Terms and Conditions
Land Sale Agreement
Payment Terms: Buyer agrees to pay monthly payments, payable in the amount, interest and terms chosen, until paid in full. The first monthly installment being due and payable upon purchase, and subsequent installments on the same day of each consecutive month until paid in full. Each payment shall be credited first on interest then due and then on the principal; and interest shall thereupon cease upon the principal so credited. The Buyer may make prepayments on this note at any time without penalty. All payments shall be applied first to interest accrued and unpaid, then to principal. Buyer shall receive a late charge in the amount of $25.00 for any monthly payment which becomes more than 15 days delinquent and/or a service fee of $25.00 for any payment which is returned by Buyer’s bank due to insufficient funds. Seller reserves the right to limit the amount of properties financed to Buyer. All sales are final and no refunds will be issued. If Buyer has chosen the ‘Buy in Full’ option, the full purchase price will be due upon purchase and no further payments will be required.
Taxes and Assessments: All taxes and assessments levied or assessed against the Property prior to the Effective Date of this Contract shall be paid by Seller. All taxes and assessments levied or assessed against the Property after the Effective Date, and up to the final payment under this Contract will be paid by Buyer to Seller. During the term of this agreement Seller shall collect from Buyer, necessary amounts for payment of HOA dues, taxes, and utilities. Such payments are included in the total monthly price of the terms selected.
Transfer of Deed: Seller hereby agrees to assign, transfer, and set over unto Buyer(s), their heirs, personal representatives, successors, and assigns the described type of deed listed with the land upon purchase, its entire right, title, and interest in and to the Property. Unless otherwise requested by Buyer before this agreement, Buyer understands the deed will be recorded without the benefit of independent escrow or title insurance. Seller shall deliver the Deed to Buyer, within thirty (30) days of Buyer making the final payment under this Contract.
Default and Remedy: The Buyer will be in default if any of the following occur:
(i) the Buyer fails to pay the agreed upon monthly payment for thirty (30) days
(ii) the Buyer fails to fulfill any other obligation under this Contract; or
(iii) if, in the sole opinion of the Seller, which opinion is held in good faith, the prospect of repayment under this Contract is substantially impaired.
In the event of default, as described above, the contract may be cancelled by Seller, at Seller’s option, without notice to Buyer. Furthermore, any payments made to Seller under this Contract shall be retained by Seller and the Seller shall retain the Property. Failure of the Seller to require strict performance in accordance with the terms of this Contract on any one occasion shall not serve as a waiver of such failure on any other occasion nor prohibit demand by the Seller for strict performance thereafter. Time is of the essence in performance of the obligations herein.
Contractual Obligations: Buyer hereby waives any right to stop the payment of or dispute any monies or credit card charges paid. Any refunds owed to Buyer for overpayment, or for any other reason, shall be disbursed to Buyer within 30 days of notice being delivered to Seller that such a refund is due. No preliminary title report or title insurance will be issued by Seller. If Buyer(s) should fail to perform any part of the contract, Buyer WILL FORFEIT ALL MONIES PAID to Seller, and Seller shall have no further obligation to Buyer.
Conditions and Warranties: Buyer acknowledges the land is being purchased ‘AS-IS’, subject to whatever physical and/or environmental condition and location the parcel may be found at the time of sale, subject to all existing covenants, conditions, restrictions, HOA/POA restrictions, reservations, exploration rights, easements, rights of way, assessments, zoning of record and any land use restrictions. Seller does not guarantee the suitability of property for any specific purpose and does not guarantee zoning. Buyer agrees that it is the purchaser’s responsibility to conduct their own due diligence, verify all information provided and make informed decisions based on purchaser’s own research and investigation. Buyer acknowledges having inspected the property and investigated its suitability for any given purpose prior to purchasing, including availability of access and utilities or lack thereof, and hereby accepts the property “AS-IS’. Seller reserves the right to place a deed of trust on the parcel at any time, but warrants that such deed of trust shall be re-conveyed (removed) prior to a deed being recorded to Buyer.
Maintenance and Alterations: Buyer agrees not to alter the Property without the written consent of the Seller and such consent shall not be unreasonably withheld. “Alterations” include, but are not limited to, the removal of any timber, excavation or removal of minerals, rocks, gravel, soil or sand; installation of any utilities, or closing of wells or septic systems; construction or deconstruction of any structures or dwellings or paving of any roads or driveways. Buyer will maintain the Property and structures in the same condition as of the Effective Date of this Contract. Buyer will not remove or destroy any existing improvements, tarnish the value of the Property or allow any liens to attach to the Property. If written consent is given by Seller to Buyer for improvements to be made, the Buyer understands and agrees to follow all rules, procedures or restrictions given by the State, County, any local rules and regulations, or HOA/POA (if any).
Limitation of Liability: Buyer shall defend and hold Seller, its officers and employees, harmless from all claims, losses, damages or liability of any kind arising out of or in any way connected with the Buyer’s use or possession of the property purchased herein. Such indemnification shall include Seller’s reasonable attorney’s fees, costs and lost compensation or profits of Seller or their agents resulting from the preparation for and participation in any litigation. Buyer hereby releases and holds Seller harmless with respect to all liability, loss, damages, claims, suits, causes for action awards, decrees, judgments, or expense of any kind, including legal fees and costs in connection with the property arising out of personal injury, death, or property damage actually or allegedly arising from the condition of the property during any on-site and/or off site inspections.
Governing Law, Jurisdiction and Binding Effect: The parties agree that the venue of any legal action shall be in Los Angeles, California and governed by the laws of the State of California. In the event of a legal dispute where the claim is $5,000 or less, the parties agree to resolve the dispute utilizing binding arbitration. Under no circumstances shall the Seller’s liability exceed the amount paid by Buyer(s) to the Seller.