GCAAR Sales Contract

GCAAR Sales Contract

TIME IS OF THE ESSENCE AS TO ALL TERMS OF THIS CONTRACT.

This SALES CONTRACT (“Contract”) is made on between and , who, among other things, hereby confirm and acknowledge by their initials and signatures herein that by prior disclosure in this real estate transaction represents Seller, and represents Buyer OR Seller.

1. REAL PROPERTY:

Buyer will buy and Seller will sell for the sales price (“Sales Price”), Seller’s entire interest in the real property described as follows (“Property”):

Street Address

Unit # City State Zip Code

Condominium/Cooperative Project Name

Parking Space(s) # Storage Unit #

Legal Description: Lot(s) Block/Square Section

Subdivision Tax Account #

2. JURISDICTIONAL ADDENDUM:

Jurisdictional Addendum for DC MD/County:

3. PRICE AND FINANCING:

A. Down Payment

B. Financing 1. First Trust (if applicable)

2. Second Trust (if applicable)

3. Seller Held Trust

TOTAL FINANCING

SALES PRICE $

C. First Deed of Trust Buyer will Obtain OR Assume a Fixed OR an Adjustable rate

First Deed of Trust loan of the following type:

Conventional See Addendum Attached This contract is not contingent on Financing.

FHA See Addendum Attached Other:

VA See Addendum Attached

D. Second Deed of Trust Buyer will Obtain OR Assume a Fixed OR an Adjustable rate

E. Assumption Only: Buyer and Seller will OR will not obtain a release of Seller’s liability. Buyer and Seller will OR will not obtain substitution of Seller’s VA entitlement.

4. DEPOSIT:

Buyer’s deposit (“Deposit”) in the amount of shall be held by (“Escrow Agent”). Buyer has delivered the Deposit OR Buyer will deliver the Deposit within days after Date of Ratification.

5. FUNDS DUE AT SETTLEMENT:

The balance of the funds due at Settlement from Buyer and/or Seller will be paid on or before the Settlement Date.

6. SETTLEMENT:

Seller and Buyer will perform in accordance with the terms of this Contract on (“Settlement Date”). Buyer selects to conduct the Settlement.

7. PROPERTY MAINTENANCE AND CONDITION:

Seller will deliver the Property at Settlement in substantially the same physical condition to be determined as of Date of Offer OR Date of home inspection OR Other:

This Contract is contingent upon home inspection(s) and/or other inspections. Buyer declines the opportunity to make Contract contingent upon home inspection(s) and/or other inspections.

8. ACCESS TO PROPERTY:

Seller will provide reasonable access to the Property for Broker, Buyer, inspectors, and appraisers.

9. INCLUSIONS/EXCLUSIONS:

The Property includes the personal property and fixtures as defined in the attached Inclusions/Exclusions Disclosure and Addendum.

10. HOME WARRANTY:

Yes OR No

Home warranty policy paid for and provided at Settlement by: Buyer OR Seller

Cost not to exceed $. Warranty provider to be

11. BUYER’S REPRESENTATIONS:

Buyer will OR will not occupy the Property as Buyer’s principal residence. The Selling Company is OR is not authorized to disclose financial information.

12. WOOD-DESTROYING INSECT INSPECTION:

Buyer may choose to obtain a wood-destroying insect inspection at Buyer’s expense except under VA financing, then at Seller’s expense.

13. LEAD-BASED PAINT REGULATIONS:

Seller’s Initials Buyer’s Initials

Completed Lead-Based Paint forms are attached. Yes No N/A

14. FINANCING APPLICATION:

Buyer will make written application no later than days after the Date of Ratification.

15. ALTERNATE FINANCING:

Buyer may substitute alternate financing and/or an alternate lender provided conditions are met.

16. DAMAGE OR LOSS:

The risk of damage or loss remains with Seller until delivery of the Deed at Settlement.

17. TITLE:

Seller will convey the Property by Special Warranty Deed or Personal Representative’s Deed.

18. POSSESSION DATE:

Seller will give possession of the Property at Settlement unless otherwise agreed in writing.

19. FEES:

Fees for the Deed, title exam, survey, recording, and other charges will be paid as provided in the Contract.

20. BROKER’S FEE:

Seller irrevocably instructs the Settlement Agent to pay Broker compensation at Settlement as set forth in the listing agreement.

21. ADJUSTMENTS:

Adjustments, including rents, taxes, water and sewer charges, and association assessments, are to be adjusted to the day of Settlement.

22. DISPUTES:

In the event of any dispute between parties involving Broker, the parties agree to indemnify and hold Broker harmless as described.

23. LEGAL EXPENSES:

A. In any action or proceeding between Buyer and Seller, the prevailing party shall be entitled to reasonable Legal Expenses.

B. If Broker is made a party to litigation, the party who brought Broker into litigation shall indemnify the Broker.

24. PERFORMANCE:

Delivery of the required funds and executed documents to the Settlement Agent will constitute sufficient tender of performance.

25. SELLER RESPONSIBILITY:

Seller agrees to keep existing mortgages free of default through Settlement.

26. DEFAULT:

Buyer and Seller are required to perform at Settlement in accordance with the terms of this Contract.

27. DISCLOSURES TO THE PARTIES:

The parties acknowledge the disclosures contained herein and that the Brokers make no representations nor assume any responsibility with respect to the following:

A. PROPERTY CONDITION

B. LEGAL REQUIREMENTS

C. FINANCING

D. BROKER

E. PROPERTY TAXES

F. PROPERTY INSURANCE

G. TITLE INSURANCE

28. ASSIGNABILITY:

This Contract may not be assigned without the written consent of Buyer and Seller.

29. FOREIGN INVESTMENT TAXES – FIRPTA:

Seller agrees to execute an affidavit if Seller is not a foreign person for U.S. income taxation purposes.

30. DEFINITIONS:

A. Appraisal means a written appraised valuation of the Property.

B. Day(s) means calendar day(s) unless otherwise specified in this Contract.

C. Business Days means Monday through Friday, excluding federal holidays.

31. NOTICES:

Notice means a unilateral communication from one party to another. All Notices required under this Contract will be in writing.

32. MISCELLANEOUS:

This Contract may be signed in one or more counterparts, each of which is deemed to be an original.

33. VOID CONTRACT:

If this Contract becomes void and of no further force and effect, both parties will execute a Release directing the Deposit be refunded in full to Buyer.

34. ENTIRE AGREEMENT:

This Contract will be binding upon the parties and contains the final and entire agreement of the parties.

For informational purposes only:

Seller’s Address Buyer’s Address

Seller’s Email Address Buyer’s Email Address

Seller’s Telephone Number Buyer’s Telephone Number

Listing Company’s Name and Address:

Selling Company’s Name and Address:

Office # Office #

Agent Name Agent Name

Agent Cell # Agent Cell #

Agent Email Address Agent Email Address

Agent License # and Jurisdiction Agent License # and Jurisdiction

Broker License # and Jurisdiction Broker License # and Jurisdiction

Team Leader/Agent Team Leader/Agent