Real Estate Purchase Contract for Unimproved Property

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This is a purchase-sale agreement between a current owner of unimproved property and a buyer. This agreement requires a full and adequate legal description of the unimproved property to be sold. In addition, this agreement specifies the purchase price, deposit amount, encumbrances, condition of the property, inspection rights, and closing date. This agreement can be used by individuals or entities that want to buy or sell an interest in a specific unimproved property.

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									This is a purchase-sale agreement between a current owner of unimproved property
and a buyer. This agreement requires a full and adequate legal description of the
unimproved property to be sold. In addition, this agreement specifies the purchase
price, deposit amount, encumbrances, condition of the property, inspection rights, and
closing date. This agreement can be used by individuals or entities that want to buy or
sell an interest in a specific unimproved property.
      REAL ESTATE PURCHASE CONTRACT (UNIMPROVED
                      PROPERTY)
       THIS PURCHASE AGREEMENT FOR UNIMPROVED PROPERTY (the
“Agreement”) is made this ____ day of ____________, 2____, [Instruction: Insert agreement
date.] by and between _____________ [Instruction: Insert Seller name.] (the “Vendor”) and
_______________ [Instruction: Insert Purchaser name.] (the “Purchaser”).

        NOW THEREFORE in consideration of the mutual promises and covenants contained
herein, the Vendor and the Purchaser hereby acknowledge and agree as follows:

    1. The Vendor agrees to sell to the Purchaser and the Purchaser agrees to purchase from the
    Vendor the real property municipally known as ________________________ [Instruction:
    Insert property address.] (the “Real Property”) and legally described as
    ____________________________________ [Instruction: Insert legal description of
    property.] together with all rights, easements and rights of way attaching thereto.

    2. The Purchaser shall pay to the Vendor the sum of _____________ ($_______)
    [Instruction: Insert written purchase price, followed by numerical representation of
    same.]United States Dollars (the “Purchase Price”) for the purchase of the Real Property
    from the Vendor. The Purchase Price shall be payable by the Vendor to the Purchaser as
    follows:

         (i)       _______________________________ (set out how purchase price is to be paid);
         (ii)      _______________________________ [Instruction: Insert payment terms.]

    3. In the event the Purchaser does not pay the remainder of the Purchase Price payable to
    the Vendor on the Closing Date, the Purchaser shall arrange financing by way of a mortgage
    for the balance of the Purchase Price not paid in full to the Vendor on the Closing Date. The
    financing terms for such mortgage are a loan of $ _____ [Instruction: Insert amount of
    loan to be obtained.] for a term of 30 [Option: Insert alternate term of years.] years or
    such lesser amount or shorter term as applied for or acceptable to Purchaser.

    4. This Agreement shall be conditional upon the Purchaser securing and being approved for
    financing by way of a commitment letter for a mortgage from an Institutional Lender. In the
    event the Purchaser is not successful in securing such financing within 45 [Option: The
    number of days may be changed.] days of the date of this Agreement, this Agreement shall
    terminate. An "Institutional Lender" is any of the following that is authorized under Federal
    or _____ [Instruction: Insert state where contract being entered into.] law to issue a loan
    secured by the Shares and Lease and is currently extending similarly secured loan
    commitments in the county in which the Unit is located: a bank, savings bank, savings and
    loan association, trust company, credit union of which Purchaser is a member, mortgage
    banker, insurance company or governmental entity. A “Commitment Letter" is a written
    offer from an Institutional Lender to make a loan on the financing terms set forth in this
    Agreement at prevailing fixed or adjustable interest rates and on other customary terms
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    generally being offered by Institutional Lenders making similar loans. An offer to make a
    loan conditional upon obtaining an appraisal satisfactory to the Institutional Lender shall not
    become a Commitment Letter unless and until such condition is met. An offer conditional
    upon any factor concerning Purchaser (e.g., sale of current home, payment of outstanding
    debt, no material adverse change in Purchaser's financial condition, etc.) is a Commitment
    Letter whether or not such condition is met. Purchaser accepts the risk that, and cannot
    cancel this Agreement if any condition concerning Purchaser is not met.

    5. Purchaser, directly or through a mortgage broker registered pursuant to applicable state
    law, shall diligently and in good faith (a) apply only to an Institutional Lender for a loan on
    the financing terms set forth herein on the form required by the Institutional Lender
    containing truthful and complete information, and submit such application together with such
    documents as the Institutional Lender requires, and pay the applicable fees and charges of the
    Institutional Lender, all of which shall be performed within 5 [Option: The number of days
    can be changed.] business days after the date of this Agreement; promptly submit to the
    Institutional Lender such further references, data and documents requested by the
    Institutional Lender; and accept a Commitment Letter meeting the financing terms and
    comply with all requirements of such Commitment Letter (or any other loan commitment
    letter accepted by Purchaser) and of the Institutional Lender in order to close the loan; and
    furnish Seller with a copy of the Commitment Letter promptly after Purchaser's receipt
    thereof. Purchaser is not required to apply to more than 1 [Option: The number of required
    applications may be changed.] Institutional Lender.
    6. In the event Purchaser shall be unable to pay the remainder of the Purchaser Price on the
    Closing Date and complies with all the requirements regarding obtaining financing and such
    Institutional Lender denies Purchaser's application in writing or does not issue a
    Commitment Letter on or prior to the date which is 45 [Instruction: The number here
    should be the same number of days which Purchaser is permitted for obtaining
    financing.] days from the date of this Agreement; or any requirement of the Commitment
    Letter other than one concerning Purchaser is not met, Purchaser shall be entitled to cancel
    this Agreement and shall be entitled to a refund of the Deposit.

    7. Upon execution of this Agreement by the Vendor and the Purchaser, the Purchaser shall
    deliver to the Vendor a Deposit in the amount of _______________ ($______) [Instruction:
    Insert written deposit amount followed by numerical representation of same.] United
    States Dollars (the “Deposit”) which shall be held by the Vendor and applied to the Purchase
    Price payable by the Purchaser on the Closing Date. In the event this Agreement terminates
    for any reason whatsoever, the Vendor shall immediately return the Deposit in full to the
    Purchaser.

    8. The Closing Date of the transaction contemplated herein shall be/on or about [Option:
    Putting an on or about date in many states provides greater flexibility for closing.] the
    ____ day of ________________, 2_____ [Instruction: Insert anticipated closing date.]
    (the “Closing Date”).



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     9. The Vendor shall provide at the Vendor’s expense/Purchaser’s expense [Option:
     Choose one.] a certificate of title insurance issued by _____________________
     [Instruction: Insert a title company name.] in the full amount of the Purchase Price. Such
     title insurance policy shall be dated on or before the Closing Date and shall insure the
     Purchaser against any losses under the provisions of the title insurance policy save and
     except for the following:

         (i)       Zoning and subdivision laws and regulations, and landmark, historic or wetlands
                   designation, provided that they are not violated by the existing buildings and
                   improvements erected on the property or their use;
         (ii)      any restrictive covenants;
         (iii)     any and all liens in respect of any financing obtained by the Purchaser;
         (iv)      any easements; and
         (v)       any encroachments.

     10. The Vendor is in possession of an up-to-date survey of the Real Property prepared by
     __________________, land surveyors and dated ________________ [Instruction: Insert
     applicable information.] and shall deliver same to the Purchaser upon execution of this
     Agreement. The Purchaser shall deliver a copy of same to the title insurance company.

or

10.    The Vendor is not in possession of an up-to-date survey of the Real Property. The
Vendor shall, at his/her own expense, have a survey prepared of the Real Property by a
professional land surveyor company, at the Vendor’s sole expense, and shall deliver same to the
Purchaser within ________ (___) [Instruction: Insert applicable number of days.] days of the
execution of this Agreement.
[Instruction: Choose applicable paragraph regarding survey.]

     11. The Purchaser shall have the right to object to any defects, encumbrances or exceptions
     on title which may show on the survey provided by the Vendor. Such objections of the
     Purchaser shall be in writing to the Vendor. Any objections the Purchaser may have to any
     defects, encumbrances or exceptions on title shall be delivered in writing by the Purchaser to
     the Vendor within ______________ (___) [Instruction: Insert applicable number of days.]
     days of the date of receipt of any title report or update. Any failure of the Purchaser to raise
     such objections within the time frame set out herein shall and will constitute a waiver of the
     Purchaser’s right to raise such objections. Upon the Vendor receiving any written objections
     from the Purchaser within the time frame set out herein, the Vendor shall remedy such
     objections within _______ (___) [Instruction: Insert applicable number of days.] days of
     receiving same. In the event the Vendor fails to remedy such objections raised by the
     Purchaser, this Agreement shall terminate and the Deposit will be returned by the Vendor to
     the Purchaser in full.

     12. If the Real Property is situated in a utility or other statutorily created district providing
     water, sewer, drainage, or flood control facilities and services, the Vendor shall furnish to the

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    Purchaser an executed notice in a prescribed form relating to the tax rate, bonded
    indebtedness, or standby fee of the district prior to final execution of this Agreement.

    13. The Vendor shall allow the Purchaser and the Purchaser’s real estate agents and
    inspectors access to the Real Property at mutually agreeable times to conduct any and all
    inspections which may be required or desired by the Purchaser. The Purchaser shall provide
    at least _______ (___) [Instruction: Insert agreed upon notice period.] hours notice to the
    Vendor prior to any inspection of the Real Property.

    14. The Purchaser hereby agrees to accept the Real Property in its current state and condition
    as of the date hereof.

    15. The Vendor hereby represents and warrants to the Purchaser the following
    environmental matters:

         (i)       _______________________________ [Instruction: List out any environmental
                   matters for the Real Property.];
         (ii)      _______________________________; and

         (iii)

    16. The Vendor acknowledges that he/she/they has/have no knowledge of the items set out
    on the Vendor’s Disclosure document annexed hereto as SCHEDULE “A”.

    17. The Vendor and the Purchaser shall each bear their own respective costs and fees for any
    real estate agent or broker fees which may be due or become due in connection with the
    purchase and sale of the Real Property contemplated herein.

    18. The Vendor agrees that he/she/they shall execute and deliver any and all documentation
    which may be necessary to properly convey title to the Real Property to the Purchaser and
    shall ensure that all taxes for the Real Property are up-to-date on the Closing Date.

    19. The Purchaser agrees that he/she/they will pay any and all sales taxes which may be due
    and payable or become due and payable in connection with the Purchaser’s purchase of the
    Real Property from the Vendor.

    20. The Vendor agrees that he/she/they will deliver to the Purchaser the Real Property in its
    present and current state, unaltered.

    21. The Vendor agrees that he/she/they will keep in full force and effect and in good standing
    property insurance insuring against any loss in respect of the Real Property. In the event any
    part [Option: Parties may revise this to place less of a burden on the Seller. An option
    would be to state “In the event a substantial portion…”.] of the Real Property is damaged
    or destroyed by fire or other casualty after the execution of this Agreement, the Vendor shall
    restore the Real Property to its previous condition as soon as reasonably possible, but in any

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    event by the Closing Date. If the Vendor fails to do so due to factors beyond the Vendor’s
    control, the Purchaser shall have the right to terminate this Agreement and the Deposit shall
    be refunded to the Purchaser.

    22. In the event any dispute arises between the Vendor and the Purchaser in respect to any
    term or condition of this Agreement, the Vendor and the Purchaser agree to try to resolve
    such dispute among them. In the event such dispute is not resolved between the parties, the
    dispute shall be submitted to a mutually agreeable mediation service provider. The decision
    of such mediation service provider shall be binding on the Vendor and the Purchaser and the
    parties shall equally share the cost of any such mediation.

    23. Any and all representations contained herein of the Vendor and the Purchaser are true in
    material and substance as of the date hereof.

    24. This Agreement shall be governed by the laws of the State of _____________
    [Instruction: Insert applicable state.] applicable therein and as amended from time to time.


    25. Should any provision or provisions of this Agreement and/or its conditions be illegal or
    not enforceable, it or they shall be considered separate and severable from the Agreement
    and its remaining provisions and conditions shall remain in force and be binding upon the
    parties hereto as though the said provision or provisions or conditions had never been
    included.


    26. All prior understandings, agreements, representations and warranties, oral or written,
    between Seller and Purchaser are merged in this contract; it completely expresses their full
    agreement and has been entered into after full investigation, neither party relying upon any
    statement made by anyone else that is not set forth in this contract.

    27. Neither this agreement nor any provision thereof may be waived, changed or cancelled
    except in writing. This agreement shall also apply to and bind the heirs, distributees, legal
    representatives, successors and permitted assigns of the respective parties. The parties
    hereby authorize their respective attorneys to agree in writing to any changes in dates and
    time periods provided for in this contract.


    28. Any singular word or term herein shall also be read as in the plural and the neuter shall
    include the masculine and feminine gender, whenever the sense of this contract may require
    it.


          IN WITNESS WHEREOF the parties have hereunto set their hands and seals.


Signed, sealed and delivered this ______ day of __________, 2__________.
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Witness:                                                            Vendor



Witness:                                                            Purchaser




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                                                 SCHEDULE “A”
                                            VENDOR’S DISCLOSURE




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