Free Commercial Land Purchase Agreement Template

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Free Commercial Land Purchase Agreement Template

Commercial Land Purchase Agreement

I. Agreement Overview

This Commercial Land Purchase Agreement ("Agreement") is made and entered into on January 2, 2050, by and between [Your Company Name], a company with its principal office at [Your Company Address], hereinafter referred to as the "Seller," and Impactrun, a corporation with its principal office located at Lincoln, NE 68501, hereinafter referred to as the "Buyer."

This Agreement outlines the terms and conditions under which the Seller agrees to sell and the Buyer agrees to purchase the specified commercial land detailed herein.

II. Property Description

The property subject to this Agreement ("Property") is described as follows:

  1. Location: 678 Commerce Drive, Lincoln, NE 68501.

  2. Size: Approximately 15 acres of commercial land suitable for office, retail, or industrial development.

  3. Legal Description: As described in Exhibit A, attached and incorporated by reference into this Agreement.

III. Purchase Price and Payment Terms

1. Purchase Price

The total purchase price for the Property is $6,500,000 ("Purchase Price").

2. Deposit

The Buyer shall pay an initial deposit of $650,000 ("Deposit") to the Seller, to be held in escrow by [Escrow Agent’s Name], within five (5) business days of executing this Agreement. The Deposit will be credited toward the Purchase Price at closing.

3. Final Payment

The remaining balance of $5,850,000 shall be paid in full at closing via certified funds or wire transfer to the Seller’s designated account.

IV. Due Diligence

1. Inspection Period

The Buyer shall have a period of 90 days ("Inspection Period") to conduct due diligence investigations, including but not limited to:

  • Title review.

  • Environmental assessments.

  • Land surveys.

  • Utility availability studies.

  • Zoning and regulatory compliance reviews.

2. Access for Inspection

The Seller shall provide the Buyer and its representatives reasonable access to the Property for inspections during the Inspection Period.

3. Termination During Due Diligence

If the Buyer discovers any material defects or issues during the Inspection Period that cannot be resolved to its satisfaction, the Buyer may terminate this Agreement by providing written notice to the Seller. In such a case, the Deposit shall be refunded in full.

V. Representations and Warranties

1. Seller’s Representations

The Seller represents and warrants that:

  • It has clear and marketable title to the Property and full authority to sell.

  • The Property is free from liens, encumbrances, or adverse claims, except as disclosed in Exhibit B.

  • The Property is in compliance with applicable zoning laws and environmental regulations.

2. Buyer’s Representations

The Buyer represents and warrants that:

  • It has the financial capacity to perform its obligations under this Agreement.

  • It will use the Property in compliance with applicable laws and ordinances.

VI. Closing

1. Closing Date

The closing shall take place no later than April 15, 2050, or on such other date as mutually agreed in writing by both parties.

2. Closing Location

The closing shall occur at [Your Company Name]’s legal counsel’s office or via electronic documentation, as agreed by the parties.

3. Documents to Be Delivered at Closing

At closing, the Seller shall deliver:

  • A Warranty Deed transferring clear title to the Buyer.

  • A Title Insurance Policy guaranteeing marketable title.

  • Evidence of satisfaction of any liens or encumbrances disclosed in Exhibit B.

The Buyer shall deliver:

  • The remaining balance of the Purchase Price.

  • Any signed acknowledgments or agreements required to finalize the transaction.

VII. Default

1. Default by Seller

If the Seller fails to fulfill its obligations under this Agreement, the Buyer may terminate this Agreement and receive a full refund of the Deposit or pursue other remedies permitted by law.

2. Default by Buyer

If the Buyer fails to fulfill its obligations under this Agreement, including payment of the Deposit or remaining balance, the Seller may terminate this Agreement and retain the Deposit as liquidated damages.

VIII. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska. Any disputes arising under this Agreement shall be resolved in the courts located in Nebraska, and both parties consent to the jurisdiction of these courts.

IX. Termination

This Agreement may be terminated under the following circumstances:

  1. By mutual written agreement of both parties.

  2. By the Buyer during the Inspection Period, if material issues are discovered.

  3. By the Seller if the Buyer fails to comply with its payment obligations.

X. Signatory Section

This Agreement is executed and agreed to by the duly authorized representatives of the Seller and the Buyer as of the date first written above.

For [Your Company Name]

Signed by: [Your Name]
Title: Chief Executive Officer
Date: January 2, 2050

For Impactrun

Signed by: Pearl Bergna
Title: Managing Director
Date: January 2, 2050

For further inquiries, please contact [Your Name] at [Your Email], or reach out to [Your Company Name] via [Your Company Email].

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