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Reading excerpts from a purchase and sale agreement

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Description of Premises The premises (the “Premises”) consist of: (a) the land with any and all buildings thereon known as ___________________ [insert address], as more specifically described in a deed recorded in the ___________________ [insert county name] Registry of Deeds at Book ______, Page ______, [Certificate No. ______], and (b) all structures, and improvements on the land and the fixtures.


Title/Plans The SELLER shall convey the Premises by a good and sufficient quitclaim deed1 running to the BUYER, conveying good and clear record and marketable title to the Premises, free from liens and encumbrances, except:
(a) Real estate taxes assessed on the Premises that are not yet due and payable;
(b) Federal, state and local laws, ordinances, bylaws, rules and regulations regulating use of land, including building codes, zoning bylaws, health and environmental laws;
[insert in (c) references to any other easement, restriction, lease or encumbrance that may continue after title is transferred.


Possession and Condition of Premises At the time for performance the Premises also shall be broom clean and in the same condition as the Premises now are, reasonable wear and tear excepted, with the SELLER to have performed all maintenance customarily undertaken by the SELLER between the date of this Agreement and the time for performance, and there shall be no outstanding notices of violation of any building, zoning, health or environmental law, bylaw, code or regulation, except as agreed.


Prorations At the time for performance of this Agreement adjustments shall be made as of the date of performance for current real estate taxes, fuel value, water rates, sewer use charges, collected rents, uncollected rents (if and when collected by either party), security deposits, prepaid premiums on insurance if assigned. The net total of such adjustments shall be added to or deducted from the purchase price payable by the BUYER at the time for performance.

1 A deed used to transfer or ‘quit’ any interest in real property

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