Contract For Sale Of Real Estate
This is a Georgia form that can be used for Law Practice Management within Statewide, State Bar Of Georgia.
Last updated: 7/27/2006
CONTRACT FOR SALE OF REAL ESTATE This is a CONTRACT between___________________________________________________ __________________________________(hereinafter Seller or Sellers)and__________________________________________________________________________________(hereinafter Buyer or Buyers), dated this _______day of __________, _____. THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED ABOVEIN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORESIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLETO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTYPLANNING DEPARTMENT TO VERIFY APPROVED USES. Be it known to all that in consideration of the mutual covenants and agreements contained in thisContract as written and no other documents, the Seller agrees to sell to Buyer(s) and Buyer(s)agree to purchase from the Seller(s) all the lands and premises situated in ____________County,State of Florida, described in the following section: __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(continue description on reverse of this sheet, if necessary) for the sum of $________________, _________________________________________(Dollars), known as the Purchase Price. Towards that Purchase Price, $________________, ______________________________ (Dollars) has paid on the execution of this Contract and the receipt of which is herebyacknowledged by Sellers, and the remained of the Purchase Price is to be paid to the order of theseller at the times and in the amounts as described in the following section: Remainder of Purchase Price payable as follows:_________________________ ____________________________________________________________________________________________________________________________________________________________<<<<<<<<<********>>>>>>>>>>>>> 2All of the purchase price may be paid at any time, but all of the deferr ed payments shall bearinterest at the rate of______ percent per annum from____________________ until paid; suchinterest shall be paid and [Choose one by striking out inapplicable lang uage]: is [included] [inaddition to] the above described required payments. Taxes on the premise s for the current tax earshall be prorated between the Buyers and Sellers as of _________________ _ (date). Buyer(s)s Right to Possession The Buyer(s) shall be entitled to possession of the lands on _________ ________, _____, and mayretain such possession so long as Buyer(s) is not in default under the terms of this Contract. Buyer(s) Duty to prevent waste, prevent encumbrances. Buyer(s) agree that at all times Buyer(s) will keep the premises and buildings (now or hereaftererected) n good condition and repair and will not permit any waste or s trip of the land orpremises, that the Buyer will keep the premises free from construction a nd all other liens and samethe Seller(s) harmless from such liens and reimburse Seller(s) all c osta and attorneyss feesincurred by Seller(s) in defending against such liens; that Buyer(s) will pay all taxes hereafterlevied against the property, as well as all water service rents, public charges and municipal lienswhich hereafter lawfully may be imposed upon the premises, all promptly before the same or anyparty thereof become past due and delinquent. Buyer(s) Duty to provide insurance. At Buyer(s)s expense, Buyer(s) will insure and keep insured all bui ldings now or hereafter erectedon the premises against loss or damage by fire in an amount of not less than $______ in acompany or companies satisfactory to the Seller(s), specifically namin g seller(s) as an additionalinsured, with losses payable first to the Seller(s) and then to the Bu yer(s) as their respectiveinterest may appear and all policies of insurance shall be delivered to the Seiler(s) as soon asinsured. Seller(s)s rights to cure defects without waiver of breach of contrac t. If the Buyer(s) fail to pay any liens, costs, water rents, taxes or ch arges, the Seller(s) may do soand any payment so made shall be added to and become part of the debt se cured by the Contractand shall bear interest at the above stated rate per annum, without waiv er, however, on any rightarising to the Seller(s) for Buyer(s)s breach on contract. Seller(s)s Obligation to Provide Marketable Title <<<<<<<<<********>>>>>>>>>>>>> 3The Seller(s) agrees to furnish within __________days of the date of the Contract, at Seller(s)sexpense a title insurance policies insuring in an amount equal to the purchase price, marketabletitle in and to the promises in the Seller(s) on or subsequent to the date of this Contract andfurther, save and except the usual printed exceptions and the building or other restrictions andeasements now of record, if any. Seller(s) also agrees that when the purchase price is fully paidand upon request and upon surrender to this Contract, Seller(s) will deliver a good and sufficientdeed conveying the premises in fee simple until the Buyer(s), Buyer(s)s heirs, assigns, free andclear of encumbrances as of the date herein identified and fee and clear of all encumbrances thatdate placed, permitted or arising by, through or under the Sellers(s), except the easements,restrictions and the taxes, municipal liens, water rents and public charges as assumed by theBuyer(s) and further excepting all liens and encumbrances created by the Buyer(s) or Buyer(s)sassigns. Time is of the essence It is further understood and agreed between the parties that time is of the essence in this Contact, and should the Buyer(s) fail to make the payments as required, or any of them,punctually within 20 days of the time limited therefor, or failure to keep any of its obligationsunder this Contract, then the Seller(s) shall have the following rights and options: (1) to declare the contract cancelled for default and thus null and void and to declare theBuyer(s)s rights forfeited and the debt extinguished, and to retain sums previously paid under thisContract, subject to the Seller(s) complying with all applicable law pertaining to the exercise ofthis remedy, including ORS 93.905, et seq., or successor statutes; (2) to declare the whole unpaid principal balance of the purchase price with the interest thereon atonce due and payable; and/or (3)to foreclose this Contract by suit in equity. In any of such case, all rights and