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Vacant Land Purchase Agreement

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VACANT LAND PURCHASE AGREEMENT

This form approved by the Minnesota Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form.

© 2009 Minnesota Association of REALTORS®, Edina, MN

1. Date

2. Page 1 of pages.

3. RECEIVED OF

5. the sum of Dollars ($ )

6. by CHECK CASH NOTE as earnest money to be deposited upon Final Acceptance of Purchase Agreement by all parties, on or before the third Business Day after Final Acceptance, in the trust account of listing broker, unless otherwise agreed to in writing, but to be returned to Buyer if Purchase Agreement is not accepted by Seller.

10. Said earnest money is part payment for the purchase of the property located at

11. Street Address:

12. City of , County of State of Minnesota, legally described as

17. including all fixtures, if any, INCLUDING EXCLUDING all emblements within the property at the time of this Purchase Agreement, if any, and INCLUDING EXCLUDING the following personal property, if any,

23. all of which property Seller has this day agreed to sell to Buyer for the sum of ($ ) Dollars,

26. 1. Cash of at least percent (%) of the sale price, which includes the earnest money, PLUS

27. 2. Financing, the total amount secured against this property to fund this purchase, not to exceed percent (%) of the sale price.

29. Such financing shall be a first mortgage first mortgage contract for deed or a first mortgage with subordinate financing, as described in the attached Addendum:

31. Conventional FHA DVA Assumption Contract For Deed Other:

32. The date of closing shall be

33. This Purchase Agreement IS IS NOT subject to a Contingency Addendum for sale of Buyer’s property.

36. This Purchase Agreement IS IS NOT subject to cancellation of a previously written purchase agreement dated

SPECIAL CONTINGENCIES

45. contingencies checked below are not satisfied or waived, in writing, by Buyer by this Purchase Agreement is canceled as of said date.

50. (a) Buyer Seller shall provide a certificate of survey of the property, at BUYER SELLER expense.

52. (b) Buyer obtaining approval of city/township of proposed building plans and specifications at BUYER SELLER expense.

54. (c) Buyer obtaining approval of city/township of proposed subdivision development plans at BUYER SELLER expense.

56. (d) Buyer obtaining approval of city/township for rezoning or use permits at BUYER SELLER expense.

57. (e) Buyer obtaining, at BUYER SELLER expense, percolation tests which are acceptable to Buyer.

58. (f) Buyer obtaining, at BUYER SELLER expense, soil tests which indicate that the property may be improved without extraordinary building methods or cost.

60. (g) Buyer obtaining approval of building plans and/or specifications in accordance with any recorded subdivision covenants and approval of the architectural control committee.

62. (h) Buyer obtaining, at BUYER SELLER expense, copies of all covenants, reservations and restrictions affecting the property.

64. (i) Other:

66. Seller’s expenses for these contingencies (if any) shall not exceed $

SPECIAL DISCLOSURES

68. the property described in this Purchase Agreement consists of approximately ACRES SQUARE FEET and is currently zoned

70. the property IS IS NOT in a designated flood plain area.

72. the property DOES DOES NOT currently receive preferential tax treatment (e.g. Green Acres).

77. hazardous substances or underground storage tanks, except where herein noted.

UTILITIES / WATER / SEWER / WELL

87. Connection to public water? Yes No

88. Connection to public sewer? Yes No

89. Connection to private water system off property? Yes No

90. Connection to electric utility? Yes No

93. Seller certifies that Seller DOES DOES NOT know of a subsurface sewage treatment system on or serving the property.

97. Seller certifies that Seller DOES DOES NOT know of a well on or serving the property.

99. This Purchase Agreement IS IS NOT subject to a subsurface sewage treatment system and well inspection contingency addendum.

104. Buyer HAS HAS NOT received a Vacant Land Disclosure Statement or a Seller’s Disclosure Alternatives Form.

TITLE AND POSSESSION

115. Warranty Deed or Other: deed joined in by spouse, if any, conveying marketable title, subject to:

building and zoning laws, ordinances, state and federal regulations;

restrictions relating to use or improvement of the property without effective forfeiture provisions;

reservation of any mineral rights by the State of Minnesota;

utility and drainage easements which do not interfere with existing improvements;

rights of tenants as follows:

others (must be specified in writing):

128. BUYER SHALL PAY SELLER SHALL PAY on date of closing any deferred real estate taxes (e.g. Green Acres) or special assessments.

130. BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING SELLER SHALL PAY ON DATE OF CLOSING all installments of special assessments.

133. BUYER SHALL ASSUME SELLER SHALL PAY on date of closing all other special assessments.

135. BUYER SHALL ASSUME SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending.

141. Seller HAS HAS NOT received a notice regarding any new improvement project.

151. Buyer shall pay PRORATED FROM DAY OF CLOSING ALL NO real estate taxes due and payable in the year

153. Seller shall pay, PRORATED TO DAY OF CLOSING ALL NO real estate taxes due and payable in the year

159. POSSESSION: Seller shall deliver possession of the property no later than after closing.

TITLE / CLOSING / NOTICE

218. FINAL ACCEPTANCE: To be binding, this Purchase Agreement must be fully executed by both parties and a copy must be delivered.

244. Licensee is Seller's Agent Buyer's Agent Dual Agent Facilitator.

253. Dual Agency representation DOES NOT apply in this transaction.

254. Dual Agency representation DOES apply in this transaction.

OTHER

Seller’s Signature

Date

Seller’s Printed Name

Marital Status

Buyer’s Signature

Date

Buyer’s Printed Name

Marital Status

Seller’s Signature

Date

Seller’s Printed Name

Marital Status

Buyer’s Signature

Date

Buyer’s Printed Name

Marital Status

304. FINAL ACCEPTANCE DATE

Seller(s)

Seller(s)

Buyer(s)

Buyer(s)

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What a Vacant Land Purchase Agreement Covers

A Vacant Land Purchase Agreement is a written contract that records the sale terms for unimproved real property, including the legal description, purchase price, closing conditions, title and survey requirements, and allocation of closing costs. It sets buyer and seller obligations during the due diligence period, specifies contingencies such as financing and environmental inspections, and establishes the closing mechanics and transfer of title. The agreement also typically addresses risk of loss, proration of taxes and utilities, representations and warranties about the property, and remedies for default to protect both parties through closing and immediate post-closing matters.

Why this Agreement Matters for Buyers and Sellers

A clear Vacant Land Purchase Agreement reduces ambiguity about property boundaries, condition, and closing obligations, lowers the risk of title disputes, and creates enforceable timelines for inspections, financing, and recording. It allocates costs and liabilities up front and preserves remedies if a party fails to perform.

Why this Agreement Matters for Buyers and Sellers

Who Typically Prepares and Signs This Agreement

Several parties interact with the Vacant Land Purchase Agreement depending on the transaction size and complexity.

  • Individual buyers and sellers conducting a straight purchase of unimproved land, including vacation or investment parcels, often use a standard form with custom contingencies.
  • Real estate brokers and agents use the agreement to memorialize offers and manage earnest money deposits and timelines on behalf of their clients.
  • Title companies, lenders, and attorneys review and sign off on title commitments, survey exceptions, and closing statements during the pre-closing process.

The document supports both simple private sales and more complex transactions that require title insurance, survey or environmental review.

Core Sections to Include in a Professional Agreement

A complete Vacant Land Purchase Agreement organizes terms so each party’s rights and obligations are explicit and enforceable at closing.

Legal Description

Precise parcel identification using lot, block, subdivision, or metes-and-bounds language as recorded in county records; accuracy prevents recording issues.

Purchase Price

Total consideration and deposit schedule, including earnest money amount, escrow holder, and conditions for release or forfeiture of deposits.

Contingencies

Due diligence, financing, title acceptance, survey, and environmental review timelines with specific cure or termination rights for parties.

Closing Mechanics

Date, location, closing agent or escrow instructions, prorations, who pays which closing costs, and required closing documents list.

Title and Surveys

Title commitment obligations, allowable exceptions, required endorsements, and survey delivery or correction responsibilities before closing.

Representations

Seller disclosures on zoning, access, utilities, restrictions, liens, and known environmental conditions with indemnity and survival clauses.

Essential Information to Provide in the Agreement

Parcel ID: County parcel number
Legal Description: Metes-and-bounds text
Purchase Amount: Total dollar price
Earnest Money: Deposit amount and holder
Closing Date: MM/DD/YYYY
Contingencies: Inspection, title, financing

Step-by-Step: Completing the Agreement

Follow these steps to prepare, review, and finalize the Vacant Land Purchase Agreement before closing.

  • 01
    Prepare Draft: Populate names, legal description, price, and deposit terms.
  • 02
    Attach Exhibits: Include survey, seller disclosures, and title commitment.
  • 03
    Review Contingencies: Confirm deadlines for inspections and financing.
  • 04
    Sign and Deliver: Execute signatures and provide copies to escrow and title company.

How to Configure an Online Completion Workflow

Set up a digital workflow to route the agreement through signature, review, and closing stages while preserving an audit trail.

Field Configuration
Buyer Signature Field Require signer email verification and date stamp
Seller Signature Field Sequential signing after buyer
Initials Field Place at key amendment clauses
Attachment Slot Upload survey and title commitment

Where the Completed Agreement Goes Next

After signatures are applied, route the executed agreement to the parties, escrow/title company, and county recorder or closing agent as required.

  • Escrow / Title: Deliver executed contract and earnest money instructions to escrow agent
  • Lender (if any): Provide fully executed agreement for underwriting and closing conditions
  • County Recorder: Transmit deed and any affidavits for recording post-closing
  • Buyer / Seller: Each party retains final signed copy and closing statement

Digital Signing and File Format Requirements

Use a platform that supports common document formats, robust authentication, and an auditable trail for each signature event.

  • File Formats: PDF and DOCX supported
  • Authentication: Email link, SMS code, or advanced methods
  • Integrations: Works with title and closing systems

Ensure the platform preserves a certificate of completion with timestamp, IP, and signer attribution to support enforceability.

Key Dates to Track in the Agreement

Document clear deadlines to avoid waivers of rights and to protect contingency periods that permit termination without penalty.

Effective Date:

Date the agreement is signed and contingencies begin

Inspection Deadline:

Last date to complete due diligence inspections

Financing Contingency:

Date by which buyer must secure loan approval

Closing Date:

Scheduled date for transfer and recording

Recording Deadline:

Target date for submitting deed to county recorder

Transaction Milestones from Offer to Recording

Track these sequential stages to ensure obligations are met and title transfers cleanly at closing.

01

Offer Acceptance

Mutual execution of the purchase agreement and deposit of earnest money

02

Due Diligence

Inspections, surveys, and title review occur within agreed deadlines

03

Closing Preparation

Lender requirements cleared, closing funds arranged, documents prepared

04

Post-Closing Recording

Deed recorded and final instruments delivered to parties

Consequences of an Incomplete or Incorrect Agreement

Recording Delay: Costs and priority impairment
Title Defect: Claims or insured exceptions
Contract Voidance: Buyer/seller rights lost
Tax Liability: Incorrect proration or unpaid taxes
Financing Failure: Loan denial or funding delay
Environmental Risk: Unexpected remediation costs

Common Mistakes to Avoid When Preparing the Agreement

  • Using an informal property description instead of the recorded legal description can prevent the deed from being accepted by the county recorder and create title defects.
  • Failing to specify who pays for survey corrections or title exceptions often leads to last-minute disputes and closing delays when issues arise.
  • Skipping clear contingency deadlines or failing to track dates may result in waiver of inspection or financing rights and unintended contract performance.
  • Not confirming notary and witness requirements for the jurisdiction may invalidate recording or require re-execution of documents.

eSignature Vendor Comparison for Executing a Vacant Land Purchase Agreement

Common vendor features important for real estate closings include starting price, trial availability, bulk send, audit trail, HIPAA support, and any envelope or session caps.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by vendor Varies by vendor Varies by vendor Varies by vendor
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Frequently Asked Questions About Vacant Land Purchase Agreements

Answers address execution, digital signatures, notary needs, and record retention to help avoid common execution and recording problems.


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