(a) (1) In this section, "commercial real estate" means: (i) real property improved by five or more single-family units; (ii) improved and unimproved real property zoned for commercial, industrial, or nonresidential use by the local zoning authority of the county or municipality in which the property is located; or (iii) unimproved real property zoned for improvement as multifamily units by the local zoning authority of the county or municipality in which the property is located. (2) "Commercial real estate" does not include: (i) property zoned for agricultural use; and (ii) single-family units, including a condominium or co-op unit, for sale or for lease, or otherwise conveyed or to be conveyed on a single basis. (b) Each real estate contract submitted to a party by a real estate broker, a nonresident real estate broker, an associate real estate broker, a real estate salesperson, or a nonresident real estate salesperson for use in the sale of commercial real estate shall contain, in bold-faced type, a statement that the buyer has the right to select the buyer's own: (1) title insurance company; (2) settlement company; (3) escrow company; or (4) title lawyer. (c) The statement required under subsection (b) of this section shall also contain, in bold-faced type, a statement that a seller may not be prohibited from offering owner financing as a condition of settlement.
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