BUYOUT AGREEEMENT

BUYOUT AGREEEMENT

THIS AGREEMENT is hereby entered into on this ________________ day of 20______

BETWEEN

  1. ___________________________ of _________________________ (address), who is a joint tenant of the property and for the purposes of this agreement “the Seller”
  2. ___________________________ of _________________ (address) , who is a joint tenant of the property pursuant to a Lease Agreement dated ______________ of 20__________ and for the purposes of this agreement, “the Buyer”.

NOW THESE TERMS ARE AGREED UPON BY THE PARTIES:

  • The Buyer will purchase the property for good value and transfer of good title for $ 23,000 on or before this ____________ day of ___________
  • This Agreement shall be terminated after property has been transferred and once the Buyer has paid in full.
  • Seller agrees to transfer all rights and obligations under this Agreement including the right to assign the purchased property to a third party.
  • Both Parties agree to release, defend and indemnify each other from any and all liability or obligation arising from the Lease Agreement.
  • Seller agrees to close escrow directly with, and transfer title to Buyer in accordance with the terms of this Agreement. Seller agrees to make all necessary efforts and take all reasonable efforts to cooperate with Buyer and/or his lender, mortgage broker, appraiser and other parties involved with the Buyer.
  • In case the Seller fails to comply with the terms of this Agreement, including, but not limited to cooperation with the Buyer or if the Seller fails to deliver marketable title, he/she will considered to have defaulted the agreement and the Buyer can cancel out of the Agreement if the Seller defaults.
  • As security for Seller’s performance under this BUYOUT Agreement, Seller agrees to execute a Performance Mortgage, Deed of Trust or other customary security instrument, which will be recorded as a lien against the Property in an amount equal to the consideration as stated above.
  • This Agreement shall commence upon the date of full execution by all parties and expire when the terms of this contract have lapsed or when the parties shall agree.
  • The terms and conditions of this Agreement shall be binding upon the parties herein.
  • This Agreement contains the whole understanding between the parties herein and supersedes all previous contracts (if any) whether written or oral between the parties in respect of such matters.

IN WITNESS whereof of the parties hereto have executed this Agreement the day and year hereinabove written.

 SIGNED by the parties:

Buyer name: ______________________

Signature: _______________________

Witness: ______________________

Seller name: ____________________

Signature: ____________________

Witness: ____________________

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