Real Estate Dispo Template

Real Estate Dispo Template

Parties

This Property Disposition Agreement (the "Agreement") is made between the undersigned parties as of the Effective Date set forth below.

Individual    Corporation    Limited Liability Company    Trust

Individual    Corporation    Limited Liability Company

Property Identification

Transaction Terms

Purchase Price: $ payable as set forth below.

Escrow/Depository Agent:    Deposit due no later than .

This Agreement is subject to Buyer obtaining financing not subject to financing. If subject, Buyer shall have days to obtain financing approval.

Buyer shall have days from the Effective Date to perform inspections and investigations. Seller shall permit reasonable access for such inspections.

Closing Date: on or before .

Title, Closing and Prorations

Seller shall convey marketable title by general warranty deed (or other instrument agreed by the parties) free of monetary liens except those listed as Permitted Exceptions in writing. Title shall be evidenced by a title company commitment at Buyer’s expense unless otherwise agreed.

Closing costs shall be allocated as follows: Buyer shall pay for title insurance premium and lender charges; Seller shall pay for statutory closing statement costs and payoff of agreed encumbrances, unless otherwise specified in writing.

Disclosures

Seller makes the following disclosures to Buyer to the best of Seller’s knowledge at the date of this Agreement:

Lead-Based Paint (for properties constructed prior to applicable cutoff year): Yes No

Mold or Water Intrusion History: Yes No

Structural Damage or Prior Material Repairs: Yes No

Floodplain / Flood Insurance Required: Yes No

Representations, Warranties and Covenants

Seller represents and warrants that Seller is the lawful owner of the Property, that no other person or entity has contractual rights to purchase or encumber the Property other than as disclosed in writing, and that Seller has full authority to enter into and perform this Agreement. Buyer represents that Buyer has the authority and capacity to perform Buyer’s obligations under this Agreement.

Seller covenants to disclose any material adverse change to the Property condition or title occurring between the Effective Date and Closing. Buyer shall accept the Property at Closing subject to the Permitted Exceptions and matters of public record unless otherwise agreed in writing.

Default; Remedies

If Buyer defaults in the performance of Buyer’s obligations, Seller may elect to retain the earnest money as liquidated damages or pursue specific performance or other available remedies at law or in equity. If Seller defaults, Buyer may elect to terminate this Agreement and receive return of the earnest money, or seek specific performance or damages. The election of one remedy shall not preclude pursuit of other remedies permitted by law.

Indemnification; Attorneys' Fees

Each party agrees to indemnify, defend and hold harmless the other from and against claims, liabilities, costs and expenses arising out of the indemnifying party’s breach of its representations, warranties or covenants herein. The prevailing party in any action to enforce this Agreement shall be entitled to recover reasonable attorneys' fees and costs.

Miscellaneous

Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state where the Property is located. Venue for any action arising hereunder shall lie in the courts of that state.

Entire Agreement: This Agreement, including any exhibits and written amendments signed by both parties, constitutes the entire understanding between the parties and supersedes all prior discussions, negotiations and agreements relating to the subject matter hereof.

Effective Date: The Effective Date of this Agreement is the date on which the last signature below is executed by the parties.

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