Free Home Buyout Agreement

Home Buyout Agreement

This Home Buyout Agreement is entered into on [Date], between [Your Name], residing at [Your Company Address] ("Seller"), and [Buyer's Name], residing at [Buyer's Address] ("Buyer").

1. Property Description

The property subject to this Agreement is described as [Your Company Address], including any structures and improvements thereon ("Property").

2. Purchase Price and Payment Terms

The total purchase price for the Property is [Total Purchase Price], payable as follows:

• An initial deposit of [Deposit Amount] upon execution of this Agreement.

• Balance of [Balance Amount] to be paid in [Number] installments as follows:

  Installment 1: [Amount] due on [Date].

  Installment 2: [Amount] due on [Date].

3. Closing Date

The closing date for this transaction shall be on or before [Closing Date]. Time is of the essence regarding the closing date.

4. Contingencies

This Agreement is contingent upon the following:

• Buyer obtaining satisfactory financing within [Number] days from the effective date of this Agreement.

• Property inspection results meeting Buyer's satisfaction.

• Appraisal of the Property valued at or above the purchase price.

5. Conditions

• Seller agrees to deliver the Property in its current condition, subject to ordinary wear and tear, and to provide all necessary disclosures as required by law.

• Buyer agrees to conduct all due diligence promptly and in good faith.

6. Representations and Warranties

a. Seller represents and warrants that:

• They have good and marketable title to the Property, free and clear of any liens, encumbrances, or claims.

• They have the authority to enter into this Agreement.

b. Buyer represents and warrants that:

• They have sufficient funds or financing in place to complete the purchase of the Property.

• They have the authority to enter into this Agreement.

7. Default Remedies

In the event of default by either party, the non-defaulting party shall have the right to pursue all available remedies under law, including specific performance, damages, or termination of this Agreement.

8. Dispute Resolution

Any disputes arising out of or relating to this Agreement shall be resolved through mediation, with the mediator mutually agreed upon by both parties. If mediation is unsuccessful within [Number] days, either party may pursue legal remedies available under law.

9. Governing Law

This Agreement shall be governed by and construed by the laws of [State/Country].

10. Entire Agreement

This Agreement constitutes the entire understanding and agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

[Your Name]

[Buyer's Name]

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