Real Estate Sales Contract
Real Estate Sales Contract
The Commercial Real Estate Sales Contract, referred to as the "Contract", is established on the [DATE] as stated above, and is between [Your Name], a legally registered body under [Jurisdiction] laws with the primary business address at [Your Address] (known as the 'Seller'), and [Name of Buyer], also a legitimate entity under the laws of [Jurisdiction], with its chief business address at [Buyer's Address] (identified as the 'Buyer'). Both Seller and Buyer are individually referred to as a "Party" and collectively known as the "Parties".
1. Property Description
The property subject to this Contract is described as follows:
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Type of Property: Office Building
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Address: 123 Main Street, Anytown, USA
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Legal Description: Lot 1, Block A, Anytown Commercial Subdivision, as recorded in Plat Book XX, Page XX, of the Anytown County Records.
2. Payment Terms
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Buyer agrees to purchase the property from Seller for the total purchase price of $2,500,000 payable in accordance with the terms set forth herein.
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Upon execution of this Contract, Buyer shall deposit the sum of $250,000 Deposit into escrow with XYZ Escrow Services, as an earnest money deposit to be applied towards the Purchase Price at closing.
3. Closing
3.1 Closing Date: The closing of the sale shall take place on or before April 30, 2050 Closing Date, unless otherwise mutually agreed upon by the Parties in writing.
3.2 Conditions Precedent: The Parties' obligations under this Contract are subject to the satisfaction of the following conditions precedent:
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Buyer obtaining financing for the purchase of the property, on terms acceptable to Buyer, within 30 days from the date of execution of this Contract.
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Seller providing clear and marketable title to the property to Buyer at closing, free and clear of all liens, encumbrances, and defects.
4. Representations and Warranties
4.1 Seller represents and warrants to Buyer that:
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Seller has good and marketable title to the property, free and clear of any liens or encumbrances.
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Seller has the legal authority to enter into and perform its obligations under this Contract.
4.2 Buyer represents and warrants to Seller that:
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Buyer has the financial capacity to complete the purchase of the property in accordance with the terms of this Contract.
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Buyer has obtained all necessary approvals and consents required to enter into and perform its obligations under this Contract.
5. Default and Remedies
In the event of a default by either Party under this Contract, the non-defaulting Party shall be entitled to exercise any remedies available at law or in equity, including but not limited to specific performance, damages, or termination of this Contract.
6. Governing Law and Jurisdiction
This Contract shall be governed by and construed in accordance with the laws of [Jurisdiction]. Any disputes arising out of or related to this Contract shall be resolved exclusively by the courts of [Jurisdiction].
IN WITNESS WHEREOF, the Parties have executed this Contract as of the date first above written.
[Your Name]
[Date Signed]
[Buyer's Name]
[Date Signed]
