Common use of Deed to the Property Clause in Contracts

Deed to the Property. Within thirty (30) days after acceptance of the contract or removal of the contingency of Paragraph 6, page 1 (if applicable), whichever occurs last, the Government shall prepare for the purchaser a quitclaim deed to the property for delivery at the closing. The closing shall occur within thirty (30) days after the Government notifies the purchaser that the sale is ready to be closed. If a credit sale has been approved, the Government will also provide the required promissory note and security instruments. The purchaser shall deliver the executed promissory note and security instruments to the Government at the closing. If the contingency in Paragraph 6 is applicable and the Government disapproves the purchaser’s credit, the purchaser shall be notified of the disapproval of credit and the contract shall terminate.