Helping to ensure that a legal contract establishes terms of agreement when selling or buying vacant land.
May be used to establish terms for an agreement to transfer ownership of vacant land between the seller and buyer without using a broker.
Selling real estate involves a multitude of legal considerations that need attention, especially if no broker is involved in the transaction. This legal form is a binding agreement between buyer and seller for the sale and purchase of vacant land. The document addresses financial arrangements, environmental specifications, inspections, surveys, time frames and other issues and has the flexibility to allow the buyer and seller to negotiate a variety of contingencies and provisions.
12-PAGE FORM ALLOWS YOU TO:
- agree on the terms of sale of vacant land
- identify the property
- specify terms of purchase
- address transfer taxes
- include or exclude fixtures and other personal property in the sale
- state financing contingencies and commitment date
- allow for authorized inspections
- address expectations and concerns regarding water sources
- report the status of the sewer system
- establish on-lot sewage disposal installation and inspection contingencies
- disclose the presence of environmentally sensitive areas that may prohibit development
- choose to specify an environmental audit and establish an inspection contingency
- address unpaid assessments or fees related to zoning, building or safety violations
- specify payment for title search, survey and related costs
- state zoning classification
- clarify land use restrictions
- keep the agreement off the public record
- state that the assignment is nontransferable
- establish form of deposit
- establish provisions that waive contingencies
- address liability for losses, injury or damages
- limit terms and conditions
- specify conditions that jeopardize the agreement and cause a default
- accommodate mediation if necessary
- establish a binding real estate transaction
- keep a record of all contract provisions
- communicate in a clear, concise language
- have a standard form for multiple occurrences
- ensure consistent treatment of buyers and sellers
TERMS AND CONDITIONS COVERED:
- property identification
- deposit and purchase price
- financial terms
- fixtures and personal property
- deadlines
- contingencies
- inspection process
- water supply and sewage issues
- environmental audits
- arrangements for payment of previous governmental assessments/notices
- responsibility for title search and survey costs
- land use and zoning classification
- recording of deed
- assignment of property
- repair and maintenance of property
- seller claims and buyer releases
- conditions for default on agreement and mediation
Contents reviewed and approved by attorneys or industry experts
