Agreement to Assign R.E. Contract for Sale Purchase by fvo54222

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Agreement to Assign R.E. Contract for Sale Purchase document sample

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									                          REAL ESTATE PURCHASE CONTRACT
        THIS AGREEMENT FOR THE SALE OF REAL PROPERTY is entered on this ___ day of
________, 200__, by and between __________, located at ___________________ (hereinafter
"Seller"), and _______________, located at _______________________ (hereinafter "Buyer").

                                     WITNESSETH

        WHEREAS, Seller is the owner of certain real property located at [insert address] and is
willing to sell the property to Buyer. The property is more particularly described as follows
(hereinafter the "Property"):

                                     insert legal description

       Together with all water rights, rights of way, easements, rents, issues, profits, income,
       tenements, hereditaments, privileges and appurtenances thereunto now or hereafter used
       or enjoyed with said property, or any part thereof;

        WHEREAS, Buyer is willing to purchase the Property on the terms and conditions herein
set forth;

       WHEREAS, the parties desire to reduce their agreement to writing.

      THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties stipulate and agree as follows:

                                      AGREEMENT

        1. Sale of Property. Seller agrees to sell and Buyer agrees to purchase the Property on
the terms and conditions set forth herein. The Property shall be transferred, and the funds shall
be paid, at Closing to be held no later than _______________, or as soon as practicable, allowing
time for Seller to obtain title insurance and both parties to prepare documents for Closing.

       2. Purchase Price. Buyer shall pay for the Property the sum and amount of
____________ Dollars ($_________). The Purchase Price is payable in cash or its equivalent at
Closing.

       3. Closing. Both parties agree that documentation and transfer of funds at Closing may
occur via mail or wire transfer. The following duties shall apply to both Parties:
                (a) Closing shall take place at _______________________ title company located
at ______________________;
                (b) Seller shall deliver or cause to be delivered to Buyer an executed and
acknowledged Warranty Deed conveying the Property to Buyer, and also deliver an Owner=s
Policy of Title Insurance;

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               (c) Buyer shall deliver to Seller the Purchase Price;
               (d) Buyer and Seller shall each pay one-half (2 ) of the closing costs, not
including Title Insurance policies, charged by _____________ Title Company, and pro-rate any
applicable property taxes as of the date of closing.

         4. Title. Upon the terms and conditions agreed to and set forth herein, at the Closing,
Seller shall convey to Buyer, by standard warranty deed, with good and indefeasible marketable
title in fee simple to the Property free and clear of any and all liens, encumbrances, conditions,
easements, restrictions and other conditions, except for the Permitted Exceptions.

        5. Title Policy. Upon Closing, Seller shall deliver to Buyer a standard coverage form of
Owner Policy of Title Insurance in the full amount of the Purchase Price, insuring Buyer's
indefeasible fee simple title to the Property subject only to the Permitted Exceptions and taxes for
the year of Closing and subsequent assessments for prior years due to change in land usage or
ownership. The Seller shall pay the cost of the premium for the policy.

         6. Environmental Matters. Buyer assumes all risk relating to environmental matters,
including regulations, restrictions and requirements relating to wildlife, and agrees to indemnify,
defend and hold Seller harmless therefrom, except that this indemnification shall not apply to any
liability created by Seller.

       7. Covenants, Conditions and Restrictions. Buyer assumes the obligations under any
Covenants, Conditions, or Restrictions recorded on the property under the subdivision in which
the property resides.

       8. Miscellaneous:

                A. Entire Agreement. This Agreement embodies the entire agreement between
the parties and cannot be varied except by the written agreement of the parties.
                B. Survival. All promises, representations and warranties intended to extend
beyond the closing date shall survive the Closing.
                C. Time of Essence. Time is of the essence of this Agreement.
                D. Notices. Any notice required or permitted to be delivered hereunder shall be
deemed to be delivered (a) when delivered, if personally delivered or by an overnight or other
courier service, or (b) whether or not actually received, when deposited in the United States mail,
postage prepaid, certified mail, return receipt requested, addressed to Seller or Buyer, as the case
may be, at the address set opposite the signature of such party hereto.
                E. Successors and Assigns. All of the terms and conditions of this Agreement
are hereby made binding on the successors and permitted assigns of both parties hereto.
                F. Headings. The captions used in connection with the articles and sections of
this Agreement are for convenience only and shall not be deemed to construe or limit the
meaning of the language of this Agreement.
                g. Effective Date. All references to the "date of this Agreement" or the "date
hereof" or similar references shall be deemed to mean the date first written above.


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                h. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ________; AND
PERFORMANCE AND VENUE SHALL BE IN _______ COUNTY.
                i. Attorneys' Fees. In the event that a legal action is brought to enforce the terms
of this Agreement, the prevailing party shall be entitled to collect its costs of court, including
reasonable attorneys' fees.
                j. Interpretation. The parties acknowledge that each party and its counsel have
reviewed this Agreement and that the normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation of this Agreement or any amendments of exhibits hereto.
                k. Severability. If any provision of this Agreement is held to be illegal, invalid
or unenforceable under present or future laws, such provision shall be fully severable, and this
Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part of this Agreement, and the remaining provisions of this Agreement
shall remain in full force and effect and not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement, provided that both parties may still effectively
realize the complete benefit of the transaction contemplated hereby.
                l. Amendments. No modification or amendment of this Agreement shall be
effective unless made in writing and executed by both Seller and Buyer. In the event any
approval or consent is required pursuant to any provision of this Agreement, such approval or
consent shall be deemed given only if it is in writing, executed b the party whose approval or
consent is required.
                m. Assignability. Buyer may not assign this Agreement without the express
written consent of Seller. [optional, or, ABuyer may assign this Agreement by giving Seller
written notice of the assignee.]

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above.

SELLER:

_______________________________               _____________
insert name                                   Date

______________________________
______________________________
insert address

BUYER:

_______________________________               _____________
insert name                                   Date

_______________________________
_______________________________
insert address

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