REAL ESTATE CONTRACT NOTARY
I. Identification of Parties
This contract is made and entered into this [DATE], by and between:
Buyer: [BUYER'S NAME], residing at [BUYER'S ADDRESS]
Seller: [SELLER'S NAME], residing at [SELLER'S ADDRESS]
II. Details of the Property
The property subject to this contract is described as follows:
Address: [PROPERTY ADDRESS]
Legal Description: [PROPERTY LEGAL DESCRIPTION]
Tax Parcel ID: [TAX PARCEL ID, if applicable]
III. Purchase Price and Terms of Payment
The total purchase price agreed upon for the property is $300,000, payable according to the following terms:
Down Payment: $30,000, due on May 1st, 2050
Balance: $270,000, to be paid in 24 installments of $11,250 each, starting on June 1st, 2050, and due on the 1st of each subsequent month.
Interest Rate: 4.5% per annum, applied to the outstanding balance.
IV. Contingencies
Property Inspection: The Buyer has the right to conduct a professional inspection of the property within 10 days of the acceptance of this contract. The Seller agrees to address any major issues discovered during the inspection or negotiate a resolution with the Buyer.
Financing Contingency: This contract is contingent upon the Buyer securing satisfactory financing terms within 30 days. If the Buyer fails to obtain financing despite good faith efforts, this contract may be terminated, and the earnest money shall be returned to the Buyer.
V. Warranties
Seller's Warranty: The Seller warrants that they have good and marketable title to the property, free of any liens, encumbrances, or legal claims that would prevent the transfer of ownership to the Buyer.
Buyer's Warranty: The Buyer warrants that they have the financial capacity to fulfill the terms of this contract and will act in good faith throughout the transaction.
VI. Buyer’s Acknowledgment
I, [BUYER'S NAME], hereby acknowledge that I have read, understood, and agree to the terms and conditions outlined in this contract. I affirm that I have had the opportunity to review this contract with legal counsel of my choosing if desired.
Date: [DATE]
VII. Seller’s Acknowledgment
I, [SELLER'S NAME], hereby acknowledge that I have read, understood, and agree to the terms and conditions outlined in this contract. I affirm that I have had the opportunity to review this contract with legal counsel of my choosing if desired.
Date: [DATE]
VIII. Notary Public Acknowledgment
On this [DATE], before me, [YOUR NAME], a Notary Public in and for [COUNTY NAME] County, State of [STATE], personally appeared [BUYER'S NAME] and [SELLER'S NAME], known to me (or proved to me based on satisfactory evidence) to be the persons whose names are subscribed to the within the instrument and acknowledged to me that they executed the same for the purposes stated.
I certify that I have verified the identities of the parties and witnessed their signatures.
Given under my hand and official seal this [DATE].
Notary Public in and for the State of [STATE]
My Commission Expires: [COMMISSION EXPIRES]
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