Real Estate Purchase Contract


The undersigned Buyer agrees to buy, and the undersigned Seller agrees to sell, upon the terms hereinafter
set forth in this Real Estate Purchase Contract (this “Contract”), the parcel of real property located in the
State of Ohio, County of ___________, consisting of approximately ____ acres and any and all
improvements located thereon (the “Property”), as described more particularly on Exhibit A, attached hereto
and made a part hereof. As used herein, the “Effective Date” shall mean the date that this Contract is duly
executed by both Buyer and Seller.
The Purchase Price: The Purchase Price shall be ___________________, payable in cash or other
immediately available funds at Closing (as defined in paragraph 3).
Contingencies: Buyer’s obligation to purchase the Property and Seller’s obligation to sell the
Property is subject to the satisfaction or waiver of the conditions and contingencies described herein (the
“Contingencies”) within _______ days of the Effective Date (the “Contingency Period”).
Title. Within ______ (___) days of the Effective Date, Buyer shall obtain, at __________’s
expense, a commitment for an owner’s policy of title insurance issued by a title insurance company selected
by Buyer (the “Title Company”) with respect to the Property (the “Title Commitment”). The Title
Commitment shall show in Seller marketable title in fee simple free and clear of all liens and encumbrances
except: (i) those created by Buyer; (ii) those specifically set forth in this Contract; (iii) zoning ordinances;
(iv) legal highways; and (v) covenants, restrictions, conditions and easements of record which do not
interfere with or restrict the use of the Property contemplated by Buyer. If title to all or part of the Property
is unmarketable, as determined by Ohio law with reference to the Ohio State Bar Association’s Standards of
Title Examination, or is subject to liens, encumbrances, easements, conditions, restrictions or encroachments
other than those excepted by this Contract, Buyer shall have the right to object to such conditions within
twenty (20) days of Buyer’s receipt of the Title Commitment. If Buyer so objects, and Seller fails to remedy
or remove any such defect, lien, encumbrance, easement, condition, restriction or encroachment, or obtain
title insurance without exception therefor within the Contingency Period, Buyer shall have the option to
terminate this Contract by delivering written notice thereof to Seller. At Closing, Seller shall sign an
affidavit with respect to off-record title matters as required by the Title Company and Buyer. The issuance
of a title insurance policy pursuant to the Title Commitment (the “Title Policy”) is a condition precedent to
the parties’ obligation to proceed to Closing under this Agreement. The Title Policy shall be in a form
reasonably acceptable to Buyer and in the amount of the Purchase Price, showing title to the Property vested
of record in Buyer in fee simple, subject only to any matters approved or waived by Buyer, any matters
shown on the Survey and not objected to by Buyer and any other matters that Buyer has approved in writing.
Survey. Within __________ (___) days of the Effective Date, Buyer shall have the right to
obtain, at _________’s cost and expense, a survey of the Property, together with certification of the surveyor
as may reasonably be required by Buyer (the “Survey”). The Survey shall satisfy, if required by Buyer, the
most recent “Minimum Standard Requirements for ALTA/ACSM Land Title Surveys,” jointly established
and adopted by ALTA and ACSM, and shall meet the accuracy requirements of a Class A Survey as defined
If the Survey reveals any exceptions to title or any matters affecting the Property (“Survey
Exceptions”), Buyer may notify Seller of such Survey Exceptions within twenty (20) days after Buyer’s
receipt of the last of the Title Commitment or Survey (the “Survey Notice”), whereupon Seller shall cure any
disapproved Survey Exceptions. If Seller fails to cure any Survey Exceptions referenced in the Survey
Notice within the Contingency Period, Buyer shall have the option to terminate this Contract by delivering
written notice thereof to Seller.
Environmental Conditions. Buyer shall have the right, and Seller shall provide Buyer
access to the Property reasonably necessary, to obtain environmental reports regarding the soils, ground
water, topography, geology and other conditions of the Property, together with reliance letters of the
preparers of such reports as may be required by Buyer (“Environmental Reports”). If the Environmental
Reports reveal any environmental matters adversely affecting the Property (the “Environmental Conditions”),
Buyer may notify Seller of such Environmental Conditions (the “Environmental Notice”). Upon receipt of an
Environmental Notice, Seller shall have the right, but not the obligation to, cure any disapproved
Environmental Conditions. If the Environmental Condition is not cured to Buyer’s reasonable satisfaction
within the Contingency Period, Buyer shall have the right to terminate this Contract.
Seller shall cooperate in making the Property reasonably available for
inspection by Buyer. If Buyer is not, in good faith, satisfied with the condition of the Property as disclosed
by any inspection thereof, Buyer may deliver to Seller a written request that the Seller remedy any
unsatisfactory conditions. In the event that Buyer and Seller do not reach agreement regarding remedying the
unsatisfactory conditions prior to the expiration of the Contingency Period, then Buyer shall have the right to
terminate this Contract.


00 votes

Related Articles

Related forms

Related Categories

Parent category: Business
Page of 4