One party advancing purchase price

Document Sample
One party advancing purchase price Powered By Docstoc
					One party advancing purchase price. Agreement between A, of _________, and B, of _________. Recitals: B has purchased for A the following-described property: _________ for $_____. A proposes furnishing the money necessary to purchase the property. It is therefore agreed as follows: 1. That A pays for and takes title to the property. 2. That B takes charge of and cares for property, collecting rent and making such repairs as seem necessary, paying taxes, both regular and such instalments of special taxes before they become delinquent each year during the term of this contract. 3. A is to receive _____% interest per year, payable semiannually on money invested in purchasing property whether property rents for sufficient amount to pay that or not, after making necessary repairs. B to make up from any deficit in rents so that A shall in no event receive less than _____% interest semiannually. 4. Any excess received from rent above _____% after paying necessary repairs and taxes is to be divided equally between the parties. 5. When B deems it advisable to sell the property, at not less than purchase price, A is to make conveyance and receive the consideration of it, until the purchase price this day paid is fully refunded together with the interest. 6. If after _________ years from date in case the above-described property has not been sold or disposed of and A not reimbursed for all moneys paid out, be it purchase money or moneys paid for taxes or repairs on the property, then B shall pay A _____% of the amount still invested and receive a deed for an undivided _________ of the property or as much as has not been previously disposed of, subject to special taxes not delinquent. 7. When A shall have received payment in full of the principal and interest from sale of the property then the remainder of property, if any, shall belong to parties to this agreement in equal shares. The intention of this agreement is that A is first guaranteed repayment of principal and _____% interest on purchase price of property, and then that profits or losses shall be shared equally by the parties.

This agreement to be binding upon the respective heirs and assigns of the parties.


				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:276
posted:8/31/2007
language:English
pages:2
Brea Brea
About