LAND PURCHASE AGREEMENT
DEFINITIONS
BROKER includes cooperating brokers and all sales persons. DAYS means calendar days, midnight to midnight, unless otherwise specified. BUSINESS DAY excludes Saturdays, Sundays and legal holidays. DATE OF ACCEPTANCE means the date Seller accepts the offer or the Buyer accepts the counter offer. DELIVERED means personally delivered, transmitted by facsimile machine, by a nationally recognized overnight courier, or by first class mail, postage prepaid or Email. In the event of mailing, the document will be deemed delivered three (3) business days after deposit; in the event of overnight courier, one (1) business day after deposit; and if by facsimile, at time of transmission provided that a transmission report is generated and retained by the sender reflection the accurate transmission of the document. Unless otherwise provided in this Agreement or by law, delivery to the agent will constitute delivery to the principal. DATE OF CLOSING means the date title is transferred. TERMINATING THE AGREEMENT means that both parties are relieved of their obligations. PROPERTY means the real property and any personal property included in the sale.
Received from _______________________________________________________________________________ as BUYER (S),
Phone #_____________________________________________Email: ______________________________________________
Offers to purchase the real property situated in _ Reno NV_ County of Washoe Nevada, APN: 003-130-33 consisting of approximately _4.5_ acres.
FOR THE PURCHASE PRICE of $ __________________________________________ (_________________________ dollars),
On the following terms and conditions:
1) FINANCIAL TERMS.
A. THE SUM OF $ FIVE THOUSAND dollars ($ 5,000.00) Non Refundable Earnest money,
Shall be submitted in the form of ( ) cash ( ) personal check ( ) other
(explain) _________________________________________ with in 24 hrs of acceptance of this offer and be
applied to the purchase price for said real property
B. $ 5000.00_ ADDITIONAL NON-REFUNDABLE CASH DEPOSIT to be placed in escrow within 30 days of
acceptance, upon waiver of Contingencies (not including closing costs).
2) EXAMINATION OF TITLE. In addition to any encumbrances assumed or taken “subject to", Seller will convey title to the property subject only to: (1) real estate taxes not yet due; and (2) covenants, conditions, restrictions, rights of way and easements of record, if any, which do not materially affect the value or intended use of the property. Within three (3) days after acceptance, Buyer will order a Preliminary Title Report and copies of CC&Rs and other documents of record if applicable. Within five (5) days after receipt, Buyer will report to Seller in writing any valid objections to title contained in such report (other than monetary liens to be paid upon close of escrow). If such exceptions cannot be removed before close of escrow, this Agreement will terminate, unless Buyer elects to purchase the property subject to such exceptions. If Seller concludes he or she is in good faith unable to remove such objections, Seller will notify Buyer within ten (10) days after receipt of said objections. In that event Buyer may terminate this Agreement.
3) ESCROW HOLDER: upon acceptance of this offer escrow shall be expeditiously opened with Stewart Title of Nevada who shall act as escrow agent. All necessary funds, instruments and addenda shall be deposited into escrow as required. At the request of the escrow agent the BUYER and SELLER shall execute escrow instructions not inconsistent with this instrument. In the event there is any inconsistency with escrow instructions and this Agreement, the terms of this Agreement shall control.
Buyer _______________________And seller ________________________ have read this page.
4) OPTIONAL CONDITIONS. Provisions 3-A through 3-E, if initialed below by Buyer, are included in this Agreement:
A. SOIL TESTS. Upon acceptance of this Agreement, Buyer will have the right to go on the property to conduct soil tests, including percolation tests, to ascertain whether the property is suitable for the improvements, which Buyer proposes to make. All expenses of such tests will be borne by the Buyer. Buyer will be responsible for the repair and restoration of any damage to the property, which may be caused by such tests. If in the reasonable opinion of the soils engineer, employed by Buyer, the property is not suitable for the proposed development, Buyer may terminate this Agreement. Buyer will approve or disapprove the results of the tests in writing within _10_ days of acceptance.
B. SURVEY. Upon acceptance of this Agreement, Buyer will have the right to have the property surveyed by a licensed surveyor at the expense of the Buyer. The surveyor will set an flag all property lines, to be approved in writing by Buyer prior to close of escrow.
C. TAX DEFERRED EXCHANGE (INVESTMENT PROPERTY). In the event Seller wishes to enter into a tax deferred exchange with respect to property owned by him or her in connection with this transaction. Each of the parties agrees to cooperate with the other party in connection with such exchange, including the execution of such documents as may be reasonably necessary to complete the exchange, provided that: (a) the other party will not be obligated to delay the closing; (b) all additional costs in connection with the exchange will be borne by the party requesting the exchange; (c) the other party will not be obligated to execute any note, contract, deed or other document providing for any personal property described in this Agreement. The other party will be indemnified and held harmless against any liability, which arises or is claimed to have arisen on account of the exchange.
4) BONDS AND ASSESSMENTS. All bonds and assessments, which are part of or paid with the property tax bill will be assumed by the Buyer. In the event there are other bonds or assessments which have an outstanding principal balance and are a lien upon the property, the current installment will be prorated between Buyer and Seller as of the date of closing. Future installments will be assumed by Buyer WITHOUT CREDIT toward purchase price.
This Agreement is conditioned upon both parties verifying and approving in writing the amount of any bond or assessment to be assumed or paid within ten (10) days after receipt of the preliminary title report or property tax bill, which ever is later. In the event of disapproval, the disapproving party may terminate this Agreement.
5) DISCLOSURE OF CONDITIONS: BUYER shall take title subject to declarations, covenants, conditions and restrictions, articles of incorporation, by laws, rules and regulations currently in force, to be delivered to BUYER by SELLER within 5 days of acceptance of Offer. BUYER shall be deemed to have approved said documents unless written notice to the contrary is delivered to SELLER or his agent within _5_ days of receipt by BUYER.
6) EVIDENCE OF TITLE, in the form of a policy of Title Insurance, issued by _________________________,
Paid by SELLER.
7) VESTED TITLE. The manner of taking title may have significant legal and tax consequences. Buyer should obtain advice from his or her legal or tax counsel regarding this matter.
8) PROPERTY INVESTIGATIONS. This Agreement is contingent upon Buyer’s independent investigation of the following conditions relating to the property.
A) Zoning and land use designations and requirements.
B) Availability of utilities and costs for development.
C) Toxic contamination.
Buyer will approve or disapprove in writing all inspection reports within fifteen (15) days after acceptance. In the event of Buyer’s disapproval, Buyer may, within the time stated or mutually agreed upon extension, elect to terminate this Agreement.
9) DEFAULT. In the event Buyer defaults in the performance of this Agreement (unless Buyer and Seller have agreed to liquidated damages), Seller may, subject to any rights of the Broker, retain Buyer’s deposit to the extent of damages sustained and may take such actions as he or she deems appropriate to collect such additional damages as may have been actually sustained. Buyer will have the right to take such action as he or she deems appropriate to recover such portion of the deposit as may be allowed by law. In the event that Buyer defaults (unless Buyer and Seller have agreed to liquidated damages) Buyer agrees to pay the Broker(s) any commission that would be payable by Seller in the absence of such default.
Buyer _______________________And seller ________________________ have read this page.
10) ATTORNEY FEES. In any action, arbitration, or other proceeding involving a dispute between Buyer and Seller arising out of the execution of this Agreement or the sale, whether for tort or for breach of contract, and whether or not brought to trial or final judgment, the prevailing party will be entitled to receive from the other party a reasonable attorney fee, expert witness fees, and costs to be determined by the court or arbitrator(s).
11) CLOSING. Full purchase price to be paid, deed to be recorded, and physical possession of property to be delivered within 60 days of acceptance. Both parties will deposit with an authorized escrow holder, to be selected by Buyer, all funds and instruments necessary to complete the sale in accordance with the terms of this Agreement. Where customary, signed escrow instructions will be delivered to escrow holder within _5_ days of acceptance. Escrow fee and necessary recording fees, document and tax, title policy shall be paid to by BUYER. County/City Transfer Tax (es), if any, to be paid by BUYER. THIS PURCHASE AGREEMENT TOGETHER WITH ANY ADDENDA WILL CONSTITUTE JOINT ESCROW INSTRUCTIONS TO THE ESCROW HOLDER.
12) LOAN APPLICATION: If BUYER is to obtain new financing, or is required by lender for assumption, BUYER agrees to make application for said loan within _FIVE_ days from acceptance of this offer and furnish all necessary documentation for securing said loan. Lender to provide SELLER with a conditional loan commitment within 15 days from loan application verifying down payment, income and credit requirements are adequate for qualifying for said loan.
13) APPRAISAL: If the BUYER is to obtain new financing, the BUYER agrees to obtain, at his cost, the appropriate appraisal in an amount not less than the sales price. Should the appraisal be less than this amount, the BUYER at his option, may pay the required difference in cash.
14) ACCESS TO THE PROPERTY: SELLER agrees to provide reasonable access to the property to inspectors and /or appraisers representing BUYER.
15) SURVIVAL. The omission from escrow instructions of any provision in this Agreement will not waive the right of any party. All representations or warranties will survive the close of escrow.
16) EXPIRATION OF OFFER. This offer will expire unless acceptance is delivered to Buyer or to ______________________________(Buyer’s Broker) on or before (date) _________ (time) _4_ p.m.
17) COUNTERPARTS. This agreement may be executed in one or more counterparts, each of which is deemed to be an original.
18) TIME. Time is of the essence of this Agreement; provided, however, that if either party fails to comply with any contingency in this Agreement within the time limit specified, this Agreement will not terminate until the other party delivers written notice to the defaulting party requiring compliance within 24 hours after receipt of notice. If the party receiving the notice fails to comply within the 24 hours, the non-defaulting party may terminate this Agreement without further notice.
19) CONDITIONS SATISFIED/WAIVED IN WRITING. Each condition or contingency, covenant, approval or disapproval will be satisfied according to its terms or waived by written notice delivered to the other party or his or her Broker.
20) ENTIRE AGREEMENT/ASSIGNMENT PROHIBITED. This document contains the entire agreement of the parties and supersedes all prior agreements or representations with respect to the property which are not expressly set forth. This Agreement may be modified only in writing signed and dated by both parties. Both parties acknowledge that they have not relied on any statements of the realtor Estate Agent or Broker, which are not expressed in this Agreement. Buyer may not assign any right under this agreement without the prior written consent of Seller. Any such assignment will be void and unenforceable
21) ADDITIONAL TERM AND CONDITIONS: ___________________________________________________________________________________________
___________________________________________________________________________________________
___________________________________________________________________________________________
22) ADDENDA. The following addenda are attached and made a part of this Agreement:
___ Form 101-LA. 11, ADDENEDUM TO PURCAHSE AGREEMENT (Subordination, Partial Reconveyances)
____OTHER: _________________________________________________________.
Both parties acknowledge that they have not relied on any statements of the real estate Agent or Broker which are not expressed in this Agreement.
Buyer _______________________And seller ________________________ have read this page.
23) LIMITATION OF AGENCY: A real estate broker or agent is qualified to advise on real estate. If you have any questions concerning the legal sufficiency, legal effect, insurance, or tax consequences of this document or the related transactions, consult with your attorney, accountant, or insurance broker. THE UNDERSIGNED AGENTS (S), BROKER (S) and REAL ESTATE COMPANY(S) shall not be held responsible by the parties hereto for any failure by either the BUYER or SELLER to comply with any or all of the terms of this purchase agreement.
24) AGREEMENT TO MEDIATE: BUYER and SELLER ( ) do ( ) do not agree that any dispute or claim involving the undersigned and arising out of or relating to this contract, shall be substituted to the Greater Las Vegas Association of
Realtors for mediation in accordance with the rules and Procedures of the Home-seller and homebuyers Dispute Resolution
System. (DRS) and that neither party shall commence litigation without first participation or offering in good faith to participate in the mediation process. All such claims must be submitted within 180 days from the time the facts could have
been reasonably have been known.
The undersigned Buyer acknowledges that he or she has thoroughly read and approved each of the provisions contained herein and agrees to purchase the property for the price and on the terms and conditions specified. Buyer acknowledges receipt of a copy of this Offer.
Buyer _________________________________________ Date ___________________ Time ___________________
Address _______________________________________
Ph#__________________________________________Email_____________________________________________
Seller Accepts the above Offer and agrees to sell the property for the price and on the terms and conditions specified.
Commission: Seller agrees to pay in cash the following commission for services rendered, which commission Seller hereby irrevocably assigns to Broker(s) from escrow:
5% of the accepted price to the selling Broker:_____________________________________________________________
without regard to the agency relationship. Escrow instructions with respect to commission may not be amended or revoked without the written consent of the Broker(s).
Sellers acknowledges receipt of a copy of this agreement. Authorization is hereby given the Broker(s) in this transaction to deliver a signed copy to Buy and to disclose the terms of sale at members of a Multiple Listing Service, Board or Association of Realtors at close of escrow.
Seller_______________________________________________ Seller_______________________________________________
Print Name__________________________________________ _______________________________________________
Date_________________ Time_________________________ Date___________________ Time____________________
Address____________________________________________ Address_________________________________________
__________________________________________________ ________________________________________________
__________________________________________________ ________________________________________________