Free Real Estate Sales Agreement

This Sales Agreement ("Agreement") is made and entered into on [Month Day, Year] ("Effective Date"), by and between [Your Company Name], a corporation with its principal place of business located at [Your Company Address], hereinafter referred to as "Seller," and [Buyer Name], an individual with its main residency located at [Buyer Address], hereinafter referred to as "Buyer."

WHEREAS, the Seller is the legal owner of the real property located at [Property Address] ("Property"); and

WHEREAS, the Seller desires to sell and transfer ownership of the Property to the Buyer, and the Buyer wishes to purchase the Property from the Seller; and

WHEREAS, the Buyer has conducted due diligence, including inspection of the Property and review of relevant documents, and is satisfied with the condition and status of the Property; and

WHEREAS, both parties agree to enter into this Agreement to formalize the sale and purchase of the Property under the terms and conditions specified herein.

I. Sale of Property

1. Sale Price: The total sale price for the Property is five hundred thousand USD ($500,000), to be paid by the Buyer to the Seller in accordance with the payment terms outlined in this Agreement.

2. Payment Terms: The Buyer agrees to pay the Sale Price as follows:

   • Deposit: Fifty thousand USD ($50,000) , due upon execution of this Agreement.

   • Balance: The remaining amount of four hundred fifty thousand USD ($450,000) will be to be paid at closing.

II. Closing

1. Closing Date: The closing of the sale shall occur on or before [Month Day, Year], unless otherwise agreed in writing by both parties.

2. Closing Costs: Closing costs shall be allocated as follows:

   • Seller’s Costs: Title insurance, transfer taxes, and any costs associated with clearing title defects.

   • Buyer’s Costs: Mortgage recording fees, appraisal fees, and any costs associated with securing financing.

3. Transfer of Ownership: Upon receipt of the full purchase price, the Seller shall transfer ownership of the Property to the Buyer, including delivering a duly executed and notarized deed.

III. Representations and Warranties

1. Seller’s Representations: The Seller represents that they are the legal owner of the Property and have the right to sell it. The Property will be free from any encumbrances, liens, or legal disputes. The Seller also warrants that all improvements and alterations to the Property were done in compliance with applicable laws and regulations.

2. Buyer’s Representations: The Buyer represents that they have the financial capability to complete the purchase and have conducted all necessary due diligence regarding the Property. The Buyer acknowledges that they have inspected the Property and are satisfied with its condition.

IV. Contingencies

The Contingencies outlines the conditions that must be satisfied for the sale to proceed and the options available if these conditions are not met.

1. Financing Contingency: The Buyer’s obligation to purchase the Property is contingent upon obtaining financing approval from [Bank Name] by [Month Day, Year]. If financing is not secured by this date, the Buyer may terminate the Agreement without penalty and receive a refund of the deposit.

2. Inspection Contingency: The Buyer has the right to inspect the Property within ten (10) days of the Effective Date. The Seller agrees to address any significant issues identified during the inspection. If substantial defects are found, the Buyer may request repairs or a reduction in the sale price.

V. Default and Termination

The actions that can be taken if either party fails to fulfill their obligations under the Agreement and the consequences of such default.

1. Default by Seller: If the Seller defaults on their obligations, the Buyer may terminate this Agreement and seek remedies, including the return of any deposit paid. The Buyer may also pursue legal action for damages resulting from the default.

2. Default by Buyer: If the Buyer defaults on their obligations, including failure to pay the balance at closing, the Seller may terminate the Agreement and retain the deposit as liquidated damages. The Seller may also pursue legal action for any additional damages incurred.

VI. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of [State]. Any disputes arising from this Agreement shall be resolved in the courts of [County/State].

VII. Miscellaneous

1. Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements. Any amendments or modifications must be made in writing and signed by both parties.

2. Severability: If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. The parties shall negotiate in good faith to replace any invalid provision with a valid one that closely reflects the original intent.

3. Notices: All notices required or permitted under this Agreement shall be in writing and delivered to the addresses specified below. Notices shall be deemed effective upon receipt.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

Seller Signature:

[Your Name]

[Job Title]

[Your Company Name]

[Month Day, Year]

Buyer Signature:

[Buyer Name]

[Job Title]

[Month Day, Year]

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