PURCHASE AND SALE AGREEMENT FOR VACANT LAND
THIS AGREEMENT is made on the …………..day of………….20……., (hereinafter, “Effective Date”) entered into by the buyer and seller (buyer and seller collectively referred to as the “parties” or individually as the “party”) and includes that party’s successors and assigns.
Buyer desires to purchase the Property described below from the seller and seller desires to sell the said Property to the buyer, and, accordingly, seller and buyer desire to enter into this Agreement to set forth the terms and conditions of such purchase and sale.
NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
- Property description:
Parcel Number: _________________________ Size of land in square feet: _________________________
Legal Description: _________________________Commonly Known As: __________________________
- Purchase Price: The Purchase Price for the Property is $_____________
- Back Taxes: The buyer, in addition to the purchase price stated above, agrees to pay outstanding taxes and liens on the property as agreed on the cover letter accompanying this agreement.
- Closing Costs: The buyer in addition to the above agrees to pay the closing costs for the execution of this agreement.
- Earnest Money: The Buyer will pay to the closing company 1% of the purchase price shown above to hold as an earnest money deposit. This earnest money deposit will be payable within three days of the closing agent starting the process of closing. If the buyer cancels the purchase agreement for no justifiable reason the Earnest Money shall be retained by the seller.
- Title: Seller’s interest and rights in the Property shall be transferred to buyer on the closing date, free from liens, encumbrances other than as disclosed to and not objected to by buyer and claims of others.
- Closing: Buyer shall deliver the balance of the purchase price to seller and seller shall execute and deliver the deed to buyer at “closing”. Closing shall occur within sixty days from the Effective Date unless any unforeseen issues delay the process, at a time and location mutually agreed upon by the parties (“closing date”). Seller must provide buyer with good and merchantable title prior at closing. Seller agrees to surrender possession of the Property on or before the Closing Date.
- Cancellation: The buyer retains the right to review the title search report during the process of this agreement. If the buyer objects to any issues that have arisen upon the review of the title search the seller has ten days (unless otherwise agreed) to remedy the defects identified and if not completed in this timeframe the buyer has the right to cancel the deal based on the buyers sole subjective discretion. The buyer also reserves the right to cancel the deal based on any defects that arise within the closing agent’s findings and due diligence period to the date of closing this transaction. If any defects are found the closing agent shall determine if the cancellation of the deal by the buyer is justifiable and the Earnest Money deposit shall be repaid to the buyer if the cause is just.
- Property Condition: Seller shall continue to maintain the Property in good condition and repair during the interim between the Effective Date and the closing date. The seller agrees to maintain the property in its current condition from the date of this agreement up to the date of closing. It is the buyer’s responsibility to perform their own tests, checks and due diligence on the information given by the seller. The seller does however have a duty to provide information to the best of their knowledge. This Contract is for the sale and purchase of the Property in its “as-is” condition as of the Effective Date. If it is found the seller has wrongfully given information, they know to not be true the buyer has the right to cancel the agreement and any Earnest Monies held shall be returned to the buyer.
- Inspection: Buyer may conduct, at Buyer’s sole cost and expense (unless otherwise provided by law) inspections of the Property (“Inspections”), including but not limited to investigations of the utilities serving the Property, environmental audits and soil sample testing, by one or more properly licensed or certified inspection personnel (each, and “Inspector”). Buyer shall provide Seller with reasonable notice prior to conducting any such investigations. Buyer shall indemnify Seller from and against any loss or damage to the Property or personal injury caused by the Inspections, Buyer, or Buyer’s Inspectors. Buyer agrees to promptly provide copies of all inspection reports to Seller and to the listing broker, if any. Seller further agrees to restore the Property to its original condition and agrees to be responsible for any damage incurred while performing such inspections.
- Assignment: The buyer has an unqualified right to assign this agreement to a third party who will consequently become the buyer. If the assignment clause is triggered the buyer listed on this agreement will complete an ‘assignment agreement’ with the new buyer and will notify the seller of this ‘assignment agreement’ before any signatures are added to the ‘assignment agreement’. Once the ‘assignment agreement’ is signed and completed the new buyer will proceed with the purchase based on the terms of this agreement.
- Notices: Any notice required to be given between the Parties pursuant to the provisions of this Agreement shall be in writing and shall be deemed to have been given at the time when actually received as a consequence of any effective method of delivery at the following addresses (including email) or such changed address as the Party shall have specified by written notice, provided that any notice of change of address shall be effective only upon actual receipt
- General provisions: This agreement may be amended only by the written consent of the Parties hereto. If any provision is held to be invalid or unenforceable, it shall not affect the validity or enforceability of any other provision. This agreement constitutes the entire agreement between the Parties. It supersedes all prior oral or written agreements or understandings between the Parties concerning the subject matter of this agreement. Unless otherwise provided, failure by either Party to enforce any of the terms or conditions of this agreement shall not be a waiver of their right to enforce the terms and conditions of this agreement. No waiver by any party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
This agreement may be executed in any number of counterparts, each of which shall be an original and all of which shall together constitute the same instrument. The Article and Section headings in this agreement are for convenience, and they form in no part of this agreement and shall not affect its interpretation. Whenever used herein, the singular number shall include the plural, and the plural number shall include the singular. Any references herein to the masculine gender or to the masculine form of any noun, adjective, or possessive shall be construed to include the feminine or neuter gender and form, and vice versa. This agreement shall be governed in all respects by the laws of the state of __________without regard to its conflict of law provisions.
- Deadline For Acceptance: This agreement is submitted to the seller from the buyer as of the Effective Date. Depending on delivery method, the seller has ten days starting at the date the seller physically receives the agreement to accept the agreement. THIS CONTRACT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL PARTIES AND DELIVERED BY THE SELLER TO THE BUYER WITHIN THE DEADLINE FOR ACCEPTANCE.
- Parties’ acknowledgments: The Parties acknowledge that they have been provided with the opportunity to negotiate this agreement and to seek legal counsel before signing this agreement. In addition, they acknowledge that they have the capacity to contract and enter into this agreement and that further, they have entered into this agreement freely and voluntarily.
______________________ _____________________ ______________________
Seller’s name Signature Date
______________________ _____________________ ______________________
Buyer’s name Signature Date
Please let us know how to contact you:
Seller’s Preferred contact: ___________________________________(Email, Phone, No preference)
Buyer’s Preferred contact: ___________________________________(Email, Phone, No preference)
Questions? Give us a call at (480) 561 4286
When complete please return both pages to our office via any of the following methods:
Mail: Matthew & Kathleen, 2030 W Baseline Road . 182-3503 . PHOENIX . ARIZONA . 85041 .
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )