For mutual consideration
received, the undersigned buyer hereby agrees to purchase and the
undersigned seller hereby agrees to sell the real property stated
herein with all improvements and subject to all easements,
covenants, restrictions, and reservations of record:
1. PURCHASE PRICE:
The purchase price to be paid by the buyer shall be
2. DEPOSIT: Buyer has tendered to the seller, escrow agent,
or other appropriate party $___________________________,
as a binder deposit/purchase deposit/earnest money deposit (which
shall apply toward the purchase price) to bind this contract. If the
binder deposit check is rejected by the financial institution upon
which it is drawn, the seller may cancel this contract immediately.
If the buyer defaults under the terms of this contract, the binder
deposit shall be surrendered to the seller as liquidated damages,
and not as penalty. If the buyer exercises any right stated below
(or declared by law) to cancel this contract, the binder deposit
shall be returned to the buyer within five (5) calendar days.
3. FINANCING: (select one)
a) [ ] The buyer is
paying cash for the property.
b) [ ] The buyer is
obtaining a loan/mortgage.
Not later than
____________ calendar days from the date this contract is fully
executed (signed by all parties), the buyer shall provide the seller
with proof of funds (if paying cash) or a lender's letter of
pre-approval (if obtaining a loan). If the buyer does not provide
the seller with such documentation, the seller shall have the right
to cancel this contract, resulting in a return of the binder deposit
to the buyer within five (5) calendar days.
a) [ ] No appraisal is required or desired.
b) [ ] The buyer (and/or buyer’s lender) shall have ____________
calendar days (unless otherwise declared by law) from the date this
contract is fully executed, to have an appraisal performed by a
licensed/certified appraiser. If the contract purchase price exceeds
the appraised value, the buyer shall have the right to cancel this
contract. If the appraisal is not completed before the expiration of
the time frame stated herein (or declared by law), the seller shall
have the right to cancel this contract, resulting in a return of the
binder deposit to the buyer.
5. INSPECTION & REPAIRS: (select one)
a) [ ] The buyer accepts the property “AS IS, WHERE IS and WITH ALL
b) [ ] The buyer shall have ____________ calendar days (unless otherwise declared
by law) from the
date this contract is fully executed, to have professional
inspections performed by licensed/certified inspectors or
contractors. Inspection of the property may include, but is not
limited to, general home inspection, survey, structural, termite,
wood infestation, fungus, septic/sewer, mold, radon, and lead-based
paint hazards. If the buyer does not present the seller any
professional inspection reports identifying defective conditions
before the expiration of the time frame stated herein (or declared
by law), the property shall be consider in
acceptable condition and the repair requirement below shall not
Provided it will not exceed a cost of $____________________, the
seller agrees to correct/repair the defective condition(s) reported
in any such professional inspection reports. If correction/repair of
such defective condition(s) exceeds the amount stated herein and the
parties cannot reach an agreement addressing such repair(s) to the
satisfaction of the buyer, the buyer shall have the option to accept
the property “as is” or cancel this contract.
6. IS A LEAD-BASED
PAINT DISCLOSURE & PAMPHLET REQUIRED: __________YES __________NO
This disclosure and pamphlet are federally mandated for properties
built prior to 1978.
Disclosure and the pamphlet "Protect Your Family from Lead in Your
Home” are available at: www.hud.gov
7. PERSONAL PROPERTY:
The following personal property shall be included in the sale in its
“as is” condition.
being of the essence, closing shall be on or before
a) [ ] Possession shall
be delivered at closing.
b) [ ] There is an occupancy agreement attached, detailing the
terms for “delivery of possession”.
10. MERCHANTABLE TITLE:
At closing, the seller shall convey good and merchantable title via
general warranty or other appropriate deed. The seller shall make
all reasonable efforts to provide merchantable title. In the event
that the title is unmerchantable, this contract shall be deemed
canceled, resulting in a return of the binder deposit to the buyer
within five (5) calendar days.
11. TITLE INSURANCE:
Title Insurance (or other “title evidence”) to be issued in the form
of: (more than one may apply)
[ ] Mortgagee Title Insurance [ ] Owner’s Title
Insurance [ ] Other:_______________________________________
12. SELLER’S CLOSING
COST: The seller shall pay the following expenses relating to
the closing of this transaction:
13. BUYER’S CLOSING
COST: The buyer shall pay the following expenses relating to the
closing of this transaction:
Property taxes, valorem taxes, association fees, and the like, shall
be prorated at the time of closing.
16. RISK OF LOSS:
The seller agrees to keep hazard insurance on the structure until
the sale of the property has been consummated as provided herein.
17. NO ASSIGNMENT:
The buyer may not assign or transfer their rights or obligations
under this contract or any interest herein.
18. FAILURE TO INSIST
ON STRICT PERFORMANCE: Party does not give up rights. If either
party fails to enforce any clause or part of this contract, said
party may enforce such clauses or parts at a later time without
19. RIGHTS DECLARED BY
LAW: If there is any conflict between this contract and any
provisions of federal, state, or local laws, the rights declared by
such law shall control, supersede and be superior to this contract.
If any portion of this contract is found to be invalid or
unenforceable, the remainder of this contract will remain in full
force and effect.
21. ENTIRE AGREEMENT:
This contract and any attachments signed by both parties constitute
the entire agreement between buyer and seller and supersede all
prior discussions, negotiations, and agreements between the buyer
and the seller. Neither the buyer nor the seller (nor agent thereof)
shall be bound by any understanding, agreement, promise, or
representation, either expressed or implied, that is not specified
in this contract or signed attachments.
IF THIS DOCUMENT IS NOT
CLEAR TO ANY PARTY, SEEK COMPETENT LEGAL ADVICE BEFORE SIGNING.
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