write a real estate contract for a balloon payment with 15,000 paid in June, 15,000 paid in july and balance 6,300 paid in august
Buyer Ernest Goodman
seller Jim Smith
REAL ESTATE CONTRACT FOR A BALLOON PAYMENT
This Real Estate Contract (the "Contract") is entered into as of the [Date] day of [Month], [Year] between Ernest Goodman (the "Buyer") and Jim Smith (the "Seller").
Property. The Seller agrees to sell and the Buyer agrees to purchase the following property (the "Property") located at [Address]:
[Insert Description of Property]
Purchase Price. The purchase price for the Property is [Insert Purchase Price] (the "Purchase Price").
Payment Terms. The Buyer shall make the following payments to the Seller:
1. On or before June [Insert Date], 2022, the Buyer shall make a payment of $15,000 (the "June Payment").
2. On or before July [Insert Date], 2022, the Buyer shall make a payment of $15,000 (the "July Payment").
3. On or before August [Insert Date], 2022, the Buyer shall make a payment of $6,300 (the "Balance Payment").
Total Payment. Upon receipt of all payments, the Seller will have received the total purchase price of [Purchase Price].
Delivery of Deed. Upon receipt of the Balance Payment, the Seller shall deliver to the Buyer a valid and marketable deed.
Default. If the Buyer fails to make any of the payments set forth above, the Seller reserves the right to terminate this Contract and retain all payments received without further obligation to the Buyer.
Miscellaneous. This Contract constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements between the parties. This Contract shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors, and assigns. This Contract shall be construed and enforced in accordance with the laws of the [Insert State].
IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Contract as of the date first above written.
SELLER:
____________ [Insert Seller's signature]
Jim Smith
BUYER:
____________ [Insert Buyer's signature]
Ernest Goodman
what does inure mean
The term "inure" means to take effect or to become operative; to have an impact or benefit on someone or something. In legal contexts, it refers to the beneficial effect that certain contractual or legal provisions may have on one or more parties to an agreement.
To write a real estate contract for a balloon payment with $15,000 paid in June, $15,000 paid in July, and the remaining balance of $6,300 paid in August between the Buyer Ernest Goodman and Seller Jim Smith, you can follow the steps below:
1. Begin by creating a document titled "Real Estate Contract."
2. Include the date of the contract at the top of the document.
3. Write the parties' names and roles involved:
Buyer: Ernest Goodman
Seller: Jim Smith
4. Clearly state the property being sold, including the address and any relevant descriptions.
5. Define the total purchase price of the property. In this case, it would be the sum of the payments made in June, July, and August:
Total Purchase Price: $36,300
6. Specify the payment terms:
a. June Payment: The Buyer, Ernest Goodman, shall make a payment of $15,000 on or before June 30, 20XX, towards the purchase of the property.
b. July Payment: The Buyer, Ernest Goodman, shall make a payment of $15,000 on or before July 31, 20XX, towards the purchase of the property.
c. Balloon Payment: The Buyer, Ernest Goodman, shall make a final payment of $6,300 on or before August 31, 20XX, towards the purchase of the property. This payment will satisfy the remaining balance of the agreed-upon purchase price.
7. Include the terms and conditions for default, late payment penalties, and any pertinent clauses to protect the interests of both parties.
8. Specify the closing date, the date by which ownership of the property will be transferred from the Seller to the Buyer. This can be a specific date or a timeframe, such as "on or before August 31, 20XX."
9. Include any other necessary provisions, such as the condition of the property upon transfer, any included fixtures or appliances, or any additional terms agreed upon by both parties.
10. Include signature lines for the Buyer, Seller, and any witnesses.
Remember, it is always recommended to consult with a professional attorney or real estate agent to ensure that your real estate contract adheres to all legal requirements and includes the necessary provisions to protect both buyer and seller.