Vacant Land For Sale By Owner Closing Package American Title Company of Jackson 280 West Cortland St. Jackson, MI 49201 (517) 787-4830 Closing Department Fax# (517) 782-2467 1 Vacant Land Purchase Agreement 1. This agreement made and entered into ____AM/PM ____/____/____ between (Buyer) _____________________________________ _________________________________ specify marital/legal status for closing document preparation _____________________________ whose address is _______________________________________ and Seller _________________________________________________. 2. For the purchase of the property commonly known as _________________________________________ or described as _______________________ located in the ________________ of __________________, County of _______________________ , State of Michigan; subject to all existing restrictions, easements, rights-of-way, zoning laws, the lien of taxes not yet due and payable at the time of closing, land use regulations (including requirements of the Land Division Act, Act Number 288 of the Public Acts 1967) affecting the use of the property, PA116 or other government programs affecting the use of the property. 3. For the sum of $ _________________. All monies, other than earnest money deposits, must be paid in the form of U.S. cash, certified check, cashier’s check or money order. 4. Any buildings, attached fixtures, improvements, landscaping, and gas, oil and mineral rights owned by Seller are included in the purchase price. Exceptions or additions: ___________________________________. 5. Terms of purchase to be indicated by “X” below (Other unmarked terms of purchase do not apply): _____CASH: The full purchase price upon the execution and delivery of a Warranty Deed. _____NEW MORTGAGE: The full purchase price upon the execution and delivery of a Warranty Deed, contingent upon the Buyer’s ability to obtain a _____________ type mortgage for no less than ______ years, with a minimum down payment of _____ % of the purchase price at no more than _____ % interest per annum. Buyer agrees to apply for said mortgage within _____ days from acceptance of this offer, furnish written evidence thereof and make a good faith effort to obtain said mortgage. _____LAND CONTRACT: $_____________ upon execution and delivery of a land contract wherein the balance shall be payable in monthly principal and interest installments of $ ______________ or more including interest at _______ % per annum. Interest is to start on date of closing and first payment due 30 days after closing date. Land contract to be paid in full no later than _________ after date of closing. At time of payoff, seller shall be responsible for providing a Warranty deed and for the payment of all county/state transfer taxes. If taxes and insurance are not included in the monthly payment, Buyer agrees to pay them when billed and furnish evidence to Seller of same. Additional terms: __________________________________________________________________________________________. 6. Earnest Money: For valuable consideration, Buyer gives the Seller to and including _________ for written acceptance of this agreement and agrees that this agreement, when accepted by Seller via original or facsimile signature, will constitute a binding agreement between Buyer and Seller, Buyer herewith deposits $ ___________ in the form of ________________ as earnest money to be held by American Title Company/Seller as part of the purchase price. If this agreement is not accepted, or the conditions specified are not satisfied, the earnest money shall be refunded to the Buyer. If Buyer defaults in the performance of this agreement, all deposits made hereunder shall be forfeited as liquidated damages in full termination of this agreement. If Seller defaults in the performance of this agreement, Buyer may receive an immediate refund of all earnest money in full termination of this agreement or may pursue specific performance of this agreement. American Title Company of Jackson is not liable for the performance of the Buyer or Seller under this agreement. No verbal statement shall be recognized as binding. In the event of any dispute over the earnest money deposit, both Buyer and Seller acknowledge that the earnest money will not be released to either party without written authorization signed by both parties or an order of the court. 7. Form of Conveyance: Seller agrees to grant and convey or sell, as above required, by Warranty Deed or Land Contract, a marketable record title to the above described property and improvements as evidenced by Owner’s Title Insurance Policy with standard exceptions in the amount of the purchase price, subsequent to the date of acceptance at Seller’s expense. 8. Closing Costs Unless otherwise provided in this contract it is agreed that Seller shall pay all State and County transfer taxes and other costs required to convey clear title. Unless otherwise provided in this contract, Buyer shall pay the cost of recorded the deed and/or security interests and all mortgage closing cost including closing fee required by mortgagee. Buyer and Seller will equally share the cost of the closing fee, if any, imposed by any title company for a Cash or Land Contract sale. Exceptions, if any________________________. 9. Close of sale shall be on or before __________________________________. 10. Possession to be given no later than __________________________________ after close of sale. 11. Taxes Taxes first billed in the years prior to the year of closing will be paid by Seller without proration. Taxes billed in the year of the closing will be prorated as follows: ( )NO PRORATION Seller will pay the taxes which are due as of the date of closing. Taxes levied after the date of closing shall be paid by Buyer. NOTE: Due means the date on which a tax becomes a lien on the property. ( )PRORATION(Choose one)_____Taxes will be treated as if they cover the calendar year in which they are first billed. Seller will pay taxes from the first of the year to closing date and purchaser will pay taxes for the balance of the year, including the day of closing. If any bills for taxes are not issued as of the say of closing, the current taxable value, millage rate and homestead status will be used for proration purposes** OR _____ Taxes will be prorated as if paid in advanced, based on the due date of the taxing authority. Due date means to prorate the summer and winter bills separately, using the due dates of July 1st and December 1st **EXCEPT if taxes are unallocated as to the parcel being sold, Buyer and Seller agree that this split represents _____% of the total taxes and this allocation will be used for proration purposes as well as for any reimbursements owed by either party for future bills that do not reflect the split. 12. Assessments: Seller shall pay all due installments of special assessments as of the closing date. Installments of existing special assessments due after the closing date shall be paid by the _____ Seller ______ Buyer. Assessments levied after the date of closing shall be paid by the Buyer. 2 13. Additional Adjustments: Rent and association fees, if any, interest on mortgage or indebtedness assumed by the Purchaser, fuel oil/and or propane gas in tank are to be prorated to date of closing. Property Address _______________________________________ CHECK APPROPRIATE ITEMS BELOW 14. ___ County Health Department Approval– Approval of the proposed installation of a well and on site sewage disposal system satisfactory to Buyer. This contingency to be removed on or before______ ________________ . NOTE: Seller grants permission to the Buyer to have contractors perform testing procedures on the property. Buyer accepts the following: 1. Holds Seller harmless of any and all liabilities arising from such activities. 2. All costs of any testing procedures. 3. The refilling of any holes or excavation immediately following testing. 15. ___ Survey – Approval of a “stakes in place” survey of the property by a Registered Land Surveyor, the cost to be paid by the ____Seller ____Buyer. This contingency to be removed on or before ___________________________. 16. ___ Driveway Permit- Buyer obtaining state, county, city or township permits for the installation of a driveway. This contingency is to be removed on or before __________________________________________. 17. ___ Zoning/Building Permit – City, village or township zoning compliance permit(s) and also any permits necessary for construction on the property can be obtained to Buyer’s satisfaction. This contingency is to be removed on or before____________________________. 18. ___ Easements & Building Restrictions – The Buyer’s approval of any easements, rights-of-way and/or building and use restrictions. This contingency is to be removed on or before _______________ ___________________. 19. ___ Utilities- That the utilities are available and satisfactory to Buyer. This contingency is to be removed on or before_____________. 20. ___ Deed Restrictions – The deed grand pursuant to this Vacant Land Purchase Agreement should contain the following: A. “The grantor grants to the grantee the right to make ______(insert number) division(s) under Section 108 of the land division act, Act No. 288 of the Public Acts of 1967.” B. “This property may be located within vicinity of farmland or a farm operation. Generally accepted agricultural and management practices which may generate noise, dust, odors, and other associated conditions may be used and are protected by the Michigan right to farm act.” 21. ___ Private Road – The property abuts a private road, which has not been accepted as a public road and is not required to be maintained by the county road commission or other public or municipal body. 22. ___ Legal Counsel: SELLER AND BUYER SHOULD SEEK LEGAL COUNSEL TO INSURE THE DETAILS OF THE PURCHASE AGREEMENT ARE BEING ADHERED TO AND THAT TITLE IS MARKETABLE. 23. Other Provisions: ____________________________________________________________________________________ _________________________________________________________________________________________________________ Witness Buyer Buyer Print Buyer’s Legal Name Print Buyer’s Legal Name ************************************************************************************************************ 24. Seller’s Acceptance: Date_______________, 20___ The above is hereby accepted ___________________________________________________________________________________ ___________________________________________________________________________________________________________ and Seller gives the Buyer until __________ AM/PM __________________, 200__, to accept any counteroffer. Receipt is acknowledged by Seller of a copy of this agreement. ?Witness rSeller rSeller ************************************************************************************************************ 25. Buyer’s Receipt of Acceptance: Date ________________, 20___ Receipt is acknowledged by Buyer of the Seller’s acceptance of offer. If acceptance was subject to counteroffer, Buyer agrees to accept counteroffer; all other terms and conditions remain unchanged. ?Witness rBuyer rBuyer ************************************************************************************************************ 26. Receipt is acknowledged by Seller of a copy of the Buyer’s Acceptance of this counteroffer. ?Witness rSeller rSeller 3 Date ________________, 20___ 4