Describes the property and buyer and seller of the property

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Reference no: EM133659960

Albert Wilson is the owner in fee of a parcel of improved real estate located at 1 Main Street, Middletown, USA. It is a single-family residence, located in an R-1 (residential 1 family house) zone, and served by city water and sewer. The house was built in 1944.

Robert Brown and Alice Brown, his wife, are entering into a contract to purchase the property. The sale price is $200,000. The Browns will tender $10,000 as down payment upon signing (earnest money) and pay an additional $10,000 within 20 days of contract signing. The couple is seeking a 30-year conventional mortgage of $180,000, at the current rate, which is 5.5%.

The Browns have already sold their house and expect to close on or before Month Day, 20xx, which is 90 days from the anticipated date of the contract with Mr. Wilson.

Assume that the property Mr. Wilson is selling to Mr. and Mrs. Brown has a rich vein of coal. Mr. Wilson intends to mine the coal for the next three years.

Create a memo with the following contract clauses which you have drafted for inclusion in a real estate agreement.

(1) A clause that describes the property and the buyer and seller of the property.

(2) A clause that explains how the home financing will take place.

(3) A clause which allows Mr. Wilson to extract coal for 36 months after the date of closing of title.

You can refer to the following sources for drafting a contract clause: Library of Clauses, Common Clauses in a Contract, and Legal Agreements. Please provide references.

Reference no: EM133659960

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