The contract is available for download and can be customized to match your particular real estate requirements.
CONTRACT FOR THE SALE OF REAL ESTATEThis Real Estate Purchase Agreement (“Agreement”) is entered into this [Date] (the “Effective Date”) by and between [Seller’s Name] (the “Seller”) and [Buyer’s Name] (the “Buyer”), collectively referred to as the “Parties”.
1. PROPERTYSeller agrees to sell and Buyer agrees to buy the property located at [Full Address], legally described as [Legal Description] (the “Property”).
2. PURCHASE PRICEThe agreed purchase price for the Property is [Purchase Price] Dollars ($[Numeric Price]).
3. DEPOSITUpon execution of this Agreement, Buyer shall deposit with [Escrow Agent] the amount of [Deposit Amount] Dollars ($[Numeric Amount]) (the “Deposit”).
4. FINANCINGThis Agreement is contingent upon Buyer obtaining a mortgage loan of at least [Loan Amount] Dollars ($[Numeric Loan Amount]).
5. CLOSING DATEThe closing of the sale shall occur on [Closing Date] at the office of [Closing Location] (the “Closing”).
6. POSSESSIONPossession of the Property will be delivered to Buyer at Closing, free of tenants and personal property.
7. RISK OF LOSSIf the Property is damaged by fire or other casualty prior to Closing, this Agreement may be terminated by either party.
8. DISCLOSURESeller has disclosed all known material defects about the Property in accordance with North Dakota Century Code 47-10-02.7.
9. REMEDIESIf either party defaults, the non-defaulting party shall have all remedies available under North Dakota law.
10. ENTIRE AGREEMENTThis Agreement contains the entire agreement between the Parties and supersedes all prior oral and written agreements.
11. GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of North Dakota.
12. BINDING EFFECTThis Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, executors, administrators, successors and assigns. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. _________________________ ________ [Seller’s Name] [Date] _________________________ ________ [Buyer’s Name] [Date] NOTE: This is a basic real estate contract. Depending on the nature and complexity of the transaction, additional terms and conditions may be required. You should consult with a licensed attorney before using this agreement.
For individuals interested in purchasing property in North Dakota, a Contract for Sale of Real Estate is essential. However, other relevant documentation may be required depending on your circumstances. For instance, if you’re buying a property via owner financing, you may need to consider a Contract for Deed Template. If you’re planning to lease out the property you purchase, having a Contract for Rental Property on hand will be beneficial. These resources can effectively guide you through the different legal aspects of property acquisition and management in North Dakota.