Homebuyer Purchase Document

Homebuyer Purchase Document

This Homebuyer Purchase Document ("Agreement") is made effective as of Effective Date: , by and between the parties identified below.

Recitals

WHEREAS, Buyer: wishes to purchase and Seller: agrees to sell the real property described below on the terms and conditions set forth in this Agreement;

WHEREAS, the parties intend to set forth herein the full agreement regarding the purchase, payment, closing, and related obligations so as to avoid any ambiguity or subsequent dispute.

WHEREAS, the parties agree that certain repairs, inclusions and obligations may be performed or delivered prior to or at closing as detailed in the Scope of Work and other sections below.

Property

Scope of Work

The parties acknowledge and agree that the Seller shall complete the work described below prior to Closing, or as otherwise indicated in this Agreement. The Scope of Work shall form a material term of this Agreement.

Purchase Price & Payment Terms

The total purchase price for the Property is Purchase Price: $, payable as set forth below.

Financing Contingency: Buyer shall use commercially reasonable efforts to obtain financing as described in the payment schedule above. If Buyer fails to obtain financing by the Financing Cutoff Date: , Seller may terminate this Agreement in accordance with Term and Termination.

Late Payment Fee: In the event Buyer is obligated to make payments after Closing under any post-closing payment arrangement and fails to timely make such payment, Buyer will pay a late fee of of the overdue amount or $, whichever is greater, after a grace period of days.

Deposit and Escrow Agent

The earnest money deposit shall be delivered to the Escrow Agent within days of Effective Date and shall be held in escrow and applied to the Purchase Price at Closing in accordance with the escrow instructions to be mutually agreed.

Closing

At Closing, Seller shall deliver marketable title free of liens and encumbrances except as otherwise disclosed in writing. Buyer shall pay the balance of the Purchase Price, prorations, and closing costs as provided in this Agreement and in accordance with applicable custom.

Inspections, Warranties & Representations

Inspection Period: Buyer shall have days from Effective Date to conduct inspections. Seller represents that, to the best of Seller's knowledge, there are no material defects other than those expressly disclosed in writing. Any repairs to be performed by Seller are described in the Scope of Work and shall be completed in a workmanlike manner prior to Closing unless otherwise agreed.

Condition of Property; Risk of Loss

Seller shall maintain the Property in its current condition through Closing, ordinary wear and tear excepted. Risk of loss for damage to the Property prior to Closing remains with Seller; if substantial damage occurs prior to Closing, Buyer may elect to terminate this Agreement or proceed to Closing with an appropriate credit or repair obligation as agreed in writing.

Title, Taxes and Possession

Title shall be conveyed by general warranty deed (or other deed as agreed) at Closing. Real property taxes, utility charges, and other customary prorations shall be apportioned as of Closing. Possession shall transfer to Buyer at Closing unless otherwise stated in writing.

Default and Remedies

If Buyer defaults in performance of this Agreement, Seller may retain the earnest money as liquidated damages or pursue any other remedies available at law or equity. If Seller defaults, Buyer may seek specific performance, damages, or termination and return of the earnest money. The parties acknowledge that any remedy provided herein is in addition to, and not exclusive of, any other remedy.

Term and Termination

Term Start Date: . Term End Date (if applicable): . Either party may terminate this Agreement prior to Closing upon written notice to the other party in the event of a material breach, failure of a contingency, or as otherwise expressly provided herein. Notice Period for termination (where notice is required): days.

Confidentiality

The parties acknowledge that certain information exchanged in connection with this Agreement may be confidential. Each party shall keep confidential any non-public financial or operational information of the other party and shall not disclose such information except as required by law, judicial order, or with the prior written consent of the disclosing party. Confidentiality obligations survive termination or Closing for a period of two (2) years.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of: , without regard to its conflict of law principles.

Entire Agreement

This Agreement, together with any exhibits, addenda, and the written escrow instructions executed by the parties, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements, whether written or oral. Any modification or waiver must be in writing and executed by both parties.

Notices

Miscellaneous

Assignment: Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld.

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