Purchase Agreement

1. The Undersigned _______________________________________________________________________, whose mailing location is: _______________________________________________________________________, hereinafter "Buyer," offer(s) and agree(s) to purchase from _______________________________________________________________________, whose mailing location is: _______________________________________________________________________, hereinafter "Seller," the land described in paragraph two, upon the terms and conditions contained in this Offer, and to exchange therefore the sum of $______________ dollars. The sale is to be consummated by ( Cash Sale - Land Contract ), with a down payment of $______________, the balance of $______________ to be paid in monthly payments of $______________ or more, at eleven percent interest, until the full balance of principal and interest is paid.
2. The land covered by this offer is described as:

    

    

3. All improvements and appurtenances are included in the purchase price unless specifically excepted. Seller reserves all oil & gas mineral rights.
4. Good faith deposit: Buyer hereby agrees to tender a deposit in the sum of $______________ to be held by the Seller as evidence of good faith. The Deposit shall be tendered as follows: $______________ today upon delivery of this Offer, and $______________ within _______ days of the date hereof. The Deposit shall be applied against the purchase price when the sale is closed in accordance with this agreement. If Buyer's Offer is not accepted, or if title is not marketable or is not insurable, or offer default on part of Seller occurs, the Deposit shall be refunded forthwith. If Buyer fails to close despite Seller's compliance with the requirements of this Offer, the Deposit may be retained as liquidated damages for the failure to perform.
5. Property taxes and assessments: Seller warrants that no valid taxes or assessments are owing for prior years. The current year's real estate taxes and assessments will be paid as follows: Proration, beginning on the date of this Offer, with current years taxes treated as though they are paid in arrears, based on a calendar year. Buyer shall pay when due all valid property taxes and assessments, for all years subsequent to the year of closing of the sale.
6. Closing Date: Unless otherwise agreed upon by the parties, the sale is to be closed within thirty days from this date or not later than the day of ______________________, 20_____. If the closing is delayed by reasons of delays in abstracting or by title defects which can be readily corrected, an extension of sixty days shall be allowed for closing.
7. Possession will be given to Buyer upon closing.
8. Payment of costs: Seller: Drafting of legal documents. Buyer, where applicable: Own attorney fees, title insurance, recording fees, revenue stamps, all matters related to zoning, soil tests or borings, franchising, survey, use permits, drain easements, rights-of-way, etc.
9. Sale documents: Upon payment in full, conveyance shall be by warranty deed, to be drafted by the Seller, and delivered 1) if cash sale, then upon closing; 2) if land contract, then within reasonable time after receipt of final payment, not to exceed ninety days.
10. Buyer understands: that Seller offers the above described property "as-is," and Buyer agrees to accept it as such. No representations as to fitness for a particular purpose have been made. No verbal claims or promises have been made to Buyer which do not appear in writing. If the described land is not situated on a public road, then Buyer hereby acknowledges such, and agrees to hold Seller harmless for maintenance and improvements to existing easement(s).
11. Binding effect: The covenants herein shall bind and inure to the benefit of the Parties hereto, their executors, administrators, successors and/or assigns.

    Executed this __________ day of the __________ month, A.D. two-thousand-__________.

    Witnesses:                                     Buyer:
    
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    ________________________________               ________________________________
    
    
    Seller's acceptance:                           Acknowledgment of deposit:
    
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    Date: __________________________               Date: __________________________