. . . seller will sell to purchaser and purchaser will purchase from seller, as provided in this contract 2.01 purchase price. the earnest money, which is specified at item v, will be paid as described in section c-l and will be held (subject to section 12.02) by the party (“holder”) identified at item vi for the benefit of purchaser and seller. if purchaser does not elect to terminate this contract pursuant to section 5.03 and purchaser is otherwise required to proceed hereunder, seller will deliver (and purchaser will accept) the premises in substantially the same condition at closing as on the date of execution, except for ordinary wear and tear, and matters described in article 11, but purchaser will have the benefit of any representations and warranties by seller relating to the premises. seller makes the following warranties to purchaser as of the date of execution; the warranties are limited by any matters that seller has disclosed to purchaser in writing, and seller’s liability under the warranties will survive as specified in article 20. schedule g lists all items of personal property that are included in the sale (subject to section 7.04), and such property is free of liens and encumbrances other than any lien of a continuing mortgage. seller will not enter into a new lease after the later of the date of execution and the date that is 28 days prior to the closing date as originally scheduled (seller’s restrictions as to existing leases are provided in section 7.08).9.02new leases. purchaser will be responsible for any violation notice that is received by seller on or after closing, and purchaser will not be entitled to any credit by reason of any matters that gave rise to the notice. the closing (“closing”) of the transaction contemplated by this contract is scheduled to occur on the date specified in item xi, at the time specified in section d-13, and at the place specified in section d-14. a notice to each mortgagee, executed by seller, advising of the sale of the premises to purchaser, and a direction that future notices, bills and other correspondence be sent to purchaser or as purchaser may direct.
13.02 if purchaser does not terminate this contract pursuant to section 11.01-a, seller will assign to purchaser all rights of seller to any insurance proceeds or other proceeds payable by reason of any fire or other casualty loss that is described in section 11.01-a, and will credit purchaser with the amount of any such proceeds that seller receives before closing. all checks (except checks payable to an escrowee) will be payable to the order of seller or payable to the order of purchaser and endorsed by purchaser to seller. if rents or any portion thereof received by seller or purchaser after closing are payable to the other party by reason of this allocation, the appropriate sum, less a proportionate share of any reasonable attorneys’ fees, costs and expenses of collection thereof, will be promptly paid to the other party. if no broker is specified in items xii and xiii, the parties warrant that this contract was brought about by direct negotiation between seller and purchaser and that neither seller nor purchaser knows of any broker entitled to a commission in connection with this contract. if the provisions of any schedule or rider attached to this contract are inconsistent with the provisions of the contract, the provisions of the schedule or rider will prevail. the purchase price is specified at item iv and will be paid as follows: a.the earnest money specified at item v will be paid $ _______ at the time of execution of this contract and $ by , 19 b.the balance of the purchase price will be paid (subject to prorations and closing adjustments): i. f. purchaser will not be personally liable under the mortgage documents unless purchaser has initialled here g. redemption rights will not be waived unless purchaser has initialled here h. no escrow deposits (for taxes, insuran ce or otherwise) will here , in which event the interest rate will be j. the date by which (or time period within which) purchaser is to have obtained a mortgage commitment [section 3.02] is d-4. schedule e – provisions for purchase money mortgage if (pursuant to section 2.03) seller is to hold a purchase money mortgage, the following provisions will apply: e-1. b. a “purchase money mortgage” is the mortgage that is referred to in section 2.03. c. the “purchase money mortgage documents” are any purchase money mortgage and any other instruments that secure payment of the purchase money note. if consent of a mortgagee is required under section 6.01-a or if seller is to hold a purchase money mortgage, purchaser may not assign this contract or purchaser’s rights hereunder without the prior consent of seller; in all other cases purchaser may effect such assignment without restriction. if the provisions of any schedule or rider attached to this contract are inconsistent with the provisions of the contract, the provisions of the schedule or rider will prevail. f. the documents will contain any additional provisions of a continuing mortgage has agreed (by a document that is entitled to be recorded or filed) that the continuing mortgage is subordinate to a purchase money mortgage: ii.
it’s important you understand what this type of contract entails. an agreement to purchase a piece of property at a future date is referred to as a land a commercial purchase agreement allows for a seller to make a deal with an eligible buyer to transfer ownership of their real estate in exchange this is a legally binding contract; if not understood, seek advice from an attorney. this form was created by the oklahoma real estate contract form committee, texas commercial land contract, texas commercial land contract, land contract ohio for sale, land contract example, land contract calculator.
a land contract is a form of seller financing. it is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full. at its most basic level, a commercial ground lease is not a sale of land, but rather a rental of land to a tenant that plans to build on the property. typically commercial contract – unimproved property. use of this form by persons who are not members of the texas association of realtors®, inc. is not authorized. contract for sale of commercial real estate. table of contents. property being sold. . . 3. purchase price, earnest money, and purchase money mortgage., how to get out of a land contract, installment land contract, what to do when land contract is paid in full, does a land contract have to be recorded, ohio land contract laws, can i sell a house i’m paying for on land contract?, free land contract template ohio, who pays property taxes on a land contract, how does a land contract work, land contract buyer rights.
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