Legal Binding Contract
Legal Binding Contract Template
I. Parties Involved
This Legal Binding Contract ("Contract") is made and entered into on [Date] by and between:
I.1 Seller: [Name of Seller], a [Legal Entity Type], with its principal place of business at [Seller's Address] (hereinafter referred to as the "Seller").
I.2 Buyer: [Name of Buyer], a [Legal Entity Type], with its principal place of business at [Buyer's Address] (hereinafter referred to as the "Buyer").
II. Property Description:
II.1 Description of the Property
The Seller agrees to sell and the Buyer agrees to purchase the following real property ("Property"):
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Property Address: [Address of the Property]
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Legal Description: [Legal Description of the Property]
III. Purchase Price and Payment Terms
III.1 Price Breakdown and Payment Schedule
The purchase price for the Property shall be $500,000 payable as follows:
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Down Payment: $50,000 due upon signing of this Contract.
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Balance: $450,000 to be paid in full by June 30, 2050.
III.2 Payment Method
Payment shall be made by bank transfer to the Seller or as instructed by the Seller.
IV. Closing Date
IV.1 Scheduled Closing Date
The closing of the sale shall take place on or before July 30, 2050, unless extended by mutual agreement of both Parties.
V. Representations and Warranties
V.1 Seller's Representations and Warranties
The Seller represents and warrants that:
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The Seller has a good and marketable title to the Property.
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The Seller has the right to sell the Property as described herein.
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There are no undisclosed liens, encumbrances, or legal issues affecting the Property.
V.2 Buyer's Acknowledgements
The Buyer acknowledges and agrees that:
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The Buyer has conducted due diligence on the Property and accepts it in its current condition.
VI. Closing Costs
VI.1 Responsibility for Closing Costs
The parties shall be responsible for their respective closing costs, including but not limited to:
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Transfer taxes.
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Recording fees.
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Attorney fees.
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Title insurance.
VII. Default and Remedies
VII.1 Action in Case of Default
In the event of default by either Party, the non-defaulting Party shall have the right to pursue all available remedies at law or in equity, including but not limited to:
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Termination of this Contract.
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Specific performance.
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Damages.
VIII. Governing Law
This Contract shall be governed by and construed by the laws of [Jurisdiction]
IX. Entire Agreement
This Contract constitutes the entire agreement between the Parties concerning the sale and purchase of the Property and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter.
IN WITNESS WHEREOF, the Parties hereto have executed this Contract as of the date first above written.
[BUYER'S NAME]
[DATE SIGNED]
[YOUR NAME]
[DATE SIGNED]
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