Real Estate Purchase Contract printable pdf download

REAL ESTATE PURCHASE CONTRACT

The undersigned Buyer agrees to buy, and the undersigned Seller agrees to sell, upon the terms hereinafter

set forth in this Real Estate Purchase Contract (this “Contract”), the parcel of real property located in the

State of Ohio, County of ___________, consisting of approximately ____ acres and any and all

improvements located thereon (the “Property”), as described more particularly on Exhibit A, attached hereto

and made a part hereof. As used herein, the “Effective Date” shall mean the date that this Contract is duly

executed by both Buyer and Seller.

The Purchase Price: The Purchase Price shall be ___________________, payable in cash or other

immediately available funds at Closing (as defined in paragraph 3).

Contingencies: Buyer’s obligation to purchase the Property and Seller’s obligation to sell the

Property is subject to the satisfaction or waiver of the conditions and contingencies described herein (the

“Contingencies”) within _______ days of the Effective Date (the “Contingency Period”).

(a)

Title. Within ______ (___) days of the Effective Date, Buyer shall obtain, at __________’s

expense, a commitment for an owner’s policy of title insurance issued by a title insurance company selected

by Buyer (the “Title Company”) with respect to the Property (the “Title Commitment”). The Title

Commitment shall show in Seller marketable title in fee simple free and clear of all liens and encumbrances

except: (i) those created by Buyer; (ii) those specifically set forth in this Contract; (iii) zoning ordinances;

(iv) legal highways; and (v) covenants, restrictions, conditions and easements of record which do not

interfere with or restrict the use of the Property contemplated by Buyer. If title to all or part of the Property

is unmarketable, as determined by Ohio law with reference to the Ohio State Bar Association’s Standards of

Title Examination, or is subject to liens, encumbrances, easements, conditions, restrictions or encroachments

other than those excepted by this Contract, Buyer shall have the right to object to such conditions within

twenty (20) days of Buyer’s receipt of the Title Commitment. If Buyer so objects, and Seller fails to remedy

or remove any such defect, lien, encumbrance, easement, condition, restriction or encroachment, or obtain

title insurance without exception therefor within the Contingency Period, Buyer shall have the option to

terminate this Contract by delivering written notice thereof to Seller. At Closing, Seller shall sign an

affidavit with respect to off-record title matters as required by the Title Company and Buyer. The issuance

of a title insurance policy pursuant to the Title Commitment (the “Title Policy”) is a condition precedent to

the parties’ obligation to proceed to Closing under this Agreement. The Title Policy shall be in a form

reasonably acceptable to Buyer and in the amount of the Purchase Price, showing title to the Property vested

of record in Buyer in fee simple, subject only to any matters approved or waived by Buyer, any matters

shown on the Survey and not objected to by Buyer and any other matters that Buyer has approved in writing.

(b)

Survey. Within __________ (___) days of the Effective Date, Buyer shall have the right to

obtain, at _________’s cost and expense, a survey of the Property, together with certification of the surveyor

as may reasonably be required by Buyer (the “Survey”). The Survey shall satisfy, if required by Buyer, the

most recent “Minimum Standard Requirements for ALTA/ACSM Land Title Surveys,” jointly established

and adopted by ALTA and ACSM, and shall meet the accuracy requirements of a Class A Survey as defined

therein.

If the Survey reveals any exceptions to title or any matters affecting the Property (“Survey

Exceptions”), Buyer may notify Seller of such Survey Exceptions within twenty (20) days after Buyer’s

receipt of the last of the Title Commitment or Survey (the “Survey Notice”), whereupon Seller shall cure any

disapproved Survey Exceptions. If Seller fails to cure any Survey Exceptions referenced in the Survey

Notice within the Contingency Period, Buyer shall have the option to terminate this Contract by delivering

written notice thereof to Seller.

(c)

Environmental Conditions. Buyer shall have the right, and Seller shall provide Buyer

access to the Property reasonably necessary, to obtain environmental reports regarding the soils, ground

water, topography, geology and other conditions of the Property, together with reliance letters of the

preparers of such reports as may be required by Buyer (“Environmental Reports”). If the Environmental

Reports reveal any environmental matters adversely affecting the Property (the “Environmental Conditions”),

Buyer may notify Seller of such Environmental Conditions (the “Environmental Notice”). Upon receipt of an

Environmental Notice, Seller shall have the right, but not the obligation to, cure any disapproved

Environmental Conditions. If the Environmental Condition is not cured to Buyer’s reasonable satisfaction

within the Contingency Period, Buyer shall have the right to terminate this Contract.

(d)

Inspection.

Seller shall cooperate in making the Property reasonably available for

inspection by Buyer. If Buyer is not, in good faith, satisfied with the condition of the Property as disclosed

by any inspection thereof, Buyer may deliver to Seller a written request that the Seller remedy any

unsatisfactory conditions. In the event that Buyer and Seller do not reach agreement regarding remedying the

unsatisfactory conditions prior to the expiration of the Contingency Period, then Buyer shall have the right to

terminate this Contract.

Real Estate Purchase Contract

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