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Land Purchase Agreement Template

Used 4,872 times

Simplify the process of buying land with our comprehensive land purchase agreement template.

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Land Purchase Agreement Template

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This Land Purchase Agreement (Agreement) was entered into on the (insert day) day of (insert month), (insert year)

agreed upon by the [Seller.FirstName][Seller.LastName] (Seller),

as well as the [Buyer.FirstName][Buyer.LastName] (Buyer), known collectively as Parties.

The Property subject to this Agreement is described as (Property Description), located at (Property Address), and legally defined as (Legal Description), collectively referred to as

the "Property."

1. Details of the Parties

Both Parties hereby represent and warrant that they have the legal capacity and authority to enter this Agreement. The Parties further agree that they have got all necessary approvals. They have also received all necessary consents to execute this Agreement.

All parties consent to the terms and conditions outlined by entering this Agreement. Their heirs, successors, and assigns also consent, and this Agreement will enforce these terms with full authority.

2. Property Information

The Property includes all land, improvements, fixtures, and appurtenances. The Seller states and guarantees they have legal ownership of the Property and the right to sell it. The Seller will ensure that the Property is without liens, encumbrances, or claims.

3. Sale and Purchase

The Seller agrees to sell, and the Buyer agrees to purchase the Property, as this Agreement outlines. The Parties will complete the sale and purchase of the Property to meet all requirements. This Agreement presents these conditions as a precedent. Both Parties have agreed to join in good faith to complete the sale and purchase of the Property as specified in this Agreement.

4. Price of Purchase

The Buyer shall pay the Seller a total (Purchase Price) cost for the Property. The Buyer will pay the Purchase Price as follows: (Payment Terms). The Buyer will deposit an earnest money deposit of (Earnest Money Amount) with an escrow agent agreed upon by the Parties. The Buyer must make this deposit within (Number of Days) days of the Effective Date of this Agreement.

5. Title and Survey

The Seller will provide the Buyer with a commitment for title insurance. A reputable title insurance company will issue this insurance within (Number of Days) days of the Effective Date of this Agreement. The Buyer will have (Number of Days) to review the title commitment and notify the Seller of any objections.

The Seller will use reasonable efforts to cure any title defects before closing. The Buyer may get a survey of the Property at their expense within (Number of Days) days of the Effective Date.

6. Inspection Period

The Buyer will have (Number of Days) days from the Effective Date of this agreement to conduct inspections of the Property. The "Inspection Period" refers to this time frame. The Buyer may end this agreement for any reason during the Inspection Period by providing written notice to the Seller.

If the Buyer does not terminate this agreement during the Inspection Period, the Buyer accepts the Property in its current condition. This acceptance is subject to the representations and warranties of the Seller.

7. Conditions for the Closing

The closing of the sale and purchase of the Property will be subject to the satisfaction or waiver of the following conditions precedent:

i. The Buyer's receipt and approval of the title commitment and survey

ii. The Seller's performance of all covenants and Agreements in this Agreement

iii. The Buyer's receipt of all required governmental approvals

Iv. The Buyer's receipt of financing, if applicable

8. The Closing and Time

The closing of the sale and purchase of the Property will take place by (Closing Date) or at another time and place, as the Parties may agree. This event goes by the title of "Closing." On the Closing Date, the Seller will give the Buyer possession of the Property. This transfer will occur under the terms. Time is of the essence in performing this Agreement.

9. Transaction Costs

The Buyer and Seller will each be responsible for their closing expenses. Attorney fees, title insurance premiums, recording fees, and transfer taxes are among the costs included but not limited to. The Parties will share the cost of the escrow agent. The Buyer will obtain and pay for any financing-related costs.

10. Closing Documents and Deliveries

At Closing, the Seller will give a deed conveying the Property to the Buyer. This Agreement does not place any charges or restrictions on the Property. Exceptions apply in certain specified circumstances.

The Buyer will return the Purchase Price, less any earnest money deposit, to the Seller. The Parties will execute and deliver any other documents necessary to complete the sale and purchase of the Property.

11. Casualty and Condemnation

Suppose a casualty event damages or destroys the Property or is subject to a condemnation proceeding before Closing. In such a situation, the Buyer may choose to:

(a) The Buyer will purchase the Property and adjust the Purchase Price for the loss in value.

(b) The Buyer can end this Agreement and receive a refund of the earnest money deposit.

(c) The Buyer can end this Agreement and receive a refund of the earnest money deposit.

12. Default and Waiver

The non-defaulting Party may pursue any legal remedy if either Party breaches this Agreement. These remedies can be available at law or in equity. This encompasses precise compensation for any losses or injuries incurred.

If either Party cannot insist upon strict performance of any provision in this Agreement, it does not imply a waiver. The non-defaulting Party does not waive any subsequent breach or default.

13. Notices

Under this Agreement, the Parties must deliver all notifications and requests in writing. The Parties will deem them given upon delivery if sent by certified mail with a return receipt requested. The Parties will consider them given if emailed to their respective addresses outlined in this Agreement. The Parties may choose to provide other addresses for communication through written notice.

14. Resolving Claims or Disputes

The Parties will strive to solve any matters of claim or disagreement that are a consequence of or associated with this Agreement. They will do so through good faith negotiations. Suppose the Parties cannot resolve the dispute through negotiation. In that case, they may submit the issue to mediation. They can opt for binding arbitration under the rules of the American Arbitration Association.

15. Governing Law

The laws of the State of (State), without regard to its conflict of laws principles, will govern and construe this Agreement.

16. Offer to Purchase

This Agreement makes up an offer to purchase the Property by the Buyer. The Buyer's signature below shows their intention to be bound by the terms and conditions of this Agreement. The Seller will have (Number of Days) from receipt of this Agreement to accept or reject the offer.

17. Additional Terms and Conditions

The Parties will attach any additional terms and conditions agreed upon as Exhibit A and incorporate them by reference. If a disagreement between the terms of this Agreement and Exhibit A occurs, this Agreement will take precedence.

18. Signatures of Both Parties

Before both parties sign this Agreement, they should read and understand the terms and know the conditions. Both parties have the option of signing this Agreement via separate copies. Each of which will make up an original and altogether one instrument.

Executed by the Parties on the dates indicated below:





Land Purchase Agreement Template

Used 4,872 times

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