Land Purchase Agreement Samples & Templates

A land purchase agreement is a real estate document that’s legally binding between the purchaser and the original landowner. The seller may give the purchaser an installment term either through a bank or financing agency, or may offer the terms himself by providing financing to the buyer. This usually comes with a mutually agreed upon price that the buyer can later repay through a series of installments.

Our Sample Forms for land purchase agreements are intended to indicate the general nature of such agreements that users can use as reference to draft their own agreements. These are all free for downloading and can be modified or edited according to the specifications of the sample agreement.

Download Land Purchase Agreement

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Land Agreement Between Two Parties

LAND AGREEMENT

THIS AGREEMENT is made on this 5th day of August, 2024, by and between:

Party A: John Smith, residing at 123 Elm Street, Springfield, IL 62704 (hereinafter referred to as “Seller”)

AND

Party B: Jane Doe, residing at 456 Oak Avenue, Springfield, IL 62705 (hereinafter referred to as “Buyer”)

RECITALS

WHEREAS, Seller is the owner of certain land located at 789 Maple Road, Springfield, IL 62706, and

WHEREAS, Buyer desires to purchase said land from Seller, and Seller desires to sell the land to Buyer, on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereto agree as follows:

1. Description of Land
   The land subject to this Agreement is located at 789 Maple Road, Springfield, IL 62706 (hereinafter referred to as the “Property”).
2. Purchase Price
   The total purchase price for the Property is $150,000 (hereinafter referred to as the “Purchase Price”).
3. Payment Terms
   The Buyer agrees to pay the Purchase Price to the Seller as follows:
   • An initial deposit of $15,000, payable upon the execution of this Agreement.
   • The remaining balance of $135,000, payable on or before October 1, 2024.
4. Closing
   The closing of the sale (the “Closing”) shall take place on or before October 1, 2024, at the office of Springfield Title Services, 101 Main Street, Springfield, IL 62701. At the Closing:
   • The Seller shall deliver to the Buyer a duly executed deed of conveyance transferring title to the Property to the Buyer.
   • The Buyer shall pay the remaining balance of the Purchase Price to the Seller.
5. Title
   The Seller warrants that they have good and marketable title to the Property, free and clear of all liens, encumbrances, and restrictions, except for those specifically noted in this Agreement.
6. Possession
   The Seller agrees to deliver possession of the Property to the Buyer at the time of Closing.
7. Representations and Warranties
   Each party represents and warrants to the other that they have the authority to enter into this Agreement and to perform their obligations hereunder.
8. Default
   In the event that either party defaults in the performance of their obligations under this Agreement, the non-defaulting party may pursue any and all remedies available to them at law or in equity.
9. Governing Law
   This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.
10. Entire Agreement
    This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior agreements, understandings, and representations.
11. Amendments
    No amendment or modification of this Agreement shall be valid unless in writing and signed by both parties.
12. Severability
    If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

John Smith (Seller)

Jane Doe (Buyer)

NOTARY ACKNOWLEDGMENT

State of Illinois
County of Sangamon

On this 5th day of August, 2024, before me, the undersigned, a Notary Public in and for said State, personally appeared John Smith and Jane Doe, known to me (or proved to me on the basis of satisfactory evidence) to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same in their authorized capacities, and that by their signatures on the instrument the persons executed the instrument.

WITNESS my hand and official seal.

Notary Public

My Commission Expires: _______________

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Land Purchase & Sales Agreement

1. PARTIES

This Land Purchase and Sales Agreement (“Agreement”) is made and entered into this 5th day of August, 2024, by and between:

Seller: Name: John Doe
Address: 123 Maple Street
City, State, ZIP: Springfield, MA 01101
Phone: (123) 456-7890
Email: [email protected]

Buyer: Name: Jane Smith
Address: 456 Oak Avenue
City, State, ZIP: Springfield, MA 01102
Phone: (098) 765-4321
Email: [email protected]

2. PROPERTY DESCRIPTION

The real property (“Property”) that is the subject of this Agreement is located at:
Address: 789 Pine Road
City, State, ZIP: Springfield, MA 01103
Legal Description: Lot 12, Block 5, Springfield Subdivision
Parcel Number: 9876543210

3. PURCHASE PRICE

The total purchase price (“Purchase Price”) for the Property is $250,000, payable as follows:

• Earnest Money Deposit: $10,000, due within 5 days of the effective date of this Agreement.
• Balance of Purchase Price: $240,000, due at closing.

4. CLOSING

The closing of the sale (“Closing”) shall occur on or before the 30th day of September, 2024, at a time and place mutually agreed upon by the parties.

5. TITLE

Seller shall convey good and marketable title to Buyer by Warranty Deed, free and clear of all liens and encumbrances except those specifically agreed to by Buyer.

6. CONTINGENCIES

This Agreement is contingent upon the following:

• Buyer obtaining satisfactory financing within 30 days of the effective date of this Agreement.
• Satisfactory completion of a property inspection by Buyer within 15 days of the effective date of this Agreement.
• Any other contingencies: Approval of zoning change to residential use.

7. CLOSING COSTS

Closing costs shall be allocated as follows:

• Seller’s Costs: Title insurance, deed preparation, and any outstanding liens.
• Buyer’s Costs: Loan origination fees, recording fees, and survey costs.

8. PRORATIONS

Property taxes, utilities, and other proratable items shall be prorated as of the Closing date.

9. POSSESSION

Possession of the Property shall be delivered to Buyer at Closing.

10. DEFAULT

In the event of default by either party, the non-defaulting party may pursue any and all remedies available at law or in equity, including specific performance and/or termination of this Agreement.

11. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, or agreements, whether written or oral.

12. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of Massachusetts.

13. SIGNATURES

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

Seller:

Name: John Doe
Date: 8/5/2024

Buyer:

Name: Jane Smith
Date: 8/5/2024

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Land Purchase Advance Payment Agreement

This Land Purchase Advance Payment Agreement (“Agreement”) is made and entered into on this 5th day of August, 2024, by and between:

Seller: Name: John Doe
Address: 123 Maple Street
City, State, ZIP: Springfield, IL 62701
Phone: (555) 123-4567

Buyer: Name: Jane Smith
Address: 456 Oak Avenue
City, State, ZIP: Springfield, IL 62702
Phone: (555) 987-6543

Property: Legal Description: Lot 5, Block 12, Springfield Estates
Address: 789 Pine Road
City, State, ZIP: Springfield, IL 62703

Terms and Conditions:

1. Purchase Price: The total purchase price for the Property is $250,000 (“Purchase Price”).
2. Advance Payment: The Buyer agrees to pay an advance payment of $25,000 (“Advance Payment”) to the Seller upon the execution of this Agreement. This amount will be applied towards the Purchase Price.
3. Balance Payment: The remaining balance of $225,000 (“Balance Payment”) shall be paid by the Buyer on or before the closing date, which is scheduled for the 1st day of October, 2024 (“Closing Date”).
4. Property Transfer: The Seller agrees to transfer ownership of the Property to the Buyer upon receipt of the full Purchase Price. The transfer will be executed by delivering a properly executed deed of conveyance to the Buyer.
5. Contingencies: This Agreement is contingent upon the following: a. The Buyer obtaining financing for the Balance Payment. b. The Property passing all necessary inspections. c. Any other contingencies as agreed upon by both parties: None
6. Default: In the event that the Buyer fails to pay the Balance Payment by the Closing Date, the Advance Payment shall be forfeited to the Seller as liquidated damages, and this Agreement shall be null and void.
7. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.
8. Entire Agreement: This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements or understandings, whether written or oral, relating to the subject matter hereof.
9. Amendments: Any amendments or modifications to this Agreement must be in writing and signed by both parties.
10. Signatures: IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

Seller:

Signature

John Doe
Printed Name

Buyer:

Signature

Jane Smith
Printed Name

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Browse More Templates On Land Purchase Agreement

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How To Write a Land Purchase Agreement?

• Title and Parties Involved:
  • Begin with a clear title: “Land Purchase Agreement.”
  • Identify the buyer and seller with full legal names and contact information.
• Property Description:
  • Provide a detailed description of the land being sold, including address, boundaries, and any significant features. You can also see more on Land Sale Agreement.
• Purchase Price and Payment Terms:
  • State the agreed purchase price.
  • Outline the payment terms, including any deposits, financing arrangements, and schedule of payments.
• Contingencies and Conditions:
  • Include any contingencies such as property inspections, financing approval, and clear title.
  • Specify conditions that must be met for the sale to proceed.
• Signatures and Notarization:
  • Provide spaces for signatures of both parties. You can also see more on Land Sales Contracts.
  • Include a section for notarization to authenticate the agreement.

Vacant Land Purchase Agreement Template

Sample Buying Land Purchase Agreement Template

Real Estate Land Purchase Agreement Template

Free Basic Land Purchase Agreement Template

Uses of Land Purchase Agreement

• Defines the Terms of Sale: It specifies the terms and conditions under which the land is sold, including the purchase price, payment schedule, and any contingencies that must be met before the sale can be finalized.
• Legally Binding Contract: This agreement serves as a legally binding contract between the buyer and the seller, outlining the obligations and rights of each party, thus providing legal recourse in case of disputes.
• Details the Property: It provides a detailed description of the property being sold, including boundaries, size, and any pertinent legal descriptions that identify the exact land in question.
• Outlines Contingencies: The simple agreement may include various contingencies such as financing terms, inspections, and approvals by local authorities, which must be fulfilled before the transaction can proceed.
• Clarifies Closing Procedures: It outlines the steps necessary to complete the transaction, including the closing date, documents required for transfer, and responsibilities of both parties at closing.
• Provides a Record of the Agreement: It acts as a formal record of the terms agreed upon by both parties, useful for future reference and can be used as evidence in a legal dispute.
• Establishes Payment Arrangements: The agreement specifies how payments are to be made (e.g., in installments, lump sum), including any deposits or earnest money required as part of the agreement.
• Risk Allocation: It allocates risks between the buyer and seller, specifying who bears the risk of any issues that arise after the agreement format is signed but before the transaction is completed, such as damage to the property or a change in zoning laws.

Land Purchase Agreement Template

Joint Land Purchase Agreement Template

Farm Land Purchase Agreement Template

Sample Land Lease Purchase Agreement Template

Land Purchase and Sale Agreement Template

Land Purchase Option Agreement Template

Importance of Land Purchase Agreement

• Legal Clarity and Protection: The agreement provides a legal framework that clarifies the terms and conditions of the transaction for both parties. It offers protection against misunderstandings, misrepresentations, and legal disputes by clearly outlining each party’s responsibilities and rights.
• Ensures Commitment: By signing a legally binding contract, both the buyer and the seller are committed to following through with the terms set forth in the agreement. This commitment helps prevent one party from backing out without legal justification. You can also see more on Land Purchase Proposal.
• Defines Property Details: It includes a detailed description of the property, ensuring that the buyer knows exactly what they are purchasing, including the size, boundaries, and any encumbrances that may exist.
• Facilitates Financing: For transactions where a mortgage or another form of financing is involved, having a formal agreement in place is often necessary for the buyer to secure financing from banks or other financial institutions.
• Regulates Payment Terms: The agreement specifies the payment terms, including the down payment, total purchase price, and the schedule for subsequent payments. This helps to manage financial expectations and responsibilities, reducing the risk of payment disputes.
• Manages Risk: It allocates the risks associated with the property and the transaction between the parties until the transfer is complete. For example, who bears the cost of any damage to the property before closing can be explicitly stated. You can also see more on Land Purchase and Sale Agreement.
• Records Official Sale: The agreement serves as an official record of the sale and can be used in future legal, tax, and regulatory documentation as proof of ownership and the terms of the sale.
• Resolves Disputes: Should a dispute arise, the Land Purchase Agreement can be referred to as the definitive guide to what was agreed upon by the parties. This can streamline dispute resolution and potentially avoid lengthy legal battles. You can also see more on Vacant Land Purchase Agreement.

Simple Land Purchase Agreement Template

Vacant Land Purchase Agreement Format

Basic Land Purchase Agreement

Vacant Land Sale and Purchase Agreement Example

Land Lease/Purchase Agreement Outline

In a land purchase agreement, the seller usually retains ownership of the property until the buyer makes full payment of the property based on the agreed price. A land purchase agreement need not be complicated, and the draft should include the terms and conditions for the benefit of both the buyer and the seller. Upon full obligatory satisfaction of all contract terms and payment, the seller should then hand over ownership of the real estate purchase agreement to the buyer through issuance of a deed to transfer the title of ownership. You can also see more on Land Contract Agreement.

The basics of a land purchase agreement include the following:

• names and details of both seller and buyer (In some instances, there is more than one seller or buyer. We have sample forms available with spaces for multiple sellers and buyers.);
• details on the description of the property or properties;
• purchase price and or financing details;
• money deposit and insurance; and
• option to terminate agreement applicable to both parties.

In most instances, it’s common for installment payments on the property to be the same as mortgage payments determined through a monthly amortization schedule sample. In this case, the buyer’s payment on the property is both a partial payment as well as an interest payment of the mortgage of the property. The longer the buyer pays on the payments, the larger his equity share of the property becomes. However, in cases where the buyer defaults on the payments, there is a danger that the equity would revert to the seller by citing a breach of contract. It may be important for both the buyer and the seller to agree on such provisions before signing the land purchase agreement.

Please check out our website’s Free Lease Agreement Forms that can be downloaded and used for general lease agreements with standard basic rules that users can modify or edit according to their own specifications.

Sample Land Purchase and Sale Agreement Form Template

Commercial Land Purchase Agreement in PDF

Free Printable Land Purchase Agreement Template

Based on our samples being given, land purchase agreements can be written or modified depending on the seller and buyer’s agreement. This is particularly useful for repayment plan sample that need to be ironed out by both parties.

Like a lot of big purchases, real estate properties may have a third-party financing option details included in the agreement that details the loan the buyer can make to help purchase the property management agreement.

Our sample forms provide the basics with which the buyer and seller will be guided accordingly. The standardized agreement samples need to be thoroughly understood by both parties before each should sign the sample agreement. The agreement can only bind both parties once they accept and sign the terms of any offer or counteroffer.

For those who need to obtain loans, please check out our Loan Agreement Forms. These can help guide you on the terms and conditions when making a loan and will help you with the specifics before applying for a loan.

What is the agreement for land purchase?

An agreement for land purchase is a legally binding contract specifying terms, conditions, and responsibilities between a buyer and seller for the transfer of land ownership.

What is the validity of land purchase agreement?

The validity of a land purchase agreement depends on its compliance with legal requirements, including signatures, witnesses, and, where applicable, notarization.

How do I make a property purchase agreement?

Create a property purchase agreement by defining the sale terms, property details, buyer and seller information, and obtaining legal signatures.

What is the right to use land agreement?

A right to use land agreement grants a person or entity permission to use land owned by another without transferring ownership.

Who keeps the original sale agreement?

Typically, the buyer retains the original sale agreement, though copies are also held by the seller and possibly involved legal representatives.

Can land agreement be Cancelled?

A land agreement can be canceled if both parties consent, or if conditions allowing termination, such as fraud or breach of contract, are met.

In conclusion, this Land Purchase Agreement establishes the terms and conditions for the transfer of land ownership, ensuring all parties are aware of their obligations and the sale’s finality.