Financed Real Estate Contract

Financed Real Estate Contract

This Financed Real Estate Contract (the "Contract") is entered into as of the date of final signature below by and between Seller Name: and Buyer Name: . The parties agree as follows.

1. Property Identification

2. Purchase Price, Deposit and Financing

Purchase Price: $ . Buyer shall deliver Earnest Money in the amount of $ to Escrow Agent: within days of mutual execution.

Conventional mortgage    FHA    VA    Seller financing    Other:

3. Loan / Seller Financing Terms

Lender Name: . Loan Amount: $ . Down Payment: $ .

Interest Rate (if seller-financed or note executed): . Term: years. Amortization: . Balloon payment: .

Buyer shall apply for loan and use best efforts to obtain loan approval. Loan approval deadline: . Appraisal contingency days: .

4. Inspection, Condition and Repairs

Inspection period: Buyer shall have days from effective date to conduct inspections. If repairs requested exceed $ , Seller may accept, reject, or propose alternative corrections. Buyer may terminate if Seller does not agree within days.

5. Closing, Possession and Prorations

Closing Date: . Closing Location: .

Possession Date: . Real estate taxes, rents, utilities and other customary items shall be prorated as of the Closing Date unless otherwise agreed in writing.

6. Title, Survey and Escrow

Seller shall provide marketable title by delivering a standard owner’s policy of title insurance in the amount of the Purchase Price, subject only to permitted exceptions. Title Company: . Buyer may obtain a survey at Buyer’s expense.

7. Disclosures

Lead-based paint (if applicable): Yes No     Mold: Yes No

Prior structural damage or repairs: Yes No     Flood zone: Yes No

8. Risk of Loss; Insurance

Risk of loss prior to closing shall remain with Seller. If material damage occurs prior to closing, Buyer may (a) terminate and receive return of Earnest Money; (b) accept property in its damaged condition with reduced Purchase Price; or (c) require Seller to repair prior to Closing if repairs are completed prior to Closing Date.

9. Default and Remedies

If Buyer breaches this Contract, Seller may retain Earnest Money as liquidated damages or pursue specific performance, at Seller’s election. If Seller breaches, Buyer may seek specific performance, rescission, or recovery of damages, including return of Earnest Money. The parties acknowledge that remedies include costs and reasonable attorneys’ fees as awarded by a court.

10. Prorations and Closing Costs

Standard prorations shall be made as of the Closing Date. Buyer shall pay for lender-required closing costs and document preparation required for financing; Seller shall pay for document preparation to clear title and any seller-paid broker commissions as agreed. Specific allocation:

11. Representations and Warranties

Seller represents that Seller is the sole owner with full authority to sell, that no undisclosed material defects are known to Seller, and that there are no outstanding notices of violation materially affecting property use. Buyer represents the financial information provided to lender is true and complete to the best of Buyer’s knowledge.

12. Miscellaneous Provisions

Governing Law: This Contract shall be governed by the substantive laws of the State identified in the notice address for Seller unless otherwise agreed in writing. The parties acknowledge this instrument constitutes the entire agreement and supersedes all prior negotiations and agreements relating to the Property. Any amendment must be in writing signed by both parties.

Notices to Seller:

Notices to Buyer:

13. Execution; Authority

Each party warrants they have full authority to enter into this Contract and that the person signing below is authorized to bind the party. This Contract may be executed in counterparts, each of which shall be an original and all of which together shall constitute one instrument.

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