Real Estate Contract Agreement
I. Introduction
This Real Estate Contract Agreement (“Agreement”) is made and entered into on this 5th day of March, 2050, by and between:
[Your Company Name], a corporation registered under the laws of the State of Missouri, with its principal office located at [Your Company Address], represented by [Your Name], Real Estate Director ("Seller").
Notable20, a corporation registered under the laws of the State of Missouri, with its principal office located at St. Louis, MO 63101, represented by Jerrell Lowe, Chief Real Estate Officer ("Buyer").
The parties hereby agree as follows:
II. Sale of Property
1. Description of Property
Seller agrees to sell and Buyer agrees to purchase the following property:
Property Type: Commercial office building
Address: 250 Parkview Plaza, St. Louis, MO 63101
Size: 25,000 square feet
Zoning: Commercial (C-1)
Current Use: Office space
Condition: The property is in excellent condition with recent upgrades to HVAC, plumbing, and electrical systems.
2. Purchase Price
The total purchase price for the property shall be $5,000,000 (“Purchase Price”). The Purchase Price includes the land, building, and any associated improvements, fixtures, and rights that are part of the property, except for any personal property that is specifically excluded.
III. Payment Terms
1. Payment Schedule
Buyer agrees to pay Seller the Purchase Price in the following manner:
Initial Deposit: A deposit of $500,000 shall be paid by Buyer upon the execution of this Agreement. This deposit will be applied toward the Purchase Price at closing.
Balance: The remaining balance of $4,500,000 shall be paid in full at the closing of the transaction.
The payment will be made via wire transfer or certified check to the Seller's designated account.
2. Closing Costs
Buyer and Seller will each be responsible for their respective closing costs. Buyer will be responsible for costs associated with financing, title insurance, and recording fees, while Seller will be responsible for the preparation of the deed and any costs related to the transfer of title.
IV. Closing and Transfer of Title
1. Closing Date
The closing of the sale shall take place on or before 30th day of March, 2050, unless otherwise mutually agreed upon by both parties. The closing will occur at a location mutually agreed upon by Buyer and Seller.
2. Transfer of Title
At the closing, Seller will deliver to Buyer a deed transferring title to the property, free from any liens or encumbrances except for those previously disclosed. Buyer shall receive possession of the property immediately upon closing, subject to any leases, encumbrances, or restrictions.
V. Representations and Warranties
1. Seller’s Representations
Seller represents and warrants that:
Seller has full legal title to the property and has the authority to sell the property.
The property is free from any undisclosed encumbrances, liens, or legal disputes.
The property requires no environmental remediation.
2. Buyer’s Representations
Buyer represents and warrants that:
Buyer has the financial capacity to complete the transaction.
Buyer accepts the property's current condition, except for Seller's representations.
Buyer has completed due diligence and inspection or waived the right.
VI. Due Diligence
1. Inspection Period
Buyer shall have the right to inspect the property for a period of 15 days after the execution of this Agreement. During this period, Buyer may inspect the condition of the property, including the structure, systems, and any other relevant aspects.
2. Approval of Findings
If the inspection reveals material defects or issues, Buyer may either request repairs or terminate this Agreement by providing written notice to Seller. If Buyer chooses to terminate, the deposit shall be refunded, and the Agreement shall be deemed void.
VII. Default and Remedies
1. Seller’s Default
If Seller fails to perform any of its obligations under this Agreement, Buyer may elect to terminate this Agreement or seek specific performance, damages, or other remedies as permitted by law.
2. Buyer’s Default
If Buyer fails to perform any of its obligations under this Agreement, Seller may retain the deposit as liquidated damages or seek specific performance or other remedies as permitted by law.
VIII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Missouri. Any disputes arising under or in connection with this Agreement shall be resolved in the courts located in St. Louis, Missouri.
IX. Confidentiality
Both parties agree to maintain the confidentiality of any proprietary or confidential information shared during the course of this Agreement. This obligation shall survive the termination or expiration of this Agreement.
X. Force Majeure
Neither party shall be liable for failure to perform under this Agreement if such failure is due to events beyond their control, including but not limited to natural disasters, strikes, or government regulations.
XI. Miscellaneous Provisions
1. Entire Agreement
This Agreement constitutes the entire understanding between the parties with respect to the sale of the property and supersedes all prior discussions or agreements, whether written or oral.
2. Amendments
This Agreement may only be amended or modified by a written document signed by both parties.
3. Severability
If any provision of this Agreement is determined to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
XII. Signatures
IN WITNESS WHEREOF, the parties have executed this Agreement as of the 5th day of March, 2050.
[Your Company Name]
[Your Name], Real Estate Director
Date: 5th March, 2050
Notable20
Jerrell Lowe, Chief Real Estate Officer
Date: 5th March, 2050
For any inquiries, please contact [Your Name] at [Your Email] or reach out to [Your Company Name] at [Your Company Email].
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