Real Estate Purchase Agreement

Summary

REAL ESTATE PURCHASE AGREEMENT
COMMERCIAL/AGRICULTURAL
(This is a legally binding contract. If you do not understand it, seek legal advice)
1. EARNEST MONEY DEPOSIT - PARTIES TO CONTRACT - PROPERTY

Purchasers________________________________________________________________________________________
Broker hereby acknowledges receipt of Earnest Money in the amount of ($_______________________________)
____________________________________________________________________________________________________DOLLARS
Cash___ Check___ to be deposited the next legal banking day after acceptance of this offer on the property legally described as:
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
also known as__________________________________________________________________________________________________
Sellers________________________________________________________________________________________________________
Purchaser and Seller acknowledge that Broker is the limited agent of both parties to this transaction as outlined in Section III of the
Agency Agreement Addendum and authorized by Purchaser and Seller

Yes_____No_____ (Initials) Purchaser_______/_______Seller_______/________ N/A___________
2. PURCHASE PRICE. The total sales price is to be ($___________________________) _____________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
____________________________________________________________________________________________________DOLLARS
After earnest money herein is credited, an additional down payment of $________________ is to be paid by Purchaser on or before
_____________________. After earnest money and down payment are herein credited, the remaining balance is to be paid by Purchaser
at closing

3. FINANCING. If this offer is contingent upon Purchaser obtaining a new loan, Purchaser agrees to immediately make application for
and diligently endeavor to procure such loan without delay, and to sign the note and mortgage within five (5) days after they are ready

4. TITLE. Merchantable title shall be conveyed by Warranty Deed, subject to conditions, zoning, restrictions, and easements of record, if
any, which do not interfere with or restrict the existing use of the property. An Abstract of Title shall be continued to date and furnished
promptly to buyer for examination. In lieu of an Abstract of Title, an owner's policy of Title Insurance in the amount of purchase price
may be substituted with cost to be distributed as follows: Seller ________ Purchaser_________
5. INSPECTIONS. This offer is contingent upon the following inspections: __________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
Inspections shall be completed within ________ days of acceptance of this offer

Should the results of any inspections not be satisfactory to Purchaser, then, within this same period, Purchaser shall notify Seller or
Listing Broker in writing of the specific dissatisfaction and at which time parties may renegotiate or terminate this contract. If Purchaser
fails to specifically approve or disapprove any inspections within the time specified, then Purchaser shall be deemed to have approved
and accepted the property in its present condition and any real estate licensee having anything to do with this transaction does not have
any further obligation to Purchaser as to such inspections or agreement

INITIALS: PURCHASER________/________SELLER________/_________
Page 1 of 2
6. PRORATIONS

Taxes are to be paid as follows: The ________ real estate taxes paid in __________ shall be paid _________ by Seller and __________
by Purchaser. Real estate taxes assessed this year and payable next year will be _____ will not be _____ prorated to the date of closing

Other prorations: _______________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
7. OTHER PROVISIONS:_________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
8. CLOSING/POSSESSION. Possession and closing shall be given to Purchaser on or before (date)_________________, provided,
however, delivery of possession is conditioned upon closing

9. EARNEST MONEY/DEPOSITS. Listing office shall deposit and hold all earnest money and other deposits until sale is closed. If this
offer is not accepted by Seller, or if Purchaser is unable to secure financing, if so contingent, or if no agreement is reached regarding
conditions found on inspection report(s), this agreement is void and Purchaser's money shall be returned in full, less any expenses
incurred on Purchaser's behalf, including any inspection ordered by Purchaser

10. ADDENDA TO THIS AGREEMENT. The following documents are addenda to this contract and are attached and become part of this
contract by reference. If none, so state._______________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
11. TIME IS OF THE ESSENCE OF THIS CONTRACT

Dated this ______day of______________, ______at________a.m./p.m

This agreement is void if not accepted by Seller by the ________day of__________________________, _______by_________a.m./p.m

(month) (year)
____________________________________________________ _______________________________________________________
Purchaser Purchaser
On this _______day of____________________________, _________ the foregoing offer is:
(month) (year)
(Initial)ACCEPTED_________/__________; NOT ACCEPTED_________/__________; COUNTERED_________/__________
______________________________________________________ _______________________________________________________
Seller Seller
THE FOLLOWING IS FOR INFORMATION PURPOSES ONLY:
_________________________________________________________ ______________________________________________________
Selling Company Selling Licensee
_________________________________________________________ ______________________________________________________
Listing Company Listing Licensee
SDREC/COM-AGPURAGREE/8-99 Page 2 of 2

REAL ESTATE PURCHASE AGREEMENT COMMERCIAL/AGRICULTURAL (This is a legally binding contract. If you do not understand it, seek legal advice) 1. EARNEST MONEY …

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Frequently Asked Questions

How to negotiate a land purchase agreement?

Method 2 Method 2 of 2: Negotiating as a Buyer Download Article

1. Research sales of comparable homes. You should expect the seller to know how much comparable homes have sold for in the neighborhood.
2. Know what you can afford. You can’t negotiate effectively if you don’t know the maximum amount you can afford to pay.
3. Try to uncover the seller’s motivation. ...
4. Make a realistic first offer. ...
5. Hide your enthusiasm. ...

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How to read a real estate purchase contract?

• Title. The title search must show that you are, in fact, the owner of the property and are thus legally allowed to sell it.
• Financing. If the buyer can’t get a loan high enough or at a low enough interest rate to be able to afford your home, they won’t be able to buy ...
• Home Inspection. ...
• Appraisal. ...
• Home sale. ...

What is a contract to purchase real estate?

• Warranty deed. A document filed with the County Recorder’s Office that grants title to real estate from the seller to the buyer. ...
• Loan agreement. A contract between a lender and borrower, where the borrower promises to pay back a sum of money to the lender using a payment plan.
• Promissory note. ...
• Mortgage agreement. ...
• Deed of trust. ...

How to negotiate a purchase and sale agreement?

This agreement should usually contain the following basic terms and conditions:

• Legal description and address of the property in question
• Any terms for a sale “as-is”
• Description of transfer documents (for example, deed, bill of sale, assignment, etc.)
• Purchase price (either by a set amount or per square foot, which may be adjusted after a survey)
• Adjustments to the price to be made at closing

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