This land purchase agreement template has 5 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our land purchase agreement template:
LAND PURCHASE AGREEMENT This Land Purchase Agreement (the "Agreement") is effective on [DATE], BETWEEN: [NAME OF THE SELLER], (the "Seller") an individual with their 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: [NAME OF THE PURCHASING PARTY], (the "Purchaser") an individual with their 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] WHEREAS, the Seller agrees to sell and convey to the Purchaser, and the Purchaser agrees to purchase and take from the Seller, the Land situated at [ADDRESS OF LAND]; WHEREAS, the transfer to the Purchaser shall include all right, title, and interest of the Seller in and to all streets, alleys, roads, and avenues adjoining the land. NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: PRICE The Purchaser agrees to purchase the land at [AMOUNT] (the "Purchase Price"). The Purchase Price shall be payable as [TERMS OF PAYMENT]. LAND AND TITLE The Land is situated at [LAND ADDRESS] containing approximately [AREA] rentable square feet area. Conveyance of the title to the Property shall be by warranty deed with full covenants, executed by the Seller to the Purchaser or the Purchaser's nominees. The title to be conveyed shall be good and marketable, subject only to [SPECIFY ACCEPTABLE LIENS, ENCUMBRANCES, RESTRICTIONS, EASEMENTS, AND OTHER BURDENS]. Conveyance of the title shall be made and the sale closed within [NUMBER OF DAYS] days after the date of this Agreement. ESCROW ACCOUNT The Escrow Account shall be opened with [NAME OF ESCROW COMPANY]. Such instructions as the escrow company may require, not inconsistent with the provisions of this Agreement, shall be signed and filed by the Parties. Escrow shall close when the escrow company is in a position to record all documents required under this Agreement, and make all disbursements after deducting the escrow fees and other expenses [SPECIFY OTHER EXPENSES]. RISK OF LOSS, MAINTENANCE AND TRANSFER OF POSSESSION Risk of loss or damage by fire or other casualty to the Property or any part of the Property prior to close of escrow shall be the risk of the Seller. In the event of such loss or damage prior to closing, this Agreement shall not be affected, but the Seller shall assign to the Purchaser all rights under any insurance policy or policies applicable to the loss. If action is necessary to recover under any casualty policy, the Seller shall grant permission to bring the action in the Seller's name. The Land described above shall be maintained in its present condition prior to the close of escrow by the Seller, wear from normal and reasonable use and deterioration excepted. Possession of the Land pursuant to the provisions of this Agreement shall be transferred at close of escrow. DEFAULT BY PARTIES If the Purchaser fails to perform the agreements of this contract within the time set forth herein, the Seller may retain, as liquidated damages and not as a penalty, all of the initial deposit. It is agreed that this is the Seller's exclusive remedy. If the Seller fails to perform any of the agreements of this contract, all deposits made by the Purchaser shall be returned to the Purchaser on demand, or the Purchaser may bring a suit against the Seller for damages resulting from the breach of contract, or the Purchaser may bring an action for specific performance. The Purchaser's remedies are cumulative and not exclusive of one another, and all other remedies shall be available in either law or equity to the Purchaser for the Seller's breach hereof. ACCEPTANCE OF LAND The taking of possession of the Land by the Purchaser on the closing date shall constitute an acknowledgment by the Purchaser that the Land is in good condition. The Seller agrees to deliver the Property to the Purchaser in its present condition, ordinary wear and tear excepted, and further certifies and represents that the Seller knows of no latent defect in the Property. All heating, cooling, plumbing, electrical, sanitary systems, and appliances shall be in good working order at the time of closing. The Seller represents and warrants that the personal property conveyed with the premises shall be the same property inspected by the Purchaser and that no substitutions will be made without the Purchaser's written consent. The Purchaser may also inspect or cause to be inspected the foundation, roof supports, or structural members of all improvements located upon the Property. If any such system, appliance, roof, foundation, or structural member shall be found defective, the Purchaser shall notify the Seller at or before closing and the Seller shall thereupon remedy the defect forthwith at its sole expense (in which case, the time for closing shall be reasonably extended as necessary)
