Real Estate Purchase Contract for a Farm and Ranch

					This is a purchase-sale agreement between a current owner of a farm and ranch and a
buyer. This agreement requires a full and adequate legal description of the farm and
ranch to be sold. In addition, this agreement provides the purchase price, farm land
improvements, crops, ranch land improvements, farm equipment and accessories,
deposit, closing date, and leases. This agreement can be used by individuals or
entities that want to buy or sell an interest in a specific farm or ranch.
               REAL ESTATE PURCHASE CONTRACT (FARM AND RANCH)

THIS REAL ESTATE PURCHASE CONTRACT (the “Agreement”), is made this ____ day of
_____________, 2_____, [Instruction: Insert date.] by and between ______________
[Instruction: Insert Seller name.] (the “Vendor”) and ________________ [Instruction: Insert
Purchaser name.] (the “Purchaser”), wherein the Vendor agrees to sell to the Purchaser and the
Purchaser agrees to purchase from the Vendor, the farm land and ranch now owned by the
Vendor as more particularly described herein.

    1. PROPERTY

              A. The Purchaser shall purchase from the Vendor and the Vendor shall sell to the
                 Purchaser, the farm land and ranch owned by the Vendor located in the city/town
                 of _________________, [Instruction: Choose whether farm land and ranch
                 are located in a city or town and state name of same.] and more particularly
                 described as follows and depicted on
              B.




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              C. SCHEDULE “A” annexed hereto:

                 [Instruction: Insert brief property description, including address.] (the
                 “Property”).
              D. The Purchaser shall purchase the Property from the Vendor together with all
                 fixtures, easements, claims, permits, rights and privileges pertaining to and in
                 association with the Property.

    2. FARM LAND IMPROVEMENTS

              A. The Vendor hereby represents and warrants to the Purchaser that the following
                 farm land improvements have been made to the Property as of the date hereof:

                     i.     ______________________________________________;
                     ii. ______________________________________________; and
                     iii. ______________________________________________.[Instruction:
                     Insert farm land improvements including any outbuildings, sheds and the
                     like.]

    3. RANCH/RESIDENTIAL IMPROVEMENTS

              A. The Vendor hereby represents and warrants to the Purchaser that the following
                 ranch/residential improvements have been made to the Property as of the date
                 hereof:

                     i.   _____________________________________________;
                     ii. _____________________________________________; and
                     iii. _____________________________________________. [Instruction:
                     Insert residential improvements including houses and garages.]




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    4. FARM EQUIPMENT AND ACCESSORIES

              A. The following farm equipment and accessories shall be included in the purchase
                 price for the Property and the Vendor shall convey all right, title and interest in
                 and to the following farm equipment and accessories to the Purchaser free and
                 clear of any lien or encumbrance:

                     i.    ____________________________________;
                     ii. ____________________________________; and
                     iii. ____________________________________. [Instruction: Insert
                     description of farm equipment and accessories being included in the
                     purchase price.]
                     The Vendor shall use best efforts to transfer any applicable warranties for any
                     such farm equipment and accessories, if any. However, the Vendor does not
                     make any warranty for any such equipment and/or accessory, and each of same
                     are being sold “AS IS” and “WITH ALL FAULTS”.

              B. The Purchaser acknowledges and agrees that the Vendor shall retain the following
                 farm equipment and accessories and such farm equipment and accessories shall
                 not be included in the purchase price:
                 ___________________________________________. [Instruction: Insert
                 description of farm equipment and accessories not included in the purchase
                 price.] Each party shall be responsible for any and all taxes levied upon such
                 party, including any transfer or sales taxes which may be incurred as a result of
                 any transfer.

    5. RESIDENTIAL FIXTURES AND CHATTELS

              A. The following residential fixtures and chattels shall be included in the purchase
                 price for the Property and the Vendor shall convey all right, title and interest in
                 and to the following residential fixtures and chattels to the Purchaser free and
                 clear of any lien or encumbrance:

                            i.     ___________________________________;
                            ii.    ___________________________________; and
                            iii.   ___________________________________. [Instruction: Insert
                            description of any residential fixtures and chattel included in the
                            purchase price for the property. Fixtures are generally considered to
                            be those items which would be difficult to remove and have become
                            part of the residence. Examples might include but are not limited to
                            appliances, light fixtures, built-ins or through the wall air
                            conditioners.]

              B. The Purchaser acknowledges and agrees that the Vendor shall retain the following
                 farm residential fixtures and chattels and such fixtures and chattels and
                 accessories shall not be included in the purchase price:

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                  ___________________________________________. [Instruction: Insert
                  description of any residential fixtures and chattel not included in the
                  purchase price for the property.]

                  The Vendor is not required to make any repairs to the premises and the personal
                  property located therein included in the sale prior to or following closing to title,
                  except as otherwise agreed to by the parties in writing. The Vendor agrees,
                  however, to keep the premises and personal property in substantially the same
                  condition as they are on the date of this agreement, reasonable wear and tear
                  excepted. The Vendor is not obligated to install, repair or replace any fixtures,
                  equipment or appliances in the Property, nor is the Vendor required to patch any
                  minor holes in plaster, sheetrock or tile caused by the removal of pictures or other
                  artwork from the walls.

    6. CROPS

              A. The Vendor and the Purchaser agree that the Purchaser, at its sole cost and
                 expense, shall have the sole right to harvest the following crops which are
                 currently growing on the Property:

                       i. _________________________________;
                       ii. _________________________________; and
                       iii. _________________________________. [Instruction: Insert crops
                       which will be harvested by Purchaser.]

              It shall be the responsibility of the Vendor/Purchaser [Instruction: Choose who
              will bear responsibility. If it is to be Vendor’s responsibility, include the
              following additional sentences: “Vendor shall use best efforts to tend such crops
              but shall bear no liability with respect to the failure of any such crop to produce
              the desired, intended or usual result, whether or not same is as a result of
              weather, Vendor’s acts, acts of God or otherwise, and further, Vendor shall bear
              no liability with respect to the market share or value of any such crop. All of the
              foregoing shall be considered out of Vendor’s control.] to tend such crops between
              the date of this Agreement and the Closing Date of this transaction. The Vendor
              further agrees that the Vendor will permit Purchaser reasonable access to the Property
              in order to harvest the above-referenced crops. The Purchaser shall be entitled to any
              income from the above-mentioned crops.

              B. The Purchaser acknowledges and agrees that the Vendor, at its sole cost and
                 expense, shall have the sole right to harvest the following crops which are
                 currently growing on the Property and shall have such right in the event such
                 crops must be harvested after the Closing Date of this transaction:

                       i. _________________________________; and




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                       ii. _________________________________. [Instruction: Insert crops
                       which will be harvested by Vendor.]


              It shall be the responsibility of the Vendor/Purchaser [Instruction: Choose who
              will bear responsibility. If it is to be Purchaser’s responsibility, include the
              following additional sentences: “Purchaser shall use best efforts to tend such
              crops but shall bear no liability with respect to the failure of any such crop to
              produce the desired, intended or usual result, whether or not same is as a result
              of weather, Purchaser’s acts, acts of God or otherwise, and further, Purchaser
              shall bear no liability with respect to the market share or value of any such crop.
              All of the foregoing shall be considered out of Purchaser’s control.] to tend such
              crops between the Closing Date of this transaction and the harvest date(s) of the
              crops. The Purchaser further agrees that the Purchaser will permit the Vendor
              reasonable access to the Property in order to harvest the above-referenced crops. The
              Vendor shall be entitled to any income from the above-mentioned crops.

    7. PURCHASE PRICE AND DEPOSIT

              A. The Purchase Price for the Property shall be the sum of ____________
                 ($_______) [Instruction: Insert purchase price.] United States Dollars (the
                 “Purchase Price”) which shall be paid by the Purchaser to the Vendor or the
                 Vendor’s attorney on the Closing Date of this transaction by way of cash, certified
                 check or bank draft.
              B. Upon execution of this Agreement, the Purchaser shall deliver to the Vendor or
                 the Vendor’s attorney, a Deposit in the amount of ___________ ($_______)
                 [Instruction: Insert deposit amount.] United States Dollars (the “Deposit”)
                 which shall be retained by the Vendor or the Vendor’s attorney until the Closing
                 Date of this transaction. The Deposit shall be held pursuant to a separate escrow
                 agreement, which shall be deemed incorporated herein by reference. The Deposit
                 shall be applied to the Purchase Price.
              C. In the event this Agreement terminates prior to the Closing Date of this
                 transaction for any reason whatsoever, the Vendor or the Vendor’s attorney shall
                 forthwith refund the Deposit to the Purchaser. [Option: Vendor may wish to
                 negotiate this provision, as typically, the Vendor would retain the deposit if
                 the Purchaser defaulted and failed to close title pursuant to the Agreement.]

    8. CLOSING DATE

              A. The Closing Date for this transaction shall be the ____ day of __________,
                 2____, [Instruction and Comment: Insert closing date. Parties may wish to
                 revise this language to reflect the closing date as “on or about” a certain date
                 rather than a set date as it gives both parties flexibility.] (the “Closing Date”)
                 or on such other date as the Vendor and the Purchaser in writing may agree. On
                 the Closing Date, the Vendor shall transfer all right, title and interest in and to the
                 Property, including any included farm equipment and accessories and fixtures and

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                   chattels, to the Purchaser free and clear of any liens or encumbrances. Vendor
                   shall make best efforts to deliver any applicable and transferable warranty
                   documents. Each party shall also execute any additional documents, including
                   but not limited to any tax or transfer documents, necessary to effectuate this
                   transaction.

     9. SURVEY OF LAND

               A. The Vendor shall deliver to the Purchaser upon execution of this Agreement a
                  copy of any survey of the Property in his/her/its possession.

     10. LEASES

               A. The Vendor represents and warrants to the Purchaser that there are no leases
                  covering the Property.

or

The Vendor represents and warrants to the Purchaser that the following are the leases covering
      the Property and the Purchaser acknowledges receipt of executed copies of same:

         i.        ______________________________________; and

         ii.       ______________________________________. [Instruction: Choose the
                   applicable of the two alternate paragraphs regarding leases. If any leases
                   exist, list same.]


     11. STATUTORY TAX DISTRICTS

               A. If the Property is situated in a utility or other statutorily created district providing
                  water, sewer, drainage, or flood control facilities and services, state law may
                  require the Vendor to deliver and the Purchaser to sign the statutory notice
                  relating to the tax rate, bonded indebtedness, or standby fee of the district prior to
                  final execution of this contract. Each party acknowledges and agrees to provide
                  and execute any such necessary documents.
               B. If the Property abuts the tidally influenced waters of the state, state law may
                  require a notice regarding coastal area property to be included in the contract. An
                  addendum containing the notice promulgated by the state or required by the
                  parties must be used.
               C. If the Property is located in a certificated service area of a utility service provider
                  and the Property does not receive water or sewer service from the utility service
                  provider on the date the Property is transferred, state law may require a notice
                  regarding the cost of providing water or sewer services to the Property. An
                  addendum containing the notice promulgated by the state or required by the
                  parties must be used.

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              D. The Property is/is not located in an agricultural development district.
                 [Instruction: Choose one.]

                  [Comment: If any or all of the above statements are inapplicable, delete.]

    12. INSPECTION

              A. The Purchaser shall have the right to have the Property inspected by an inspector,
                 qualified by the laws of the applicable jurisdiction to inspect farm land and
                 ranches. The Vendor shall allow the Purchaser’s inspector to inspect the Property
                 at a mutually agreeable time and date. All costs associated with the Purchaser’s
                 inspection of the Property shall be borne by the Purchaser. The Vendor shall not
                 be held liable for any failure by the Purchaser to complete such inspection of the
                 Property.

    13. VENDOR’S DISCLOSURE

              A. The Purchaser acknowledges having received a completed copy of the Vendor’s
                 disclosure in the form annexed hereto as
              B.
              C.
              D.
              E.




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              F. SCHEDULE “B”.
              G. The Purchaser acknowledges having received a copy of the Vendor’s disclosure
                 in respect to the disclosure of lead-based paints and lead-based paint hazards as
                 required by the laws of the applicable jurisdiction.

    14. ENVIRONMENTAL MATTERS
          A. The Purchaser acknowledges that the Purchaser has the right to have an
             environmental assessment completed on the Property by a person or organization
             that is qualified in the applicable jurisdiction to complete environmental studies.
             The Vendor shall not be held liable for any failure by the Purchaser to complete
             such environmental assessment of the Property.

    15. GOVERNMENT PROGRAMS

              A. The Property is subject to the following government programs and the Vendor
                 shall provide copies of any and all documents relating to the following
                 government programs to the Purchaser upon execution of this Agreement:

                       i. ______________________; and
                       ii. ______________________. [Instruction: Insert any applicable
                       government programs.]

              B. The Purchaser acknowledges that participation in any and all governmental
                 programs or agreements set forth above shall survive the Closing Date of this
                 transaction. Notwithstanding the foregoing, the Vendor makes no representation
                 as to the continuation of any such governmental program and/or agreement nor
                 does the Vendor make any representation that the Property shall continue to be
                 eligible for any such program and/or agreement, except that the Vendor shall
                 maintain its operations as of the date of this Agreement in an effort to continue
                 such eligibility. The Vendor shall have no liability with respect to any
                 continuation of any such program and/or agreement or the eligibility of the
                 Property or the Vendor for any such program and/or agreement, except as
                 otherwise set forth herein.

    16. GENERAL PROVISIONS

              A. All covenants, representations and warranties in this contract survive closing.
              B. The Vendor shall deliver to Purchaser possession of the Property in its present or
                 required condition, ordinary wear and tear excepted.
              C. The Vendor shall transfer all right, title and interest in and to the Property,
                 including the farm equipment and accessories and the residential fixtures and
                 chattels included in the Purchase Price, to the Purchaser on the Closing Date, free
                 and clear of all liens and encumbrances.
              D. All property taxes and any other taxes for the current year, interest, maintenance
                 fees, assessments, dues and rents will be prorated through the Closing Date. If
                 taxes for the current year vary from the amount prorated at closing, the parties
                 shall adjust the proportions when tax statements for the current year are available.
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                    If taxes are not paid at or prior to closing, the Purchaser shall pay taxes for the
                    current year. Rentals which are unknown at time of closing will be prorated
                    between the Purchaser and the Vendor when they become known.
               E.   If this sale or the Purchaser’s use of the Property after the Closing Date results in
                    the assessment of additional taxes, penalties or interest for any period prior to the
                    Closing Date, such assessments will be the obligation of the Purchaser.
               F.   If any part of the Property (except any crops) is damaged or destroyed by fire or
                    other casualty after the date of this Agreement [Comment: Parties may wish to
                    consider tempering this language, as it is onerous to Vendor. Reasonable
                    alternatives might be “If substantially all of the Property” or “If a
                    substantial portion of the Property”], the Vendor, at the Vendor’s expense,
                    shall restore the Property to its previous condition as soon as reasonably possible,
                    but in any event by the Closing Date. If the Vendor fails to do so due to factors
                    beyond the Vendor’s control, the Purchaser may terminate this Agreement and the
                    Deposit will be refunded to the Purchaser in full or the Purchaser shall have the
                    option to extend the time for performance up to _____ (___) [Instruction: Insert
                    number of days.] days and the Closing Date will be extended as necessary or the
                    Purchaser shall have the option to accept the Property in its damaged condition
                    with an assignment of insurance proceeds and receive credit from the Vendor at
                    the Closing Date in the amount of the deductible under the insurance policy. With
                    respect to any crops included in the Purchase Price which may be damaged or
                    destroyed by fire or other casualty (including but not limited to blight or poor
                    weather conditions), to the extent the Vendor is unable to restore such crops to
                    their previous condition, the Vendor shall reduce the Purchase Price by the
                    amount attributed to such crops hereunder. In such event, the Vendor shall retain
                    any and all insurance proceeds paid for such crops, if any. The Vendor’s
                    obligations under this paragraph are independent of any obligations of the Vendor
                    contained herein.
               G.   In the event the Purchaser fails to comply with any term or condition of this
                    Agreement, the Purchaser shall be deemed in default of its terms, conditions and
                    provisions. Upon default of the Purchaser, the Vendor may seek to enforce
                    specific performance, seek such other relief as may be provided by applicable
                    laws, or both, or terminate this Agreement and receive the Purchaser’s Deposit as
                    liquidated damages, thereby releasing both parties from this Agreement.
               H.   The prevailing party in any legal proceeding related to this Agreement is entitled
                    to recover reasonable attorney’s fees and all costs of such proceeding incurred by
                    the prevailing party.
               I.   Any notice, direction or other document required or permitted to be given
                    hereunder or for the purposes hereof (hereinafter in this section called a “notice”)
                    to any party shall be in writing and shall be sufficiently given if delivered
                    personally, or if sent by prepaid registered mail or if transmitted by facsimile or
                    other form of recorded communication tested prior to transmission to such party;

         (a)        in the case of a notice to the Vendor, at:

_____

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_____
_____
Fax: _____
[Instruction: Insert Vendor’s contact information.]
with a copy to the Vendor’s Attorney, at:

_____
_____
_____
Attention: _____
              Fax:_____
              [Instruction: Insert Vendor’s attorney contact information.]

         (b)      in the case of a notice to the Purchaser, at:

_____
_____
_____
Fax: _____
[Instruction: Insert Purchaser’s contact information.]
       with a copy to the Purchaser’s attorney, at:

_____
_____
_____
Attention: _____
               Fax:_____
               [Instruction: Insert Purchaser’s attorney contact information.]
or at such other address as the party to whom such writing is to be given shall have last notified
the party giving the same in the manner provided in this Section. Any notice delivered to the
party to whom it is addressed as hereinbefore provided shall be deemed to have been given and
received on the day it is so delivered at such address, provided that if such day is not a Business
Day then the notice shall be deemed to have been given and received on the next Business Day.
Any notice mailed as aforesaid shall be deemed to have been given and received on the third
Business Day following the date of its mailing. Any notice transmitted by facsimile shall be
deemed given and received on the first Business Day after its transmission.

               J. This Agreement shall be governed by the laws of the State of ________________
                  [Instruction: Insert state.] applicable therein.

               K. Each of the parties hereto acknowledges and declares that the statements
                  contained in the recitals applicable to such party are true in substance and in fact.

               L. This Agreement expresses the entire Agreement among the parties hereto with
                  respect to all matters herein, and the execution has not been induced by, nor do



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                  any of the parties hereto rely upon or regard as material, any representations or
                  premises whatsoever not incorporated herein and made a part hereof.

              M. This Agreement may be executed by the parties in separate counterparts, each of
                 which when so executed and delivered shall be an original, but all such
                 counterparts shall together constitute one and the same instrument.

              N. The Parties covenant and agree that they will from time to time and at all times
                 hereafter, upon every reasonable request of any of the others, make, do and
                 execute or cause to be made, done or executed all such further acts, deeds,
                 documents, instruments or assurances as may be reasonably required for the
                 purposes of implementing the matters contemplated by this Agreement.

              O. Neither this contract nor any provision thereof may be waived, changed or
                 cancelled except in writing. This contract 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.

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

              Q. The captions in this contract are for convenience or reference only and in no way
                 define, limit or describe the scope of this contract and shall not be considered in
                 the interpretation of this contract or any provision hereof.

              R. This contract shall not be binding or effective until duly executed and delivered
                 by Seller and Purchaser.

              S. Each party shall, at any time and from time to time, execute, acknowledge where
                 appropriate and deliver such further instruments and documents and take such
                 other action as may be reasonably requested by the other in order to carry out the
                 intent and purpose of this contract. This subparagraph shall survive Closing.

              T. This contract is intended for the exclusive benefit of the parties hereto and, except
                 as otherwise expressly provided herein, shall not be for the benefit of, and shall
                 not create any rights in, or be enforceable by, any other person or entity.

              U. This Contract shall not terminate upon the death of any one or all persons
                 comprising Purchaser.

        IN WITNESS WHEREOF the Vendor and the Purchaser have executed this Agreement
as of the day and year first written above.




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Witness:                                                         Vendor



Witness:                                                         Purchaser




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                                                 SCHEDULE “A”




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                                                 SCHEDULE “B”




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DOCUMENT INFO
Description: This is a purchase-sale agreement between a current owner of a farm and ranch and a buyer. This agreement requires a full and adequate legal description of the farm and ranch to be sold. In addition, this agreement provides the purchase price, farm land improvements, crops, ranch land improvements, farm equipment and accessories, deposit, closing date, and leases. This agreement can be used by individuals or entities that want to buy or sell an interest in a specific farm or ranch.
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