Sample Contract
4th and Inches, Inc.
P.O. Box 741329; Riverdale, GA 30274
(423) 505-6688
A G R E E M E N T F O R D E E D
This Contract of Sale is made and entered into by and between 4th and Inches, Inc. – Charles S. McGarvey - President, hereinafter called Seller, and XXXXXX XXXXXXXXXX, hereinafter call Purchaser.
The Seller agrees to sell and the Purchaser agrees to buy the following described property situated in XXXXXXXXXXXXXXXX, XX: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx upon the following terms and conditions:
Purchase Price:
1. Cash Price: $XXXX.00
2. Cash Down Payment: $X00.00 ($X00.00 Credit)
3. Unpaid Balance of Cash Price: $XXXX.00
4. Annual Percentage Rate: X.XX%
5. Number of Monthly Installments: XX
6. Monthly Payment Amount: $XX.XX
7. Documentation Fees: $75.00 (Due at end of contract)
8. First Amount Due: $XXX.XX
Taxes: The Purchaser agrees to deposit with the Seller, taxes due for the year in which this contract is written and accepted. Taxes for current year are estimated at approximately $XX.00 per lot.
The company or company’s owner has complete title to the land free and clear, and will deliver deed in same condition at the fulfillment of this contract. If the purchaser fulfills all outstanding balances before the scheduled completion date there are no pre-payment penalties.
Representation: Purchaser represents to the Seller that he is buying the premises based upon his own examination and judgment, and not in reliance upon any representations or promises not herein contained. Purchaser understands that there are no utilities upon the premises, that stock may graze the premises until fenced off by Purchaser.
Possession and Deed: On or before thirty (30) days from the date upon which the entire consideration has been paid to the Seller, the Seller agrees to deliver to the Purchaser possession of the above described property and a Special Warranty Deed which shall be subject to taxes for the year during which this Contract of Sale is executed, any and all prior mineral reservations, and any right-of-ways for roads and easements, if any, of record or apparent on the ground.
Purchaser understands and acknowledges that he acquires no legal title by this Contract and will not acquire legal title until the Deed herein provided for is delivered, and Purchaser shall not create or attempt to create or permit or suffer the attachment or levy of any liens whatsoever against said property.
Default: If Purchaser fails to make two (2) consecutive monthly payments or fails to make an aggregate of four (4) monthly payments in a calendar year, this contract will be in default. In the event that a payment is made after 60 days from the statement date, a $19.00 Administration Fee will be charged.
In the event of default the Seller may terminate and cancel this Contract and forfeit the interest of the Purchaser herein by giving thirty (30) days written notice.
In the event the Seller elects to declare this Contract in default and of no further force and effect, all monies that have been paid to or deposited with Seller hereunder shall be forfeited and belong to Seller as liquidated damages and rent to compensate Seller for the breach of this Contract and for the rental and use of the property.
From and after the time of any such termination of this Contract and forfeiture of Purchaser's interest, Purchaser shall be deemed to be a tenant at sufferance, and an action for forcible detainer may be initiated for possession of the property.
In the event of seller default, all money paid by purchaser or deed will be delivered to purchaser.
Notices: Notice required by the terms hereof shall be given in writing and shall either be mailed or hand delivered. If mailed, the notice will be by registered or certified mail, addressed to Purchaser at the address noted on this contract.
The notice shall be considered properly given when deposited by Seller in the United States Mail. If the notice is hand delivered, notification shall be considered given at the time delivered to Purchaser. Purchaser shall be obligated to notify Seller in writing by registered or certified mail, return receipt requested, of any change in address to which Purchaser wishes notices provided for hereunder mailed. In the event Purchaser fails to so notify Seller in accordance herewith, a notice to Purchaser at the above address shall be sufficient to all intents and for all purposes.
Attorney's Fees: In the event Purchaser defaults in his obligation hereunder and Seller places this Contract in the hands of an attorney for enforcement or collection, Purchaser shall be obligated to pay the attorney representing Seller a reasonable fee for the services which the attorney renders to Seller.
In the event of a seller default, and proven, seller will pay purchaser’s legal fees to collect damages in regard to this contract.
Prohibition Against Assignment: It is specifically understood and agreed that Purchaser shall not sell, assign, transfer, pledge or hypothecate this Contract, or the rights hereunder, without the prior written consent of Seller, which consent shall not be unreasonably withheld.
Prohibition Against Recording: Purchaser agrees that he will not cause this Contract to be filed for record. In the event that he should cause it to be filed for record, Seller may, at its option, mature the entire unpaid deferred consideration due and owing on this Contract or pursue any and all of the other remedies provided for herein in case of default.
No Waiver: No waiver of default of Purchaser hereunder shall be implied from any act or omission by Seller to take any action on account of such default if such default continues, or be repeated, and no express waiver shall affect any default of Purchaser other than the default specified in the express waiver and then only for the time and to the extent therein stated.
Only Agreement: This instrument is the entire and only agreement between the parties hereto and it incorporates all prior statements, written or verbal, express or implied, which might have or might have been made by either party or any agent of either party in connection with the sale and purchase of said property.
Time of Essence: Time is of the essence of this agreement. This agreement and performance hereof shall be construed under the laws of the State of Tennessee. In the event that one or more of the provisions of this agreement shall be found invalid, such invalidity shall not affect the remaining portions of this Contract.
Binding upon Heirs: The covenants and agreements herein contained shall inure to the benefit of and be binding upon the parties hereto, their respective heirs, legal representatives, successors and assigns.
Acceptance by Charles S. McGarvey III: This Contract shall only be valid upon the written acceptance by the Seller.
Purchaser:________________________________________________________________
Date of Signature:______________________________
Social Security Number:__ ___________________
Address:__________________________________________________________________
Telephone Number:__ _________________
ACCEPTED by Charles S. McGarvey III the __ ____ day of _____________________, 2003.
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