Property Sale Agreement

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PREPARED FOR
[Buyer Name]

PREPARED BY
[Seller Name]

Property Sale Agreement

This Property Sale Agreement (hereinafter referred to as the "Agreement") is made and entered on [Agreement Date] (hereinafter referred to as the "Effective Date"), 

By and Between

[Seller Name] (hereinafter referred to as the "Seller"), having its principal place of business at [Seller Address] and; 

[Buyer Name] (hereinafter referred to as the "Buyer"), having its place of address at [Buyer Address]. 

Both the Seller and the Buyer are collectively referred to as the "Parties" and individually as the "Party."

WHEREAS the Seller desires to sell the Property [Property Name] (hereinafter referred to as the "Property") to the Buyer.

AND WHEREAS the Buyer wishes to purchase the Property from the Seller. 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, both the Parties hereby agree as follows:

TERMS AND CONDITIONS.

1. PROPERTY.

The Seller agrees to sell the Property to the Buyer, which is located at [Property Address]. The legal description of the Property is as follows: [Description of the Property].

2. CLOSING DATE.

Subject to the satisfaction of the conditions set forth in this Agreement, the Closing of the transaction contemplated by this Agreement (hereinafter referred to as the "Closing") shall take place on
(a) [Scheduled Closing Date], or
(b) [Transaction Closure Timeline_Due Diligence] day(s) after the expiration of the Due Diligence Period; or
(c) any other date mutually agreeable to the Seller and the Buyer.

3. PURCHASE PRICE.

The total Purchase Price shall be the sum of [Purchase Price] (hereinafter referred to as the "Purchase Price"). 

The Buyer shall deposit the sum of [Earnest Money] as Earnest Money in/by [Mode of Payment] within [Payment Deadline in Days] business day(s) following the execution of this Agreement (hereinafter referred to as the "Earnest Money"). 

The Buyer shall make the remaining payment for the Property, [Remaining Payment] at Closing, which accounts for the previously deposited sum of [Earnest Money] in Earnest Money for a total Purchase Price of [Purchase Price]. 

In the event that the Purchase shall be completed pursuant to the terms of this Agreement, the Seller or the Seller's Escrow Agent shall deliver the Earnest Money to the Seller, and the Buyer shall be credited for the payment of the Earnest Money. In the event that the closing does not occur, the Earnest Money should be returned to the Buyer by the Seller or the Seller's Escrow Agent.

4. INSURANCE.

The Seller agrees to furnish the Buyer a standard form of owner's property insurance policy at the Seller's expense, issued by [Insurance Company Name] qualified to insure Property in [Insurance Company State], in an amount of the Purchase Price, which insures and indemnifies the Buyer against loss on account of any defect in the Property, otherwise, the amount shall be refunded.

5. INSPECTION.

The Buyer reserves the right to inspect the Property for any defects or other relevant matters before closing the sale. The Buyer understands that professional inspection services, pest controllers, and/or contractors licensed to practice in [State] shall be engaged for this purpose. The Buyer shall send a written notice of any defects to the Seller in addition to a copy of the inspection reports within [Due date for the buyer to report defects] after the inspection.

6. PROPERTY SURVEY.

Prior to the Closing Date and at the Buyer's sole discretion, the Seller shall furnish a new survey to the Buyer, and the said survey must be made by a professional land lawyer acceptable to the Buyer.

7. PROPERTY CONDITION.

The Buyer hereby represents that it has inspected the Property and accepts the Property in its present condition.

8. RISK OF LOSS.

The Seller shall bear all risks of loss to the Property or its improvements that include, but are not limited to, the physical damage or destruction to the Property until the Closing Date. 

If the Property is destroyed or materially damaged between the Effective Date and the Closing Date and the Seller is unable to restore it to its previous condition before Closing, the Buyer shall have the option of canceling this Agreement and receiving its Earnest Money or accepting the Property in damaged condition. 

If the Buyer elects to accept the Property in its damaged condition, any insurance proceeds will be assigned from the Seller to the Buyer, and the Buyer shall receive an amount equal to the deductible under the Seller's insurance policy.

9. REPRESENTATIONS AND WARRANTY.

The Seller represents and warrants that: 

(a) All liens, outstanding mortgages, assessments, or taxes affecting the Property have been paid prior to the Closing. 

(b) No government agency has served any notice to the Seller requiring repairs or corrections of any condition.

10. TITLE AND CONVEYANCE.

Upon Closing, the Seller shall convey the title to the Buyer by a general warranty deed.

11. TERMINATION.

If either Party fails to perform any obligation under this Agreement, the other Party shall do any or all of the following: 
(a) Cancel the Agreement. 
(b) Sue for specific performance. 
(c) Sue for actual and compensatory damages.

12. LIMITATION OF LIABILITY.

Neither Party shall be liable to the other Party for indirect, special, or consequential damages arising out of this Agreement hereunder, including but not limited to loss of profits, equipment, or other costs.

13. ARBITRATION.

In the event of any dispute arising in and out of this Agreement between the Parties, it shall be resolved by arbitration. There shall be [Number of Arbitrators] arbitrator(s) who shall be appointed by [Arbitration Appointing Party Name]. The venue of arbitration shall be [Location of Arbitration], and the Seat shall be [State of Seat]. The arbitrators' decision shall be final and binding on both Parties.

14. NOTICES.

Any notices required or permitted by this Agreement shall be in writing and delivered by certified mail or courier to the mentioned address.

15. SEVERABILITY.

In the event any provision of this Agreement is deemed to be invalid or unenforceable, in whole or part, that part shall be severed from the remainder of this Agreement, and all other provisions shall remain in full force and effect as valid and enforceable.

16. FORCE MAJEURE.

If at any time during the subsistence of the Agreement, and notwithstanding anything to the contrary contained in these presents, the Property is destroyed or damaged by fire, any acts of God, war, acts of terrorism, or due to any other cause beyond the control of either Party and not attributable to any act, so that the Property becomes unfit for occupation and use by the Seller, then in such event the sale of the Property hereby reserved shall be suspended until the Property is rendered fit for occupation and use, provided that in the event the property cannot be occupied by the Buyer within a period of [Occupancy Readiness Period_Force Majeure] day(s) of the occurrence of such an event, then in such case, either Party shall terminate this Agreement by giving the other [Termination Notice Period_Force Majeure] day(s) notice in writing.

17. MODIFICATION.

No modification of this Agreement shall be made unless in writing signed by both Parties.

18. GOVERNING LAW.

The Parties agree that this Agreement shall be governed by the laws of [Governing Law]. In the event the Parties do business in different states, this Agreement shall be governed by the laws of [Jurisdiction].

19. ENTIRE AGREEMENT.

The Parties acknowledge that this Agreement sets forth and represents the entire agreement between both Parties. If the Parties are willing to change/add/modify any terms, they shall be in writing and signed by both Parties.

ACCEPTANCE AND SIGNATURE.

IN WITNESS WHEREOF, the Parties agree to the terms and conditions set forth above as demonstrated by their signatures as follows:

[Buyer Name]

[Seller Name]

Name:

Name:

Signature:

Signature:

Date:

Date:

FREE

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