Real estate transactions

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Real estate transactions. This contract made _________[date], by and between A, of _________, and B, of _________. Recitals: A, through knowledge of lands and land values in _________ county, has selected for purchase the land described below and bid in at the recent sale of _________ by the government, in the name of _________, tract No. _________, in the published list of lands offered at this sale, the tract being described as follows: _________. Terms of sale required payment of ¼ cash at time of sale, ¼ in one year and ½ in two years, the first payment of ¼ of the purchase price amounting to $_____, having been paid by A. It is agreed that B shall pay the next payment on the land and A and B shall pay the final payment in equal parts, at which time A, upon receipt of patent to the land, shall convey by warranty deed to B an undivided ½ interest in and to the above-described tract of land. It is further agreed that should either of parties default in payment agreed to be made, the other party may make the payment, and secure by it the interest of party defaulting in payment, and party so defaulting shall convey to other party all interest in and to the above property by warranty deed. It is further agreed that A may rent or lease this land by and with the consent of B, and all income derived from the property, or any profit made in case the land is sold shall be divided equally between the parties, after deducting all necessary expenses incurred in handling the land or improving it.

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