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Property Sale
Agreement

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 [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 [Address] and;

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

Both the Seller and the Buyer are collectively referred to as the "Parties" and individually as "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:
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Terms and Conditions

1. Property

The Seller agrees to sell the Property to the Buyer that is located at [Property Address] and the legal description of the Property is as follows: [describe the property such as Area of the Property, Number of Rooms, etc.].

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 (i) [Date]; or (ii) [number of days] days after the expiration of the Due Diligence Period; or (iii) any other date mutually agreeable to the Seller and the Buyer.

3. Purchase Price

The total purchase price shall be the sum of $[0.00] (hereinafter referred to as the "Purchase Price").

The Buyer shall deposit the sum of $[0.00] as Earnest Money in/by [mode of payment] within [number of days] business days following the execution of this Agreement (hereinafter referred to as the "Earnest Money").

The Buyer shall make the remaining payment for the Property, $[0.00] at Closing, which accounts for the previously deposited sum of $[0.00] in Earnest Money for a total Purchase Price of $[0.00].

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 Ernest 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 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 [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 [number of days] 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 to its previous condition before Closing, the Buyer shall have the option of cancel this Agreement and receive its Earnest Money, or accept 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:
  1. All liens, outstanding mortgages, assessments, or taxes, affecting the Property, have been paid, prior to the Closing.
  1. 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: 

  1. Cancel the Agreement.
  1. Sue for specific performance.
  1. 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 or 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] Arbitrators which shall be appointed by [Party Name]. The venue of Arbitration shall be [Venue/Location of Arbitration] and the seat shall be [State]. The Arbitrators' decision shall be final and will be binding on both the Parties.

14. Miscellaneous

  1. Notice: All the approvals notices required hereto by either of the Parties shall be deemed to be given and delivered by international courier or registered email respectively. 
  1. 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.
  1. 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 the 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 [Months] of the occurrence of such event, then in such case, either Party shall terminate this Agreement by giving the other [Days] notice in writing.
  1. Modification: No modification of this Agreement shall be made unless in writing signed by both Parties.
  1. Governing Law: The Parties agree that this Agreement shall be governed by the laws of [State]. In the event the Parties do business in different states, this Agreement shall be governed by the laws of [State].
  1. Entire Agreement: The Parties acknowledge that this Agreement sets forth and represents the entire agreement between both the Parties. If the Parties are willing to change/add/modify any terms, they shall be in writing and signed by both Parties.
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Acceptance and Signature

IN WITNESS THEREOF, the Parties agree to the terms and conditions set forth above as demonstrated by their signatures as follows:
[Buyer Name]

[Seller Name]
Signature
Assign signer 1
Name
Assign signer 1
Date
Assign signer 1
Signature
Assign signer 2
Name
Assign signer 2
Date
Assign signer 2
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THANK YOU

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Free Property Sale Agreement Templates

Selling a property requires a lot of documentation. Save some of your time by using this property sale agreement pdf that consist of all legal terms and conditions that is required in an agreement.