SALE AND PURSCHASE OF PROPERTY AGREEMENT.
This Sale and Purchase of Property Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between Clarice Smith, Contact Info: _________________________ (hereinafter referred to as the “Seller”), Dean Spaulding and Contessa Spaulding, Contact Info: ____________ (herein referred to as the “Buyer”) for the purchase of the “Property”.
DESCRIPTION OF THE PROPERTY.-The Property is 80 acres piece of land located at _____________________, registration Number ____________________, Title deed number/details ____________________________.
This Agreement covers all real estate including, buildings and fixtures presently on the Property, including but not limited to the electrical, gas, heating systems, the pole barn and all the other buildings and/or fixtures. Find Attached a Copy of the Property description.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
- TERM.
The initial term of this Agreement shall be for a period ____ [Months] commencing on the Effective Date herein.
- SCOPE.
- The Buyers shall buy the Property from the Seller for the amount specified hereunder;
PURCHASE PRICE.-The purchase price for the Property is _________________ Dollars of which: _____________ Dollars shall be paid as monthly installments from the Effective Date herein until ____ Day of September 2021.
MORTGAGE- the Property has an outstanding mortgage amounting to ________ Dollars that the Buyers (and one Becky Atkins-sister) have undertaken to pay off monthly until ______ Day of _______ 2021.
- The Seller shall clean and clear out the Pole Barn not later than 31st May 2021. There shall be repairs done on the Property to accommodate the Sellers needs while living on the Property.
- The Buyers have permission to make any improvements to the Property, including but not limited to making upgrades, clean up and any miscellaneous necessary for the mortgage company’s approval.
- ASSIGNMENT OF TITLE.
The Seller agrees on her own freewill to assign and transfer Title of Ownership to the Buyers on the ______ Day of ______ 2021, upon payment completion. The Buyers understand that they shall, from the Effective Date herein, be responsible for paying all and any State and/or federal land/property taxes, with the exception that the Seller shall be responsible for ¼ of the property taxes for as long as she lives on the Property.
- BREACH OF AGREEMENT.
In the event that the Seller violates any of the terms stated in this Agreement, and/or interferes with the Buyer’s use and enjoyment of the Property, the Seller shall pay the current value of the Property as of the time of the termination of the Agreement.
- MODIFICATION.
This Land Purchase and Sale Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- GOVERNING LAW.
This Agreement shall be governed by and construed in accordance with the laws of __________ [State/Country]. Exclusive jurisdiction and venue shall be _______________ [State/Country].
The Parties having acknowledged and understand thoroughly the terms herein contained and seen that they are consistent with their intentions, subscribed their names and seals in the presence of witnesses and have each retained a copy of this Agreement.
SELLER: _____________ ___________________ ___________
(SIGNATURE) (NAME) (DATE)
BUYER: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
BUYER: _____________ ___________________ ___________
(SIGNATURE) (NAME) (DATE)
SELLER’S WITNESS: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
BUYERS’ WITNESS: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
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