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Agreement For Sale Of Painting
Seller Not A Dealer
1. Introduction. Agreement made [date] between [name], residing at [address] (Seller), and [name], residing at [address] (Buyer).
2. Sale and Purchase. Seller will sell to Buyer and Buyer will purchase from Seller one oil painting: [title], signed by [name], [date], [canvas size], depicting the following subject matter: [description].
3. Purchase Price. The purchase price is ---------- dollars ($----------), payable as follows: ---------- dollars ($----------) upon the execution of this Agreement, receipt of which by check subject to collection is acknowledged by Seller, and the balance in cash or by good certified check drawn on a local bank upon delivery of the painting to Buyer.
3. Purchase Price--Payable Before Delivery. The purchase price is ---------- dollars ($----------) payable by good certified check drawn on a bank that is a member of the [clearinghouse], delivered to Seller at least [number] days before delivery of the painting to Buyer.
4. Delivery of Painting to Buyer's Home. The painting shall be delivered by public carrier to Buyer on [date], at Buyer's residence [address].
[Alternative Paragraph A]
4. Delivery of Painting at Seller's Residence. The painting shall be delivered to Buyer at Seller's residence at [address].
[Alternative Paragraph B]
4. Delivery of Painting by Delivery of Warehouse Receipt. The painting is presently stored at the [warehouse], and Seller holds the Warehouse's negotiable warehouse receipt for the painting: [number], [date]. Seller will deliver the warehouse receipt, properly indorsed, to Buyer by [hour] AM [PM] [time zone], on [date]. Delivery of the warehouse receipt shall be deemed delivery of the painting and shall discharge Seller from all further liability except as to Seller's warranties and representations that expressly survive the delivery of the painting to Buyer.
5. Authenticity of Painting. Seller does not warrant the authenticity of the artist's signature on the painting or that the painting is the work of [name]. Seller has displayed to Buyer a certificate dated [date] and signed by [name], stating that the painting is the work of [name]. Buyer and Buyer's agents have examined the painting, and Buyer is satisfied as to its authenticity.
6. Seller's Representations and Warranties. Seller makes the following representations and warranties that shall survive the closing of the sale:
a. Seller Is Sole Owner. Seller is the sole owner of the painting and has full right and power to sell and transfer it.
b. No Liens or Encumbrances. The painting is free from any security interest or other lien or encumbrance.
c. Suits, Judgments, Etc. No judgments exist against Seller nor are there any executions, attachments, or replevins outstanding against Seller. Seller is not a defendant or respondent in any action or proceeding. No petition in bankruptcy or for an arrangement of creditors has been filed by or against Seller nor has Seller taken advantage of any insolvency laws.
d. Condition of Painting. Seller specifically disclaims any warranties as to the physical condition of the painting. Buyer acknowledges that he has inspected the painting and is purchasing it "as is." Seller will maintain the painting in its present condition.
7. Documents to Be Delivered to Buyer. Together with the painting, Seller will deliver to Buyer a properly executed bill of sale with an attached affidavit of title and the certificate of authenticity dated [date], signed by [name], referred to in Paragraph 5.
8. Painting Unique. The parties acknowledge that the painting is unique and cannot be replaced by another. If either party defaults in the performance of his obligations, the aggrieved party shall be entitled to specific performance of this Agreement in addition to all other remedies to which he may be entitled at law or equity. In the event the painting is destroyed or seriously damaged before it has been delivered, this Agreement shall terminate and have no effect except that Seller shall be obligated to return to Buyer any sums that Buyer may have paid Seller on account of the purchase price.
9. Buyer to Pay Taxes. The purchase price of the painting does not include any sales or use tax. Buyer acknowledges that payment of these taxes is his obligation and he shall file all required tax returns with and remit all taxes due to the appropriate tax authority immediately after the closing.
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____