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"):

Property Address: [Address of the Property]
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:

Down Payment: $50,000 due upon signing of this Contract.
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:

The Seller has a good and marketable title to the Property.
The Seller has the right to sell the Property as described herein.
There are no undisclosed liens, encumbrances, or legal issues affecting the Property.

V.2 Buyer's Acknowledgements

The Buyer acknowledges and agrees that:

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:

Transfer taxes.
Recording fees.
Attorney fees.
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:

Termination of this Contract.
Specific performance.
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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