Free Land Purchase Agreement with Seller Financing Template

Download

Share

Free Land Purchase Agreement with Seller Financing Template

Land Purchase Agreement with Seller Financing

I. Agreement Overview

This Land Purchase Agreement with Seller Financing ("Agreement") is made and entered into on January 2, 2050, by and between [Your Company Name], a company with its principal place of business located at [Your Company Address] (hereinafter referred to as the "Seller"), and StarOne, a company with its principal office at Chula Vista, CA 91909 (hereinafter referred to as the "Buyer").

This Agreement establishes the terms and conditions under which the Seller agrees to sell and finance the purchase of certain land as described below, and the Buyer agrees to purchase the land under the specified terms.

II. Property Description

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

  1. Location: 145 Sunrise Boulevard, Chula Vista, CA 91909.

  2. Size: Approximately 20 acres of land zoned for mixed-use development.

  3. Legal Description: As detailed in Exhibit A, which is attached to and forms a part of this Agreement.

III. Purchase Price and Payment Terms

1. Purchase Price

The total purchase price for the Property is $2,500,000 ("Purchase Price").

2. Down Payment

The Buyer shall make an initial down payment of $500,000 ("Down Payment") to the Seller within ten (10) business days of signing this Agreement.

3. Seller Financing

The remaining balance of $2,000,000 shall be financed by the Seller under the following terms:

  • Interest Rate: 5.5% per annum, fixed.

  • Loan Term: 10 years.

  • Payment Schedule: Equal monthly installments of $21,834.52, including principal and interest, commencing 30 days after closing.

4. Promissory Note

The Buyer agrees to execute a Promissory Note in favor of the Seller to document the financed portion of the Purchase Price.

IV. Due Diligence

1. Inspection Period

The Buyer shall have a period of 45 days from the date of this Agreement to conduct due diligence, including but not limited to:

  • Title review.

  • Environmental assessments.

  • Land surveys.

  • Zoning and regulatory compliance reviews.

2. Termination During Inspection

If any material defects are discovered during the inspection period, the Buyer may terminate this Agreement by providing written notice to the Seller. Upon termination, the Down Payment 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.

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

  • The Property complies with applicable zoning and environmental regulations.

2. Buyer’s Representations

The Buyer represents and warrants that:

  • It has the financial capability to meet its obligations under this Agreement.

  • It will comply with applicable laws and regulations related to its intended use of the Property.

VI. Closing

1. Closing Date

The closing shall occur no later than March 15, 2050, or as otherwise mutually agreed by both parties.

2. Closing Location

Closing shall take place at [Your Company Name]’s designated title office or remotely through secure electronic document exchange.

3. Closing Deliverables

At closing, the Seller shall deliver:

  • A Warranty Deed transferring title to the Buyer.

  • A Title Insurance Policy guaranteeing marketable title.

  • Copies of any disclosures or documents related to zoning, easements, or utilities.

The Buyer shall deliver:

  • The Down Payment.

  • The executed Promissory Note.

  • Any other documents 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 the Agreement and receive a full refund of the Down Payment or pursue legal remedies.

2. Default by Buyer

If the Buyer fails to fulfill its obligations, including making timely payments, the Seller may:

  • Retain the Down Payment as liquidated damages.

  • Foreclose on the Property under the terms of the Promissory Note.

VIII. Governing Law

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

IX. Termination

This Agreement may be terminated:

  1. By mutual written agreement of both parties.

  2. By the Buyer during the due diligence period if the Property is found unsuitable.

  3. By the Seller if the Buyer fails to meet its financial obligations.

X. Signatory Section

This Agreement is executed by authorized representatives of both parties as of the date first written above.

For [Your Company Name]

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

For StarOne

Signed by: Elisa West
Title: Director of Development
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].

Agreement Templates @ Template.net