Vacant Land Purchase & Sale Agreements

The document that governs the purchase and sale of vacant land is called a purchase agreement or purchase contract. This document is a legally binding contract that adheres both the purchasing party and the party selling the property to the specifications outlined within the contract.

Parties

The parties involved in the purchase and sale agreement are referred to in the wording of the document as the "buyer" -- the party purchasing the land, and the "seller" -- the party selling the land.

Purpose

The purpose of the purchase agreement is to specify the details of the land purchase. The purchase contract will include details like a legal description of the property, parties involved, time specifications for deal completion, financing method and other terms and conditions deemed pertinent by the parties involved.

Terms & Conditions

As stated, time restrictions are often imposed in the purchase agreement. These restrictions are often classified under the category known as "contingencies." Contingencies are events like financing, and building and pest inspections that must be completed in a specified time window to honor the contract. The process for termination of the contract, and any other conditions the parties feel are necessary to include in the contract are also added to the agreement.

References

• Legal Docs: Raw Land Purchase Agreement
• Oncle: Sample Business Contracts: Land Purchase and Sale Agreement

Resources

• Max Info: Contract for Purchase and Sale