Free Purchase Sale Agreement

1. Introduction

This Purchase Sale Agreement ("Agreement") is entered into on [Date], by and between [Your Name], having an address at [Your Company Address] ("Seller"), and [Buyer's Name], having an address at [Buyer's Address] ("Buyer").

Description of the Subject Matter

The subject matter of this Agreement is the sale of the property located at [Property Address], including all fixtures, fittings, and improvements thereto (collectively referred to as the "Property").

2. Purchase Price and Payment Terms

2.1 Total Purchase Price

The total purchase price for the Property shall be $500,000, payable as detailed below.

2.2 Payment Method

The payment shall be made through wire transfer, as agreed upon by the parties.

2.3 Payment Schedule

The payment shall be made under the following schedule: $50,000 upon execution of this Agreement, with the remaining balance to be paid at closing.

2.4 Deposit Amount

A deposit of $10,000 shall be paid by Buyer to Seller upon execution of this Agreement, to be held in escrow until closing.

3. Delivery and Inspection

3.1 Delivery Date:

The Seller shall deliver possession of the Property to the Buyer on [Delivery Date].

3.2 Delivery Location:

The delivery of the Property shall occur at the premises of the Property.

3.3 Inspection Period:

The Buyer shall have 14 days from the Delivery Date to inspect the Property for any defects or discrepancies.

3.4 Acceptance Criteria:

The Buyer's acceptance of the Property shall be subject to its satisfaction with the condition of the Property and compliance with any specifications outlined herein.

4. Title and Ownership

4.1 Transfer of Title:

Upon full payment of the purchase price, Seller shall transfer the title of the Property to Buyer by executing and delivering a valid deed.

4.2 Seller's Representations Regarding Ownership:

Seller represents and warrants that it has good and marketable title to the Property, free and clear of any liens, encumbrances, or claims.

4.3 Buyer's Acknowledgment of Title Transfer:

Buyer acknowledges and agrees to accept the title of the Property as conveyed by Seller, subject only to the matters disclosed herein.

5. Warranties and Representations

5.1 Seller's Warranties:

Seller warrants that the Property is free from any title defects and that there are no undisclosed material defects affecting the Property's value or use.

5.2 Buyer's Acknowledgment of Seller's Warranties:

Buyer acknowledges and agrees to rely solely on its inspections and investigations regarding the Property and not on any representations or warranties made by Seller.

5.3 Disclaimer of Other Warranties:

Except as expressly provided herein, Seller makes no other warranties, express or implied, regarding the Property.

6. Indemnification

6.1 Seller's Indemnification Obligations:

Seller agrees to indemnify, defend, and hold harmless Buyer from and against all claims, liabilities, damages, and expenses arising out of any breach of Seller's representations or warranties hereunder.

6.2 Buyer's Indemnification Obligations:

Buyer agrees to indemnify, defend, and hold harmless Seller from and against all claims, liabilities, damages, and expenses arising out of any breach of Buyer's obligations hereunder.

7. Closing Conditions

7.1 Conditions Precedent to Closing:

The closing of the sale contemplated herein is subject to the satisfaction of the following conditions precedent: Buyer obtaining financing on terms acceptable to Buyer.

7.2 Deadline for Closing:

The closing shall take place on or before [Closing Date].

8. Default and Remedies

8.1 Default by Buyer:

In the event of a default by Buyer, Seller shall be entitled to retain the deposit as liquidated damages, and Seller may pursue any other remedies available at law or equity.

8.2 Default by Seller:

In the event of a default by Seller, Buyer shall be entitled to seek specific performance or terminate this Agreement and recover any amounts paid hereunder.

8.3 Remedies Available to the Non-Defaulting Party:

The non-defaulting party shall be entitled to pursue all remedies available at law or equity.

9. Governing Law and Dispute Resolution

9.1 Choice of Law:

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

9.2 Dispute Resolution Mechanism:

Any dispute arising out of or relating to this Agreement shall be resolved through arbitration under the rules of the [Arbitration Association], with the venue in [City, State/Country].

9.3 Jurisdiction for Legal Proceedings:

The parties hereby consent to the exclusive jurisdiction of the courts located in [City, State/Country] for any legal proceedings arising out of or related to this Agreement.

10. Miscellaneous Provisions

10.1 Entire Agreement Clause:

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

10.2 Amendments and Modifications:

Any amendment or modification to this Agreement must be made in writing and signed by both parties.

10.3 Severability:

If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable to the fullest extent permitted by law.

10.4 Waiver:

The failure of either party to enforce any provision of this Agreement shall not constitute a waiver of such provision or any other provision herein.

10.5 Notices:

Any notices required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or sent by certified mail, return receipt requested, to the addresses set forth above.

10.6 Assignment:

Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party.

Signatures

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

[Your Name]

[DATE SIGNED]

[Buyer's Name]

[DATE SIGNED]

Agreement Templates @ Template.net