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Provide a template for a Real Estate Offer and Acceptance Agreement
Real Estate Offer and Acceptance Agreement Template
Table of Contents
Introduction
Offer
Acceptance
Purchase Price and Payment
Closing
Representations and Warranties
Default and Remedies
Miscellaneous
Entire Agreement
Governing Law and Jurisdiction
Notices
Severability
Waiver
Binding Effect
Counterparts
Attorneys' Fees
Entire Agreement
Governing Law and Jurisdiction
Notices
Severability
Waiver
Binding Effect
Counterparts
Attorneys' Fees
Introduction
This Real Estate Offer and Acceptance Agreement ("Agreement") is made and entered into as of [DATE], by and between [SELLER NAME], residing at [SELLER ADDRESS] ("Seller"), and [BUYER NAME], residing at [BUYER ADDRESS] ("Buyer").
Offer
Property: Seller hereby offers to sell, and Buyer hereby agrees to purchase, the real property located at [PROPERTY ADDRESS] ("Property").
Legal Description: The Property is more particularly described as follows: [Insert legal description of the property].
Purchase Price: The purchase price for the Property shall be [AMOUNT] (the "Purchase Price").
Closing Date: The closing date for the sale of the Property shall be [DATE] (the "Closing Date").
Acceptance
Acceptance: Buyer hereby accepts Seller's offer to sell the Property on the terms and conditions set forth in this Agreement.
Binding Agreement: This Agreement constitutes a binding agreement between Seller and Buyer.
Purchase Price and Payment
Payment: Buyer shall pay the Purchase Price to Seller at the Closing.
Earnest Money Deposit: Buyer shall deposit [AMOUNT] (the "Earnest Money Deposit") with [ESCROW AGENT NAME] ("Escrow Agent") within [NUMBER] days of the execution of this Agreement. The Earnest Money Deposit shall be applied towards the Purchase Price at Closing.
Financing: Buyer shall obtain financing for the Purchase Price in the amount of [AMOUNT] (the "Financing"). Buyer shall provide Seller with a written commitment from a reputable lender for the Financing within [NUMBER] days of the execution of this Agreement.
Closing Costs: Buyer shall be responsible for all closing costs, including but not limited to, title insurance, recording fees, and transfer taxes.
Closing
Closing Location: The closing shall take place at the offices of [CLOSING AGENT NAME] ("Closing Agent").
Closing Documents: Seller and Buyer shall execute all necessary closing documents at the Closing.
Delivery of Deed: Seller shall deliver a good and marketable title to the Property to Buyer at the Closing.
Possession: Buyer shall take possession of the Property at the Closing.
Representations and Warranties
Seller's Representations and Warranties: Seller represents and warrants to Buyer that:
Seller has the full right, power, and authority to sell the Property.
The Property is free and clear of all liens and encumbrances, except as disclosed in writing to Buyer.
The Property is in good condition and habitable.
Seller has complied with all applicable laws and regulations in connection with the ownership and operation of the Property.
Buyer's Representations and Warranties: Buyer represents and warrants to Seller that:
Buyer has the full right, power, and authority to purchase the Property.
Buyer has the financial ability to complete the purchase of the Property.
Default and Remedies
Default: If either party breaches this Agreement, the non-breaching party shall have the right to pursue all available remedies at law or equity, including but not limited to, specific performance, injunctive relief, and monetary damages.
Termination: If either party fails to perform its obligations under this Agreement within [NUMBER] days of written notice from the other party, the non-breaching party may terminate this Agreement.
Miscellaneous
Notices: All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, sent by certified mail, return receipt requested, or sent by overnight courier service, addressed as follows:
If to Seller: [SELLER ADDRESS]
If to Buyer: [BUYER ADDRESS]
Severability: If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall remain in full force and effect.
Waiver: No waiver of any breach of this Agreement shall be deemed a waiver of any other or subsequent breach.
Binding Effect: This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
Counterparts: This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Attorneys' Fees: In the event of any dispute arising out of or relating to this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees and costs.
Entire Agreement
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.
Governing Law and Jurisdiction
This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya. Any dispute arising out of or relating to this Agreement shall be subject to the exclusive jurisdiction of the courts of the Republic of Kenya.
Notices
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, sent by certified mail, return receipt requested, or sent by overnight courier service, addressed as follows:
If to Seller: [SELLER ADDRESS]
If to Buyer: [BUYER ADDRESS]
Severability
If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall remain in full force and effect.
Waiver
No waiver of any breach of this Agreement shall be deemed a waiver of any other or subsequent breach.
Binding Effect
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
Counterparts
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Attorneys' Fees
In the event of any dispute arising out of or relating to this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees and costs.
Conclusion
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
[SELLER SIGNATURE]
[BUYER SIGNATURE]
[DATE]
[DATE]
[WITNESS SIGNATURE]
[WITNESS SIGNATURE]
[DATE]
[DATE]
[NOTARY PUBLIC SEAL]
[NOTARY PUBLIC SIGNATURE]
[DATE]
[NOTARY PUBLIC SEAL]
[NOTARY PUBLIC SIGNATURE]
[DATE]
Sources:
The Law of Property Act, Cap 280, Laws of Kenya
The Land Registration Act, 2012
The Conveyancing and Law of Property Act, Cap 210, Laws of Kenya
The Stamp Duty Act, Cap 479, Laws of Kenya
The Transfer of Property Act, Cap 281, Laws of Kenya
Disclaimer: This template is for informational purposes only and should not be considered legal advice. You should consult with an attorney to ensure that the Agreement is appropriate for your specific circumstances.
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