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Small
Business Home >> Useful
Standard Legal Documents >>
Contract For Sale and Purchase
PARTIES: ____________________(1)_____________________________,
as "Seller", of ________(2)____________, Phone: _____(3)________,
and ______________(4)___________________ as "Buyer"
of _______________(5)_______________, Phone: _______(6)__________,
hereby agree that the Seller shall sell and Buyer shall buy
the following property upon the following terms and conditions:
I. DESCRIPTION:
a) Legal description of real estate ("Property")
located in _______(7)________ County, _______(8)_________:
b) Street address, if any, of the Property being conveyed
is:
c) Personal property including all buildings and improvements
on the property and all right, title and interest of Seller
in and to adjacent streets, roads, alleys and rights-of-way,
and:
II. PURCHASE PRICE $_______(9)______ PAYMENT:
a) Cash Deposit(s) to be held in escrow by _____________(10)________________
in the amount of $______(11)______ and promissory note to
be held in same escrow as additional earnest Buyer's default
in the amount of $______(12)______
b) Assumption of Mortgage in favor of _____________(13)_________________
bearing interest at ___(14)____% per annum and payable as
to principal and interest $_____(15)______ per month, having
an approximate present principal balance of $______(16)______
c) Purchase money mortgage and note bearing interest at ___(17)___%
on terms set forth herein below, in the principal amount of
$______(18)______
d) Other: $______(19)______
e) Balance to close, (U.S. Cash, certified or cashier's check)
subject to adjustments and prorations $______(20)______
TOTAL $_______(9)______
III. SURVEY & TITLE COMMITMENT; PERMITTED EXCEPTIONS.
a) Preliminary Title Report. Within twenty (20) days from
the date hereof, Seller, at Purchaser's sole cost and expense,
shall cause a title insurance company ("Title Company")
to issue and deliver to Purchaser an ALTA Form B title commitment
("Title Commitment") in the full amount of the Purchase
Price of the real estate. Purchaser shall pay the premium
for the policy at or before the closing as set forth herein.
In the event title is found to be unmerchantable because of
title defects, Purchaser or his attorney shall notify the
Seller or its attorney in writing within five (5) days of
the date of receipt of said Title et forth herein. In the
event title is found to be unmerchantable title to the property
and Seller shall have a period of one hundred twenty (120)
days after receipt of such written notice within which to
cure said defects in title and this sale shall be closed within
ten (10) days after written notice of such curing Upon Seller's
failure to cure defects of which written notice has Upon Seller's
failure to cure defects of which written notice has been given,
within the time limit aforesaid, the deposit this day paid
shall be returned and all rights and liabilities arising hereunder
shall terminate, or Purchaser may close this transaction in
the same manner as if no title defects had been found.
b) Survey. If the Purchaser desires a survey of the Property,
it may have the Property surveyed at its expense prior to
the closing date. If the survey shows encroachments on the
Property herein described, or that the improvements located
on the Property herein described encroach on other lands,
written notice of that effect shall be given to the Seller
and Seller shall have the same time to remove such encroachments
as is allowed under this Agreement for the curing of defects
of title (see Section III a) herein). If the Seller shall
fail to remove or cure said encroachments within the period
of time, then the deposit this day paid shall be returned
to Purchaser and all rights and liabilities arising hereunder
shall terminate, or Purchaser may close this transaction in
the same manner as if no defects had been found.
IV. PROVISIONS WITH RESPECT TO CLOSING.
a) Closing Date. The consummation of the transaction contemplated
by this Agreement ("Closing") shall take place at
such place as designated by Seller on or before _____(21)______,
or at such earlier date as agreed mutually, unless extended
by other provisions hereof.
b) Seller's Obligation at Closing. At Closing, Seller shall
do the following:
Execute, acknowledge, and deliver to Purchaser a Warranty
Deed conveying the Property to Purchaser subject to:
(i) taxes and assessments for year of closing and subsequent
years;
(ii) restrictions, easements and zoning ordinances of record,
if any;
(iii)public utility easements of record, if any;
(iv) Mortgage to be assumed as described above; Any variance
in the amount of said mortgage from the amount stated herein
shall be added to or deducted from either the cash payment
or the second mortgage as the Seller may elect.
(v) Other:
c) Purchaser's Obligations at Closing. Subject to the terms,
conditions and provisions hereof, and concurrently with the
performance by Seller of its obligations set forth in Section
IV b) above, Purchaser shall deliver to Seller cashier's check
or other immediate local funds in the amount set forth in
Section II of this Agreement.
d) Closing Costs.
Seller shall pay the following costs and expenses in connection
with the Closing:
(i) Documentary stamps which are required to be affixed to
the Warranty Deed;
Purchaser shall pay the following costs and expenses in connection
with the closing:
(i) The intangible tax required by law on the mortgage.
(ii) All recording costs, including recording of the deed,
mortgage, and any documents required in connection with the
title insurance commitment.
(iii) The premium payable for the title commitment and title
policy issued pursuant thereto.
(iv) Survey work.
e) Proration of Taxes. Taxes for the year of the Closing
shall be prorated to the date of Closing. If the Closing shall
occur before the tax rate is fixed for the then current year,
the apportionment of taxes shall be upon the basis of the
tax rate of the preceding year applied to the latest assessed
valuation.
V. PROVISIONS WITH RESPECT TO DEFAULT.
a) Default by Purchaser. If Purchaser fails to perform this
Agreement, the deposit this day paid by Purchaser as aforesaid
shall be retained by or for the account of Seller as consideration
for the execution of this Agreement. In such event the parties
agree that said sum shall constitute liquidated damages since
both Purchaser and Seller agree that actual damages for default
or breach of contract could not readily be ascertained at
the date of execution of this Agreement.
b) Default by Seller. If Seller fails to perform this Agreement,
the aforesaid deposit shall be returned to Purchaser and this
shall be the sole remedy of Purchaser under this Agreement.
VI. OTHER CONTRACTUAL PROVISIONS.
a) Notices. Any notice to be given or to be served upon any
party hereto, in connection with this Agreement, must be in
writing, and may be given by certified mail and shall be deemed
to have been given and received when a certified letter containing
such notice, properly addressed, with postage prepaid, is
deposited in the United States Mail; and if given otherwise
than by certified mail, it shall be deemed to have been given
when delivered to and received by the party to whom it is
addressed. Such notices shall be given to the parties hereto
at the addresses stated above.
Any party hereto may, at any time by giving five (5) days'
written notice to the other party hereto, designate any other
address in substitution of the foregoing address to which
such notice shall be given and other parties to whom copies
of all notices hereunder shall be sent.
b) Assignability. The Purchaser is prohibited from assigning
all or any part of this Agreement.
c) Entire Agreement; Modification. This Agreement embodies
and constitutes the entire understanding between the parties
with respect to the transaction contemplated herein. All prior
or contemporaneous agreements, understandings, representations,
and statements, oral or written, are merged into this Agreement.
Neither this Agreement nor any provision hereof may be waived,
modified, amended, discharged, or terminated except by an
instrument in writing signed by the party against which the
enforcement of such waiver, modification, amendment, discharge
or termination is sought, and then only to the extent set
forth in such instrument.
d) Applicable Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of _______(22)________.
e) Headings. Descriptive headings are for convenience and
shall not control or affect the meaning or construction of
any provision of this Agreement.
f) Binding Effect. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their
successors and assigns.
g) Counterparts. This Agreement may be executed in several
counterparts, each constituting a duplicate original, but
all such counterparts constituting one and the same Agreement.
h) Interpretation. Whenever the context hereof shall require,
the singular shall include the plural, the male gender shall
include the female gender and the neuter, and vice versa.
i) Severability. In case any one or more of the provisions
contained in this Agreement shall for any reason be held to
be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect
any other provision hereof, and this Agreement shall be construed
as if such invalid, illegal or unenforceable provision had
never been contained herein.
j) Section 1031 Exchange. Upon request by Seller, Purchaser
shall cooperate with Seller in order to effectuate the goal
of Seller to have this transaction qualify for a tax deferred
treatment under Section 1031 of the Internal Revenue Code
of 1986, as amended, provided that Purchaser is put to no
additional expense, in this regard, and that the closing is
not materially delayed. Formal provisions detailing the exchange
shall be entered into by the parties and made a part of the
final contract of exchange, no later than as such time as
Purchaser shall acknowledge satisfaction of the contingencies
to its obligation to close this transaction.
k) Time for Acceptance & Effective Date. If this offer
is not executed by both parties hereto on or before ____(23)_______,
the aforementioned deposits shall be returned to Purchaser,
and this offer shall thereafter be null and void. The date
of the Agreement ("Effective Date") shall be the
date when the last one of the Seller and Purchaser has signed
this offer.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement.
Witnesses: "Purchaser"
__________(24)___________ _____________(25)______________
__________(24)___________ Date: _______(26)______________
__________(24)___________ _____________(27)______________
__________(24)___________ Date: _______(26)______________
"Seller"
__________(24)___________ _____________(28)______________
__________(24)___________ Date: _______(26)______________
__________(24)___________ _____________(29)______________
__________(24)___________ Date: _______(26)______________
"Escrow Agent"
__________(24)___________ _____________(30)______________
__________(24)___________ Date: _______(26)______________
NOTICE
The information in this document is designed to provide an
outline that you can follow when formulating business or personal
plans. Due to the variances of many local, city, county and
state laws, we recommend that you seek professional legal
counseling before entering into any contract or agreement.
If this document is of use
to you, please provide a link back to Hoover Web Design.
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