Here’s a contracts quiz for you. Two parties, Southwest and Winterer, are attempting to work out an agreement about ownership of a couple of adjacent parcels of property and Southwest files a petition for partition. After mediation and other discussions, the attorney for Winterer sends the following email to the mediator:
Here is Winterer’s offer:
- Purchase Southwest’s interest in both parcels for $325,000.00;
- Southwest deliver clear marketable fee simple title to both parcels via warranty deed;
- Closing to take place at a title company of our choice within 30 days of signed Agreement;
- Both parties split the past due tax obligations and Southwest pays for ½ of the 2010 taxes, up to date of closing;
- Both parties dismiss their claims in the Partition suit with prejudice;
- Southwest and Winterer execute a document containing mutual releases, non-disclosures and nondisparagement agreements.
And, of course, both parties split your fee.
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