Real Estate Purchase Agreement - Download Free Template

REAL ESTATE PURCHASE AGREEMENT

This Real Estate Purchase Agreement (the “Agreement”) is effective [DATE],

BETWEEN: [SELLER NAME], (the “Seller”) an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:

[COMPLETE ADDRESS]

AND: [PURCHASER NAME], (the “Purchaser”) an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:

[COMPLETE ADDRESS]

Collectively, the Seller and Purchaser shall be referred to as the “Parties.”

WHEREAS, the Seller is the owner of the real property located at [ADDRESS OF PROPERTY] (hereinafter referred to as the “Property”) and the Purchaser is interested in buying the Property from the Seller pursuant to the following terms and conditions.

WHEREAS, in consideration of and as a condition of the Seller selling the Property and the Purchaser purchasing the Property and other valuable consideration, the receipt and sufficiency of which are acknowledged here;

NOW, THEREFORE, the Parties agree as follows:

PROPERTY

The

roperty is situated at

[

SPECIFY

ADDRESS]

and the legal description of the

roperty is as follows:

[

SPECIFY

LEGAL DESCRIPTION OF PROPERTY]

which includes with it but

not limited to permits, easements, and cooperative and association memberships (the “Property”)

The Seller agrees to sell and convey to the

Purchaser

and the

Purchaser

agree

to purchase

the

roperty

from the Seller.

The

Seller shall

release

possession, occupancy, existing keys and/or means to operate all locks, mailbox, security system/alarms and all common area facilities to

the

Purchaser

on the

losing

ate.

The

Seller agrees that all the existing fixtures on the

remises, and any existing personal property including but not limited to light fixtures, fireplace, ceiling fans, lighting,

and

storage sheds shall be included in this sale and shall be transferred with no monetary value, and free and clear of all liens or encumbrances.

PAYMENT OF PURCHASE PRICE

The

Purchaser

agree

to pay to

the

eller

[

SPECIFY

AMOUNT]

for the

roperty. At the time of signing of the

greement, the

Purchaser

shall make the payment of

[SPECIFY

PERCENTAGE] %

of the total amount.

The remaining amount shall be transferred to the

eller on

the

losing

ate.

The

Purchaser

entitled to pay the amount by any of the following mode

: [SPECIFY MODE

OF PAYMENT]

TITLE INSURANCE

The

eller shall furnish to the

Purchaser

an owner’s policy of title insurance

(

the “

Title Insurance

”

) from [

SPECIFY

INSURANCE COMPANY] (the “Title Company”) in an amount of the Sales Price dated as of the date that the sale of the

roperty becomes

final,

and the

Purchaser

take

possession, which insures and indemnifies the

Purchaser

against loss

as stipulated under the provisions of

the

Title Policy, subject to exceptions contained therein.

TITLE COMMITMENT

At the

eller’s sole cost, the

eller will furnish or cause to be furnished to the

Purchaser

a commitment for the

itle

nsurance and copies of restrictive covenants and documents evidencing the exceptions in the Commitment.

DISCLOSURES BY THE SELLER

The

eller shall send disclosures to the

Purchaser

, within 28 days of signing of this Agreement, in which he shall disclose the details of the

roperty under various categories. The categories include:

Boundaries

Changes made to the

roperty (extensions, alterations)

Shared areas with neighbors, formal and informal agreements

Disputes or complaints (made by or about the

eller)

Occupiers (who live at the

roperty)

Guarantees and warranties affecting the

roperty

Environmental matters

The relevant issues disclosed

the

Purchaser

shall include, but

are

not limited to the following:

Any disputes with neighbors that have resulted in written exchanges, or police or local authority involvement.

Whether the neighbors have any anti-social

behavior

orders.

Planning permission on the

roperty that

pending, granted or denied.

Problems

with pests, current or historic.

Flooding issues, current or historic.

Structural issues.

Whether there is a flight path nearby or one planned.

Whether there is a motorway within view or one planned.

A previous sale falling through due to bad survey results on the

roperty.

The

neighborhood having high levels of crime.

A violent death that occurred at the

roperty.

Notwithstanding anything contained in the foregoing provisions, the

eller shall disclose all such information which would materially affect

the

Purchaser

’s consent to purchase the

roperty.

WARRANTY BY THE SELLER

The

Seller has full power and authority to enter into and perform this Agreement in accordance with its terms;

The individuals executing this Agreement on behalf of

the

Seller are authorized to do so and, upon execution hereof, this Agreement shall be binding upon and enforceable against

the

Seller;

The

Seller has no actual knowledge of any impending lawsuits with respect to the Property;

The

Seller represents and warrants that there will be no liens, assessments, or security interests from third parties against the Property on the

losing

ate

;

The Seller warrants and shall maintain and repair the Premises so that at the time of possession, all the heating, cooling, mechanical, plumbing and electrical systems, and built-in appliances

shall

be in working condition

;

The Seller warrants that

the P

remises, including all additional existing personal property included in the sale, will be in substantially

the

same condition, except the changes caused by reasonable wear and tear or irresistible force, as on the date of acceptance of the Agreement

;

The Seller warrants that no damage would be caused to the

roperty, by

any

improvement work being carried out by the

eller in the

roperty,

substantially reduce its value or damage it in a way to make its enjoyment difficult.

WARRANTY BY THE

PURCHASER

The

Purchaser

has full power and authority to

enter

into

and perform this Agreement in accordance with its terms; and

Any individual executing this Agreement on behalf of

the

Purchaser

is authorized to do so, and

upon execution hereof, this Agreement shall be binding upon and enforceable against

the

Purchaser

INDEMNIFICATION

The

Seller will bear all the risk of loss to the

roperty or its improvements, which includes but is not limited to physical damage or destruction to the

roperty, or loss caused by

eminent domain,

until the

losing

ate. If prior to the

losing

ate, the

roperty is damaged or destroyed, the Seller will restore the

roperty to its previous condition as soon as possible before the Closing Date.

The

eller agrees to defend, indemnify, and hold the

Purchaser

harmless from and against all claims

iabilities, obligations, costs, expenses, and reasonable attorney

’s

fees arising out of or related to:

Any breach or inaccuracy of representation or warranty of

the

eller made in this

greement;

Any failure by

the

eller to perform any covenant required to

performed by it under this

greement

;

Any liability or obligation of any third party assumed by the

eller in accordance with the terms of this Agreement;

Use of

the

roperty before

the

losing

ate.

PRORATION

The

Seller and

the

Purchaser

agree to proration of the following items:

Title Insurance and Closing Fee: The

eller shall pay all costs of the Title Commitment and the premium as applicable under law.

Recording Costs: The

Purchaser

shall pay the cost of the deed and all other

ocuments.

Real Estate Taxes and Special Assessments: All real

estate

property taxes, levies and assessments as of the Closing. Prior to

the C

losing, the Seller shall pay and discharge in a timely manner all taxes, assessments, common area maintenance fees, expenses, costs, liens, or encumbrances now or hereinafter affecting any part of the Property.

CLOSING

The

losing

ate of the Agreement shall occur

or before [

SPECIFY

DATE].

At the

losing, the

Purchaser

shall complete the payment of the amount agreed upon by the

arties

including the interest amount on the installments.

TERMINATION

The

greement may be terminated

any of the following:

Mutual Agreement: By the mutual agreement of the

arties in writing.

Failure of Condition Precedent

y either

arty

f any condition precedent to the terminating

arty’s obligation to perform this Agreement is not satisfied and such condition is not waived by the terminating

arty at or prior to

the C

losing, the terminating

arty shall give written notice of such termination to

the

other

arty.

CASUALTY AND CONDEMNATION

If prior to the Closing, all or any part of the Property is damaged or destroyed, the

Purchaser

shall have the option:

to terminate the Agreement by delivering written notice of termination; or

roceeding to closing and applying

condemnation award or proceeds of

insurance policy to reduce the total consideration provided therein.

REMEDIES

The rights and remedies provided by this

greement are cumulative and are not exclusive of any rights and remedies provided by any law.

In case of

reach of this Agreement, the non-breaching

arty may cancel the

greement and/or proceed against the breaching

arty in any claim or remedy that the non-breaching

arty may have in any law

equity, or under this Agreement.

The

Purchaser

and

the

eller agree to mediate any dispute or claim arising out of or relating to this Agreement in accordance

with

the applicable laws or as otherwise agreed upon.

NO AGENCY

Nothing in this Agreement shall constitute or be deemed to constitute a partnership or joint venture between the

arties for any purpose whatsoever

and neither

arty shall have authority or power to bind the other or to contract in the name of, or create a liability against, the other in any way or for any purpose.

NO WAIVER

No waiver of any breach of any covenant or provision contained herein will be deemed a waiver of any preceding or succeeding breach thereof, or of any other covenant or provision contained herein. No extension of time for performance of any obligation or act will be deemed an extension of the time for performance of any other obligation or act except those of the waiving

arty, which will be extended by a period of time equal to the period of the delay.

LANGUAGE OF THE

AGREEMENT

The language of the Agreement shall be

the

English Language, which shall be

the

binding and controlling language for all matters relating to the meaning or interpretation of the Agreement.

SEVERABILITY

If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or u

nenforceable, it is the Parties

’

intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable

and the remainder of the provisions of this Agreement shall in no way be affected, impaired or invalidated as a result.

MODIFICATIONS

Any modifications to the present Agreement shall be made after the w

ritten approval of the Parties.

NOTICES

Any notices or delivery required here shall be deemed completed when hand-delivered, delivered by agent, or seven (7) days after being placed in the post,

postage prepaid, to the Parties

at the addresses contained in this Agreement or as the

arties may later designate in writing at the address provided by the

Parties

FORCE MAJEURE

For purposes of this

ection, "force majeure" means an event beyond the control of either

arty, which by its nature could not have been foreseen by such

arty, or, if it could have been foreseen, was unavoidable, and includes without limitation, acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference by civil or military authorities, acts of war (declared or undeclared) and failure of energy sources.

either

arty shall be under any liability for failure to fulfill any obligation under this Agreement, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of force majeure

provided that such

arty shall have exercised all due diligence to minimize to the greatest extent possible the effect of force majeure on its obligations hereunder.

Promptly on becoming aware of force majeure causing a delay in performance or preventing performance of any obligations imposed by this Agreement (and termination of such delay), the

arty affected shall give written notice to the other

arty

giving details of the same, including particulars of the actual

and, if applicable, estimated continuing effects of such force majeure on the obligations of the

arty whose performance is prevented or delayed. If such notice shall have been duly given, the actual delay resulting from such force majeure shall be deemed not to be a breach of this Agreement, and the period for performance of the obligation to which it relates shall be extended accordingly

, provided that if force majeure results in the performance of a

arty being delayed by more than 60 days, the other

arty shall have the right to terminate this Agreement with respect to any

ervice affected by such delay forthwith by written notice.

SUCCESSORS

This

greement shall be binding on and inure to the benefit of the respective successors, assigns, and personal representatives of the

arties, except to the extent of any contrary provision in this

greement.

GOVERNING LAW AND JURISDICTION

This

greement shall be construed and enforced in accordance with the laws of

[STATE/PROVINCE].

The Parties

submit to the jurisdiction of the courts of

[STATE/PROVINCE]

for the enforcement of this Agreement or any arbitration award or decision arising from this Agreement

MEDIATION AND ARBITRATION

In the event a dispute arises out of or in connection w

ith this Agreement, the Parties

shall attempt to resolve the dispute through friendly consultation.

If the dispute is not resolved within a period of [

NUMBER OF

DAYS] days

then any or all outstanding issues may be submitted to mediation in accordance with any statutory rules of mediation. If mediation is not successful in resolving the entire dispute or is unavailable, any outstanding issues shall be submitted to final and binding arbitration in accordance with the laws of

[STATE/PROVINCE]

The arbitrator's award shall be final, and judgment may be entered upon it by any court having jurisdiction within

[STATE/PROVINCE].

ENTIRE AGREEMENT

This Agreement contains the entir

greement between the Parties

. All negotiations and understandings have been included in this Agreement. Statements or representations which m

ay have been made by any Party

to this Agreement in the negotiation stages of this Agreement may in some way be inconsistent with this final written Agreement. All such statements are declared to be of no value in this Agreement. Only the written terms of this Agreement shall bind the

Parties

BINDING EFFECT

This Agreement and the terms and conditions contained in this Agreement apply to and are binding upon the

arties’

successors, assigns, executors, administrators, beneficiaries, and representatives.

IN WITNESS WHEREOF, the Parties have executed this Agreement on [DATE].

SELLER PURCHASER

Authorized Signature Authorized Signature

Print Name and Title Print Name and Title

Real Estate Purchase Agreement - Download Free Template Real Estate Purchase Agreement - Download Free Template

Real Estate Purchase Agreement - Download Free Template