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South Dakota Real Estate Purchase Agreement Commercial/Agricultural Form

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South Dakota Real Estate Purchase Agreement Commercial/Agricultural Form
REAL ESTATE PURCHASE AGREEMENT
COMMERCIAL/AGRICULTURAL
(This is a legally binding contract. If you do not understand it, seek legal advice)
1. EARNEST MONEY DEPOSIT - PARTIES TO CONTRACT - PROPERTY.
Purchasers________________________________________________________________________________________
Broker hereby acknowledges receipt of Earnest Money in the amount of ($_______________________________)
____________________________________________________________________________________________________DOLLARS
Cash___ Check___ to be deposited the next legal banking day after acceptance of this offer on the property legally described as:
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
also known as__________________________________________________________________________________________________
Sellers________________________________________________________________________________________________________
Purchaser and Seller acknowledge that Broker is the limited agent of both parties to this transaction as outlined in Section III of the
Agency Agreement Addendum and authorized by Purchaser and Seller.
Yes_____No_____ (Initials) Purchaser_______/_______Seller_______/________ N/A___________
2. PURCHASE PRICE. The total sales price is to be ($___________________________) _____________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
____________________________________________________________________________________________________DOLLARS
After earnest money herein is credited, an additional down payment of $________________ is to be paid by Purchaser on or before
_____________________. After earnest money and down payment are herein credited, the remaining balance is to be paid by Purchaser
at closing.
3. FINANCING. If this offer is contingent upon Purchaser obtaining a new loan, Purchaser agrees to immediately make application for
and diligently endeavor to procure such loan without delay, and to sign the note and mortgage within five (5) days after they are ready.
4. TITLE. Merchantable title shall be conveyed by Warranty Deed, subject to conditions, zoning, restrictions, and easements of record, if
any, which do not interfere with or restrict the existing use of the property. An Abstract of Title shall be continued to date and furnished
promptly to buyer for examination. In lieu of an Abstract of Title, an owner's policy of Title Insurance in the amount of purchase price
may be substituted with cost to be distributed as follows: Seller ________ Purchaser_________
5. INSPECTIONS. This offer is contingent upon the following inspections: __________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
Inspections shall be completed within ________ days of acceptance of this offer.
Should the results of any inspections not be satisfactory to Purchaser, then, within this same period, Purchaser shall notify Seller or
Listing Broker in writing of the specific dissatisfaction and at which time parties may renegotiate or terminate this contract. If Purchaser
fails to specifically approve or disapprove any inspections within the time specified, then Purchaser shall be deemed to have approved
and accepted the property in its present condition and any real estate licensee having anything to do with this transaction does not have
any further obligation to Purchaser as to such inspections or agreement.
INITIALS: PURCHASER________/________SELLER________/_________
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South Dakota Real Estate Purchase Agreement Commercial/Agricultural Form
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