The document embodies the fundamental aspects of any purchase agreement such as defining the parties involved, property description, purchase price, closing date and other critical clauses. Remember that every real estate transaction requires a legally binding document – this is where our contract comes in handy.
Please feel free to download this deed of sale, which can be edited according to your specific needs. By doing so, you get a step closer to finalizing your property transaction with peace of mind in knowing that it adheres strictly to Alabama’s real estate laws.
REAL ESTATE PURCHASE AGREEMENTTHIS AGREEMENT is made this _____ day of _____, 20_____, by and between _____(SELLER)_____ and _____(BUYER)_____.
PROPERTYSeller agrees to sell and Buyer agrees to buy the property located at _____(ADDRESS)_____, Alabama, more fully described in Exhibit A (the “Property”) attached hereto and incorporated herein by reference.
PURCHASE PRICEThe purchase price for the Property shall be _____(AMOUNT)_____ dollars ($_____) payable as follows:
EARNEST MONEYUpon the execution of this Agreement, Buyer shall deposit with _____(ESCROW COMPANY)_____ the sum of _____(AMOUNT)_____ dollars ($_____) as earnest money.
SETTLEMENT AND CLOSINGThe closing of the sale of the Property shall occur on or before _____(DATE)_____ at the office of the title company or such other place as may be mutually agreed upon by the parties.
POSSESSIONSeller shall deliver possession of the Property to Buyer at closing, free and clear of all tenants and occupants.
CONDITION OF PROPERTYSeller represents and warrants to Buyer that the Property is in a good state of repair and is free and clear of all liens and encumbrances, except as otherwise provided in this Agreement.
INSPECTIONSBuyer shall have the right to inspect the Property prior to closing. If the Property is not in the condition required by this Agreement, Buyer shall have the right to terminate this Agreement.
PROPERTY TAXESAll property taxes for the current year shall be prorated between Seller and Buyer as of the date of closing.
DEFAULTIn the event of default by either party, the other party shall have the right to pursue all remedies available at law or in equity.
GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of Alabama.
ENTIRE AGREEMENTThis Agreement constitutes the entire agreement between the parties and supersedes all prior oral and written agreements, understandings, and representations. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. _________________________ _______________________ _____(SELLER)_____ _____(BUYER)_____ Date: ________ Date: ________ This instrument was prepared by: _____(NAME OF PREPARER)_____ NOTICE: THIS IS A LEGALLY BINDING CONTRACT. IF NOT UNDERSTOOD, LEGAL, TAX, OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING.
If you’re interested in real estate contracts, you may also want to take a look at our Contract for Deed Template in Alabama which outlines the agreement between a buyer and seller concerning property ownership. Additionally, our Contract for Rental Property in Alabama can be incredibly useful for those dealing with rental agreements in the state.