Virgin Islands Sample Purchase and Sale Agreement between Barker Pacific Group, Inc. and Cranberry Properties MM Corporation

• Category: Corporations - Public - Purchase
• State: Multi-State
• Control #: US-EG-9175
• Format: Word; Rich Text

Description

Assignment of Purchaes and Sale Agreement between Barker Pacific Group, Inc. and Cranberry Properties MM Corporation dated November, 1999. 5 pages

Virgin Islands Sample Purchase and Sale Agreement between Barker Pacific Group, Inc. and Cranberry Properties MM Corporation: This Purchase and Sale Agreement (the "Agreement") is made and entered into this _[insert date]_, by and between Barker Pacific Group, Inc., a duly registered real estate development company having its principal place of business at _[insert address]_ (referred to as the "Seller"), and Cranberry Properties MM Corporation, a limited liability company having its principal place of business at _[insert address]_ (referred to as the "Buyer"). 1. Property Description: The Seller agrees to sell and the Buyer agrees to purchase the following real property located in the Virgin Islands, hereinafter referred to as the "Property": — Legal description: _[insert legal description of the property]_ — Address: _[insert physical address of the property]_ — Size: _[insert size or dimensions of the property]_ — Any additional relevant details about the property, such as zoning restrictions or easements. 2. Purchase Price: The Buyer agrees to pay the Seller a total purchase price of _[insert purchase price in US dollars]_. The payment shall be made in the following manner: — Initial deposit: _[insert deposit amount]_ to be paid upon execution of this Agreement. — Additional payments: _[insert any installment plans or payment terms]_. 3. Closing and Transfer of Title: The closing of the sale shall take place on or before _[insert closing date]_. The Seller shall deliver a general warranty deed, free and clear of all encumbrances, conveying the Property's title to the Buyer. The Buyer shall bear all expenses related to the closing, including but not limited to title insurance, surveys, and recording fees. 4. Due Diligence: The Buyer acknowledges that they have conducted due diligence on the Property and waives any claims arising from issues that could have been discovered through reasonable inspection or diligence during the agreed-upon due diligence period. 5. Representations and Warranties: Both parties represent and warrant that they have the necessary authority and capacity to enter into this Agreement. They further represent that all information provided regarding the Property is true and accurate to the best of their knowledge. 6. Default and Remedies: In the event of a default, the non-defaulting party shall have the right to pursue the appropriate remedies available, including specific performance, termination of the Agreement, or damages. 7. Miscellaneous: — Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the Virgin Islands. — Entire Agreement: This Agreement constitutes the entire understanding between the parties and supersedes any prior agreements or understandings, whether written or oral. — Assignment: Neither party shall assign their rights nor obligations under this Agreement without the written consent of the other party. Different types of the Virgin Islands Sample Purchase and Sale Agreements between Barker Pacific Group, Inc. and Cranberry Properties MM Corporation may include variations based on the specific type of property being sold (e.g., residential, commercial, vacant land) or customized clauses to meet specific contractual requirements. However, the key elements mentioned above will generally be included in all agreements to ensure a comprehensive and legally binding transaction.