Agreement of Purchase and Sale
Agreement of Purchase and Sale
This Agreement of Purchase and Sale (the “Agreement”) is made and entered into on this 1st day of March 2060, by and between the following parties:
Seller:
[YOUR NAME]
123 Main Street
New York, NY 10001
Phone: 222 555 7777
Email: [YOUR EMAIL]
Buyer:
Gregory King
456 Maple Avenue
Los Angeles, CA 90001
Phone: 222 555 7777
Email: john@email.com
Both the Seller and Buyer may hereinafter be collectively referred to as the "Parties" or individually as a “Party.”
1. PROPERTY DESCRIPTION
The Seller agrees to sell, and the Buyer agrees to purchase, upon the terms and conditions set forth in this Agreement, the following property:
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Property Address:
789 Oak Drive,
Los Angeles, CA 90001
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Legal Description of the Property:
Lot 12, Block B, of the Oak Drive Subdivision, as per the map recorded in Book 22, Page 45 of Maps, in the office of the County Recorder of Los Angeles County, California.
2. PURCHASE PRICE
The total purchase price for the Property is Five Hundred Thousand Dollars ($500,000.00) (the "Purchase Price"), which will be paid by the Buyer as follows:
2.1 Deposit
The Buyer will provide a deposit of Fifty Thousand Dollars ($50,000.00), payable to Star Escrow Company within 10 days after the execution of this Agreement.
2.2 Balance Due on Closing
The remaining balance of the Purchase Price, totaling Four Hundred Fifty Thousand Dollars ($450,000.00), shall be paid by the Buyer at closing by certified funds, wire transfer, or cashier's check.
3. CLOSING DATE
The closing of the sale (the “Closing”) will take place on or before the 15th day of April 2060, or such other date as the Parties may agree in writing. The closing shall occur at Supreme Holders, 101 Pine Street, Los Angeles, CA 90001.
4. CONDITIONS OF CLOSING
The obligations of the Parties to complete the transaction at Closing are subject to the following conditions:
4.1 Financing Condition
This Agreement is contingent upon the Buyer securing financing. The Buyer must provide the Seller with proof of financing approval by March 31, 2060.
4.2 Inspection Condition
The Buyer shall have the right to conduct a property inspection. This Agreement is contingent upon the Buyer's satisfaction with the results of such inspection, which must be completed on or before March 15, 2060.
4.3 Title Condition
The Seller agrees to convey to the Buyer a marketable title, free and clear of any encumbrances, liens, or defects, subject only to the standard permitted exceptions and matters of record. The Seller shall provide the Buyer with a title insurance policy at Closing.
5. CLOSING COSTS
The Parties agree to the following allocation of costs related to the Closing:
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Seller’s Costs:
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Real estate commission fees
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Transfer taxes
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Title search fees
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Buyer’s Costs:
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Loan origination fees
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Recording fees
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Title insurance premium
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6. RISK OF LOSS
The risk of loss or damage to the Property shall remain with the Seller until Closing. In the event the Property is damaged or destroyed before Closing, the Buyer shall have the option to:
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Terminate this Agreement and receive a refund of the deposit.
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Proceed with the Closing, with any insurance proceeds for the damage being assigned to the Buyer.
7. POSSESSION
Possession of the Property shall be delivered to the Buyer upon the completion of the Closing, unless otherwise agreed upon in writing by the Parties.
8. DEFAULT
In the event of a default by either Party, the non-defaulting Party shall have the following remedies:
8.1 Seller Default
If the Seller fails to perform under this Agreement, the Buyer may either:
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Terminate this Agreement and receive a refund of the deposit.
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Seek specific performance, compelling the Seller to complete the sale.
8.2 Buyer Default
If the Buyer fails to perform under this Agreement, the Seller may:
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Retain the deposit as liquidated damages.
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Seek specific performance, compelling the Buyer to complete the purchase.
9. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the Parties and supersedes all prior discussions, negotiations, and agreements, whether oral or written. No changes or amendments to this Agreement shall be valid unless made in writing and signed by both Parties.
10. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflict of laws principles.
11. MISCELLANEOUS PROVISIONS
11.1 Severability
If any provision of this Agreement is found to be invalid or unenforceable by any court of competent jurisdiction, the remaining provisions shall continue in full force and effect.
11.2 Assignment
Neither Party may assign this Agreement without the prior written consent of the other Party.
11.3 Notices
All notices required or permitted under this Agreement shall be in writing and shall be deemed to have been delivered when sent by certified mail or courier to the addresses listed above.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first written above.
Seller:
[YOUR NAME]
Date: March 1, 2060
Buyer:
Gregory King
Date: March 1, 2060
