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RESIDENTIAL LOTSbVACANTb LAND PURCHASE bAGREEMENTb 2026

The document is a Residential Lots/Vacant Land Purchase Agreement approved by the Iowa City Area Association of REALTORS®. It outlines the terms and conditions for the purchase of real estate in Iowa, including details on the property description, purchase price, payment methods, possession, real estate taxes, special assessments, deed transfer, and various contingencies related to financing and property investigations. The agreement emphasizes that time is of the essence and includes provisions for remedies in case of non-performance by either party.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the date of the agreement at the top of the form. This is crucial for establishing a timeline for the transaction.
In the 'TO' section, fill in the names and addresses of the sellers. Ensure accuracy as this information is vital for legal purposes.
Next, provide a detailed real estate description in Section 1. Include both local and legal descriptions to avoid any ambiguity.
For Section 2, specify the purchase price and payment method. Choose from options A (New Mortgage), B (Cash), C (Other Financing Terms) as applicable.
Complete Sections 3 through 24 by following prompts for possession dates, tax responsibilities, special assessments, and any optional conditions you wish to include.

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What should be included in a land purchase agreement?

It identifies the names of the buyer and seller, the amount of money the land is selling for, the date the closing will occur, and other terms and conditions the buyer and seller agree to follow. A land purchase agreement is a contract used for selling land from one person or entity to another.

Can I write my own purchase agreement?

Yes, you can absolutely write your own purchase agreement! But starting from scratch can be time-consuming and can get complicated quickly with legal language, required clauses, regional regulations, etc. The good news is that you dont have to start from ground zero.

How to write a land purchase offer?

To write a competitive offer, include an EMD aligned with local norms (often 13%; ~3% in CA), price from comps/DOM (below asking in softer markets; competitive pricing or an escalation clause when bidding), and keep financing, appraisal, and inspection contingencies with short timeframes.

How do you purchase a vacant lot?

Submit a land purchase offer If you have an agent, youll work with them to craft an offer. Some of the contingencies to consider: financing, including a property appraisal, title search to ensure there are no liens or other owners, buildability as determined by soil tests, setbacks and zoning.