Double Close Contract
DOUBLE CLOSE CONTRACT
This Double Close Contract (the “Contract”) is entered into as of [Effective Date], by and between [YOUR NAME], a seller with its principal address at [Your Company Address] (hereinafter referred to as “the Seller”) and [CLIENT'S NAME], a buyer with its principal address at [Buyer's Address] (hereinafter referred to as “the Buyer”).
1. PROPERTY TRANSACTION
1.1 Purchase Agreement: The Seller agrees to sell and the Buyer agrees to purchase the property located at [Property Address] (the “Property”) for the sum of [Purchase Price]. The purchase agreement shall include all terms and conditions agreed upon by the Parties, including but not limited to the closing date, earnest money deposit, and any contingencies.
1.2 Property Description: The Property is described as [Brief Property Description], including any improvements, fixtures, and appurtenances to be included in the sale.
1.3 Title Examination: Prior to the First Closing, the Seller shall provide the Buyer with a title commitment for the Property, and the Buyer shall have the right to conduct a title examination to ensure marketable title.
1.4 Property Inspection: The Buyer shall have the right to conduct a property inspection at their own expense to assess the condition of the Property and identify any necessary repairs or maintenance.
1.5 Disclosure of Defects: The Seller shall disclose to the Buyer any known defects or issues with the Property that may affect its value or desirability.
2. PARTIES
2.1 The Seller: The Seller agrees to sell the Property to the Buyer and acknowledges the subsequent sale of the Property to the End Buyer (defined below).
2.2 The Buyer: The Buyer agrees to purchase the Property from the Seller and acknowledges the intermediary role of the Seller in the transaction.
2.3 The End Buyer: The End Buyer refers to the ultimate purchaser of the Property from the Seller. The Seller acknowledges that the Property will be resold to the End Buyer immediately following the Second Closing.
2.4 Seller's Representation: The Seller represents and warrants that they have the legal authority to sell the Property and to enter into this Contract without the consent of any third party.
3. CLOSING
3.1 First Closing: The Seller shall purchase the Property from the current owner at a closing (the “First Closing”) to take place on [First Closing Date], or such other date as agreed upon by the Parties.
3.2 Second Closing: The Seller shall sell the Property to the Buyer at a closing (the “Second Closing”) to take place on [Second Closing Date], immediately following the First Closing.
4. PURCHASE PRICE
4.1 Purchase Price: The Purchase Price for the Property shall be [Purchase Price], payable by the Buyer to the Seller at the Second Closing.
4.2 Sale Price: The Sale Price for the Property shall be [Sale Price], payable by the End Buyer to the Seller at the Second Closing.
4.3 Earnest Money Deposit: The Buyer shall deposit an earnest money amount of [Earnest Money Amount] with the escrow agent within [Number] days of the execution of this Contract. The earnest money shall be applied towards the Purchase Price at the Second Closing.
4.4 Adjustments: The Purchase Price shall be adjusted at the Second Closing to account for any prorated expenses, including but not limited to property taxes, homeowner association fees, and utility charges.
4.5 Escrow Account: The Purchase Price shall be held in escrow by a mutually agreed-upon escrow agent until the Second Closing. The escrow agent shall release the funds to the Seller upon the completion of the Second Closing.
5. CLOSING COSTS
5.1 Seller's Closing Costs: The Seller shall be responsible for all closing costs associated with the First Closing, including but not limited to title fees, transfer taxes, and any prorated expenses.
5.2 Buyer's Closing Costs: The Buyer shall be responsible for all closing costs associated with the Second Closing, including but not limited to title fees, transfer taxes, and any prorated expenses.
6. CONDITIONS
6.1 Conditions Precedent: The closing of the First Closing is contingent upon the satisfactory completion of all due diligence by the Seller, including but not limited to inspection of the Property and review of all title documents.
6.2 Conditions Subsequent: The closing of the Second Closing is contingent upon the closing of the First Closing and the satisfactory completion of all due diligence by the Buyer.
6.3 Inspection Contingency: The Buyer shall have [Number] days from the execution of this Contract to conduct inspections of the Property, including but not limited to structural, mechanical, and environmental inspections. If the Buyer is not satisfied with the results of the inspections, they may terminate this Contract without penalty.
6.4 Financing Contingency: The Buyer's obligation to purchase the Property is contingent upon the Buyer obtaining satisfactory financing for the Purchase Price. If the Buyer is unable to obtain financing within [Number] days of the execution of this Contract, they may terminate this Contract without penalty.
6.5 Title Contingency: The Buyer's obligation to purchase the Property is contingent upon the Buyer receiving a commitment for title insurance that is satisfactory to the Buyer. If the Buyer is not satisfied with the title commitment, they may terminate this Contract without penalty.
6.6 Appraisal Contingency: The Buyer's obligation to purchase the Property is contingent upon the Property appraising for at least the Purchase Price. If the Property does not appraise for the Purchase Price, the Buyer may terminate this Contract without penalty.
7. DEFAULT
7.1 Seller's Default: If the Seller fails to complete the sale of the Property at the Second Closing, the Buyer shall have the right to terminate this Contract and seek damages for any losses incurred.
7.2 Buyer's Default: If the Buyer fails to complete the purchase of the Property at the Second Closing, the Seller shall have the right to terminate this Contract and seek damages for any losses incurred.
8. GOVERNING LAW
This Contract shall be governed by, and construed in accordance with the laws of the State of [State]. All disputes arising under or in relation to this Contract shall be submitted to the exclusive jurisdiction of the courts of [State].
9. ENTIRE AGREEMENT
This Contract contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements, understandings, inducements or conditions, express or implied, oral or written, unless herein contained.
IN WITNESS WHEREOF, the parties have executed this Contract as of the date first above written.
[YOUR NAME]
[YOUR TITLE]
[CLIENT'S NAME]
