Real Estate for Sale by Owner Contract
Real State for Sale by Owner Contract
This For Sale By Owner Real Estate Agreement (the "Agreement"), effective as of the date of last signature below, is entered into by and between the property owner, referred to herein as the “Seller“, and the interested party, referred to herein as the “Buyer“. Both parties collectively shall be known as the "Parties".
1. PROPERTY DESCRIPTION
This Agreement pertains to the property situated at 123 Main Street, Anytown, USA, including all structures, fixtures, enhancements, easements, rights, and appurtenances, collectively referred to as the "Property".
2. PURCHASE PRICE & TERMS OF SALE
The individual who is the buyer must completely pay the sum of $500,000 to the other individual who is the seller as payment for the property. This complete payment must be made on or possibly before the specified date of April 30, 2050.
3. PROPERTY CONDITION
The Property in question will be sold in its current state, referred to as "as is", and no guarantees or warranties will be provided by the Seller concerning its existing condition, structural integrity, or any possible defects it may encompass. It is the right of the proposed Buyer to carry out a comprehensive inspection of the Property before the completion of the final purchase to ensure satisfaction and agreement with the condition of the Property as presented.
4. TITLE & LIENS
The Title to the Property will be transferred free and clear of all liens and encumbrances, saving for those encumbrances and liens which have been otherwise agreed upon in writing by all the involved Parties. The Seller has the responsibility to address all the issues or discrepancies that are discovered during the process of the title search promptly and punctually.
5. CLOSING
The event of the closing, which is a significant aspect of this agreement, is scheduled to happen before either a Notary Public or an Attorney. These professionals are trusted to oversee and affirm the legitimacy and legality of the process. The location for this event has been determined to be at the office of the Lender, being the agreed place for the conduct of such critical transactions. The stipulated timeline for this to happen is on or before the 15th day of May in the year 2050.
6. POSSESSION
Upon the completion of the transaction, which is commonly referred to as the Closing, the Seller is legally obligated to transfer possession of the Property to the Buyer. The transfer of ownership denotes the conclusion of the transaction between the Seller and the Buyer, marking the fulfillment of the Seller's obligations outlined under the terms of the agreement. This procedure is fundamental to the execution of the transaction where the Seller relinquishes all rights over the Property and these are subsequently acquired by the Buyer.
7. DEFAULT
If the Buyer fails to complete the intended purchase for any reason, any monies that have been previously provided as a deposit by the Buyer towards the purchase will not be refunded. Instead, these funds will be maintained in possession by the Seller, serving as liquidated damages as a result of the Buyer's failure to complete the purchase.
8. LEGAL AND BINDING AGREEMENT
This Agreement serves as a legitimate and enforceable contract between the Parties as explicitly stated above in the document. Any modifications or alterations to the terms of this Agreement can only be executed in written form, with the final document garnering valid signatures from both Parties involved.
9. GOVERNING LAW
The interpretation and enforcement of this Agreement will be governed by the laws of [INSERT THE JURISDICTION].
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date of the last respective Party signing below.
[YOUR NAME]
[YOUR COMPANY NAME]
[DATE SIGNED]
[BUYER'S NAME]
[DATE SIGNED]
[REAL STATE ATTORNEY NAME]
[REAL STATE COMPANY NAME]
[DATE SIGNED]
[LENDER'S NAME]
[LENDER'S COMPANY NAME]
[DATE SIGNED]
