Exchange Of Real For Real And Personal Property 2

Exchange Of Real For Real And Personal Property 2

Exchange of real for real and personal property document is processed, if two parties agree to exchange both their general stock of merchandise located in a specific state and county mutually. The first party, with property agreed to be conveyed by the second party, hopes to convey the building on the property, appurtenances of them and the fee simple free from all kinds of dispute and problems. The mortgage payment of that property of general stock of merchandise is to be mentioned in the document that has to be showcased to the second party exchanger for confirmation. Including the subject to all liens for street and sewer improvements lies on the exchanger.

The first party should agree to buy all the interest on the mortgages and all installments of both principle and interest of both liens which are due and payable at the date of the agreement. The second party also transfers the goods of merchandise to the first party exchanger in the building contained, free and clear of all disputes of the judicial law. Within a given closure date in the document, both the parties should agree on exchange their property and goods of merchandise as mentioned in the documents. Hence, when both the parties sign this document, they have all the rights to engage in an exchange process and also make dues and payments (if required) for the same. Thus, this document serves as a record of the exchange that took place between two parties.

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Exchange of real for real and personal property.

Agreement made this _________[date] between _________, of the County of _________ and State of _________, referred to as Smith in this agreement, and _________, of the County of _________ and State of _________, referred to as Jones.
Recitals:
Smith is the owner in fee simple of a certain parcel of land, with the buildings situated on it, in _________, in the County of _________, described as follows: _________.
Jones is the owner in fee simple of premises in the Town of _________ in the County of _________, in this state, situated on _________ Street in that town, being on a corner _________ feet by _________ feet upon which is the only store building owned by Jones in that town.
Jones is also the owner of the stock of goods, wares and merchandise contained in the store which will inventory at about $_____.
The parties have agreed to make and exchange by way of mutual sale and conveyance of their respective properties.
Now it is agreed as follows:
1. Smith shall in consideration of the property agreed to be conveyed by Jones to Smith, convey to Jones the described lands of Smith with the buildings on them, and the appurtenances of them, in fee simple, free from all incumbrances, except as follows:
Subject to a mortgage now on the premises to secure the payment of $_____ with interest. Of this mortgage, Jones agrees to assume the payment of $_____ of the principal and interest on it. Smith agrees to pay and discharge before the same is delinquent all of the balance of the principal and interest.
And also subject to all liens for street and for sewer improvements now against the premises.
Smith agrees to pay all interest on the mortgage and all installments of both principal and interest upon the liens which are due and payable at the date of this agreement.
2. Jones shall, in consideration of the property agreed to be conveyed by Smith to Jones, convey to Smith the described premises of Jones, with the building, and the appurtenances of it, in fee simple, free of all incumbrances and also shall sell and transfer to Smith all the goods, wares and merchandise in the building contained, free and clear of all incumbrances whatsoever; and shall, before making such transfer, comply in all respects with the Bulk Sales Law of the State of _________.
3. Within _________ days from the date of transfer an inventory shall be taken of the goods, wares and merchandise in the store building contained, in which the goods, wares and merchandise shall be priced at actual cost, plus freight and drayage. In the event that such inventory shall show a value of more than $_____, Smith shall pay to Jones the difference between such value and $_____, in cash, or at the option of Smith, by giving a promissory note for such difference, payable not more than _________ months after date, with interest, at _________ Bank, _________. In the event that such inventory shall show a value of less than $_____, Jones will pay to Smith the difference between such value and the sum of $_____.
4. The exchange shall be completed on or before the _________ day of _________, _________[year], when each of the parties shall by good and proper deeds, convey the real property to the other of them, free from all incumbrances except as mentioned above, and Jones shall transfer and deliver to Smith all of the personal property in such inventory mentioned and described, and will make and deliver to Smith a good and sufficient bill of sale for them. For convenience the deeds of both parties shall be placed for delivery with the _________ Bank, _________, to be delivered upon instructions to the respective grantors so to do.
5. Each of the parties shall deliver to the other within _________ days from the date of this agreement a merchantable abstract of title, showing a marketable title to the respective parcels of real property in the respective grantors.