REAL ESTATE PURCHASE AGREEMENT
The undersigned (herein “Purchasers/Partners”) hereby offer to purchase from the owner (herein “Seller”) the real estate located at _____________________________in the city of__________________________, County of_________________, State of___________________________, the legal description of which is:[DESCRIPTION] upon the following terms and conditions:
- Purchase Price and Conditions of Payment
The purchase price shall be _______________________________________Dollars ($___________) to be paid in its entirety in cash at the time of closing the sale.
- Earnest Money Deposit
As earnest money, Purchasers deposit $__________________with the agent which shall be applied to the purchase price at the time of closing the sale
In the event that this offer is not accepted by Seller, this earnest money deposit shall be promptly refunded to the Purchasers by the agent.
In the event that this offer is accepted by the Seller, and the Purchasers fail to perform the terms of this agreement, the earnest money deposit shall be forfeited as and for liquidated damages suffered by Seller.
Seller is not, however, precluded from asserting any other legal or equitable remedy, which may be available to enforce this agreement.
- Real Estate Taxes, Assessments, and Adjustments
Real Estate Taxes accrued against the property shall be prorated through the date of closing the sale and Seller shall pay all taxes allocated to the property through that date of acceptance of this offer to purchase.
- Title to the Property
Seller shall provide the purchasers the title to the property bought in accordance with the contingency clause.
- Possession of the Property
Purchasers shall be given possession of the property on _______________, 20____. A failure on the part of Seller to transfer possession as specified will not make Seller a tenant of Purchasers, but in such event Seller shall pay to Purchasers $____________________per day as damages for breach of contract and not as rent. All other remedies, which the Purchasers may have under law, are reserved to the Purchasers.
- Risk of Loss
The risk of loss by destruction or damage to the property by fire or otherwise prior to the closing of the sale is that of Seller. If all or a substantial portion of the improvements on the property are destroyed or damaged prior to the closing and transfer of title this agreement shall be void able at the Purchasers’ option and in the event the Purchasers elects to avoid this agreement the earnest money deposited shall be promptly refunded.
- Improvements and Fixtures Included
This offer to purchase includes all improvements, buildings and fixtures presently on the real estate including but not limited to electrical, gas, heating, air conditioning, plumbing equipment, built-in appliances, hot water heaters, screens, storm windows, doors, Venetian blinds, drapery hardware, awnings, attached carpeting, radio, television antennas, trees, shrubs, flowers, fences and [ADD ANYTHING RELEVANT TO THIS SECTION IF NEED BE]
____________________________
- Contingency Clause
The offer to buy the above property is contingent upon;
- Partners’ approval within 14 business days from the date of this agreement,
- Buyer’s Inspection and approval of the condition of the property within 14 business days from the date of this agreement
- Clear title within 14 business days from the date of this agreement
- General Conditions
It is expressly agreed that this agreement to purchase real estate includes the entire agreement of the Purchasers and Seller. This agreement shall be binding upon the heirs, personal representatives, successors and assigns of both the Purchasers and Seller. This agreement shall be interpreted and enforced in accordance with the laws of the State
of______________________________
- Loans
Seller shall pay all existing loans, mortgage, and liens affecting the property
- Time for Acceptance and Closing
This offer is void if not accepted by Seller in writing on or before _________________________ A.M. /P.M. of the ______________________________day of ________________________, 20____. Closing of the sale shall take place _____________ days after Purchaser’s receipt of an abstract showing marketable title in Seller or title insurance binder showing insurable title in Seller. This offer is made at ______________________________, State of ____________________, this ____________________ day of ________________________________, 20_______.
____________________________
(PURCHASER NAME) (PURCHASER SIGNATURE)
____________________________ ____________________________
(PURCHASER NAME) (PURCHASER SIGNATURE)
_____________________________ ______________________________
Acceptance by Seller
The foregoing offer to purchase real estate is hereby accepted in accordance with the terms and conditions specified above. The undersigned hereby agrees to pay a brokerage fee of $_______________________ to ________________________, agent, in accordance with the existing listing contract. Seller agrees to sign this contract within 7 days from the date of this contract or it would expire.
Dated this ____________________________ day of _____________________________, 20_____
____________________________
(SELLER NAME)
____________________________
(SELLER SIGNATURE)
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, we will be able to prepare the legal document within the shortest time possible.