(SPACE ABOVE RESERVED FOR RECORDING INFORMATION)

 

 

                                                                                                         
(RESERVED FOR NAME, ADDRESS, AND TELEPHONE NUMBER
OF PERSON PREPARING INSTRUMENT)

REAL ESTATE CONTRACT

          This Contract is made on                                                     (date) between                                                                                            , as seller(s), whose address(es) is/are                                                                                    
                                                                                                                
and                                                                                           , as buyer(s), whose address(es) is/are                                                                                    
                                                                                                                  
.
Seller(s) agrees/agree to sell and buyer(s) agrees/agree to buy real estate located in                                        County, State of                                     , described as follows (legal description of real estate):
                                                                                                                  
                                                                                                                 
, together with any and all easements and appurtenant servient estates.

          The street address of the real estate is                                                 
                                                                                                                  
.

          This real estate is subject to any zoning and other ordinances, covenants of record, easements of record including public utilities, roads and highways, and other items of record, such as liens, mineral rights and interest of others.

          The spouse(s) of seller(s), if not a titleholder of the real estate, shall sign this Contract for the sole purpose of relinquishing any and all rights of dower, distributive share and homestead.

 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright 1994 - 2014 by LAWCHEK, LTD.

 

 
          Buyer(s) shall pay seller(s) the purchase price of $                                 (amount), including a down payment of $                                 (amount), payable on                                  (date). Buyer(s) shall pay interest on any unpaid balance at the rate of              % per annum beginning from                                       (date).
The unpaid balance plus interest shall be paid as follows:                                  
                                                                                                                     
                                                                                                
(describe in particularity the method of payment of unpaid balance plus interest). Buyer(s) shall pay interest on all delinquent amounts of the unpaid balance or interest at the rate of              % per annum.

          The parties agree that real estate taxes and special assessments on the real estate shall be paid as follows:                                                                       
                                                                                                                    
                                                                                                
(describe with particularity the method of payment of real estate taxes and special assessments, whether due or payable in the future). Proration of real estate taxes and special assessments are based upon real estate taxes and special assessments for the year presently payable, unless otherwise stated in this Contract.

          Buyer(s) shall take possession of the real estate on                             (date) unless buyer(s) is/are in default of this Contract. Upon payment by buyer(s) of the full purchase price and any other amounts or obligations due under this Contract, the seller(s) shall deliver to buyer(s) the following type of deed:                                 
                                                                                                
(specify type of deed to be given upon completion of Contract). The real estate shall be free and clear of liens, restrictions and encumbrances, except for those expressly stated in this Contract. The warranties of title of the seller(s) extend only to the date of this Contract. The special warranties of title of the seller(s) as to the acts of the seller(s) extend to the time of delivery of the deed. The abstract of title to this real estate shall be continued to the date of this Contract at the expense of the seller(s). Seller(s) shall deliver the abstract of title to the buyer(s) at the time of delivery of the deed; however, buyer(s) may use the abstract of title prior to delivery of the deed as is necessary for buyer(s) to fulfill his/her/their obligations under this Contract. The parties shall individually pay any and all costs for the correction of the abstract of title caused by their own individual acts or omissions.

          Buyer(s) shall maintain the real estate in good and reasonable condition performing at his/her/their own expense such repairs and maintenance as are necessary to maintain the real estate in such condition. Buyer(s) shall not injure or destroy the real estate and shall not make any alteration or improvement of the real estate, except as otherwise noted in this Contract, without written consent of the seller(s). Seller(s) shall not unreasonably withhold such consent. Pursuant to this Contract, buyer(s) shall make the following alterations and improvements to the real estate:
                                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    .

 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright 1994 - 2014 by LAWCHEK, LTD.

 

 
          Seller(s) shall maintain existing fire and casualty insurance on the real estate until delivery of possession to the buyer(s). Buyer(s) shall obtain and maintain fire and casualty insurance on the real estate and any improvements in the amount of              % of the insurable value. In the event that buyer(s) fails/fail to obtain or maintain such insurance, the seller(s) may declare this Contract in default or, in the alternative, provide for such insurance and charge the cost of it to the buyer(s), together with interest at the rate of              % per annum.

          Included in the sale of the real estate is all property that is an integral part of the real estate, such as fixtures, except for the following designated items expressly retained by the seller(s):                                                                                 
                                                                                                                    
                                                                                                                   
.
Buyer(s) also purchases/purchase the following items of personal property:
                                                                                                                    
                                                                                                                    
                              
and grants/grant seller(s) a security interest in such items.

          The parties agree that time is of the essence in this Contract. If either party fails to timely perform his/her/their obligations under this Contract, the other party shall have all rights and remedies as allowed by the laws of the State of Alabama including, but not limited to, forfeiture as allowed by state law.

          All words and phrases contained in this Contract are to be construed in the singular, plural, masculine, feminine or neuter according to the context.

Additional Provisions:                                                                                     
                                                                                                                    
                                                                                                                   
.

Date:                                     

                                                                                             
Seller Buyer
                                                                                             
Seller Buyer
                                                                                             
Witness
(If required by law)
Witness
(If required by law)
                                                                                             
Witness
(If required by law)
Witness
(If required by law)

Attach Acknowledgment If Required By Law.

 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright 1994 - 2014 by LAWCHEK, LTD.

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright 1994 - 2014 by LAWCHEK, LTD.

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