Seller: Robert Riddell
3310 Gilbert Drive
Liberty, Texas 75007
Buyer: Billy Wayne Johnson
2244 Shady Trail
Liberty, Texas 75007
Property: A. LAND: Lots 2 & 3, Block B, First Liberty Subdivision
635 Wishbone Street
Tallulah, Texas 75007
*Recorded in vol. 18, page 28 of the Real Property Records, Cinco County, Texas
B. IMPROVEMENT: A small building attached to the above-described property
Earnest Money: $10,000 Cash to be delivered by the Buyer to the Title Company upon full execution and within two days after the effectivity of this contract. Failure of the Buyer to do so will render him in default.
535 State Ave
FOR TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS: (Not necessary as the promise to buy and sell is sufficient consideration).
1. Seller agrees to sell to Buyer and Buyer agrees to buy from Seller the Property for a purchase price of $175,000 to be payable at closing which shall occur on August 4, 2014, which is the first Monday after the expiration of the Inspection Period (hereinafter defined) at 10:00 a.m. at the offices of the Title Company/Escrow Agent.
2. The Property shall be conveyed free of any liens or encumbrances or any matters that would prevent its use as a restaurant.
3. The Seller, at Seller’s expense, shall deliver to Buyer a Title Commitment issued by the Title Company and a Survey prepared by a registered surveyor in this state covering the Property within twenty days after the Effective Date of this Agreement (which shall be the date it is executed by the last of the Seller or the Buyer).
4. Buyer shall have thirty days to perform inspection and review title (the “Inspection Period”) as Buyer shall desire, which period shall begin from the full execution of this contract. At the expiration of the Inspection Period, Buyer shall notify Seller either (i) that Buyer is satisfied with the Property and wants to proceed to close on the Purchase, or (ii) that Buyer is terminating the Agreement, in which event, the Earnest Money shall be returned to Buyer.
5. At the closing Buyer shall deliver the Purchase Money to the Title Company and pay any of Buyer’s customary closing costs. Seller shall deliver a General Warranty Deed to Buyer conveying the Property to Buyer. Seller shall pay the cost of the Title Insurance and any Seller’s customary closing costs. Taxes for the year of closing shall be pro-rated.
6. Seller represents and warrants to Buyer that the Property is zoned to allow use as a restaurant and that all permits necessary to operate the Property as a restaurant are available to Buyer.
Seller and Buyer agree that Buyer is taking the Property "AS IS" with any and all latent and patent defects. Seller, therefore, does not warrant that the property is fit for a particular purpose and Buyer acknowledges that he is relying upon his examination of the Property to ascertain its condition.
7. Risk of Loss shall be with Seller until Closing and Seller shall keep the Property insured. Seller agrees that he shall maintain the Property so that there are no material defects in the Property that would interfere with its use as a restaurant.
THIS OFFER WILL EXPIRE IF NOT EXECUTED BY THE SELLER ON OR BEFORE July 2, 2014 (This is supposed to be an agreement and not an OFFER)
Seller: _________________________________
Buyer: (Assume it has been signed):
