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Form #596

Offer to Purchase Real Estate

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Offer to Purchase Real Estate - free to use

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Offer to Purchase Real Estate

 

To:  ____________, ______________, _____________, ________________

 

 

_________________, referred to herein as BUYER, offers to purchase the following described real estate from ____________, referred to herein as SELLER, upon the terms and conditions stated herein.

 

This offer shall expire unless accepted by 5:00 p.m. on ____ ________. SELLER shall signify acceptance by executing the attached form of acceptance.

 

The gross purchase price shall be $ ________ (___________ &___/100 dollars). The legal description of the property is:

_________________________________________________________________

 

To be paid upon the following terms:

 

$ _____(______________ &___/100 Dollars), to be paid at closing.

 

 

The buyer shall assume and agree to pay the following existing mortgages upon the property. The unpaid principal balance of these mortgages shall be a credit towards the purchase price:

_____________________________________________________________

 

At least 5 business days before closing, SELLER shall provide to BUYER estoppel letters providing the balance, assumability and current good standing of the above stated mortgage(s).

 

The BUYER shall execute a new purchase money mortgage to SELLER, in the principal amount of $________, (___________________ &___/100 dollars) payable as follows:

Interest at the rate of: __ percent Payment schedule: _______

 

Said mortgage shall have the following priority:

_____________________________________________________________

 

This offer is conditioned upon BUYER obtaining loan approval at least __ days prior to closing of this transaction, of a mortgage loan as follows:

 

Principal amount: $______ (____________________ &___/100 Dollars)

Loan term: ____________

Maximum interest rate as APR under regulation Z: ____ percent

Maximum points to be paid by BUYER: ____

Maximum application fee: $____

 

BUYER shall make a mortgage loan application within 3 working days of the acceptance of this offer, and should the BUYER's loan application be denied, the BUYER shall have the option, within 2 business days to rescind this transaction. If BUYER elects to rescind the transaction, BUYER shall receive any deposits made from SELLER.

 

The closing will be held within ____ days of the acceptance of this offer to the SELLER, but in no event in less than 20 days from the notice. The SELLER shall convey to the owner by warranty deed the property herein, and the title thereto shall be merchantable. Within 30 days of acceptance, the SELLER shall provide a binder for title insurance in the principal amount of the purchase price. The title shall be free and clear of any encumbrances other than those, if any, to be assumed by the BUYER at closing. Should any defects be in the title, the SELLER shall have 60 days to clear the same. If the SELLER is unable to do so, BUYER shall have the option of closing or rescinding this contract. Should BUYER rescind the contract, then the SELLER shall refund as liquidated damages, and not a penalty, the funds paid for the option to BUYER. 

 

The BUYER may at its expense obtain a current survey of the property. Should the survey indicate encroachments, then the SELLER shall remedy the same within 60 days. Should SELLER fail to clear such encroachments, then the BUYER shall have the option of closing or rescinding this contract. Should BUYER rescind the contract, then the SELLER shall refund as liquidated damages, and not a penalty, the funds paid for the option to BUYER.

 

The SELLER shall maintain the property and all improvements in the same condition as that which exists on the date of acceptance of this agreement, and shall deliver the same to the BUYER in the same condition, ordinary wear and tear excepted.

 

At closing, SELLER shall provide a report from a licensed entomologist certifying the absence of termites and other wood destroying organisms. Should the report show the active presence of any wood destroying organisms, and the BUYER shall have the following options:

a) if the damage and cost of treatment is less than 10% of the purchase price, the BUYER may withhold this sum and close, and the same shall be a credit on the sums due at closing;

b) if the damage exceeds 10% the BUYER may agree to an extension of closing for 90 days to allow SELLER to repair the same at its expense, or, the BUYER may refuse to close, and shall have the sums paid for the option fully refunded by SELLER.

 

During the period between exercise of the option by the buyer and the closing the premises shall be adequately insured for fire and other perils. 

 

The following closing costs will be paid by SELLER:

________________________________________________________________

 

The following closing costs will be paid by BUYER:

________________________________________________________________

 

The parties hereto acknowledge that ___________, a licensed real estate broker/salesman was the procuring broker herein.

 

Should the premises or any portion thereof be leased, SELLER shall provide to the BUYER either a copy of and any all leases in effect, or, should there be any tenants in possession without current written leases, the SELLER shall provide estoppel letters at least 5 days prior to closing stating that there is no lease and the duration of any verbal lease, and the terms of the verbal lease.

 

All taxes for the current year, escrows on mortgages assumed by the BUYER, prepaid insurance on policies assumed by BUYER, homeowners association dues, shall be prorated between the parties as of the date of closing. 

 

At the time of closing SELLER shall provide an affidavit to

BUYER that either:

a) there have been no improvements made which would subject the property to the filing of mechanic's, materialman, labor or other such liens; or

b) that there were improvements made to the subject property and all persons having the right under law to lien the property were paid or lien waivers obtained.

 

The SELLER represents to the BUYER that the present use of the property is lawful and complies with all zoning, governmental regulations and restrictive covenants and other similar contracts in effect.

 

Dated: _____________________

 

 

___________________________________________

_______________, BUYER/OFFEROR

 

 

ACCEPTANCE OF OFFER

 

 

 

I hereby accept the offer set forth above.

 

 

Dated: ____________________________

 

 

 

 

 

________________________________________

____________, SELLER/OFFEREE

 

Witnesses as to Seller's acceptance:

 

 

________________________________________

 

 

 

 

________________________________________

 

 

 

 

 

Contributed by
FastDue.com
 
Name of Firm FastDue.com
Location Fairfield, Iowa, United States
Total Forms Contributed 74
Phone 641-209-1761
Website http://fastdue.com
Email
 Free online business forms for all your invoicing and collection needs. 100% FREE, no login required, easy and secure.

See All FastDue.com's Forms
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Comments

submitted 12/7/2008
by DavidMarshall  

"Legal forms are only guidelines. Some of them will work well as they stand, other will need to be customized to fit the situation. When it comes to buying land, you need to get everything right. Buying and selling land involves a lot of money, almost always backed up by mortgages. If anything goes wrong, the legal consequences can be bad. So this is a set of standard terms which potentially creates an obligation to buy land — subject to the condition that the buyer can get the finance. It is a good starting point but before anyone actually signs a document like this, some professional advice should be taken. Nothing is ever carved in stone when it comes to agreements. Some clauses favor one side as against the other. It is up to both sides to get the best deal they can."
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Keywords: contracts, offer, legal forms, purchase real estate

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