Land Sale Agreement
Land Sale Agreement
This Land Sale Agreement ("Agreement") is made on this [DATE] and entered into by [Your Name], the Land Owner (hereinafter referred to as the "Seller"), and [Client Name], 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 [Description of Property]. 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 [Insert Price]. 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 [Number of days] from the date of signing of 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 [Insert Date], at a location mutually agreed upon by the Parties, where full payment will be made, and ownership will be officially transferred.
V. Contingencies
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Inspection Contingency: The Buyer shall have [Number of 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.
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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 [Number of days] of receiving the appraisal report.
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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 [Number of days].
VI. Seller's Disclosures
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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, and the Seller has disclosed all known material defects to the Buyer.
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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
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Earnest Money Deposit: Upon execution of this Agreement, the Buyer shall deposit [Amount] as earnest money, to be held in escrow by [Agent], and applied towards the purchase price at closing.
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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
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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.
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Property Condition Warranty: The Seller represents and warrants that the Property is in compliance 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
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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 [Arbitration Association], with the prevailing Party entitled to recover reasonable attorney fees and costs.
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Choice of Law: This Agreement shall be governed by and construed following the laws of [State], 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 [State].
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.
[YOUR NAME]
[DATE SIGNED]
[CLIENT NAME]
[DATE SIGNED]
