This agreement is made this
Social Security #
and or assignees. Seller agrees to sell and buyer agrees to buy the following described real property together with all improvements and fixtures and the personal property described below:
City, State, Zip
Personal property included:
Earnest Money Deposit $
Cash To Seller At Closing $
Existing Loans & Liens $
New Loan To Seller At Closing $
Purchase Price $
The purchase price to be paid as follows:
1. EARNEST MONEY is not refundable.
2. THE BALANCE DUE SELLER in the amount of $
shall be paid as follows:
3. PRORATIONS, IMPOUNDS & SECURITY DEPOSITS:
Loan interest, property taxes, insurance, and rents shall be prorated as of the date of closing. All security deposits shall be transferred to buyer at closing. All impound accounts for taxes and insurance are included in the purchase price and shall be transferred to buyer at closing. Any shortage in these accounts shall be charged to seller at closing.
4. BUYER WILL PAY ALL CLOSING COST MINUS ANY UNPAID TAXES, MORTGAGES OR LIENS
5. CLOSING DATE AND TRANSFER OF TITLE: This transaction shall close on or before
. Closing will be held at
and Seller(s) agree to transfer marketable title free and clear of all
encumbrances except those listed and pay any required state taxes or stamps required to record deed and mortgage. Seller agrees to furnish title insurance in the amount of the purchase price, showing no encumbrances or exceptions other than previously noted.
6. DAMAGE TO PROPERTY: Seller shall maintain property in its current condition and keep it insured against all loss until closing in the event of destruction covered by insurance, buyer may elect to close and collect the insurance proceeds.
7. DEFAULTS: If buyer defaults under this contract, any and all monies deposited by buyer(s) shall be retained by seller as full liquidated
damages. If seller defaults, buyer may pursue all remedies allowed by law and sellers default.
8. SUCCESSORS AND ASSIGNEES: The terms and conditions of this contract shall bind all successors, heirs, administrators, trustees, executors and assignees of the respective parties.
9. ACCESS ADVERTISING AND REPAIRS MADE BY BUYERS: Sellers agree that buyers may advertise property and have access during reasonable hours to show property to others. If the property is vacant and in need of repairs, buyers at their expense may make repairs and improvements, and any improvements made shall become the property of the seller should the buyer default,
10. The Liability shall be limited to the property itself and shall not extend beyond.
11. This contract constitutes the entire agreement between Purchaser and Seller regarding the property and supercedes all prior discussions, negotiations and agreements whether oral or written.
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT, IF YOU DO NOT UNDERSTAND THE LEGAL EFFECT OF ANY PART OF THIS CONTRACT, SEEK LEGAL ADVICE BEFORE SIGNING.
Buyer will have a
day inspection period and has the right to cancel this agreement with written notice to the seller
within the inspection period. Inspection period starts when the last party has signed this agreement.
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