A land purchase contract is made when an individual purchases a land from another individual. The seller sells his land at an agreed price to the buyer and both the parties entering into this contract are known as the purchaser and the seller.
Sample Land Purchase Contract:
This contract has been made by Hack Good, the Seller and Jeremy creek, the Purchaser who is purchasing from the Seller a vacated land located at 5647 Terrace Valley, Yorkshire, New Jersey 4568. The land is spread over an area of 5 acres. The contract has been made in accordance to the Property Act of the state of New Jersey.
Additional terms and conditions:
- The land is being sold to the Purchaser at a price of $300000. The Purchaser needs to make a deposit of an amount of $100000 at the time of the contract. He has the option to pay the rest of the amount by check after taking possession of the land or he can even pay rest of the amount in four equal monthly installments. But, in case there is a default in paying an installment, the ownership of the land will be transferred back to the Seller.
- The Seller will pay any outstanding dues concerning the evaluation cost of the land before the contract closes. The Purchaser will clear all the assessment dues of the land after the contract closes.
Thus as a sign of evidence of agreeing to the above terms both the parties will put their signature below:
Jeremy Creek Hack Good
Dated: 20th November, 2010 dated 20th November, 2010