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Purchase of Real Estate Contract

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Purchase of Real Estate Contract Powered By Docstoc
					This is an agreement for the purchase and sale of a particular piece of real estate. This
document contains all of the essential terms and conditions of the agreement, such as
the purchase price, the property description, chattels and fixtures, completion date,
search of title to the property, title to the property, inspection, and insurance. This
agreement should be used by individuals or entities that want to buy or sell an interest in
real property.
               PURCHASE OF REAL ESTATE CONTRACT
       THIS AGREEMENT OF PURCHASE AND SALE (the “Agreement”) dated this ____
day of __________, 2____, by and between _________________ (the “Vendor”) and
________________ (the “Purchaser”) for the purchase of the real property municipally known as
___________________________ and legally described as _________________________ (the
“Property”).

THE VENDOR AND THE PURCHASER HEREBY AGREE AS FOLLOWS:

1.00   PURCHASE PRICE

1.01 The Purchaser shall pay to the Vendor the sum of __________________ ($_______)
Dollars (the “Purchase Price”) for the Property.

1.02 The Purchaser shall pay to the Vendor a deposit in the sum of _______________
($_____) Dollars (the “Deposit”), which shall be paid by the Purchaser to the Vendor’s attorney
upon execution of this Agreement. The Deposit shall be held in trust by the Vendor’s attorney
without interest pending the completion or termination of this Agreement and shall be credited
towards the Purchase Price of the Property.

1.03 The Purchaser hereby agrees to pay the balance of the Purchase Price, subject to any
adjustments, by bank draft or certified check, to the Vendor or the Vendor’s attorney on
completion of this transaction.

1.04 This Agreement will remain conditional for ______ (__) business days after execution by
the Vendor and the Purchaser and upon the Purchaser obtaining financing satisfactory to
him/her/it to complete this transaction. The Purchaser shall deliver written notice within the said
______ (___) days to the Vendor that this condition is fulfilled, failing which this Agreement
shall be null and void and the Deposit shall be returned to the Purchaser in full without interest or
deductions. This condition is for the sole benefit of the Purchaser and may be waived by
him/her/it. Comment: This is a contingency and as such, should be more specific as to the terms
sought by the Buyer.

1.05 This Agreement is conditional upon the Purchaser obtaining a satisfactory Home
Inspection of the subject property. The Home Inspector will be at the Purchaser’s own expense.
Unless the Purchaser gives notice in writing delivered to the Vendor not later than _____ (___)
business days after the date of acceptance that this condition is fulfilled, and Vendor is provided
a copy of the Inspection report, this provision shall become null and void. The Vendor agrees to
co-operate in providing access to the Property for the purpose of the inspection. This condition
is for the sole benefit of the Purchaser and may be waived by him/her/it.

2.00   CHATTELS AND FIXTURES

2.01   The following chattels shall be included in the Purchase Price:
        (i)
        (ii)
        (iii)

2.02 The following fixtures shall be excluded from the Purchase Price and shall not be sold to
the Purchaser or form part of this Agreement:

        (i)
        (ii)
        (iii)

3.00    COMPLETION DATE

3.01 This Agreement shall be completed no later than _______ a.m./p.m. on the ___ day of
________, 2_____. Upon completion of this Agreement, the Vendor shall deliver vacant
possession of the Property to the Purchaser.

4.00    SEARCH OF TITLE TO PROPERTY

4.01 The Purchaser shall have until ______ a.m./p.m. on the ____ day of ________, 2____
(the “Requisition Date”) to examine the title to the Property at the Purchaser’s own expense.

4.02    The Vendor hereby represents and warrants to the Purchaser as follows:

        (i)      that the current use of the Property is __________________ (e.g., Single family
                 dwelling); and

        (ii)     that the Property may be insured against risk of fire.


4.03 The Seller and the Purchaser hereby agree that there is no representation or warranty of
any kind that the future intended use of the Property by the Purchaser is or will be lawful.

5.00    TITLE TO THE PROPERTY

5.01 Provided that title to the Property is free and clear from all registered restrictions,
charges, liens and encumbrances except as otherwise specifically provided for in this Agreement
and save and except for: (a) any registered restrictions or covenants that run with the land
provided that such are complied with; (b) any registered municipal agreements and registered
agreements with publ
				
DOCUMENT INFO
Description: This is an agreement for the purchase and sale of a particular piece of real estate. This document contains all of the essential terms and conditions of the agreement, such as the purchase price, the property description, chattels and fixtures, completion date, search of title to the property, title to the property, inspection, and insurance. This agreement should be used by individuals or entities that want to buy or sell an interest in real property.
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