Fill and Sign the 8 Common Real Estate Contract Errors and How to Fix Them Form

PURCHASE CONTRACT AND RECEIPT FOR REAL ESTATE __________________________________________________________________________________________SELLER PURCHASER ( Name, Address & Zip Code) (Name, Address & Zip Code)__________________________________________________________________________________________Real Property (Address or Location) __________________________________________________________________________________________Manner of taking Title by Purchasers: [ ] Sole and Separate Property [ ] Community Property [ ] Joint Tenants with the Right of Survivorship[ ] Tenants in Common __________________________________________________________________________________________Real Property (Legal Description)__________________________________________________________________________________________Matters affecting Real Property and not of record: __________________________________________________________________________________________Personal Property Included in Sale : __________________________________________________________________________________________Proration of Expenses and Charges :Item Seller% Purchaser% Date ( If not COE )TaxesInterestInsuranceRentsImprove. LiensIrrig. Assess."Points" on Loanor Mortgage=============================================================================== = Purchase Price and Terms :Down Payment: _________________________________________________Earnest Money: [ ] Through Broker [ ] Through Broker into Escrow[ ] Direct to SellerReceipt of which is hereby acknowledged. $___________________________________________________________________________________________________________Cash at Closing $___________________________________________________________________________________________________________Other:$_________________=============================================================================== =Deferred BalanceNew:[ ] Mortgage [ ] Deed of Trust [ ] Agreement for Sale $___________________________________________________________________________________________________________Old: [ ] Mortgage ( Assumption ) [ ] Deed of Trust [ ] Agreement for Sale $___________________________________________________________________________________________________________Other : $_________________=============================================================================== =TOTAL PURCHASE PRICE : $___________________________________________________________________________________________________________Broker(Name and Address) by __________________________________ SalesmanCommission is: [ ] Fixed at $ _________________ [ ] _____________% of Purchase Price Payable by: [ ] Purchaser _____________% [ ] Seller _____________%__________________________________________________________________________________________Critical Dates: Acceptance of Proposal ( on or before ) _________________________________________Close of Escrow , COE, ( on or before ) _________________________________________Possession ( after date )_________________________________________________________________________________________________________________________________________________Additional Provisions :Standard Terms. Except where in conflict with the provisions above, THIS CONTRACT INCLUDES THE STANDARD TERMS OF REAL ESTATE PURCHASE CONTRACT.1. Default: If Purchaser shall fail to pay the balance of the purchase price, or complete the purchase as provided, Seller may demand specific performance of this contract, or may retain the amount paid herein as liquidated and agreed damages, or may enforce his rights using any other remedy available to him at law or equity, as he may elect. 2. Defective Title: If the title to the Real Property be defective, Purchaser shall give written notice of that defect to Seller. Seller, or his agent, shall have ninety (90) days from the date of delivery of that notice to cure the defect. That notice shall be given by Purchaser to Seller immediately upon discovery of the claimed defect by Purchaser and the failure of Purchaser to give timely notice of the defect shall be a waiver of Purchaser's objections to the claimed defect. If the title cannot he perfected within said 90-day time limit, the earnest money received shall, upon the demand of Purchaser, be returned to Purchaser and this contract canceled. 3. Insured Title: Purchaser's title to the Real Property will be insured by a title insurance policy, issued by a duly qualified title insurance company, insuring the Purchaser in the full amount of the Purchase Price shown, and issued and paid for by the Seller, that title insurance policy to show title to the Property to be subject to the usual exceptions contained in the regular form of Owner's title insurance policy, taxes and assessments, building and other restrictive covenants and easements of record, pertaining to the use of the property, and other matters affecting the property as reflected on the reverse side.4. Release of Broker: Purchaser has investigated Real Property, and the Broker and the Seller are hereby released from all responsibility regarding the valuation thereof. Neither Purchaser, Seller nor Broker shall be bound by any understanding, agreement, promise, representation or stipulation, express or implied, not specified herein.5. Prorations: The taxes, insurance, rents, etc. affecting said property shall be prorated as shown on reverse side. 6. Acceptance: This offer shall be accepted by the Purchaser on or before the acceptance date and shall become a binding contract between the Purchaser and Seller when accepted in writing and delivered to Seller or Seller's authorized agent. 7. Time is of Essence: Time is declared to be of the essence of this contract. 8. Escrow Instructions: Purchaser and Seller, within ten (10) days of the acceptance of this offer, shall execute escrow instructions to the title insurer, as escrow agent, to carry out the terms thereof. The earnest money and all other funds and documents necessary to complete same, as herein provided, shall be deposited in said escrow and Purchaser and Seller shall each pay one-half ( 1/2 ) of the escrow fee, and all other costs properly chargeable to each in accordance with the prevailing custom. The escrow instructions shall provide a closing on or before Close of Escrow, unless extended to cure title objections as above provided. This contract and the escrow instructions shall be merged as one document. If there is conflict between any term of this contract and the escrow instructions, then the escrow instructions shall prevail. 9. Conveyance: The conveyance of the Real Property shall be a warranty deed. If title to the property is taken in a double beneficiary subdivision trust used by the title insurer, it shall contain usual provisions providing for cash sales and for deferred time payment sales.10. Release: If a release schedule is attached, releases may by obtained by Purchaser in accordance with the attached schedule. Release payments shall apply towards the annual principal payments and annual principal payments shall apply toward release.11. Earnest Money: The deposit for earnest money is accepted subject to prior sale, and subject to approval of Purchaser.______________________________________________________________________________________Instructions. Proposal prepared and executed in triplicate by Purchaser, who retains one copy and delivers others to Seller. Seller accepts by executing and returning one copy.______________________________________________________________________________________ Proposal_______________________________, ______________________________, ___________________Purchaser Title Date _______________________________, ______________________________, ___________________Purchaser Title Date =============================================================================== =Acceptance_______________________________, ______________________________, ___________________Seller Title Date _______________________________, ______________________________, ___________________Seller Title Date