和限制，地役权以及使用限制）。买卖协议应规定买方有机会要求卖方消除或修改权属报告中阐述的条款，允许卖方有时间处理这些要求，并在买方不满意卖方回复而不损失定金的情况下，使买方最终有权终止买卖协议。

Other due diligence items will vary depending on the goals of the buyer with respect to the property, and include items such as obtaining a survey, testing of soil and inspection of existing improvements for hazardous problems, as well as contacting the city in regards to development plans and potential changes to zoning. Experienced buyers with plans to re-develop the property will often negotiate a lengthy due diligence period to be sure they are able to obtain all permits and approvals required to achieve their goals. A buyer that does not plan to redevelop the land is typically receptive to a shorter diligence period.
其它的尽职调查项目取决于买方购买房产的目的，包括的项目例如进行测绘、土壤测试以及对危险物现有改善情况的检查，以及联系市政询问城市开发计划和可能对分区规划做出的变动。计划重新开发房产的有经验的买方经常会商定一个比较长的尽职调查期，以确保能够获得实现其目的所需的全部许可和批准。没有重新开发土地计划的买方一般可以接受较短的调查期。

Before expiration of the due diligence period, the buyer should be able to terminate the PSA without penalty and receive essentially the entire deposit back (but will often be required to pay for escrow and title costs incurred). If the diligence period has ended and the buyer has not terminated the PSA, the deposit becomes non-refundable. California PSAs typically include a liquidated damages clause which state that if a buyer breaches the PSA then the deposit shall be relinquished to the seller as liquidated damages. A buyer breach, if it happens, will typically occur after the diligence period because the buyer may no longer terminate the agreement without penalty unless the seller violates the terms of the agreement.
在尽职调查期结束前，买方应当可以终止买卖协议而不支付违约金，并收回基本上全部的定金（但时常还要支付所产生的托管和权属费用）。如果调查期结束买方并未终止买卖协议，定金则成为不可返还的性质。加州买卖协议通常包含一个损害赔偿金条款，规定如果买方违反买卖协议，则卖方应没收定金作为损害赔偿金。如果发生买方违约，通常是在调查期结束后，因为除非卖方违反协议条款，否则买方不能再不付违约金而终止协议。

From a buyer’s perspective, representations and warranties (often referred to as “reps and warranties”) cover issues such as authority of the seller to enter into the agreement and sell the property, whether there are any lawsuits filed or threatened against the property, if there are any environmental or statutory violations.  They will also include the statements that seller has not filed for bankruptcy and is not a foreign person/entity or prohibited person under applicable statutes, the property is not subject to condemnation, and that all third-party interests in the property have been disclosed (such as a tenant interest under a lease).
从买方的角度而言，陈述和保证（经常称为“陈述和保证”）包含以下事项：比如卖方是否拥有签署协议和销售房产的授权，房产是否存在诉讼争议或潜在的诉讼风险，是否存在违反环境和强制法律的情形。陈述还包括卖方未曾提出破产申请且不是外国人/实体或所适用法律规定的被禁止人士，房产未被征用，以及披露房产项下所有的第三方利益（例如租约项下的租户利益）。

If the property is occupied by a third-party tenant the buyer should request a tenant estoppel be provided as a closing condition, and should know if the lease contains a right of first refusal (“ROFR”) permitting the tenant a right to purchase the property before anyone else. If the lease contains an ROFR, the buyer wants confirmation that the tenant is waiving the ROFR before expending resources on diligence and will want the PSA to state that the diligence period does not begin until after waiver of the ROFR is received.
如果第三方租户占有房产，买方应要求提供一份禁止租户反悔的文件作为交易完成的条件之一，并应了解租约中是否包含允许租户优先购买房产的优先权（“优先权”）。如果租约含有优先权，买方应取得租户放弃优先权的确认，然后再开始进行尽职调查，并在买卖协议中明确，调查期在收到放弃优先权声明后方可开始计算。

Commercial real property in California is often sold on an As-Is basis, meaning a buyer accepts the property in its current condition without any warranties from the seller regarding the condition or use of the property. A buyer should confirm the As-Is clause makes an exception for the Seller reps and warranties specifically stated in the PSA to hold Seller accountable for these specific items.
加州商品房经常按“现状”进行销售，即买方接受房产现有的状况，并不得要求卖方就房产情况或使用做出任何保证。买方应确认“现状”条款是买卖协议中所明确规定的卖方陈述和保证的例外情况，并要求卖方就这些特殊条款承担责任。

As the parties make their way towards the close of escrow, buyer’s counsel should prepare closing instructions setting forth the documents a seller must place into escrow before the remaining purchase money may be transferred to seller. Some buyers want a right to extend the close of escrow and sellers are more receptive to this option if the extension right requires the buyer to place an additional deposit into escrow. It is best to obtain an extension option during the LOI or PSA negotiations because a seller has no obligation to agree to a closing extension if it is not part of the agreement. A seller refusing to amend the PSA for a closing extension can press the buyer to close on time or hold buyer in default of the agreement, thereby placing the buyer’s deposit at risk. A final note on the close of escrow is closing costs, which are typically allocated according to county custom but sometimes the parties will agree to allocate them otherwise. In either event, a buyer should make sure the PSA accurately reflects which party is responsible for such costs, and that the settlement statement is consistent with the PSA.
当双方即将结束托管时，买方顾问应准备交易完成说明，阐明卖方须在剩余购买款项转账至卖方前仍放置托管的文件。有些买方希望延期结束托管，如果买方在托管账户内存入额外定金，卖方也可以接受这种安排。最好是在意向书或买卖协议协商过程中取得托管延期的选择权，因为如果协议中没有写明，卖方并无义务同意延期完成交易。卖方拒绝就延期完成交易而修改买卖协议会迫使买方按时完成交易，或使买方违约，从而令买方可能失去定金。有关结束托管最后要注意的是，交易完成费用通常根据郡县习惯进行分配，但有时双方也会就费用分配另行达成协议。无论何种情况，买方应确保买卖协议准确地反映出由哪一方负责该等费用，并且支付条款与买卖协议的规定保持一致。

By: Tamara B. Pow, Esq., a founding partner of Strategy Law, LLP
作者：Strategy Law, LLP 创始合伙人Tamara B. Pow, 律师.

This article is one of a series of FAQs for LLCs by Tamara B. Pow.
这篇文章是Tamara B. Pow写的关于LLC的系列问答之一。