a commercial real estate purchase agreement allows a buyer and seller to make a mutually benefiting contract for the purchase of a commercial property. therefore, it’s in the best interest of the buyer to hire an agent that has experience in the industry and will have a fiduciary duty to act in the buyer’s best interest. an earnest money deposit is commonly is in the form of a check that is attached to a purchase agreement that symbolizes the buyer’s seriousness in purchasing the property. a 1031 exchange specifically refers to the internal revenue code (irc) section 1031 that allows an owner of real estate to sell their property and not pay any tax if they purchase a “like-kind” property after the closing. a complete description of the real estate being sold will require that it is categorized properly.