Free Urban Land Purchase Contract Template

URBAN LAND PURCHASE CONTRACT

I. AGREEMENT OVERVIEW

This Urban Land Purchase Contract (the "Contract") is made and entered into on the 4th day of December 2050, by and between [Your Name], of [Your Company Name], with a principal business address at [Your Company Address] (hereinafter referred to as "Seller"), and Edgar Spencer, of ZooMoco, with a principal business address at Virginia Beach, VA 23450 (hereinafter referred to as "Buyer").

The Seller agrees to sell, and the Buyer agrees to purchase, the urban land described in this Contract, subject to the terms and conditions set forth herein.

II. PROPERTY DESCRIPTION

Identification of Property

The property subject to this Contract is described as follows:

Address: 1500 Central Avenue, Virginia Beach, VA 23450
Parcel Number: 301-784-562
Lot Size: 2.5 acres
Zoning Classification: Commercial Mixed-Use (CMU)
Legal Description: A parcel of land located within Block 4, Section 3 of the Downtown District of Virginia Beach, more specifically described in the title deed recorded in the Virginia Beach City Clerk's Office, Book 98, Page 112.

The above-described property shall hereinafter be referred to as the "Property."

III. PURCHASE PRICE AND PAYMENT TERMS

Purchase Price

The total purchase price for the Property shall be $2,750,000 (the "Purchase Price").

Payment Terms

Initial Deposit: The Buyer shall pay an initial deposit of $275,000 upon execution of this Contract. The deposit shall be held in escrow by a mutually agreed-upon escrow agent and applied toward the Purchase Price at closing.
Balance Payment: The remaining balance of $2,475,000 shall be paid in full at the closing date through certified funds or wire transfer.

IV. DUE DILIGENCE

Inspections and Studies

The Buyer shall have a period of forty-five (45) days (the "Due Diligence Period") from the effective date of this Contract to conduct inspections, surveys, environmental studies, zoning verifications, and any other assessments deemed necessary.

Termination During Due Diligence

If the Buyer, in its sole discretion, determines that the Property is unsuitable for its intended use, the Buyer may terminate this Contract by providing written notice to the Seller before the expiration of the Due Diligence Period. In such a case, the initial deposit shall be refunded to the Buyer, less any escrow agent fees.

V. CLOSING TERMS

Closing Date

The closing of this transaction (the "Closing") shall occur on or before June 15, 2050, unless extended by mutual written agreement.

Closing Costs

The parties agree to the following allocation of closing costs:

The Seller shall bear the cost of preparing the deed and any title defect corrections.
The Buyer shall bear the cost of title insurance, recording fees, and all other applicable transfer taxes.

Title and Conveyance

The Seller shall convey to the Buyer good and marketable title to the Property through a general warranty deed, free and clear of all liens, encumbrances, and claims, except as otherwise stated in this Contract.

VI. REPRESENTATIONS AND WARRANTIES

Seller Representations

The Seller represents and warrants that:

The Seller has full legal authority to sell the Property.
The Property is free from environmental contamination.
No litigation, claims, or disputes are pending against the Property.

Buyer Representations

The Buyer represents and warrants that:

The Buyer has conducted or will conduct all necessary due diligence.
The Buyer has the financial capacity to complete the purchase.

VII. GOVERNING LAW

This Contract shall be governed by and construed in accordance with the laws of the State of Virginia, without regard to its conflict of laws principles.

VIII. DISPUTE RESOLUTION

The parties agree that any dispute arising out of this Contract shall first be resolved through good-faith mediation. If mediation fails, the dispute shall be settled through litigation in the courts located in Virginia Beach, Virginia.

IX. NOTICES

All notices under this Contract shall be sent to the following addresses:

Seller: [Your Name], [Your Company Name], [Your Company Address]
Buyer: Edgar Spencer, ZooMoco, Virginia Beach, VA 23450