VIEWS: 1,664 PAGES: 7 CATEGORY: Real Estate POSTED ON: 1/15/2011
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 provides 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.
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 provides 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____, by and between _____________ (the “Vendor”) and _______________ (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: 1.00 The Vendor agrees to sell to the Purchaser and the Purchaser agrees to purchase from the Vendor the real property municipally known as ________________________ (the “Real Property”) and legally described as ____________________________________ together with all rights, easements and rights of way attaching thereto. 2.00 The Purchaser shall pay to the Vendor the sum of _____________ ($_______) Dollars (the “Purchase Price”) for the purchase of the Real Property from the Vendor payable by the Vendor on the Closing Date, as defined herein. The Purchase Price shall be payable by the Vendor to the Purchaser as follows: (i) _______________________________ (set out how purchase price is to be paid); (ii) _______________________________ 3.00 In the event the Purchaser does not pay the full Purchase Price payable to the Vendor on the Closing Date, the Purchaser shall arrange financing by way of a mortgage for the balance of the Purchase Price not paid in full to the Vendor on the Closing Date. 4.00 This Agreement shall be conditional upon the Purchaser securing and being approved for financing by way of a mortgage. In the event the Purchaser is not successful in securing such financing, this Agreement shall terminate. 5.00 Upon execution of this Agreement by the Vendor and the Purchaser, the Purchaser shall deliver to the Vendor a Deposit in the amount of _______________ ($______) 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. 6.00 The Closing Date of the transaction contemplated herein shall be the ____ day of ________________, 2_____ (the “Closing Date”). 7.00 The Vendor shall provide at the Vendor’s expense/Purchaser’s expense a certificate of title insurance issued by _____________________ 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) any building or zoning ordinances; (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. 8.00 The Vendor is in possession of an up-to-date survey of the Real Property prepared by __________________, land surveyors and dated ________________ 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 8.00 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 ________ (___) days of the execution of this Agreement. 9.00 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 ______________ (___) days of the Closing Date. 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 _______ (___) 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. 10.00 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 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. 11.00 The Vendor allows 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 _______ (___) hours notice to the Vendor prior to any inspection of the Real Property. 12.00 The Purchaser hereby agrees to accept the Real Property in its current state and condition as of the date hereof. 13.00 The Vendor hereby represents and warrants to the Purchaser the following environmental matters: (i) _______________________________ (list out any environmental matters for the Real Property); (ii) _______________________________; and (iii) 14.00 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”. 15.00 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. 16.00 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. 17.00 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. 18.00 The Vendor agrees that he/she/they will deliver to the Purchaser the Real Property in its present and current state, unaltered. 19.00 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 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 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 refunded to the Purchaser. 20.00 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. 21.00 Any and all representations contained herein of the Vendor and the Purchaser are true in material and substance as of the date hereof. 22.00 This Agreement shall be governed by the laws of the State of _____________ applicable therein and as amended from time to time. 23.00 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. IN WITNESS WHEREOF the parties have hereunto set their hands and seals. Signed, sealed and delivered this ______ day of __________, 2__________. Witness: Vendor Witness: Purchaser SCHEDULE “A” VENDOR’S DISCLOSURE
"Real Estate Purchase Contract for Unimproved Property"