REAL ESTATE CONTRACT
THIS CONTRACT, made and entered into this ____ day of ____, 2006, by and between American Land Company, LLC, hereinafter referred to as "SELLER" and Aa and Ab, husband and wife, hereinafter referred to as "BUYER".
WITNESSETH:
1. SALE. For and in consideration of the mutual obligations of the parties hereto, Seller hereby agrees to sell and convey to the Buyer and the Buyer agrees to purchase from Seller, upon the terms and conditions hereinafter set forth, the real estate described more fully as a Lot ____, ___________, a subdivision of record in Camden County, Missouri.
2. PURCHASE PRICE. Subject to all reservations, restrictions, easements and conditions of record. The purchase price for said property shall be_______________________________ Dollars ($XX,XXX.00) to be paid by the Buyer as follows:
a. The sum of ________________Dollars ($XXXX.00) to be paid at the time of the execution and delivery of this contract, the receipt of which is hereby acknowledged by Seller and which said sum is deposited with Lake of the Ozarks Land Title Company as Agent for the Seller, as earnest money, and as part of the purchase price in consideration for this agreement.
b. Upon the delivery of the Deed as hereinafter provided, the Buyer shall pay the balance of the purchase price by delivering to Seller cash in the amount of ___________________Dollars ($XXXX.00).
3. TITLE INSURANCE. A commitment to issue an owner's policy of title insurance from Commonwealth Land Title Insurance Company within ten (10) days of the date of closing. The commitment shall be the amount of the purchase price of the property, naming the Buyer as the insured and shall insure the owner's title to be marketable in fact as called for by this contract and shall provide that a policy will be issued immediately after the Seller's General Warranty Deed to Buyer is placed of record. The cost of the procuring of the title insurance commitment shall be paid for by Seller. Buyer agrees to purchase and pay for the cost of the owner's title insurance policy in the amount of _____________________Dollars ($XX,XXX.00) and, if applicable, for the cost of any simultaneous issue mortgagee policies upon the premises. It is understood and agreed that title herein required to be furnished is marketable title as set forth in Title Standard IV of the Missouri Bar. It is also agreed that any encumbrance or defect in the title which is within the scope of any of the title standards of the Missouri Bar shall not constitute a valid objection on the part of the Buyer, provided the Seller furnishes the affidavits or other title papers, if any, described in the applicable standard.
4. TIME IS OF THE ESSENCE. It is understood and agreed that because of the commitments of the parties, time is of the essence of this agreement, and if the Seller has kept Seller's part of this agreement and furnishing good and sufficient title as herein provided and the Buyer fails to comply with the requirements of this agreement within ten (10) days thereafter, then the money deposited as aforesaid shall be paid over to the Seller as liquidated damages, actual damages being difficult, if not impossible, to ascertain, and this agreement may or may not be thereafter operative, at the option of the Seller.
5. BUYER’S OWN INSPECTION. It is understood and agreed that BUYER has read and clearly understands all the terms of this Contract and that BUYER is of legal age and has examined and inspected said real property to BUYER’S satisfaction and that said real property is being purchased by the BUYER as a result of said inspection. BUYER has acted and relied solely on his own investigation, inspection and examination in making this purchase of the real property and not on any description, inducement, promise, agreement, condition, stipulation, or representation made by SELLER or any of its agents, employees, or salespersons. No promise or agreement modifying or changing any of the terms, provisions, or meaning of this contract shall be recognized or binding unless approved in writing by SELLER and BUYER, it being the specific intent of the parties to set forth their full agreement herein.
6. NO BROKER. The parties represent to each other that no real estate broker has shown this property to BUYER and that SELLER does not have this property listed with any real estate broker. Neither party shall be liable to any claim by any broker for a commission except that person thru whom the broker claims a commission.
7. CLOSING. The sale under this contract shall be closed at the offices of Lake Ozark Land Title Company in Osage Beach, Missouri, on or before the ___day of ________, 2006, or at such other place as the parties may mutually agree.
8. POSSESSION. Possession shall be delivered to the Buyer on or before the date of closing.
9. BINDING AGREEMENT. This Agreement shall be binding upon the parties hereto, their respective heirs, assigns and successors in interest.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals in duplicate on the day and year first above written.
SELLER:
American Land Company, LLC
_________________________
Bb
BUYERS:
__________________________
Aa
__________________________
Ab