Purchase Terms of Use

Spindoc Properties, LLC 1209 Mountain Rd Pl NE Ste N, Albuquerque, NM 87110 Phone: 505-407-5163 | Email: spindocland@mail.com

⚠️ WARNING: These terms constitute a legally binding contract with substantial legal consequences. All parties are strongly advised to consult legal and tax counsel before signing.

1. Agreement to Purchase

Spindoc Properties, LLC (“Seller”) agrees to sell, and the Buyer agrees to purchase the identified real property (“Property”) under the terms outlined herein. The Property is described by its Parcel ID and Legal Description as indicated in the executed contract.

2. Sales Price & Payment Options

Spindoc Properties offers two purchase options:

Option A – Cash Sale The full purchase price is paid at closing. This contract is not contingent on financing.

Option B – Owner Financing (Terms/Installment) The Seller finances a portion of the purchase price via a Promissory Note and Land Sale Contract. Terms include:

A down payment due at signing
A one-time processing/document preparation fee due at signing
Monthly payments covering principal, interest, a Note Servicing Fee, and prorated property taxes
No prepayment penalty — the note may be paid off at any time; only interest accrued to the date of payoff will be assessed
First payment is due approximately 30 days from the contract date
Payments are automatically drafted from the bank account provided by the Buyer

3. Property Condition

The Buyer acknowledges they have personally inspected the Property and accept it in its “as-is” present condition. The Seller is not aware of any wetlands, floodplains, hazardous substances, petroleum products, or underground storage tanks on or affecting the Property.

4. Our Guarantee

Spindoc Properties, LLC offers a 90-Day Inspection Period from the date of down payment. If, for any reason, the Buyer is unsatisfied with the Property within this period, Spindoc Properties, LLC agrees to either:

Exchange the property, or
Refund all monies paid, minus closing costs, payment fees, and accounting setup fees.

5. Title & Conveyance

Title will be conveyed to the Buyer via Warranty Deed.
For cash sales, the Warranty Deed is transferred at closing.
For owner-financed sales, the Seller holds the Warranty Deed until the Property is fully paid off. The Deed will be recorded within 30 days of final payoff.
The Seller warrants that the Property title shall remain free from any loans, liens, or encumbrances throughout the payment period.
No title report will be provided at closing. The Buyer may elect to conduct their own title search at their own expense.

6. Closing

Closing occurs on or before the agreed closing date.
Closing may be extended up to 7 days to resolve title objections, or by written agreement of both parties.
No cost to the Buyer when closing directly (without a title company).

7. Closing Costs

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

Note: No closing costs apply to the Buyer when closing directly with Spindoc Properties.

8. Property Taxes

Property taxes are prorated and added to the Buyer’s monthly payment. The Seller pays property taxes on behalf of the Buyer until the Property is fully paid off and title is conveyed. If county property taxes increase, this will be reflected in the monthly payment.

9. Restrictions During Financing Period

While the Property is under an owner-financed agreement, the Buyer agrees to:

Not live on, build on, or pull permits for the Property until it is completely paid off
Not dump or release any environmentally hazardous waste on the Property
Abide by all applicable local and state zoning codes, rules, and regulations
Limit timber removal to only what is necessary for placing a dwelling or structure

10. Late Payments & Default

Grace Period: Payments have a 5-day grace period from the due date.

Late Fee: If payment is not received within the grace period, a $25 penalty is assessed.

Default Rate: Upon default, the Lender may increase the interest rate by 5 percentage points.

Default & Foreclosure Process:

If payment is 35 days past due, the Seller will notify the Buyer via phone, email, or text.
The Buyer then has 15 days to bring all payments current to cure the default.
If full payment is not received within that period, the property may be repossessed and re-sold, and the Buyer forfeits all payments and interest made.

Spindoc Properties strongly encourages open communication. We do not want you to lose your land. If you are experiencing difficulty, please contact us — we will do our best to work with you.

11. Prepayment

There is no prepayment penalty. The Buyer may pay off the note, in whole or in part, at any time. Only interest accrued to the date of payoff will be assessed.

12. Assignment

This agreement may not be assigned by the Buyer without the written consent of the Seller. The Seller reserves the right to assign this agreement. The contract is binding upon the heirs, executors, administrators, successors, and assigns of both parties.

13. No Broker or Agents

Neither party has employed a real estate broker or agent in connection with this transaction. If any agent was employed, the party who hired them is solely responsible for all associated expenses.

14. Attorney’s Fees

In the event of any legal proceeding arising from this contract, the prevailing party is entitled to recover all court costs and reasonable attorney’s fees from the non-prevailing party.

15. Eminent Domain

If the Property is condemned by eminent domain after the contract’s effective date, the Seller and Buyer shall agree to continue, modify, or cancel the transaction. If no agreement can be reached, the Buyer is entitled to cancellation and a full return of the down payment.

16. Federal Tax Compliance

If the Seller qualifies as a “foreign person” under applicable law, or fails to provide a qualifying affidavit, the Buyer shall withhold an appropriate amount from the sales proceeds and submit it to the IRS with the required tax forms, in accordance with federal law.

17. Entire Agreement

This contract, together with all attached documents (Promissory Note, Land Sale Contract, Purchase and Sale Agreement), constitutes the entire agreement between the parties. No oral statements, representations, or warranties outside of this written agreement are binding. Any modifications must be made in writing and signed by both parties.

18. Governing Law

This contract shall be governed by the laws of the State of New Mexico. Time is of the essence in the performance of this agreement.

19. Contact Us

For questions or concerns regarding your contract or payments, please contact:

Spindoc Properties, LLC 1209 Mountain Rd Pl NE Ste N, Albuquerque, NM 87110 📞 505-407-5163 ✉️ spindocland@mail.com

This document is a summary of the Purchase and Sale Agreement, Promissory Note, and Land Sale Contract issued by Spindoc Properties, LLC. It does not replace the original legal documents. Please retain all signed contracts for your records.

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