The important clauses of Contract of Sale are :
By Vendor [dot.com]
 Consideration clause  Liquidated damages clause  Arbitration of disputes clause  All inclusive weasel clause  disclosure of facts about property in sale clause.
Reason: In order to facilitate smooth transaction of sale of contract, the above clauses are considered as important.
By Vendee [Success, LLC]
 Inspection Contingency  Contingency for sale of other property  Lead Paint Contingency  Arbitration of disputes clause  Seller’s disclosure of known defects clause.
Reason: Federal Law provides that buildings that are constructed prior to 1978 must disclose full facts about lead paint. Otherwise, non-disclosure would evoke termination of contract upon inspection of building. It is important to take note of Latin phrase “caveat emptor”
Important clauses of Commercial Lease:
By Lessor : [Success, LLC]
 Premises clause  The use clause and exclusive clause  Term clause  Maintenance, utilities and code compliance  Insurance clause
Reason:The above clauses will enable the Lessor to authorize and exercise ownership rights and to safeguard the premises against any unauthorized occupation and damages/theft.
By Lessee: [XYZ Inc]
 Term of lease  Security clause  Percentage of hike in rent  Alterations and repairs  Estoppel clause
Reason: Lessor is a real estate company and New York city that never rests for a while and being a busy place of commercial activities, the value of property will certainly draw exorbitant sums as rent with the passage of time. Considering all the facts and Federal Laws of Real Estate, the compliance with the above clauses would benefit both Lessor and Lessee.
Important clauses of Construction Contract
By Contractor : Build-it Inc
 Break-up of Payment clause  Remedial clause  Prevailance of jurisdictional real estate contruction laws  Dispute Resolution Clause  Review of Progress clause
Reason: Since the process of payment is through CM Inc., Build-it Inc has to ensure that scheduled project is delivered on time and any sort of delay in carrying construction work would further delay release of payment as well in time-schedule of project.
By Owner : Success, LLC
 Abidance and compliance of Contract Works Hours and Safety Standards Act Clause  Time for completion of Contract clause  Pollution exclusion clause  Indemnification clause  Budget.
Reason: Renovation of the building involves heavy work of labor which is time bound and requires safety standards at every phase of renovation. It is in the interest of both the contractor and owner that schedule of project be completed within time limit in order to extend mutual benefit.References
Roselind Hejl Real Estate Contracts accessed 8th December, 2006 http://www.contractorpower.com/article_detail.php?n=210
Understanding common commercial lease terms accessed 8 December 2006
Essential terms in a Real Estate Contract accessed 8 December, 2006