Free Simple Land Sale Agreement Template
Simple Land Sale Agreement
This Land Sale Agreement ("Agreement") is made on March 15, 2050, and entered into by [Your Name], the Land Owner (hereinafter referred to as the "Seller"), and Jeremy Marvin, the Buyer (hereinafter referred to as the "Buyer"), collectively referred to as the "Parties."
I. Description of Property
The Seller owns a residential property described as a vacant parcel of land located at 789 Pine Street, Lincoln, NE 68508, measuring approximately 2.5 acres. This property will hereafter be referred to as the "Property." The Seller agrees to sell, and the Buyer agrees to purchase, said Property.
II. Purchase Price
The agreed total purchase price for the Property is $400,000. The Buyer will pay this amount to the Seller under the terms described in the financing section below.
III. Financing
The Buyer will finance the purchase of the Property through a mortgage. The Buyer has 30 days from the date of signing this Agreement to secure financing. Should the Buyer fail to secure financing within the designated period, the Seller reserves the right to terminate this Agreement.
IV. Closing Date
The Parties agree that the official closing of the sale will take place on May 1, 2050, at a location mutually agreed upon by the Parties. At closing, full payment will be made, and ownership will be officially transferred.
V. Contingencies
Inspection Contingency
The Buyer shall have 14 days from the effective date of this Agreement to conduct inspections of the Property, including but not limited to structural, mechanical, environmental, and pest inspections. If the Buyer finds the Property unsatisfactory for any reason, they may terminate this Agreement, and the earnest money shall be returned.
Appraisal Contingency
This Agreement is contingent upon the Property appraising at or above the purchase price. If the Property does not appraise for the agreed-upon amount, the Buyer may terminate this Agreement within 10 days of receiving the appraisal report.
Home Sale Contingency
If the Buyer's purchase of the Property is contingent upon the sale of their current home, this Agreement is contingent upon the successful closing of that sale within 45 days.
VI. Seller's Disclosures
Disclosure of Property Condition
The Seller warrants that, to the best of their knowledge, the Property is free from any material defects that would affect its value or desirability. The Seller has disclosed all known material defects to the Buyer.
Disclosure of Legal Encumbrances
The Seller warrants that there are no outstanding liens, encumbrances, easements, or other restrictions affecting the Property's title, except as previously disclosed to the Buyer.
VII. Buyer's Responsibilities
Earnest Money Deposit
Upon execution of this Agreement, the Buyer shall deposit $10,000 as earnest money, to be held in escrow by Nebraska Title and Escrow Services. This deposit shall be applied toward the purchase price at closing.
Timely Response to Contingencies
The Buyer agrees to diligently pursue and complete all inspections, appraisals, and other contingencies outlined in this Agreement within the specified timeframes.
VIII. Seller's Representations and Warranties
Title Warranty
The Seller represents and warrants that they have good and marketable title to the Property, free and clear of all liens, encumbrances, and defects except as disclosed in this Agreement.
Property Condition Warranty
The Seller represents and warrants that the Property complies with all applicable building codes and zoning regulations and is in substantially the same condition as of the date of the Buyer's initial inspection.
IX. Dispute Resolution
Mediation and Arbitration
Any disputes arising out of or relating to this Agreement shall first be submitted to mediation, with each Party bearing its costs. If mediation is unsuccessful, the dispute shall be resolved by binding arbitration following the rules of the American Arbitration Association, with the prevailing Party entitled to recover reasonable attorney fees and costs.
Choice of Law
This Agreement shall be governed by and construed under the laws of Nebraska, without regard to its conflicts of law principles. Any legal action arising under or related to this Agreement shall be brought in the courts of Nebraska.
X. Miscellaneous
This Agreement contains the entire understanding of the Parties, and there are no other promises or conditions in any other agreement, whether oral or written. This Agreement supersedes any prior written or oral agreements between the Parties.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
Seller
[Your Name]
March 15, 2050
Buyer
Jeremy Marvin
March 15, 2050
