Purchasing Land Agreement Letter
Purchasing Land Agreement Letter
This Agreement for Purchase and Sale of Land, made and entered into as of this ____ day of ________, 20, by and between:
[Seller Name], residing at [Seller Address], hereinafter referred to as “Seller,”
and
[Buyer Name], residing at [Buyer Address], hereinafter referred to as “Buyer.”
Witnesseth:
WHEREAS, Seller is the legal owner of a certain parcel of land located at [Property Address], more particularly described in Exhibit “A” attached hereto and incorporated herein by reference (“Property”); and
WHEREAS, Buyer desires to purchase the Property from Seller, and Seller desires to sell the Property to Buyer upon the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the parties agree as follows:
1. Purchase and Sale. Seller agrees to sell and convey the Property to Buyer, and Buyer agrees to purchase the Property from Seller, upon the terms and conditions set forth in this Agreement.
2. Purchase Price. The purchase price for the Property shall be [Dollar Amount] ([Amount in words]), payable as follows:
Earnest Money Deposit: Buyer shall deposit [Dollar Amount] ([Amount in words]) as earnest money with [Escrow Agent Name], hereinafter referred to as “Escrow Agent,” upon the signing of this Agreement. This deposit shall be applied towards the purchase price at closing.
Balance Due at Closing: The balance of the purchase price shall be paid by Buyer to Seller at closing by [Specify payment method, e.g., wire transfer, cashier’s check].
3. Closing. The closing shall take place on or before [Closing Date], or at such other date and time as mutually agreed upon by the parties in writing, at the offices of [Closing Location].
4. Title.
Seller’s Representations: Seller represents and warrants that Seller has good and marketable title to the Property, free and clear of all liens and encumbrances, except as specifically set forth in Exhibit “B” attached hereto and incorporated herein by reference (“Permitted Exceptions”).
Title Insurance: Buyer shall, at Buyer’s sole cost and expense, obtain a title insurance policy for the Property in the amount of the purchase price, insuring Buyer’s ownership of the Property subject only to Permitted Exceptions.
5. Possession. Possession of the Property shall be delivered to Buyer upon closing, free and clear of all tenants, occupants, and personal property, except as may be otherwise agreed upon in writing by the parties.
6. Taxes and Assessments. All real estate taxes and assessments shall be prorated as of the closing date.
7. Representations and Warranties. Seller represents and warrants to Buyer that:
Authority: Seller has full right, power, and authority to enter into this Agreement and to sell and convey the Property in accordance with the terms hereof.
Compliance with Laws: The Property complies with all applicable zoning ordinances and other laws, rules, and regulations.
No Environmental Hazards: To the best of Seller’s knowledge, there are no environmental hazards or contamination on or affecting the Property.
8. Default.
Buyer’s Default: If Buyer defaults under this Agreement, Seller’s sole and exclusive remedy shall be to retain the earnest money deposit as liquidated damages.
Seller’s Default: If Seller defaults under this Agreement, Buyer shall have all remedies available at law and equity, including, but not limited to, specific performance, damages, and rescission of this Agreement.
9. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.
10. Amendments. This Agreement may be amended only by a writing signed by both parties.
11. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of [State Name].
12. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, upon the first business day following deposit in the United States mail, postage prepaid, certified or registered, return receipt requested, addressed as follows:
If to Seller:
[Seller Name]
[Seller Address]
If to Buyer:
[Buyer Name]
[Buyer Address]
or to such other address as either party may designate in writing to the other party.
13. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, and permitted assigns.
14. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
[Signatures]
Seller:
[Seller Name]
[Date]
Buyer:
[Buyer Name]
[Date]
[Exhibits A and B to be attached]
Exhibit “A”: Legal Description of the Property
Exhibit “B”: Permitted Exceptions to Title
Disclaimer: This is a sample agreement and may not be suitable for all situations. It is recommended to consult with an attorney to prepare an agreement that meets your specific needs.
Purchasing Land Agreement Letter :
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