Deed of Conditional Sale
I. Introduction
This Deed of Conditional Sale ("Deed") is made and entered into on [Date], between [Your Name], hereinafter referred to as the "Seller," residing at [Your Company Address], and [Buyer's Name], hereinafter referred to as the "Buyer," residing at [Buyer's Address].
II. Recitals
A. Background
The Seller is the legal owner of the real property located at [Insert Property Address], hereinafter referred to as the "Property."
The Buyer desires to purchase the Property from the Seller, subject to certain conditions as outlined in this Deed.
III. Terms of Conditional Sale
A. Purchase Price
The Purchase Price for the Property shall be 250,000 dollars ($250,000).
B. Conditions of Sale
Financing Condition:
The sale of the Property is conditional upon the Buyer obtaining financing from a lender for at least 80% of the Purchase Price within 45 days from the date of this Deed.
Inspection Condition:
The sale of the Property is conditional upon the Buyer conducting a satisfactory inspection of the Property and notifying the Seller of any defects or issues within 14 days from the date of this Deed.
Zoning Approval Condition:
The sale of the Property is conditional upon the Buyer obtaining approval from the local zoning authority for residential use of the Property within 30 days from the date of this Deed.
IV. Fulfillment of Conditions
The Buyer shall use their best efforts to fulfill the conditions outlined in Section III(B) within the specified timeframes.
If the Buyer fails to fulfill any condition within the specified timeframe, this Deed shall be deemed null and void, and neither party shall have any further obligations under this Deed.
V. Closing
Upon fulfillment of all conditions outlined in Section III(B), the parties shall proceed to close the sale of the Property following the terms of this Deed.
VI. Governing Law
This Deed shall be governed by and construed following the laws of [Jurisdiction].
VII. Execution
This Deed may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument.
IN WITNESS WHEREOF, the parties have executed this Deed as of the date first above written.
[Your Name]
[Date Signed]
[Buyer's Name]
[Date Signed]
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