Real Estate Sales Contract Clauses 1-5
Article 1: Property sold and sales price
The Seller sold to the Buyer the indicated land (hereinafter referred to as "Land") and the indicated building (hereinafter referred to as "Building"; Land and Building collectively referred to as the "Property") for the indicated sales price (hereinafter referred to as the "Sales Price"), and the Buyer purchased the Property.
Article 2: Deposit
1. The Buyer shall pay to the Seller the stated deposit (hereinafter referred to as the "Deposit") upon conclusion of this Contract.
2. The Seller and the Buyer shall apply the Deposit to a portion of the Purchase Price without interest at the time of payment of the indicated remaining balance (hereinafter referred to as the "Remaining Balance").
Article 3: Date and method of payment
The Buyer shall pay to the Seller the purchase price, the indicated deposit (the "Deposit") and the balance of the purchase price in cash or by deposit check by the respective payment dates indicated.
Article 4: Area subject to sale
The Seller and the Buyer shall regard the area of the Property to be sold as the area indicated, and shall not make any claim against each other for any change in the sales price or any other claim, even if the said area differs from the area measured in the survey.
Article 5: Boundary demarcation
The Seller shall clearly indicate the boundary of the land to the Buyer by showing a boundary marker on site by the date of payment of the balance due. In addition, when there is no boundary marker, the Seller shall set a new boundary marker and clearly indicate the boundary to the Buyer at its responsibility and burden. However, the installation of a boundary marker can be omitted for the boundary line between the road (including a private road) and the land.
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