Land Sales Contract

Information & Benefits:
The following information and benefits is what distinguishes us from other online providers.

Legal Description
This is where you list what you're purchasing according to language included with the deed.

Purchase Price and Financing
The total paid as a deposit in cash and the total balance due .to be financed by a purchase money mortgage and mortgage note or by an assumption of an existing mortgage. .

Title Evidence
The Seller should provide to the Buyer or Buyer's agent an abstract of title OR a title insurance commitment.

Closing Date
The transaction should be closed and the deed and other closing papers delivered on a specified date and time and at a specified location.

Closing agent and escrow agent
It is imperative that the parties have a licensed professional oversee the legal and financial adequacy of the documents at closing to prevent problems down the road. Also important to segregate deposits and cash at close with independent escrow agent.

Restrictions; Easements; Limitations
Buyer takes title subject to all zoning, restrictions, prohibitions and other requirements imposed by the governmental authority such as public utility easements.

Occupancy
Seller warrants that there are no parties in occupancy other than Seller, but, if Property is intended to be rented or occupied beyond closing, the fact and terms thereof should be stated and the tenant(s) or occupants disclosed to the Buyer.

Survey
Buyer may also want Seller to provide certain surveys of the property certified by a registered surveyor. A survey will show encroachment on Real Property or whether improvements located on Real Property encroach on setback lines, easements, lands of others or otherwise violate any restrictions.

Liens
Seller should furnish to Buyer at time of closing an affidavit attesting to the absence of any financing statements, claims of lien or potential lienors known to Seller and further attesting that there have been no improvements or repairs to the Property for at least 90 days immediately preceding the closing date.

Documents for closing
Seller should furnish the deed, bill of sale, mechanic's lien affidavit, assignments of leases, tenant and mortgagee estoppel letters and corrective instruments. Buyer should furnish closing statement, mortgage, mortgage note, security agreement and financing statements.

Expenses
Documentary stamps, intangible tax and recording corrective instruments and purchase money mortgage to Seller, deed and financing statements.

Prorations and credits
Taxes, assessments, rent, interest, insurance and other expenses and revenue of Property may be prorated as of the Closing Date.

Deed and Conveyance
The deed shall be recorded upon clearance of funds.

Escrow
The escrow agent receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of a separate Contract

Taxes
Buyer will want assurances that all taxes have been timely paid. Therefore, any taxes due, but yet unpaid will have to be dealt with. Include as prepayment by Seller.

Default
In case of default by Seller, Buyer may have the right to rescind contract with a return of any deposits, and address default in non-binding mediation and thereafter, if necessary, arbitration.

Risk of Loss
Risk of loss to any assets generally remains with Seller prior to close and flows to Buyer after close.

Severability
In the event any part, portion or provision or paragraph of this Agreement is declared void or invalid, the remaining portions of this Agreement are not affected and remain in full force and effect.

Mediation and Arbitration
Mediation and Arbitration should always specify a location in a convenient jurisdiction (preferably, in the same county where they run their business). Mediation is a non-binding way to settle the dispute quickly and amicably. If unable to settle in mediation, arbitration is first option available. Arbitration is the preferred alternative to litigation because of speed, cost, and ability to maintain low profile (no info is publicly available).

Governing Law
Always stipulate that the contract will be governed under the law and jurisdiction where business is conducted. Always make sure that venue and jurisdiction are convenient.

No Modification or Waiver
No modifications except those specifically agreed upon by the parties in writing. Any waiver of a term or provision will not act as a waiver of any other provision.

Entire Agreement
This agreement constitutes the entire agreement of the parties and may be modified only in a writing executed by both parties.

Notices
Notices should always list the current and best addresses where each party may contact the other for whatever reason.

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Los Angeles, CA 90045
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Dover, DE 19901
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Fax: (302) 674-2100
Courtney Riordan, Esq.
Managing Attorney

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Joel S. Beck, Esq.
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Des Plaines, IL 60018
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Michael C. Welchko, Esq.
Managing Attorney

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Natalia Utrera, Esq.,
Managing Attorney