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Real Estate Purchase Contract for Unimproved Property

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Real Estate Purchase Contract for Unimproved Property Powered By Docstoc
					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 
				
DOCUMENT INFO
Description: 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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