This section is from the book "American Law Of Real Estate Agency", by William Slee Walker. Also available from Amazon: American law of real estate agency.
This agreement made this ...... day of ......, 19...., between ......, of ......, hereinafter called the vendor, and
......, of ......, hereinafter called the purchaser, witnesseth:
That the said vendor hereby agrees to sell to the purchaser, who agrees to purchase for the sum of......dollars, in fee simple, free from all incumbrances of and in all that dwelling-house, with the stable and other outplaces, and the garden and other land thereto belonging, situate on ...... street, in the town of
......, and State of......, heretofore in the occupation of said vendor, and all which said premises are set forth in the plan hereto annexed, signed by the parties hereto, together with all the rights, privileges, and appurtenances thereto belonging, which said premises are sold and purchased upon and subject to the following terms and stipulations, viz.:
1. That the purchaser shall pay to the said vendor, upon the execution of these presents, a deposit of...... dollars on and part of his purchase money, and pay him the residue thereof on the...... day of......next, when the purchase shall be completed.
2. That the purchaser shall take, and on the completion of the purchase, pay for the fixtures and fittings in the said dwelling-house, and building, and specified in the schedule hereto annexed, at the valuation therein mentioned.
3. That on payment of the purchase money and the value of said fixtures and fittings, the vendor shall execute a prepared conveyance of the property according to the stipulations herein contained, which conveyance shall be prepared by and at the expense of the vendor, unexecuted, and sent to the said purchaser for approval ......days prior to the said......day of......next.
4. That if, from any cause whatever, the purchase shall be delayed beyond the......day of......next, the purchaser shall thenceforth be entitled to the rents and profits of the property, and shall pay interest at the rate of......per cent. per annum on the purchase money till the completion of the purchase.
5. That if any obstacle shall arise in respect to the title, the completion of the purchase or otherwise, the vendor shall be at full liberty at any time to abandon this contract on returning the deposit money only to the purchaser.
6. That if the purchaser shall refuse or neglect to complete his purchase at the time hereby appointed, his deposit money shall be forfeited to the vendor, who shall be at full liberty, at any time afterward, to resell the property, either by public auction or private contract, and the deficiency, if any, occasioned thereby, together with all losses, damages and expenses of and attending the same, shall be borne and paid by the purchaser, but any increase in the price obtained at such sale shall belong to the vendor.
7. That time shall be of the essence of the contract.
8. That for the due performance of this contract each party binds himself unto the other in the penal sum of......dollars, which shall be regarded as liquidated damages between them, in addition i;o and irrespective of any right, liability and remedy which either of them may have acquired or be subject to by virtue hereof.
In witness whereof, etc.
 
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