to Purchase Real Estate
____________, ______________, _____________, ________________
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.
offer shall expire unless accepted by 5:00 p.m. on ____ ________. SELLER shall
signify acceptance by executing the attached form of acceptance.
gross purchase price shall be $ ________ (___________ &___/100 dollars).
The legal description of the property is:
be paid upon the following terms:
_____(______________ &___/100 Dollars), to be paid at closing.
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:
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).
BUYER shall execute a new purchase money mortgage to SELLER, in the principal
amount of $________, (___________________ &___/100 dollars) payable as
at the rate of: __ percent Payment schedule: _______
mortgage shall have the following priority:
offer is conditioned upon BUYER obtaining loan approval at least __ days prior
to closing of this transaction, of a mortgage loan as follows:
amount: $______ (____________________ &___/100 Dollars)
interest rate as APR under regulation Z: ____ percent
points to be paid by BUYER: ____
application fee: $____
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
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.
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.
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
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:
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;
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
the period between exercise of the option by the buyer and the closing the
premises shall be adequately insured for fire and other perils.
following closing costs will be paid by SELLER:
following closing costs will be paid by BUYER:
parties hereto acknowledge that ___________, a licensed real estate
broker/salesman was the procuring broker herein.
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.
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.
the time of closing SELLER shall provide an affidavit to
there have been no improvements made which would subject the property to the
filing of mechanic's, materialman, labor or other such liens; or
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.