Example Real Estate Contract:
1. The Effective Date of this Contract is July 15, 2004.
2. The Seller is Adobe Lands, Inc. (a NM corporation), mailing address PO Box 36076, Tucson, AZ 85740.
3. The Purchaser(s) is/are Jane Doe and John Doe (a married couple), mailing address: 1234 N Willow Ln, Las Cruces, NM 88060.
4. Title to Purchaser shall be in the above names and the following style:
5. Seller agrees to sell and convey to Purchaser the following described Property, in Luna County, New Mexico:
6. Purchaser agrees to buy the Property and to pay $19,500 (Nineteen Thousand Five Hundred Dollars) for it, as follows:
7. The unpaid balance of the purchase price shall bear interest at the annual percentage rate of 9% (nine percent) included in the monthly payments. Payments shall be applied, as of the date received by Seller, first to accrued interest and then to the principal balance.
8. Purchaser may prepay the entire or part of the unpaid balance at any time and from time to time, without penalty.
9. Purchaser may take possession of the Property and retain possession unless and until Purchaser's interests under this contract are terminated as provided herein. Purchaser shall retain the Property's general grade and vegetation and dispose of sewage, solid waste and environmentally hazardous materials in a manner permitted by governmental health and licensing authorities. Legal title to the Property shall remain in Seller until this contract has been fully performed by the Purchaser and the deed delivered.
10. Upon execution by all parties of a recordable contract and satisfaction of any contingencies, Seller will order for Purchaser a Contract Purchaser's title insurance policy, showing merchantable title to the Property, subject to the matters referred to in this Contract. In the event of any defects in the title (except those attributable to Purchaser), Seller shall have a reasonable time to cure such defects and if not corrected, then all moneys paid by Purchaser on this contract shall be refunded to Purchaser and this contract shall be voided and of no further effect and Seller shall have no other liability to Purchaser for any reason or for any expense which Purchaser may incur.
11. Upon full payment of all amounts due by Purchaser, the Seller shall deliver to Purchaser a good and sufficient Special Warranty Deed for the Property in the name(s) and style specified in paragraph 4.
12. In conjunction with this Contract, Purchaser executes and delivers to Seller a Special Warranty Deed to the Property, which Seller may record (to return title to Seller)only if this contract is terminated as provided herein. At such time as this Contract is completed as provided, the Special Warranty Deed shall be returned to Purchaser.
13. Seller shall pay property taxes through and including those for the current year, Purchaser thereafter.
14. Time is of the essence, meaning the parties shall perform their respective obligations within the times stated.
15. Acceptance of any payment or portion of payment by Seller shall not be deemed a waiver by Seller, or extension of the time for cure, of any default under this contract.
16. Purchaser agrees not to encumber or allow any lien for any work done or materials furnished to the Purchaser, which are attached to the Property. Upon execution of this contract, Seller shall provide Purchaser with a Notice Of Owner's Non-Responsibility (a one-page form), which Purchaser agrees to conspicuously post on the Property prior to making any improvements upon the Property, placing any materials upon the Property of ordering any improvements, materials or labor for the Property, and which shall remain so posted until 120 days after all construction is completed. Purchaser's failure to do so shall constitute default of this contract subject to immediate termination by Seller.
17. If Purchaser fails to pay (prior to them becoming delinquent) taxes or other charges against the Property (incurred after the Effective Date), Seller may pay same (but is not obligated to do so) for protection of the Property and Seller's interest in it. Payment of such charges shall not waive any default of Purchaser for failure to pay them, and amounts so paid shall be immediately due and payable to Seller, and shall bear interest until paid at the rate specified in paragraph 7. An administrative fee (not exceeding $25) shall be charged to Purchaser for processing notices pertaining to unpaid obligations and NSF checks, and will be added to the account's interest bearing principal balance.
18. If Purchaser breaches any contract condition, then Seller may make written demand upon Purchaser, with such notice to specify the default and the cure required. Such notice may be sent certified mail to Purchaser's address in paragraph 3 or such other address that Purchaser may designate by notarized statement delivered to Seller, which change will be effective when received by Seller. Purchaser expressly acknowledges that notice in this manner is sufficient for all purposes, regardless of whether such notice is actually received. Attorney's fees (not to exceed $150), incurred by Seller in this process, shall be paid by the Purchaser.
19. If Purchaser fails to correct the default within thirty (30) days after notice is mailed, then Seller may terminate Purchaser's rights to the Property and retain all sums paid as rental and liquidated damages for use of the Property to that date, and all rights of Purchaser in the Property shall end. An affidavit made by Seller or his agent, stating the date that notice was given, that the specified default was not cured within the time allowed and that the Seller elected to terminate, shall be conclusive proof for such uncured default and election of termination.
20. Upon termination, Purchaser has no continuing right to possession. If Purchaser remains in possession of the Property after this Contract has been terminated, Purchaser shall be deemed a tenant holding over after the expiration of Purchaser's term without permission.
21. Forcible entry and detainer proceedings, or any other appropriate legal remedies, may be utilized by the Seller if necessary to obtain possession of the Property following termination of this contract and termination of Purchaser's continued tenancy thereafter. If such proceedings are filed, Purchaser shall be liable for Seller's reasonable attorney's fees plus the legal costs of such action.
22. All improvements when made shall immediately become part of the Property and may not be removed without the prior written consent of Seller. In the event of termination, Purchaser hereby waives any and all rights and claims for reimbursement for improvements Purchaser may have made upon the Property.
23. All representations made by Seller about the Property are believed to be accurate, true and correct. However, Purchaser has had the opportunity to investigate the facts independently and holds Seller, Adobe Lands, Inc, their employees, managers and officers harmless for any representations made by them.
24. Purchaser may sell or assign Purchaser's entire interest (but not a portion) in this contract and the Property without obtaining the consent or approval of Seller; however, Purchaser shall remain liable for obligations hereunder. In the event Purchaser does assign or sell said interest, then Purchaser, his Assignee, or any subsequent Assignee shall deliver to Seller a copy of such written, notarized assignment or sale document, which shall include the address of the Assignee. Seller shall only be required to give notice of default to the last Purchaser or Assignee and address to which written notice has been provided to Seller.
25. The invalidity or unenforceability of any provision of this Contract shall not affect the validity or enforceability of the remainder of the Contract.
26. This contract shall extend to and be obligatory upon the heirs, executors, administrators, personal representatives, successors and assigns of the parties to this contract.
THIS PARAGRAPH ONLY APPLIES TO PROPERTY WITH IMPROVEMENTS.
Purchaser ___________________________________ Purchaser ___________________________________
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|Prices, terms, costs, conditions,
& availability are subject to change. Representations
and information provided are believed to be accurate, true and correct
at time of publication; however,
no warranty is made or implied.
Copyright© 1999-2010 Adobe Lands, Inc. All rights reserved. Revised 27 June 2010.
Duplication or reproduction in any manner is prohibited without prior written permission