Fill and Sign the Contract Lease Form

- 1 - CONTRACT FOR THE LEASE AND PURCHASE OF REAL ESTATE FOR AND IN CONSIDERATION OF Ten Dollars ($10.00) and other good and valuable considerations the receipt and sufficiency of which is hereby acknowledged the undersigned _____________________________________, hereinafter referred to as "Sellers" do hereby covenant, contract and agree with _____________________________________, hereinafter referred to as "Purchaser", as follows, to-wit: 1a. PROPERTY DESCRIPTION : Sellers agree to sell and Purchaser agrees to purchase the following described property located in _______________ County, State of ________________: __________________________________________ __________________________________________________________________________________________________________________________________________________________________________________________________ 1b. LEAD-BASED PAINT DISCLOSURE (Sale): EVERY PURCHASER OF ANY INTEREST IN RESIDENTIAL REAL PROPERTY ON WHICH A RESIDENTIAL DWELLING WAS BUILT PRIOR TO 1978 IS NOTIFIED THAT SUCH PROPERTY MAY PRESENT EXPOSURE TO LEAD FROM LEAD-BASED PAINT THAT MAY PLACE YOUNG CHILDREN AT RISK OF DEVELOPING LEAD POISONING. LEAD POISONING IN YOUNG CHILDREN MAY PRODUCE PERMANENT NEUROLOGICAL DAMAGE, INCLUDING LEARNING DISABILITIES, REDUCED INTELLIGENCE QUOTIENT, BEHAVIORAL PROBLEMS, AND IMPAIRED MEMORY. LEAD POISONING ALSO POSES A PARTICULAR RISK TO PREGNANT WOMEN. THE SELLER OF ANY INTEREST IN RESIDENTIAL REAL PROPERTY IS REQUIRED TO PROVIDE THE BUYER WITH ANY INFORMATION ON LEAD-BASED PAINT HAZARDS FROM RISK ASSESSMENTS OR INSPECTIONS IN THE SELLER’S POSSESSION AND NOTIFY THE BUYER OF ANY KNOWN LEAD-BASED PAINT HAZARDS. A RISK ASSESSMENT OR INSPECTION FOR POSSIBLE LEAD-BASED PAINT HAZARDS IS RECOMMENDED PRIOR TO PURCHASE. Seller states as follows: [Seller check one] The premises was constructed in 1978 or later. The premises was constructed prior to 1978. Seller has conformed with all federal requirements regarding lead-based paint disclosure including the completion and mutual signing with Tenant and any agents, of the Lead-Based Paint Disclosure Form (for Sales) attached hereto and incorporated into this lease as a part hereof. All associated information required by the Disclosure form (if any) was furnished to Tenant, and Tenant received the EPA pamphlet “ Protect Your Family from Lead in Your Home.” OPPORTUNITY TO CONDUCT EVALUATION: Prior to the purchaser’s being bound to the purchase contract, seller shall permit purchaser a 10-day period (or a shorter period, mutually agreed in writ ing) within which to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint haz ards, OR the purchaser may elect to waive such inspection period in writing. 2. PURCHASE PRICE : Purchaser agrees to pay Sellers and Sellers agree to accept as total cash consideration the sum of ____________________________ dollars ($____________) for the purchase and sale of said property. 3. EARNEST MONEY : Purchaser has deposited with Sellers the sum of ____________ dollars ($____________.00) as earnest money to be held by Sellers until closing or until this contract is otherwise terminated. Upon closing the earnest money shall be applied toward the purchase price. 4. SURVEY : Sellers agree to provide purchaser with an accurate survey of the subject property. The c ost of said survey and all other closing costs shall be paid by Sellers and Purchaser equally. Said survey to be provided not less than ten (10) days prior to closing. 5. TITLE : Sellers agree to provide Purchaser at closing a Certificate of Title or titl e abstract acceptable to Purchaser and a Warranty Deed. Sellers shall convey title to Purchaser by Warranty Deed without excepti ons or restrictions other than taxes for the current year, mineral reservations of record and such easements and rights of ways of record or shown on the survey. 6. TAXES : Taxes for the current year shall be prorated at closing between Sellers and Purchaser. - 2 - 7a. LEASE: Upon execution of this agreement Sellers do hereby lease unto Purchaser the residenc e and _____ acres surrounding the residence together with the outbuildings appertaining thereto, and all applia nces. The term of the lease shall begin on _______________, 20__ and shall terminate on the 31st day of _______________, 20__ unless extended in writing by Purchaser and Sellers. Purchaser shall pay unto Sellers the sum of ____________________________ Dollars ($_____.00) per month during the term of the lease. The monthly rental shall be due on the 1st of the month and if not paid by the 10th there shall be a late charge due of $15.00 During the term of the lease Purchaser shall be responsible for maintaining the leased premises in a clean and presentable manner and shall be responsible for all maintenance to the property and all appliances of the Sellers located in the premises. 7b. LEAD-BASED PAINT DISCLOSURE (Rental): HOUSING BUILT BEFORE 1978 MAY CONTAIN LEAD- BASED PAINT. LEAD FROM PAINT, PAINT CHIPS, AND DUST CAN POSE HEALTH HAZARDS IF NOT MANAGED PROPERLY. LEAD EXPOSURE IS ESPECIALLY HARMFUL TO YOUNG CHILDREN AND PREGNANT WOMEN. BEFORE RENTING PRE-1978 HOUSING, LESSORS MUST DISCLOSE THE PRESENCE OF KNOWN LEAD-BASED PAINT AND/OR LEAD-BASED PAINT HAZARDS IN THE DWELLING. LEASES MUST ALSO RECEIVED A FEDERALLY APPROVED PAMPHLET ON LEAD POISONING PREVENTION. Landlord states as follows: [Landlord check one] The leased premises was constructed in 1978 or later. The leased premises was constructed prior to 1978. Landlord has conformed with all federal requirements regarding lead-based paint disclosure including the completion and mutual signing with Tenant and any agents, of the Lead-Based Paint Disclosure Form (for Rentals) attached hereto and incorporated i nto this lease as a part hereof. All associated information required by the Disclosure form (if any) was furnished to Tena nt, and Tenant received the EPA pamphlet “ Protect Your Family from Lead in Your Home. ” 8. RENT TO APPLY : All rent other than late charges shall apply toward the purchase price at closing. Failure of Purchaser to close on the sale on or before _______________, 20__ shall result in the forfeiture of all rent and earnest money. 9. TERMINATION : In the event Purchaser fails to close on the purchase of the property by the ____ day of _________, 20__ , Purchaser shall vacate the leased premises and shall return the premises and al l appliances and appurtenances to the same condition they are in on the date hereof. Failure of Purchaser to vacate upon the expiration of the lease term shall entitle Sellers to reenter the premises and evict Purchaser. In such eve nt Purchaser shall be liable for Sellers attorney fees. * * * Witness the signatures of the parties hereto on this the ____ day of _________, 20__. Seller(s): Purchaser(s): [Attach acknowledgment for your state if document is to be recorded] THIS IS A SEPARATE INSTRUCTION PAGE REGARDING LEAD-BASED PAINT DISCLOSURE THIS PAGE IS NOT PART OF THE CONTRACT! IT IS PROVIDED BY USLF TO AID THE LANDLORD/SELLER IN COMPLYING WITH FEDERAL LEAD-BASED PAINT DISCLOSURE LAW, FOR DWELLINGS BUILT PRIOR TO 1978. IMPORTANT!!! NOTES CONCERNING LEAD-PAINT DISCLOSURE REQUIREMENTS Introduction: If the dwelling unit was constructed PRIOR TO 1978, federal law REQUIRES a Lead-Based Pa int Disclosure Form to be attached to the lease/contract for sale, completed and signed by the lessor/seller and lessee/purchaser. If the rental dwelling was constructed in 1978 or later, this form is not required. If in doubt about the timing of const ruction, use the disclosure forms. Whenever the forms are used, the landlord/seller must also give the tenant/purchaser the EPA lead-based paint pamphlet discussed below. Landlord/seller must retain a copy of the signed disclosure form for no less than three years from the date the lease begins. A SEPARATE FORM IS REQUIRED FOR RENTING AND SELLING. BECAUSE THIS IS A “LEASE AND PURCHASE” CONTRACT, BOTH FORMS ARE REFERENCED IN THE CONTRACT TEXT. IN THE INTEREST OF CAUT ION, BOTH FORMS SHOULD BE ATTACHED FOR A PRE-1978 STRUCTURE. Background: To protect families from exposure to lead from paint, dust, and soil, Congress passed the Residential Lead-Based Paint Hazard Reduction Act of 1992. HUD and EPA require the disclosure of known information on lead-base d paint and related hazards before the lease of most housing built before 1978. Requirements: Before the lease/purchase contract is signed and agreed to, landlord/seller must fully comply with le ad-paint disclosure law. Compliance is accomplished by: (1) Fully completing and delivering to the tenant/purchaser, as an attachment to the lease, the LEAD-B ASED PAINT DISCLOSURE forms for both lessees and purchasers (the lessees/purchasers also initial and sign these forms), and (2) Giving the tenant/purchaser the EPA pamphlet entitled "Protect Your Family From Lead In Your Home." (See the download link for the pamphlet, below), and (3) Complying with the “10-day period/agreed period/waiver-by-purchaser regulation” for purchaser inspection for lead paint hazards (see, in Section 6b, “Opportunity To Conduct Inspection” in the contract, above). Purchase the Disclosure Forms: If you need to purchase Lead-Based Paint Disclosure Forms, you can easily do so using USLF. http://www.uslegalforms.com/lead-paint-disclosure-forms.htm Click this link (or copy it into the address window of you internet browser) and select your state. Two forms will be accessed. You want both the “LEAD2” form, for rental transactions, AND the “LEAD1” form for sales. Click the “Information and Preview” link for more info on the forms, and then order the forms. The Free EPA Pamphlet: The landlord/seller must give the tenant/purchaser the EPA-approved information pamphlet on identifying and controlling lead-based paint hazards entitled "Protect Your Family From Lead In Your Home." There is only one pamphlet, and you need only give one to the tenant/purchaser. You may obtain and print this pamphlet free by clicking the following download link (or copying the link into the address window of your internet browser): http://www.hud.gov/offices/lead/outreach/leapame.pdf The form is in .pdf format and you will need the free Adobe Acrobat Reader to view the form. In the unlikely circumstance that the Adobe Acrobat Reader is not installed on your computer, you can download it free from http://www.adobe.com/products/acrobat/readstep2.html . The download is quick and easy. * * * ~ Thank you for using USLF ~