Contract
PURCHASE & SALE AGREEMENT
PARTIES: This agreement is made between Seller(s): ____________________________________
and Tufeder LLC and or assigns, as Buyer.
The seller agrees to sell, and the buyer agrees to purchase the subject property listed below.
This section names the people or companies involved in the agreement—the sellers who are selling the property and the buyers (How High Consulting Group LLC or its assigns) who are purchasing it.
WITNESSETH: That Seller, in consideration of the payments, covenants, agreements and conditions herein contained which on the part of the Buyer are to be made, done and performed, has this day sold, upon the conditions hereinafter recited, to the Buyer the real property legally described as:
This formal language simply means that the sellers agree to sell the property under the terms and conditions laid out in the agreement.
SUBJECT PROPERTY: _________________________________________, hereinafter the property.
LEGAL DESCRIPTION: __________________________________________________________
This identifies the specific property being sold and includes its legal description, which is a detailed way of describing the property for legal purposes.
SALE PRICE: The total sale price of the property shall consist of the following components: $___________
This section outlines the total price the buyer will pay for the property.
PAYABLE: Funds to purchase property shall be CASH. “Cash” is defined as capital from Buyer’s personal funds and/or Buyer’s investors, partners and/or other unconventional lending sources.
The funds for purchasing the property must come from readily available sources such as the buyer's own money, their investors or partners, or other non-traditional financing methods.
EXPENSES: THE BUYER PAYS ALL CLOSING COSTS.
Specifies that the buyer is responsible for all the costs associated with closing the sale.
RISK OF LOSS: If subject property is damaged prior to transfer of title, Buyer has the option of accepting any insurance proceeds with title to the property in “as is” condition or of canceling this contract and accepting the return of the deposit.
If the property is damaged before the sale is finalized, the buyer can either accept the property "as is" and take any insurance money or cancel the contract and get their deposit back.z
PRORATIONS: Real property taxes will be prorated based on the current year’s tax without allowance for discounts, including homestead or other exemptions. Rents will be current and be prorated as of the date title transfers.
This involves dividing any property taxes and rent fairly between the buyer and seller based on the date of the title transfer.
FINANCING: This purchase is subject to the Buyer and Buyers’ Partner ability to secure the necessary financing.
The purchase depends on the buyer and their partner securing the necessary financing to complete the sale.
DEFECTS: Seller warrants subject property to be free from hazardous substances and from violation of any zoning, environmental, building, health or other governmental codes or ordinances. The seller further warrants that there are no material or other known defects or facts regarding this property, which would adversely affect the value of said property.
The seller guarantees that the property is free from hazardous substances and complies with all laws and regulations. The seller also ensures there are no major defects or issues that could affect the property's value.
NO JUDGMENTS: Seller warrants that there are no judgments threatening the equity in subject property, and that there is no bankruptcy pending or contemplated by any titleholder. Seller will not further encumber the property and an affidavit may be recorded at Buyer’s expense putting the public on notice that the closing of this contract will extinguish liens and encumbrances hereafter recorded.
The seller assures that there are no legal judgments or bankruptcy issues that could affect the property sale
POSSESSION: Possession of the property and occupancy (tenants excepted), with all keys and garage door openers, will be delivered to the Buyer when title transfers. Leases and security deposit will transfer to the Buyer with title.
The buyer will take possession of the property, including any keys and garage door openers, once the title is transferred. Any existing leases and security deposits will also be transferred to the buyer.
DUE DILIGENCE: This contract is contingent upon the Buyer’s and Buyers’ Partner inspection and approval of the property prior to transfer of title. Seller agrees to provide access to the Buyer’s representatives prior to transfer of title for inspection, repairs and to market the property. Inspection must pass Buyer and Buyers’ Partners Inspection Process. Buyer may obtain a risk assessment of “the property” by licensed inspectors, for any health risk that may exist in this property. The buyer shall have ninety days after execution of this agreement to inspect the property which shall be the “Inspection Period”.
The sale is contingent upon the buyer's inspection and approval of the property. The seller agrees to provide access for inspections, repairs, and marketing.
ACCEPTANCE: This instrument will become a binding contract when accepted by the Seller and signed by both Buyer and Seller. If it is not accepted and signed by the Seller prior to ______________________, this contract shall be void.
The agreement becomes binding when both the buyer and seller sign it. If the seller does not sign by a specified date, the contract becomes void.
DEPOSIT: Upon acceptance Buyer will place in escrow an earnest money deposit of $ ______________ with title company which will be part of the cash paid to the Seller when title transfers. This deposit will be returned to the Buyer if title does not transfer in accordance with this agreement and said Title Company will close this transaction.
The buyer will deposit an agreed amount of money into an escrow account as a sign of good faith. This deposit will be applied to the purchase price or returned if the sale does not go through.
CLOSING: Closing will take place on or before: _____________ or TBD, Subject to a 45-day period in which the buyer/seller shall be permitted to do necessary due diligence and to clear up any title problems.
The sale will be finalized by a certain date, subject to a period for due diligence and resolving any title issues.
ASSIGNABILITY & NOVATION: In the event of a transfer of the rights and obligations of the Purchaser under this Agreement, the Seller agrees that such a transfer shall not constitute a default by the Purchaser or any third party under this Agreement and shall not constitute grounds for termination of this Agreement by any of such parties.
If the buyer transfers their rights and obligations under the agreement to someone else, the seller agrees that this transfer does not constitute a default or grounds for terminating the agreement.
MARKETING: Seller consents to give Buyer the right to post the property on any websites, including but not limited to the Multiple Listing Service, for the purposes of pre-Marketing the property or to gauge interest of financial partners, contractors or assignee from Buyer’s network.
The buyer can advertise the property for sale or rent as a principal (owner), not as a representative of the seller.
OTHER AGREEMENTS: Seller agrees to provide (1) set of keys and allows 24hr access to the property for inspecting subject property and to perform proper due diligence until sale is completed if available. THIS IS A CASH TRANSACTION. BUYER PAYS ALL CLOSING COSTS.
The seller agrees to provide keys and allow access to the property for inspections and due diligence. It reaffirms that this is a cash transaction and that the buyer will pay all closing costs.
PROHIBITION: This agreement establishes a prohibition against transfer, conveyance or encumbrance to the property.
This clause prevents any transfer, conveyance, or further encumbrance on the property by the seller.