CONTRACT FOR THE SALE OF REAL PROPERTY


THIS AGREEMENT made and entered into on this _____ day of ____________, 2000 by and between Edwin J.Nagle and Dianna L. Nagle, Husband and Wife, hereinafter referred to as "Seller", and (buyer's name here) hereinafter referred to as "Buyer", WITNESSETH:

1. Seller hereby agrees to sell and Buyer agrees to purchase the following described real property situated in _________ County, Arkansas, for the price, on the terms, and subject to the conditions hereinafter set forth:

Lot/s (legal description of lots here)per recorded plat or plats and subject to the easements, notes and other indicated restrictions on said plat or plats and subject to the conditions and restrictions as set forth in the Bill of Assurance and Amendments thereto, if any, of record in the office of the Circuit Court Clerk and Ex-Officio Recorder of said County and State.

2. Buyer hereby agrees to pay and Seller agrees to accept for the aforesaid property, the sum of (purchase price here _____) of which the sum of (downpayment here _______) has been paid in cash and the receipt of which is hereby acknowledged. The balance of($____) shall be paid as follows, to-wit: (monthly payment here ______), including interest at the rate of (% interest) Percent per annum due on or before the ___ day of _____ , 2000, and a like sum, including interest at the rate of (%) percent per annum, due on or before the same day of each succeeding month thereafter for a total period of ______ months, at which time the entire balance of principal and interest then due and owing shall be paid in full. Buyer shall have the right to pay the balance of the purchase price, including accrued interest, on the property at any time without penalty.

3. If Buyer shall make all of the payments herein called for and shall fully keep and perform each and all of the covenants herein made by Buyer, Seller shall make, execute and deliver to Buyer Seller's Warranty or Limited Warrant Deed conveying the aforesaid property free and clear of all liens and encumbrances.

4. Seller warrants each lot to be free and clear of all debts except current taxes and Suburban Improvement District (SID) or Property Owner Association (POA) fees if any. Buyer agrees to pay all taxes and SID or POA fees that become due and payable or delinquent from the time this contract is executed. If the title remains in Seller's name as security, Seller will forward the tax and SID or POA fees bill to Buyer who hereby agrees to and will make the payments promptly.

5. Waste shall neither be committed or permitted on or to the subject property by Buyer. Buyer acknowledges that he/she has inspected the premises or otherwise accept the premises as is and has not relied upon any representations made by Seller or Seller's agents in making a decision to purchase the described property.

6. Seller covenants not to encumber the record title to the property after this day. Buyer covenants not to allow laborers’ or materialmen’s liens or other statutory liens to attach to the subject property during the term of this contract without first obtaining the written permission of Seller.

7. It is agreed that time is of the essence of this contract and that should Buyer fail to make any payment when due or within thirty (30) days thereafter, or make a default of this contract for any reason, then Seller shall have the following options: (A) to declare the entire balance of the purchase price plus accrued interest thereon to be immediately due and payable and to pursue an action in the nature of foreclosure in a Court of Equity to impress said purchase price plus interest as a lien upon the described real estate. In the event that Seller chooses this alternative, Buyer shall pay, in addition to the principal and accrued interest due hereunder, a sum equal to ten percent (10%) of said principal and accrued interest as reasonable attorney’s fees, plus all costs of collection, or (B) to declare this contract to have terminated, at which point this contract shall become deemed a nullity and Seller is entitled to retain all prior payments made as rent, and as liquidated damages, with the status of the parties being deemed as landlord/tenant, or (C) to pursue any other action for legal or equitable relief including but not necessarily limited to the equitable remedy of specific performance.

8. Buyer shall be entitled to possession of any lot as soon as the Deed to that lot is recorded in Buyer's name.

9. The waiver by Seller of a breach by Buyer of any of the covenants or conditions of this contract on Buyer's part shall not constitute a waiver of the same or a similar default by Buyer on any subsequent occasion.

10. Buyer expressly waives all rights of redemption, appraisement and homestead in the event that this contract is foreclosed.

11. It is agreed by the parties hereto that this contract shall be binding upon each party's respective heirs, administrators, executors, successors and assigns.
 

IN WITNESS WHEREOF, the parties hereto have set their signatures the day and year first above mentioned.

________________________________ Date ______
Buyer's Signature

________________________________ Date _______
Seller's Signature ------------------------------------
 

You are welcome to submit for our signature an alternate agreement prepared by or recommended by your own attorney, as long as you pay all legal fees and expenses associated with your attorney's professional services, and the instrument conforms with Arkansas laws.

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Revised: 06 Feb 2001 10:00:19 -0800 .