Land Purchase Agreement Example: What You Need to Know
Are you in the process of buying or selling land? If so, it`s important to have a clear and detailed agreement in place to protect both parties. A land purchase agreement, also known as a real estate purchase agreement, is a legally binding contract that outlines the terms and conditions of the sale.
To help you understand what a land purchase agreement entails, we`ve put together an example of what one might look like. Keep in mind that this is just an example, and the specific details of your agreement will depend on your specific situation.
Land Purchase Agreement
This agreement made on [date] between [buyer name] (“Buyer”) and [seller name] (“Seller”).
Property
The Seller agrees to sell and the Buyer agrees to purchase [description of property], consisting of [acreage, lot number, etc.], located at [address] (“Property”).
Purchase Price
The purchase price for the Property is [dollar amount] (“Purchase Price”). The Buyer agrees to pay the Purchase Price in the following manner: [terms of payment, such as down payment amount, financing terms, etc.]
Due Diligence
The Buyer shall have [number of days] days from the date of this agreement to conduct their due diligence on the Property. This may include, but is not limited to, inspections, surveys, environmental assessments, and zoning checks. If the Buyer is not satisfied with the results of their due diligence, they may terminate this agreement and receive a full refund of their deposit.
Closing
The closing of this transaction shall take place on [date] at [location]. At the closing, the Seller shall convey title to the Property to the Buyer free and clear of all liens and encumbrances. The Buyer shall take possession of the Property at the closing.
Representations and Warranties
The Seller represents and warrants that they are the rightful owner of the Property and have the authority to sell it. The Seller further represents and warrants that there are no liens or encumbrances on the Property, except for those disclosed in writing to the Buyer prior to the execution of this agreement.
Disclaimer
This agreement contains the entire agreement between the parties and supersedes all prior negotiations and understandings, whether written or oral. This agreement shall not be amended or modified except in writing signed by both parties.
Governing Law
This agreement shall be governed by and construed in accordance with the laws of the state of [state].
Conclusion
A land purchase agreement is an essential document when buying or selling land. It protects both parties and ensures that everyone is on the same page regarding the sale. If you`re in the process of buying or selling land, be sure to consult with a real estate attorney to ensure that your agreement is legally sound.