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Contract for the Sale of Residential Property (Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust) Agreement made on the ________________________ (date), between __________________________________ (Name of Owner), of ________________________ ____________________________________________________________________________ (street address, city, county, state, zip code), hereinafter called Seller, and ______________________________ (Name of Buyer) of _____________________________ ____________________________________________________________________________ (street address, city, county, state, zip code), hereinafter called Purchaser. Whereas, Seller is the owner of the lot or parcel of real property situated in __________ _________________________________ (city, county and state) and described as follows: (legal description of Property) ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Whereas, the real property consists of a residential site at ________________________ ____________________________________________________________________________ (street address, city, county, state, zip code), with improvements on the property (the Property) as follows: (describe improvements) ____________________________________ _______________________________________________________________________; and Whereas, Seller desires to sell and Purchaser desires to buy Property, for the purchase price and on the terms and conditions set forth below. Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: I. Purchase Price and Terms of PaymentThe purchase price for Property is $____________ (dollar amount), which shall be paid as follows: A. By cash in the amount of $______________ (dollar amount of deposit or escrow), on the signing of this Agreement, receipt of which is acknowledged by Seller:
(signature of seller) 2. By cashier's check, on the signing of this agreement, receipt of which is acknowledged by purchaser: (signature of purchaser) b. By wire transfer, on the signing of this agreement, receipt of which is acknowledged by seller: (signature of seller) c. By money order, on receipt, receipt, or payment, by cash or the equivalent in the amount of (dollar amount of deposit or escrow) (credits to the purchaser) d. By cashier's check, on receipt, receipt, or payment, by payment of which is acknowledged by buyer: (signature of buyer) 3. By check, on receipt, receipts, or payment, by cash or the equivalent in the amount of (dollar amount of deposit or escrow) (credits to the seller) in the event a buyer fails to make purchase within the time frame or manner provided herein: a. The seller shall be entitled to the full balance of the purchase price on full and satisfactory completion of all outstanding transfers of funds and the other provisions of this agreement shall be deemed null and void; b. Payment must be made immediately in full to the buyer by a wire transfer received by the seller. 4. All sales tax imposed by any taxing jurisdiction other than state of Nevada shall be paid by purchaser. 5. This agreement is a contract and constitutes the complete agreement of the parties regarding the purchase and sale of the property, and it supersedes all prior agreements, representations, and understandings between the parties. No oral representation or written or electronic communications regarding this agreement may be construed as a statement as to the exact terms or material contents of such agreement. No oral statement or written or electronic communication by any buyer may be relied upon as representations as to the contents of this agreement. The parties agree that this agreement is to remain effective and binding until executed in a form prescribed by writing signed by either party thereto. 6. Purchase price includes buyer's purchase price, commission, insurance, interest on all cash-settled checks, if any, tax liability with respect to the purchase price, and any other amounts paid hereunder or arising hereunder. 7. Unless other arrangements have been made, if a seller fails to perform any of the conditions set forth in this agreement, it. will be deemed a material breach of this agreement and will entitle the purchaser to immediate notice and damages. If a buyer fails to perform any of the conditions set forth in this agreement, it.