This Property Sale Agreement, dated January 1, 2023, is a legally binding contract between John Doe, the Seller, residing at 1234 Elm Street, Springfield, and Jane Smith, the Buyer, residing at 5678 Oak Avenue, Springfield. The agreement outlines the terms and conditions under which the Seller agrees to sell, and the Buyer agrees to purchase, the property located at 9012 Maple Drive, Springfield.

The agreement specifies that the Seller is the legal and beneficial owner of the property and that the Buyer wishes to purchase it. The total purchase price for the property is set at $500,000. Upon execution of the agreement, the Buyer is required to pay a deposit of $50,000. The completion of the sale, which involves the payment of the remaining balance of the purchase price, is scheduled for March 1, 2023, unless another date is mutually agreed upon in writing by both parties.

The Seller provides several representations and warranties to the Buyer. Firstly, the Seller confirms that they have the full power and authority to enter into this agreement. Secondly, the Seller assures the Buyer that the property is free from any encumbrances, liens, or third-party claims, thereby guaranteeing a clear title to the Buyer.

The agreement is governed by the laws of the State of Illinois, which means that any disputes arising from this contract will be interpreted and resolved according to Illinois state law.

The document concludes with the signatures of both parties, John Doe as the Seller and Jane Smith as the Buyer, indicating their acceptance and understanding of the terms and conditions outlined in the agreement. This execution of the agreement signifies the mutual consent of both parties to proceed with the transaction as detailed in the document.