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TXR 1947 — Commercial Request for Evaluation Materials and Confidentiality Agreement

TXR 1947 is a confidentiality agreement signed by a prospective purchaser (Prospect) before receiving sensitive financial and operational documents about a commercial property (Evaluation Materials). It protects the seller and listing broker by requiring the prospect to keep all evaluation materials confidential, share them only with the prospect's own team (broker, counsel, analysts, partners, potential lenders), not contact tenants or property staff, indemnify seller and broker for unauthorized disclosure, and return the materials on request. It is not an agreement to buy or sell. Only the prospect signs, with up to two signer blocks for an entity.

Source: TXR
Form Number: 1947
Category: Other
Revised: April 1, 2018

Used For

Commercial Sales

Form Outline

The TXR 1947 form is organized into the following sections:

  1. Form Header and Authorization Notice
    Identifies the property, seller, listing broker, and prospective purchaser, and establishes that the prospect is requesting evaluation materials for the property.
  2. 1. Purpose and Confidentiality
    Restricts the use of evaluation materials solely to evaluating a potential purchase, requires confidential treatment, and confirms the materials remain the seller's property.
  3. 2. Permitted Distribution
    Defines a limited circle of people (Prospect's Team) who may receive the evaluation materials: the prospect's own broker, lawyer, analysts, partners, and potential lenders. No one else may see the materials.
  4. 3. Team Notification Obligations
    The prospect must proactively notify each team member of the confidentiality obligations and ensure their compliance before sharing any evaluation materials.
  5. 4. Non-Disclosure of Discussions
    Extends confidentiality beyond the documents themselves to the fact that discussions are even occurring, protecting the seller from market speculation or competitive interference.
  6. 5. No Tenant or Staff Contact
    The prospect may not contact tenants or on-site property management staff. All inquiries must go through the listing broker to prevent disruption to tenants and operations.
  7. 6. No Warranties and Indemnification
    The seller and broker provide no guarantees about the accuracy of evaluation materials. The prospect must indemnify both parties against losses from any breach of the confidentiality agreement by the prospect or their team members.
  8. 7. Termination and Return of Materials
    The seller can cut off access to evaluation materials at any time and demand their return. The prospect must return everything and cannot keep copies or derivative analyses.
  9. Exceptions to Confidentiality
    Two carve-outs exist: information already public (not through the prospect's breach) and information independently obtained from an unrestricted third party are not considered confidential.
  10. Remedies and Injunctive Relief
    Unauthorized disclosure causes irreparable harm to the seller. The seller can seek a court injunction to stop disclosure, whether threatened or actual, without giving up other legal remedies.
  11. Not an Agreement to Sell
    This form creates no obligation to sell or buy the property. The seller retains full discretion to reject any proposals and can terminate negotiations at any time without consequence.
  12. Execution
    Signature section for the prospect only (not the seller or broker). Allows for two signatories for entity prospects with printed name and title fields.

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