Purchase Terms of Use

Simply Land | Partners Direct Invest, LLC 8949 Roebuck Blvd., Birmingham, Alabama 35206 Phone: (205) 479-4953 | Email: tjsayers@simplyland.org

This document summarizes the legally binding terms governing the sale and purchase of real estate through Simply Land. All transactions are subject to the full contract documents. Parties are advised to consult legal and tax counsel.

1. Agreement to Purchase

Buyer agrees to purchase vacant residential land from Partners Direct Invest, LLC (“Seller”) as described in the applicable contract documents, including the Parcel ID and Legal Description specific to each property. The property is sold in its “as-is” condition, and the Buyer acknowledges having personally inspected the property prior to purchase.

2. Payment Options

Cash Sale — The full purchase price is due at closing, with no financing contingency. A down payment and a one-time processing fee are required at signing.

Owner Financing (Terms Sale) — Seller finances a portion of the purchase price. Payments consist of principal and interest, a monthly Note Servicing Fee, and prorated estimated property taxes, all combined into a single monthly payment. There is no prepayment penalty — the note may be paid off at any time, with only interest accrued to the date of payoff assessed.

3. Monthly Payments & Fees

First payment is due approximately 30 days from the contract date.
Payments are automatically drafted via ACH from the bank account provided by the Buyer.
A 10-day grace period applies to each monthly payment.
A $49 late fee is assessed if payment is not received within the grace period.
If a payment is 35 or more days past due, the Seller will notify the Buyer and provide a 15-day window to bring payments current.
Upon default, the Seller may increase the interest rate by 5 percentage points.
If payment is not received after the 15-day notice period, the property may be reclaimed by the Seller and the Buyer forfeits all payments and interest made.

4. Property Taxes

Property taxes are prorated and included in the monthly payment. The Seller pays property taxes on the Buyer’s behalf until the property is fully paid off and the deed is transferred. If county tax rates increase, the monthly payment will be adjusted accordingly.

5. Title & Deed Transfer

The Seller retains the Warranty Deed until the property is fully paid off.
The Seller warrants that the property title remains free from loans, liens, and encumbrances throughout the payment period.
Upon full payoff, the Seller will record and transfer the Warranty Deed to the Buyer within 30 days.
The Buyer may conduct their own title search at their own expense. No title report is provided at closing.

6. Closing Costs

If closing is handled through a title company, the following cost allocations apply:

Closing Cost	Responsible Party
Attorney / Title Company Fees	Buyer
Title Insurance	Buyer
Title Abstract or Certificate	Buyer
Recording Fees	Seller
Appraisal	Buyer
Survey	Buyer
Transfer Taxes	Seller
All Other Closing Costs	Buyer

Closing directly through Simply Land incurs no closing costs to the Buyer.

7. Property Use Restrictions

Until the property is fully paid off and the deed is transferred, the Buyer agrees to the following restrictions:

No permanent residence or living on the property.
No storing of items or materials on the property.
No construction, permits, or improvements of any kind.
No removal of timber beyond what is minimally needed for a dwelling or structure.
No dumping of environmentally hazardous waste.
Full compliance with all applicable local, city, county, and state codes, zoning laws, and regulations. Any violation may constitute a default of the contract.

8. Default & Remedies

If the Buyer defaults, the Seller may enforce specific performance or terminate the contract and retain the earnest money as liquidated damages. If the Seller defaults, the Buyer may enforce specific performance or terminate the contract and receive a full refund of the earnest money. The prevailing party in any legal dispute is entitled to recover all costs and reasonable attorney’s fees.

9. Assignment

The Buyer may not assign this agreement without the Seller’s written consent. The Seller may assign this agreement, and it is binding upon the heirs and assigns of both parties.

10. Utilities & Environmental Disclosures

The Buyer accepts the current condition of all utility access. The Seller discloses no known wetlands, flood plains, hazardous substances, petroleum products, or underground storage tanks on the property.

11. Eminent Domain

If the property is condemned by eminent domain after the contract’s effective date, both parties will negotiate to continue or cancel the transaction. If no agreement is reached, the Buyer is entitled to cancellation and a full return of the down payment.

12. Governing Law & General Provisions

This contract is governed by the laws of the State of Alabama.
Time is of the essence in all performance obligations.
All modifications must be in writing and agreed upon by both parties.
All notices must be delivered in writing via mail, hand delivery, or facsimile.
This contract constitutes the entire agreement between the parties and supersedes all prior oral or written representations.

For questions, contact TJ Sayers at tjsayers@simplyland.org or (205) 479-4953. WARNING: This summary does not constitute legal advice. Parties are strongly encouraged to consult an attorney before signing any contract.