This Real Estate Sale Contract (Land Only) is used for transactions involving the sale of vacant land. This contract does not involve a broker and is used when the buyer is paying cash for the land, the seller is financing the land purchase or buyer is obtaining a new loan or assuming an existing one. This sale contract constitutes a formal offer and creates a binding obligation when executed by the parties. This sale contract contains the traditional sale terms along with provisions regarding financing and inspections. It is imperative that this sale contract be memorialized in writing. A written Real Estate Sale Contract for Land Only will prove valuable in the event there are disagreements or misunderstandings between the buyer and seller.

This Real Estate Sale Contract (Land Only) contains the following provisions:

• Property To Be Sold: Sets forth the address and the detailed legal description of the vacant land;
• Purchase Price/Payment: Sets forth the total purchase price for the land and payment terms and arrangements;
• Credit Check: If seller provides financing under this contract, the buyer must agree to a credit check and to provide all necessary financial information;
• Earnest Money: If the earnest money is held by someone other than the seller, this money must be deposited in an insured escrow account;
• Sale Contingencies: If buyer financing is provided by a third party, the buyer agrees to obtain firm commitment for the financing;
• Additional Contingencies: Sets forth the contingencies which must be satisfactorily completed prior to closing (i.e., property, contractor and environmental inspections);
• Physical Condition of Property: Buyer acknowledges that a casual inspection has been made and there are no apparent physical problems;
• Utilities: The utilities which are provided on the vacant land;
• Delivery of Deed: The seller shall deliver marketable title to the land via warranty deed;
• Taxes and Other Prorations: Sets forth that all taxes, rent, interest, insurance and other expenses will be prorated as of the closing date;
• Closing and Possession: Sets forth the date of the closing and that buyer will have immediate possession of the land;
• Closing Costs: A detailed list of how closing costs will be paid (buyer, seller or both parties to share in the cost);
• Disputes/Pending Litigation: Sets out how any disputes regarding this contract will be resolved (i.e., litigation, mediation or arbitration) and that no legal action is presently pending;
• Signatures: The seller(s) and buyer(s) must sign and date this sale contract;
• Earnest Money Receipt: A receipt to be signed by the earnest money holder agreeing to hold the funds in escrow and to disburse these funds according to the terms of the sale contract.

Protect your rights and your property by using this accurate and up-to-date form. This lawyer-prepared package includes:

1. Instructions and Checklist
2. General Information
3. Real Estate Sale Contract (Land Only) for Canada

Law Compliance: This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon