Real Estate Purchase Agreement For buying or selling real property, detailing the property's description, price, and contingencies.
1.1. Property Description
This Real Estate Purchase Agreement (the "Agreement") is entered into by and between the Seller, ____________________ ("Seller") and the Buyer, ____________________ ("Buyer"), together referred to as the "Parties", for the conveyance and transfer of the real property located at 2414 Peaceful Lane, Independence, Ohio, in the United States (the "Property"), which includes all rights and appurtenances, improvements, and fixtures, legally described as follows:
1.2. Purchase Price
The purchase price for the Property is ________________ United States Dollars (US $_________) (the "Purchase Price"), payable in immediately available funds by the Buyer to the Seller at the closing date.
Upon execution of this Agreement, the Buyer shall deposit an earnest money deposit of ________________ United States Dollars (US $_________) (the "Earnest Money") with ____________________, as escrow agent (the "Escrow Agent"), as a good faith deposit which will be applied towards the Purchase Price in closing. The Earnest Money is refundable to the Buyer in accordance with the terms and conditions of any contingencies set forth in this Agreement.
3.1. Title Review
Seller shall provide Buyer with a commitment for title insurance (the "Title Commitment") from a reputable title insurance company within 10 business days of the Effective Date of this Agreement. The Buyer shall have the right to review the Title Commitment and conduct any inquiries or investigations regarding the title to the Property. The Buyer shall notify the Seller of any objections to the Title Commitment within 20 business days of receiving the Title Commitment.
3.2. Due Diligence
Within 30 business days after the Effective Date of this Agreement, the Buyer, at their own expense, shall have the right to conduct all due diligence and investigations relating to the Property, including, but not limited to, inspections, surveys, and environmental assessments. If the Buyer determines, in their sole discretion, that the Property is not satisfactory, the Buyer may terminate this Agreement by written notice to the Seller within the 30-business day period, and the Earnest Money shall be promptly refunded to the Buyer.
4.1. Seller's Representations and Warranties
The Seller represents and warrants to the Buyer that:
4.2. Buyer's Representations and Warranties
The Buyer represents and warrants to the Seller that:
5.1. Closing Date
The closing of the purchase and sale of the Property (the "Closing") shall occur on or before ________________, or such other date as mutually agreed upon by the Parties (the "Closing Date").
5.2. Closing Costs
Each party is responsible for their respective closing costs, including any attorney fees, escrow fees, and other miscellaneous fees and costs, except as provided in this Agreement.
This Agreement is contingent upon the following:
This Agreement shall be governed by and construed in accordance with the laws of the United States and of the State of Ohio, without regard to conflicts of law principles.
This Agreement, together with any exhibits, schedules, and addenda hereto, constitutes the entire agreement between the Parties with respect to the subject matter hereof, and supersedes all prior oral or written agreements, representations, and understandings between the Parties relating to the subject matter hereof.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, and assigns.
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In this Real Estate Purchase Agreement, you will see the following sections:
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