PURCHASE AND SALE AGREEMENT
THIS AGREEMENT is made on ,
between ,
(hereinafter "Buyer"),
of , , , , and Community LD LLC as represented by (hereinafter "Seller"), of 70-13 Austin Street, Forest Hills, New York 11375 for the sale of the below described property pursuant to the following terms and conditions:
of , , , , and Community LD LLC as represented by (hereinafter "Seller"), of 70-13 Austin Street, Forest Hills, New York 11375 for the sale of the below described property pursuant to the following terms and conditions:
- 1. PROPERTY DESCRIPTION: The real property located , County State, , together with all buildings, improvements and fixtures constructed or located on the Land (Buildings) and all easements and rights benefiting or appurtenant to the Land (collectively the Real Property). The Real Property has an APN/Parcel of
- 2. PRICE: For the property, Buyer will pay $ .
- 3. DEPOSIT:
- A. Deposit in the amount of $ to be paid at contract signing.
- B. Document fee in the amount of $300 to be paid at or prior to contract signing.
- 4. CLOSING:
- A. This transaction will close on or before (hereinafter "Closing Date"), unless specifically extended by other provisions of this contract.
- B. Buyer to pay transfer tax
- 5. TITLE: In the event that Buyer elects to use an attorney or get a title search done, Buyer will pay for all fees associated with that service including but not limited to escrow fees, attorney fees, and insurance
- 6. DEED: Deed will be delivered free and clear at closing. This deed will be of the same form that we hold for the property (i.e., quitclaim deed, warranty deed, etc.)
- 7. CONDITIONS: Buyer(s) acknowledge the real property is being purchased ‘AS-IS’, subject to whatever physical condition and location the parcel may be found at the time of sale, subject to all existing covenants, conditions, restrictions, reservations, exploration rights, easements, rights of way, assessments, zoning of record and any land use restrictions. Seller does not guarantee the suitability of property for any specific purpose and does not guarantee zoning. Improvement bonds on the property are to be assumed by Buyer(s) in addition to the sale price. Buyer(s) acknowledges having inspected the property and investigated its suitability for any given purpose prior to purchasing, including availability of access and utilities or lack thereof, and hereby accepts the property ‘AS-IS’.
- 8. PROPERTY TAXES: All real property taxes and other assessments due and payable before the sale date, will be paid by Seller, and not pro-rated. Buyer(s) represent and warrant that Buyer(s) will be responsible for all taxes which become payable on or after the sale date.
- 9. WARRANTIES: Seller’s warranties are limited to these expressed warranties. (A) Title to the property is marketable title. (B) There are no liens other than recurring assessments. (C) Seller reserves the right to place a deed of trust on the parcel at any time but warrants that such deed of trust shall be re-conveyed (removed) prior to a deed being recorded to Buyer. (D) Should Buyer(s) discover a breach of any of these warranties, Seller at its sole discretion shall (1) cure the breach or (2) cancel the sale and refund all money to Buyer(s). No oral representations may be relied upon.
- 10. OBLIGATIONS: Upon completion of payments or payment in full, Seller shall have the exclusive right to extend the recording for an additional period of Thirty (30) days and agrees to record the deed in a timely manner. Buyer hereby waives any right to stop the payment of or dispute any monies or credit card charges paid. Any refunds owed to Buyer for overpayment, or for any other reason, shall be disbursed to Buyer within Ninety (90) days of notice being delivered to Seller that such a refund is due. No preliminary title report or title insurance will be issued. If Buyer(s) should fail to perform any part of the contract, Buyer(s) WILL FORFEIT ALL MONIES PAID to Seller, and Seller shall have no further obligation to Buyer(s), or Seller at its sole discretion shall have the exclusive right to enforce this agreement while extending the recording date until all funds due the Seller have been paid in full. Buyer understands and agrees to follow all rules and procedures required by the county before making any improvements on the land. Any fines, imposed by the county because of Buyer’s actions shall be paid by Buyer.
- 11. CANCELLATIONS: Buyer further agrees and understands that all sales are final. Seller will collect from Buyer a "contract termination fee" or “cancellation fee” of $750.00 if Buyer does not fulfill the terms of this contract (including but not limited to: early termination of contract by Buyer or account closure due to non-payment). Collection of said fee will take place in the form of (but is not limited to), a charge to Buyer’s credit card or bank account or as a fee added to any other existing land account Buyer has with Seller.
- 12. LIMITATION OF LIABILITY: Buyer shall hold Seller harmless from and indemnify Seller for, from and against any and all claims raised by any third party against Seller resulting from the Seller’s interest hereunder and/or the acts of Buyer. Such indemnification shall include Seller’s reasonable attorney’s fees, costs and lost compensation or profits of Seller or their agents resulting from the preparation for and participation in any litigation. Buyer has personally inspected and investigated this parcel and hereby accepts the property as is. Buyer hereby releases and holds Seller harmless with respect to all liability, loss, damages, claims, suits, causes for action awards, decrees, judgments, or expense of any kind, including legal fees and costs in connection with the property arising out of personal injury, death, or property damage actually or allegedly arising from the condition of the property during any on-site and/or off-site inspections. In the event of a legal dispute where the claim is $5,000 or less, the parties agree to resolve the dispute utilizing binding arbitration. Under no circumstances shall the Seller’s liability exceed the amount paid by Buyer(s) to the Seller. Only in the event of court judgement shall the prevailing party be entitled to recover reasonable attorney’s fees and costs.
- 13. DAMAGE AND DESTRUCTION: In the event of loss, damage or destruction of all or substantially all of the Installment Payment Property, Buyer will give immediate written notice to Buyer’s insurance carrier and to Seller. Buyer hereby authorizes and empowers Seller as attorney-in-fact for Buyer to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such insurance policies, to collect and receive insurance proceeds, and to deduct therefrom Seller’s expenses incurred in the collection of such proceeds; provided however, that nothing contained herein shall require Seller to incur any expense or take any action hereunder. Buyer authorizes Seller to hold the balance of such proceeds and Seller may, at its option, apply the proceeds held by it to the payment of the sums secured by this Installment Payment, whether or not then due, in such order and in such amounts as Seller may elect. If the insurance proceeds are applied to the payment of the sums secured by this Installment Payment, any such application of proceeds to principal shall not extend or postpone the due dates of the monthly installments provided for in the installment or change the amounts of such installments. If the Installment Property is sold pursuant to this Installment Payment or if Seller acquires title to the Installment Payment Property in lieu of foreclosure, Seller shall have all of the right, title and interest of Buyer in and to unearned insurance premiums allocable to the Installment Payment Property and in and to the proceeds resulting from any damage to the Installment Payment Property prior to such sale or acquisition.
- 14. SEVERABILITY: In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the court or other tribunal making such determination is authorized and instructed to modify this Agreement so as to affect the original intent of the parties as closely as possible so that the transactions and agreements contemplated herein are consummated as originally contemplated to the fullest extent possible.
- 15. BINDING AGREEMENT: The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
- 16. CHOICE OF LAW: In the event any conflict, dispute, or cause of action arises under this contract, jurisdiction shall be solely in New York State Supreme Court, County of Queens. Buyer consents to the jurisdiction of New York State Supreme Court, County of Queens.
SELLER
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BUYER
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