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May 31, 2017 · A bill of sale is the usual method to convey personal property, and, like the contract itself, should identify the items transferred with as much specificity as possible. 4. Purchase Price, Adjustments, and Earnest Deposit. The purchase price is typically a set amount, subject to adjustments at closing.
- SALE OF PROPERTY. 1.1 Property To Be Sold. Subject to the terms and provisions hereof, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, upon the terms and conditions of this Agreement
- TITLE AND SURVEY. 2.1 Title and Survey. No later than three (3) Business Days after the Effective Date, Buyer shall, at Buyer’s cost and expense, obtain a preliminary title report or commitment (the “Preliminary Report”) from Lawyers Title Company (the “Title Company”), together with legible copies of all recorded encumbrances and exceptions to title; Seller shall provide to Buyer a copy of any existing survey or plat of the Property that is in the Seller’s possession or control.
- INSPECTION AND DUE DILIGENCE PERIOD. 3.1 Access. From and after the Effective Date through the Closing, Buyer, personally or through its authorized agent or representatives (including without limitation any prospective lender to Buyer, or such prospective lender’s agents or representatives), shall be entitled, upon no less than two (2) Business Days advance written notice to Seller, to enter upon the Property during normal business hours and shall have the right to make such non-invasive investigations, including appraisals, , engineering studies, soil tests, environmental studies and underwriting analyses, as Buyer deems necessary or advisable.
- REPRESENTATIONS, WARRANTIES AND COVENANTS. 4.1 Seller’s Representations. Except as otherwise disclosed in writing to Buyer, Seller warrants and represents to Buyer as follows
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May 4, 2018 · May 4, 2018 - 5 min read. In this article: What defines a real estate contract? Every real estate contract meets four requirements to be valid: A valid home purchase agreement must be...
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- Buyer and Seller Information. The real estate purchase agreement should open with an introduction to whom the contract legally binds. These should be the legal first and last names of all sellers and buyers involved in the purchase and transfer of ownership.
- Sale Inclusions. The contract should follow the introduction of parties with a description of the property being sold. A description of the property, including its full address and square footage, is a good place to start.
- Sale Exclusions. If anything is excluded from the sale of a property, this should also be listed in the contract. Sale exclusions manage the expectations of both parties, and protect the seller from being accused of not completing the sale in earnest when excluded property is not made available to the buyer.
- Disclosures. Real estate sellers in the United States must legally disclose any risks or hazards on their property. States have their regulations with regards to disclosure requirements, but common ones include things such as
- Building condition assessment.
- Due diligence. A purchaser’s review of a commercial real estate property before the transaction is completed. The due diligence process is usually spelled out in the buyer’s purchase offer.
- Easement. The right to use or access part of a neighbour’s property. This right may be based on a verbal or written agreement. Easements are usually identified during the due diligence process, before the property is purchased.
- Encroachment. A structure that uses the property of a neighbour without permission. Examples include bushes intruding on the next-door property, an overhanging roof or a septic tank extending underground past a property line.
Aug 17, 2022 · Earnest money. What it is: Checking the home’s purchase price on your contract is par for the course, but you also have to cough up some money immediately, in the form of an earnest money ...
Commercial financing loans are secured primarily by real estate and related assets owned by the debtor. Assets used to collateralize commercial finance loans, aside from the real estate, may include fixtures, equipment, bank and/or trade accounts, receivables, inventory, general intangibles, and supplies. Documents evidencing and securing the ...
