Search Resources

Search:
Category:

Location:

Browse by Category

Property Sales Contract
Bookmark and Share




WHEN
COMPLETED AND SIGNED BY BOTH PARTIES, THIS IS A LEGALLY BINDING CONTRACT. IF
THIS CONTRACT IS NOT FULLY UNDERSTOOD, THE SERVICES OF A COMPETENT PROFESSIONAL
SHOULD BE SOUGHT.



 


Seller,
__________________________________ , hereby agrees to sell to Buyer,  _______________________________  , the real property set forth below and all
improvements thereon (herein referred to as the Property), and Buyer agrees to
purchase said Property from the Seller on the terms and conditions set forth in
this contract.


DESCRIPTION: The Property is
located in _________________________ County, (city/state)
_______________________________ and is commonly known as  (address)
__________________________________ , has approximate lot dimensions of __________
x  _________, and is legally described as
follows:


(If
the legal description is not included at the time of execution, it may be
attached to and incorporated herein afterward.)



 


1. PURCHASE PRICE: The total purchase
price to be paid for the Property by the Buyer is payable as follows:


(a) Initial
deposit....................................................................................................................................................
$_______________________


(b) Sum
due within ________ days after acceptance of this Contract.............................................................. $_______________________


(c) Additional sum due at closing (not including
prorations).......................................................................... $_______________________


(d) Proceeds
of new note and mortgage to be given by Buyer or any lender other than the
Seller............. $_______________________


(e) Existing mortgage on the Property which shall
remain on the Property but which shall not


      subject Seller to any penalty or fee ............................................................................................................... $_______________________


(f)  Balance
due Seller by promissory note of the Buyer subject to the requirements set
forth in this contract_____________________ $            


(g) Balance
due Seller by Articles of Agreement for warranty deed.................................................................. $_______________________


TOTAL PURCHASE PRICE...................................................................................................................................
$_______________________


2.
APPORTIONMENT OF PURCHASE PRICE AND DEED: Land $_______________ Building
$_______________ Personal Property $_____________. It is agreed that the
Property will be conveyed by recordable ________________ warranty deed, with
release of dower and homestead rights, subject to general real estate taxes for
the current year, covenants, conditions, restrictions of record, and easements
of record.


3. BUYER will pay for recordation of
deed and prorated share of prepaid insurance, taxes, and interest, if any.


4. THE SELLER WILL PAY FOR: [  ] Revenue stamps (State, county, and local);
[  ] Title commitment in the amount of
the purchase price from any title insurance company duly licensed to underwrite
title insurance in the state of ____________ ; [  ] Real estate commission;
[  ] Satisfaction of mortgage and
recording fee.


5. PRORATED ITEMS:  All rents, water taxes or charges, taxes,
assessments, monthly mortgage insurance premiums, fuel, prepaid service
contracts, and interest on existing mortgages shall be prorated as of the date
of closing.  All mortgage payments required
of Seller to be made shall be current as of the time of closing.  If the exact amount of real estate taxes
cannot be ascertained at the time of closing, Buyer and Seller agree to prorate
said taxes on the basis of 110% of the last ascertainable amount.


6. TITLE AND TITLE INSURANCE:  Within _____________ days after the date of
approval of  Buyer’s mortgage loan (if
any), the Seller will provide and deliver to Buyer or Buyer’s Attorney:  title commitment  for an owner’s title insurance policy in the
amount of the purchase price (to be issued by a title insurance company duly
licensed by the state of ___________________, to underwrite title insurance).


7. SURVEY: Within 30 days after the date of approval of Buyer’s mortgage loan (if
any), the Seller will provide and deliver to Buyer or Buyer’s Attorney: A new
spotted certified survey having all corners staked and showing all improvements
upon the Property.


8. EXAMINATION OF TITLE AND TIME OF CLOSING:  If the title evidence and survey as specified
above disclose that Seller is vested with fee simple title to the Property
(subject only to the permitted exceptions set forth above), this sale shall be
closed and Buyer shall perform the agreements made in this contract, at the
office of Buyer’s Attorney, on or before [ ] _______________________ [  ]
_______________ days after the mortgage loan approval [  ] _______________ days after acceptance of
this contract.  If title evidence or
survey reveal any defect or condition which is not acceptable to Buyer, the Buyer
shall, within fifteen (15) days, notify the Seller of such title defects and
Seller agrees to use reasonable efforts to remedy such defects and shall have
thirty (30) days to do so, in which case this sale shall be closed within ten
(10) days after delivery of acceptable evidence to Buyer and Buyer’s Attorney
that such defects have been cured. Seller agrees to pay for and clear all delinquent taxes, liens, and
other encumbrances, unless the parties otherwise agree.  If Seller is unable to convey to Buyer a good
and insurable title to the Property, the Buyer shall have the right to demand
all sums deposited by Buyer and held by or for the Seller.  At the same time, Buyer shall return to
Seller all items, if any, received from Seller, whereupon all rights and
liabilities of the parties to this contract shall cease. However, the Buyer
shall have the right to accept such title as Seller may be able to convey and
to close this sale upon the other terms as set forth in this contract.


9. PERFORMANCE:  Time is of the essence of this Contract.
Should Buyer fail to perform this Contract, then at the option of Seller and
upon written notice to Buyer, the earnest money shall be forfeited by Buyer as
liquidated damages and this Contract shall thereupon become null and void and
Seller shall have the right, if necessary and applicable, to re-enter and take
possession of the premises aforesaid, and all right in and title to the
premises and any and all improvements made upon said premises by Buyer shall
vest in Seller. Buyer or Seller shall pay all reasonable attorneys’ fees and
costs incurred by the prevailing party in enforcing the terms and provisions of
this Contract, including forfeiture or specific performance, or in defending
any proceeding to which Buyer or Seller is made a party as a result of the acts
or omissions of the other party.


10. CONDOMINIUM PROVISION:  (a) If the subject property is a condominium
unit, this contract is subject to the condition that Seller be able to obtain
release or waiver of any right of first refusal or other preemptive rights of
purchase created by the Declaration of Condominium within the time established
by said Declaration.  If, after making
every reasonable effort, Seller is unable to obtain such release or waiver
within the time provided and so notifies Buyer within that time, this contract
shall become null and void and all of Buyer’s deposits shall be returned to the
Buyer, provided that if said option or preemptive right is not exercised within
the time specified by the Declaration of Condominium, this contract shall
remain in full force and effect for that period of time which the Declaration
of  Condominium provides for completion
of the sale, should the option or preemptive right not be exercised.  If the Declaration of Condominium contains no
such option or preemptive right, this paragraph (a) shall be null and void and
not part of this contract. (b) Seller represents and warrants that there are no
condominium assessments currently due and owing.


11. CONDITION OF THE PROPERTY:  Seller agrees to deliver the Property to
Buyer in its present condition, ordinary wear and tear excepted.  All heating, cooling, plumbing, electrical,
sanitary systems, and appliances shall be in working order at the time of
closing.  Seller represents and warrants
that the personal property conveyed with the premises shall be the same
property inspected by Buyer and that no substitutions will be made without the
Buyer’s written consent.  Buyer may also
inspect or cause to be inspected the foundation, roof supports, or structural
member of all improvements located upon the Property.  If any such system, appliance, roof,
foundation, or structural member shall be found defective, Buyer shall notify
Seller at or before closing and Seller shall thereupon remedy the defect
forthwith at his/her sole expense (in which case the time for closing shall be
reasonably extended as necessary).  If
the costs of such repairs shall exceed 3% of the total purchase price, Seller
may elect not to make such repairs and the Buyer may elect to take the Property
in such defective condition or Buyer may, at his/her option, elect to terminate
this contract and receive the full refund of all deposits and other sums
tendered hereunder.  In addition, Seller
agrees to remove all debris from the Property by date of possession.


12. OCCUPANCY:  Seller shall deliver possession to Buyer no
later than the closing date unless otherwise stated herein.  Seller represents that there are no persons
occupying the Property except the following tenants of the Seller:


_________________________________________________________________________________________________________________


Seller
agrees to deliver exclusive occupancy of the Property to Buyer at the time of
closing unless otherwise specifically stated herein.  Seller agrees to
provide true and accurate copies of all written leases to Buyer within five (5)
days after the date of acceptance of this contract.  Said leases are subject to Buyer’s
approval.  Seller shall provide such
letters notifying tenants to pay rent to the buyer after closing as Buyer may
reasonably request.


13.
MORTGAGE OR THIRD PARTY FINANCING: According to paragraph 1(d) of this contract, it is agreed that Buyer
will require a new mortgage loan to finance this purchase.  The application for this mortgage will be
made with a lender acceptable to Buyer, and unless a mortgage loan, acceptable
to Buyer, is approved without contingencies other than those specified in this
contract within _______________ days from the date of acceptance of this
contract, the Seller or Buyer shall have the right to terminate this contract
and, at that time, all sums deposited by Buyer shall be returned to Buyer and
Buyer shall return any surveys and copies of leases received from Seller.  Notwithstanding the aforesaid provisions, if
Buyer so requests and if Seller agrees, Seller shall have _______________ days
to offer Buyer a purchase money mortgage on said property at terms acceptable
to and approved by Buyer, and this contract shall remain in full force and
effect.  Said purchase money mortgage
shall be fully subject to the terms and conditions of the paragraph relating to
Seller Financing below.


14.
SELLER FINANCING:
According to paragraph 1(f) above, it is understood that the Buyer will execute
and deliver at the closing, a Promissory Note to Seller which shall provide for
full or partial prepayment without penalty [ ] and shall bear interest at the rate of ___________% per annum
beginning on __________________________ in the amount of $____________ per
___________ [  ] such that the amount of
such payments shall amortize the debt due in _______________ years with all
unpaid principal and interest due ________________ .  The said Promissory Note shall be secured by
a mortgage acceptable to Buyer.


15.
ARTICLES OF AGREEMENT FOR WARRANTY DEED:  If
this sale is made by Articles of Agreement for warranty deed pursuant to
paragraph 1(g) above, then the terms of paragraph 17 relating to Seller
Financing shall be incorporated in said Articles of Agreement and shall become
a part thereof, and the terms relating to a Promissory Note and mortgage shall
be construed and relate to the Articles of Agreement for warranty deed in lieu
of any reference to Promissory Note and mortgage.


16.
F.H.A. FINANCING:  It is expressly agreed that, notwithstanding
any other provisions of this contract, Buyer shall not be obligated to complete
the purchase of the Property described herein or to incur any penalty by
forfeiture of any money deposit or otherwise unless the Buyer secures a written
statement issued by the Federal Housing Commissioner setting forth the
appraised value of the Property (excluding closing costs) of not less than
$____________________.  The Buyer shall,
however, have the privilege and option of proceeding with the consummation of
this contract without regard to the amount of the appraised valuation made by
the Federal Housing Commissioner.


17.
V.A. FINANCING:  It is expressly agreed that, notwithstanding
any other provisions of this contract, the Buyer shall not incur any penalty by
forfeiture of earnest money or otherwise be obligated to complete the purchase
of the Property described in this contract if the Total Purchase Price exceeds
the reasonable value of the Property established by the Department of Veterans
Affairs. The Buyer shall, however, have the privilege and option of completing
this transaction without regard to the amount of reasonable value established
by the Department of Veterans Affairs.


18.
TERMITE INSPECTION:  Buyer may order at buyers expense, an
inspection report showing all buildings on the Property to be free and clear
from visible infestation and free from visible dry or wet rot damage by
termites and other wood-destroying organisms. This inspection report is to be furnished by a licensed pest control
firm.  If a report shows such visible
infestation or damage,  Seller shall pay
all costs of treatment of such infestation and all costs of repair of such
damage.  If the costs of treatment and
repair shall exceed 3% of the total sale price, Seller may elect not to make
such treatment and repairs and Buyer may elect to take the Property in its then
condition or Buyer may terminate this contract and receive a full refund of all
deposits made by Buyer hereunder.


19.
ZONING:  Unless the property is properly zoned for
_______________________________ use and there are no deed restrictions against
such use at the time of closing, the Buyer shall have the right to terminate
this contract and receive a full refund of all deposits made by Buyer
hereunder.


20. LOCAL ORDINANCES:  Seller shall procure for Buyer, at Seller’s
expense, all certificates of inspection, certificates of occupancy, or the like
required under the terms of any local ordinance.


21. PERSONAL PROPERTY INCLUDED IN THE
PURCHASE PRICE:  (Strike items not applicable):  storm and screen doors and windows; awnings;
outdoor television antenna; wall-to-wall, hallway, and stair carpeting; window
shades and draperies and supporting fixtures; venetian blinds; window
treatments; electric plumbing and other fixtures as installed; water softener;
attached shelving; hardware; trees and shrubs; refrigerator(s)
____________________ ; stove(s) ____________________ ; air conditioner(s)
____________________  and such other
items as is listed below or on a rider attached hereto, all of which personal
property is unencumbered and owned by Seller. All such items shall be conveyed from Seller to Buyer by a Bill Of Sale.



22. THIS OFFER shall terminate if not
accepted before  (mo./day)
____________________ , (yr.)__________ .


23. R.E.S.P.A. COMPLIANCE:  Seller and Buyer agree to make all
disclosures and do all things necessary to comply with the provisions of the
Real Estate Settlement Procedures Act of 1974 if it is applicable to this
transaction.


24. ADDITIONAL TERMS AND CONDITIONS:


(a) Where
the context requires, the terms that Seller and Buyer shall include are in the
masculine as well as the feminine and the singular as well as the plural.


(b) There
are no agreements, promises, or understandings between the parties except as
specifically set forth in this contract. No alterations or changes shall be made to this contract unless the same
are in writing and signed or initialed by the parties hereto.


(c) This
agreement shall be construed under the laws of the State of
__________________________________________ .


(d) Other:



 


25. NOTICES:  Any notices required to be given herein shall
be sent to the parties listed below at their respective addresses either by
personal delivery or by certified mail - return receipt requested.  Such notice shall be effective upon delivery
or mailing.



 


In witness whereof, the parties signed their
names on the dates in the year set forth below.



 


Buyer(s):__________________________________________          Buyer's Date of Offer:  __________________________ ,  20________



 


__________________________________________________          Address:__________________________________________________



 


__________________________________________________          Address:  _________________________________________________



 



 


Seller(s):__________________________________________          Seller's Date of Acceptance: _____________________ ,    20________



 


__________________________________________________          Address: __________________________________________________



 


__________________________________________________          Address: __________________________________________________



 

 










Note: This contract is meant to be used for reference
only. Please consult an attorney before using any contracts on our site. 

 
 




Copyright © 2009 REIquest.com | Real Estate Investing