Property Contract
PROPERTY CONTRACT
THIS PROPERTY PURCHASE AGREEMENT (the "Agreement") is entered into on [DATE], by and between:
SELLER: [Seller’s Full Legal Name], with a mailing address of [Seller’s Address], hereinafter referred to as the “Seller”,
AND
BUYER: [Buyer’s Full Legal Name], with a mailing address of [Buyer’s Address], hereinafter referred to as the “Buyer”.
RECITALS:
WHEREAS, Seller is the lawful owner of and has the right to sell the property described below; and
WHEREAS, Buyer desires to purchase said property from Seller;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows:
1. PROPERTY DESCRIPTION
The property to be sold under this Agreement, located at [Property Address], and more particularly described as follows (the "Property"):
Legal Description: [Legal Description of the Property]
Parcel Number: [Parcel Number]
2. PURCHASE PRICE AND TERMS
a. The total purchase price for the Property shall be $[Amount] (the "Purchase Price").
b. The Purchase Price shall be paid as follows: [Describe payment terms, e.g., down payment amount, financing details, etc.]
3. CLOSING
The closing of the purchase and sale of the Property (the "Closing") shall take place on [Closing Date], at a time and place to be agreed upon by the parties, but preferably at the office of [Specify, e.g., a title company, attorney, etc.]. At the Closing, Seller shall deliver to Buyer a deed transferring title to the Property to Buyer, and Buyer shall pay the remainder of the Purchase Price.
4. INSPECTIONS AND DISCLOSURES
Buyer shall have the right to inspect the Property prior to Closing to ensure the Property is in the same condition as when first viewed and to satisfy themselves with the condition of the Property. Seller agrees to provide Buyer with any and all disclosures required by law concerning the condition of the Property.
5. CONDITIONS TO CLOSING
a. Seller’s Performance: All obligations under this Agreement to be performed by Seller on or before the Closing Date have been satisfactorily completed.
b. Buyer’s Performance: All obligations under this Agreement to be performed by Buyer on or before the Closing Date have been satisfactorily completed.
6. RISK OF LOSS
The risk of loss or damage to the Property shall remain with Seller until the Closing.
7. DEFAULT
If either party fails to comply with this Agreement, the non-complying party shall be in default. The aggrieved party shall have the right to pursue any remedies available at law or equity.
8. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
9. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements, representations, and understandings of the parties, written or oral.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
[YOUR FULL NAME]
[DATE SIGNED]
[BUYER'S FULL NAME]
[DATE SIGNED]
