PARTIES: ____________________________________________________,
as "Seller", of _______________________,
Phone: ________________, and ____________________________________
as "Buyer" of _________________________________,
Phone: ____________________, hereby agree that the
Seller shall sell and Buyer shall buy the following
property upon the following terms and conditions:
I. DESCRIPTION:
a) Legal description of real estate ("Property")
located in _________________ County, ___________________:
b) Street address, if any, of the Property being
conveyed is:______________________,
c) Personal property including all buildings and
improvements on the property and all right, title
and interest of Seller in and to adjacent streets,
roads, alleys and rights-of-way, and:
II. PURCHASE PRICE $________________________
PAYMENT:
a) Cash Deposit(s) to be held in escrow by _________________________________
in the amount of $________________ and promissory
note to be held in same escrow as additional earnest
Buyer's default in the amount of $________________
b) Assumption of Mortgage in favor of __________________________________
bearing interest at ___________% per annum and payable
as to principal and interest $_______________ per
month, having an approximate present principal balance
of $________________
c) Purchase money mortgage and note bearing interest
at __________% on terms set forth herein below, in
the principal amount of $____________
d) Other: $________________
e) Balance to close, (U.S. Cash, certified or cashier's
check) subject to adjustments and prorations $________________
TOTAL $________________
III. SURVEY & TITLE COMMITMENT; PERMITTED
EXCEPTIONS.
a) Preliminary Title Report. Within twenty (20)
days from the date hereof, Seller, at Purchaser's
sole cost and expense, shall cause a title insurance
company ("Title Company") to issue and deliver
to Purchaser an ALTA Form B title commitment ("Title
Commitment") in the full amount of the Purchase
Price of the real estate. Purchaser shall pay the
premium for the policy at or before the closing as
set forth herein. In the event title is found to be
unmerchantable because of title defects, Purchaser
or his attorney shall notify the Seller or its attorney
in writing within five (5) days of the date of receipt
of said Title et forth herein. In the event title
is found to be unmerchantable title to the property
and Seller shall have a period of one hundred twenty
(120) days after receipt of such written notice within
which to cure said defects in title and this sale
shall be closed within ten (10) days after written
notice of such curing Upon Seller's failure to cure
defects of which written notice has Upon Seller's
failure to cure defects of which written notice has
been given, within the time limit aforesaid, the deposit
this day paid shall be returned and all rights and
liabilities arising hereunder shall terminate, or
Purchaser may close this transaction in the same manner
as if no title defects had been found.
b) Survey. If the Purchaser desires a survey of
the Property, it may have the Property surveyed at
its expense prior to the closing date. If the survey
shows encroachments on the Property herein described,
or that the improvements located on the Property herein
described encroach on other lands, written notice
of that effect shall be given to the Seller and Seller
shall have the same time to remove such encroachments
as is allowed under this Agreement for the curing
of defects of title (see Section III a) herein). If
the Seller shall fail to remove or cure said
encroachments within the period of time, then the
deposit this day paid shall be returned to Purchaser
and all rights and liabilities arising hereunder shall
terminate, or Purchaser may close this transaction
in the same manner as if no defects had been found.
IV. PROVISIONS WITH RESPECT TO CLOSING.
a) Closing Date. The consummation of the transaction
contemplated by this Agreement ("Closing")
shall take place at such place as designated by Seller
on or before _______________, or at such earlier date
as agreed mutually, unless extended by other provisions
hereof.
b) Seller's Obligation at Closing. At Closing, Seller
shall do the following:
Execute, acknowledge, and deliver to Purchaser a
Warranty Deed conveying the Property to Purchaser
subject to:
(i) taxes and assessments for year of closing and
subsequent years;
(ii) restrictions, easements and zoning ordinances
of record, if any;
(iii)public utility easements of record, if any;
(iv) Mortgage to be assumed as described above;
Any variance in the amount of said mortgage from the
amount stated herein shall be added to or deducted
from either the cash payment or the second mortgage
as the Seller may elect.
(v) Other:
c) Purchaser's Obligations at Closing. Subject to
the terms, conditions and provisions hereof, and concurrently
with the performance by Seller of its obligations
set forth in Section IV b) above, Purchaser shall
deliver to Seller cashier's check or other immediate
local funds in the amount set forth in Section II
of this Agreement.
d) Closing Costs.
Seller shall pay the following costs and expenses
in connection with the Closing:
(i) Documentary stamps which are required to be
affixed to the Warranty Deed;
Purchaser shall pay the following costs and expenses
in connection with the closing:
(i) The intangible tax required by law on the mortgage.
(ii) All recording costs, including recording of
the deed, mortgage, and any documents required in
connection with the title insurance commitment.
(iii) The premium payable for the title commitment
and title policy issued pursuant thereto.
(iv) Survey work.
e) Proration of Taxes. Taxes for the year of the
Closing shall be prorated to the date of Closing.
If the Closing shall occur before the tax rate is
fixed for the then current year, the apportionment
of taxes shall be upon the basis of the tax rate of
the preceding year applied to the latest assessed
valuation.
V. PROVISIONS WITH RESPECT TO DEFAULT.
a) Default by Purchaser. If Purchaser fails to perform
this Agreement, the deposit this day paid by Purchaser
as aforesaid shall be retained by or for the account
of Seller as consideration for the execution of this
Agreement. In such event the parties agree that said
sum shall constitute liquidated damages since both
Purchaser and Seller agree that actual damages for
default or breach of contract could not readily be
ascertained at the date of execution of this Agreement.
b) Default by Seller. If Seller fails to perform
this Agreement, the aforesaid deposit shall be returned
to Purchaser and this shall be the sole remedy of
Purchaser under this Agreement.
VI. OTHER CONTRACTUAL PROVISIONS.
a) Notices. Any notice to be given or to be served
upon any party hereto, in connection with this Agreement,
must be in writing, and may be given by certified
mail and shall be deemed to have been given and received
when a certified letter containing such notice, properly
addressed, with postage prepaid, is deposited in the
United States Mail; and if given otherwise than by
certified mail, it shall be deemed to have been given
when delivered to and received by the party to whom
it is addressed. Such notices shall be given to the
parties hereto at the addresses stated above.
Any party hereto may, at any time by giving five
(5) days' written notice to the other party hereto,
designate any other address in substitution of the
foregoing address to which such
notice shall be given and other parties to whom copies
of all notices hereunder shall be sent.
b) Assignability. The Purchaser is prohibited from
assigning all or any part of this Agreement.
c) Entire Agreement; Modification. This Agreement
embodies and constitutes the entire understanding
between the parties with respect to the transaction
contemplated herein. All prior or contemporaneous
agreements, understandings, representations, and statements,
oral or written, are merged into this Agreement. Neither
this Agreement nor any provision hereof may be waived,
modified, amended, discharged, or terminated except
by an instrument in writing signed by the party against
which the enforcement of such waiver, modification,
amendment, discharge or termination is sought, and
then only to the extent set forth in such instrument.
d) Applicable Law. This Agreement shall be governed
by, and construed in accordance with, the laws of
the State of ___________________.
e) Headings. Descriptive headings are for convenience
and shall not control or affect the meaning or construction
of any provision of this Agreement.
f) Binding Effect. This Agreement shall be binding
upon and shall inure to the benefit of the parties
hereto and their successors and assigns.
g) Counterparts. This Agreement may be executed
in several counterparts, each constituting a duplicate
original, but all such counterparts constituting one
and the same Agreement.
h) Interpretation. Whenever the context hereof shall
require, the singular shall include the plural, the
male gender shall include the female gender and the
neuter, and vice versa.
i) Severability. In case any one or more of the
provisions contained in this Agreement shall for any
reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity,
illegality or unenforceability shall not affect any
other provision hereof, and this Agreement shall be
construed as if such invalid, illegal or unenforceable
provision had never been contained herein.
j) Section 1031 Exchange. Upon request by Seller,
Purchaser shall cooperate with Seller in order to
effectuate the goal of Seller to have this transaction
qualify for a tax deferred treatment under Section
1031 of the Internal Revenue Code of 1986, as amended,
provided that Purchaser is put to no additional expense,
in this regard, and that the closing is not materially
delayed. Formal provisions detailing the exchange
shall be entered into by the parties and made a part
of the final contract of exchange, no later than as
such time as Purchaser shall acknowledge satisfaction
of the contingencies to its obligation to close this
transaction.
k) Time for Acceptance & Effective Date. If
this offer is not executed by both parties hereto
on or before _______________, the aforementioned deposits
shall be returned to Purchaser, and this offer shall
thereafter be null and void. The date of the Agreement
("Effective Date") shall be the date when
the last one of the Seller and Purchaser has signed
this offer.
IN WITNESS WHEREOF, the parties
hereto have executed this Agreement.
Witnesses: "Purchaser"
_________________________ _____________________________
_________________________ Date:
________________________
_________________________ _____________________________
_________________________ Date:
________________________
"Seller"
_________________________ ______________________________
_________________________ Date:
_________________________
________________________
______________________________
________________________ Date:
_________________________
"Escrow
Agent"
_________________________ ______________________________
_________________________ Date:
_________________________
NOTICE
The information in this document is designed to
provide an outline that you can follow
when formulating business or personal plans. Due to
the variances of many local, city, county
and state laws, we recommend that you seek professional
legal counseling before entering into
any contract or agreement._s
