LAND PURCHASE AGREEMENT
THIS LAND PURCHASE AGREEMENT ("Agreement") is made as of [Date],
BETWEEN:
[Seller Name], at [Address] ("Seller"),
AND:
[Buyer Name], at [Address] ("Buyer").
1. PROPERTY DESCRIPTION
1.1 Property. Seller agrees to sell and Buyer agrees to purchase the following real property ("Property"):
(a) Address: [Street Address, City, County, State, ZIP] (b) Legal Description: [Lot, Block, Subdivision, or metes and bounds description as recorded] (c) Tax Parcel ID: [Number] (d) Acreage: Approximately [Number] acres (e) Zoning: Currently zoned [Zoning Classification] for [permitted uses]
1.2 Included. The sale includes all improvements, structures, fixtures, mineral rights [if applicable], water rights [if applicable], easements, and appurtenances belonging to the Property, unless specifically excluded.
1.3 Excluded. The following items are excluded from the sale: [List any exclusions — e.g., specific structures, equipment, crops, timber rights].
2. PURCHASE PRICE AND PAYMENT
2.1 Purchase Price. The total purchase price is $[Amount] ("Purchase Price"), payable as follows:
(a) Earnest Money Deposit: $[Amount] to be deposited with [Escrow Agent/Title Company] within [5] business days of execution. Earnest money shall be applied to the Purchase Price at Closing.
(b) Financing: [Cash purchase / Buyer shall obtain a mortgage from [Lender] / Seller financing per terms in Section 2.3].
(c) Balance at Closing: $[Amount] payable by [certified check/wire transfer] at Closing.
2.2 Financing Contingency. [If applicable] This Agreement is contingent upon Buyer obtaining financing approval within [30/45] days of execution, on terms acceptable to Buyer (interest rate not exceeding [Percentage]%, term of at least [Number] years). If financing is not obtained, Buyer may terminate and receive a full refund of Earnest Money.
2.3 Seller Financing. [If applicable] Seller agrees to finance $[Amount] of the Purchase Price, secured by a [first/second] mortgage and promissory note with the following terms: (a) Interest rate: [Percentage]% per annum; (b) Monthly payments: $[Amount]; (c) Term: [Number] years; (d) Balloon payment: [if applicable]; (e) Prepayment: permitted without penalty.
3. DUE DILIGENCE
3.1 Inspection Period. Buyer shall have [30/60] days from execution ("Due Diligence Period") to conduct inspections and investigations, including: (a) environmental assessment (Phase I, Phase II if warranted); (b) soil and percolation tests; (c) survey; (d) title examination; (e) zoning and land use verification; (f) boundary and easement verification; (g) flood zone determination; (h) water and mineral rights verification.
3.2 Access. Seller shall grant Buyer and Buyer's agents reasonable access to the Property for inspections during the Due Diligence Period, upon [24] hours notice.
3.3 Termination. If Buyer is not satisfied with due diligence results, Buyer may terminate this Agreement before expiration of the Due Diligence Period and receive a full refund of Earnest Money.
4. TITLE AND SURVEY
4.1 Title Insurance. Seller shall provide, at [Seller's/Buyer's] expense, an owner's title insurance policy in the amount of the Purchase Price, issued by [Title Company Name].
4.2 Title Commitment. Seller shall deliver a title commitment within [15] days of execution. Buyer shall have [10] days to review and object to any exceptions.
4.3 Marketable Title. Seller shall convey marketable fee simple title, free of all liens, encumbrances, and defects, except: (a) current year real estate taxes (prorated); (b) recorded easements and restrictions of record that do not materially impair use; (c) zoning ordinances.
4.4 Survey. [Buyer/Seller] shall obtain a current ALTA/NSPS survey at [their] expense within [30] days. Any survey deficiencies must be resolved before Closing.
4.5 Title Defects. If title defects are discovered, Seller shall have [30] days to cure. If not cured, Buyer may: (a) accept title as-is; (b) terminate and receive full Earnest Money refund.
5. CLOSING
5.1 Closing Date. Closing shall occur on or before [Date], at the offices of [Title Company/Attorney], or as mutually agreed.
5.2 Seller's Closing Documents: (a) General warranty deed; (b) Bill of sale for personal property (if any); (c) Affidavit of title; (d) FIRPTA certificate or withholding; (e) Transfer tax declarations; (f) Keys and access devices.
5.3 Buyer's Closing Documents: (a) Payment of balance; (b) Mortgage documents (if applicable); (c) Closing statement acknowledgment.
5.4 Prorations. The following shall be prorated as of Closing: (a) real estate taxes; (b) utility charges; (c) HOA dues (if applicable); (d) rents (if applicable).
5.5 Closing Costs. (a) Seller pays: deed preparation, deed transfer tax, title insurance premium, Seller's attorney fees, outstanding liens; (b) Buyer pays: recording fees, mortgage-related costs, Buyer's attorney fees, survey, inspections.
6. REPRESENTATIONS AND WARRANTIES
6.1 Seller Represents: (a) Seller has authority to sell; (b) no pending litigation affecting the Property; (c) no undisclosed easements, restrictions, or encroachments; (d) Property complies with applicable zoning; (e) no environmental contamination known to Seller; (f) all property taxes current; (g) no undisclosed agreements affecting the Property; (h) no pending government actions (condemnation, special assessments).
6.2 Buyer Represents: (a) Buyer has financial capacity to close; (b) Buyer has authority to enter this Agreement.
7. RISK OF LOSS
7.1 Risk of loss remains with Seller until Closing. If the Property is materially damaged before Closing, Buyer may: (a) terminate and receive full Earnest Money refund; or (b) proceed with closing and receive insurance proceeds.
8. DEFAULT
8.1 Buyer Default. If Buyer defaults, Seller may retain the Earnest Money as liquidated damages, which shall be Seller's sole remedy.
8.2 Seller Default. If Seller defaults, Buyer may: (a) seek specific performance; (b) terminate and receive full Earnest Money refund plus actual damages.
9. GOVERNING LAW
9.1 This Agreement shall be governed by the laws of the State of [State/Jurisdiction].
9.2 Disputes shall be resolved in the courts of [County], [State].
10. SEVERABILITY
10.1 If any provision is held invalid, the remaining provisions continue in full force.
11. ENTIRE AGREEMENT
11.1 This constitutes the entire agreement. No amendment is valid unless in writing signed by both Parties.
12. NOTICES
12.1 All notices shall be in writing, delivered by certified mail or overnight courier.
DISCLAIMER: This template is for informational purposes only. Consult qualified legal counsel.
SIGNATURES
[PARTY A]:
Signature: _________________________ Name: [Full Name] Title: [Title] Date: __________
[PARTY B]:
Signature: _________________________ Name: [Full Name] Title: [Title] Date: __________
