Fill in the details of the parties. You can click the "Fill with Member’s Information" button to complete it with information saved to your account.
Please fill in any additional information by following the step-by-step guide on the left hand side of the preview document and click the "Next" button.
When you are done, click the "Get Document" button and you can download the document in Word or PDF format.
Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document.
This is a property sale and purchase contract. It should be a part of a wholesale real estate contract, which is usually used for the sale of distressed property. Thus, this contract should be used with the "Wholesale real estate contract - assignment contract". In this contract, the wholesaler acts as a purchaser. This template is drafted in neutral form.
The Vendor agrees to sell and the Purchaser agrees to purchase, through the Agent subject to the terms and conditions herein contained, all that the said premises. The Purchase price of the said premises shall be the Purchase Price with an initial deposit, further deposit and balance on completion.
The said premises is to be sold to the Purchaser or its nominee(s), sub-purchaser(s) free from encumbrances. Upon completion, the Vendor shall deliver vacant possession of the said premises to the Purchaser. The Vendor and the Purchaser agree that they shall separately appoint their own lawyers.
Should the Purchaser fail to complete the purchase in the manner herein contained, the initial deposit shall be forfeited to the Vendor and the vendor shall then be entitled at his absolute discretion to sell the said premises to anyone he thinks fit and the Vendor shall not sue the Purchaser for any liabilities and/or damages or to enforce specific performance.
Should the Vendor after receiving the Initial deposit paid hereunder fail to complete the sale in the manner herein contained, the Vendor shall immediately compensate the Purchaser with a refund of the initial deposit together with a sum equivalent to the amount of the initial deposit as liquidated damages and the reimbursement/payment (as the case may be) of stamp duty of the said premises and the Purchaser shall not take any further action to claim damages or to enforce specific performance.
This agreement should be carefully read by the Vendor and the Purchaser (the wholesaler).
All parties should sign and return a copy, and once signed, all parties should get a copy. To avoid any future disputes, all parties may wish to have their signatures witnessed.
The purchased price, the initial deposit, date and amount of further deposit should all be clearly stated in the loan agreement.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
Still looking for answers to your questions? Connect with the lawyers on Hire.Legal who are experienced in figuring out your legal requirement!