Buyer Initials ______ _______ - 1 - Seller Initials _______ _______ CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE
(NO BROKER)
For good and valuable consideration, the receipt and sufficiency of which is hereby acknow ledged,
,“Seller” whether one or more, and
,“Buyer” whether one or more,
do hereby covenant, contract and agree as follows:
1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agre es to buy from Seller the
property described as follows: (complete adequately to identify property)
County, Kansas.
Address:
Legal Description (or see attached exhibit):
As described in attached Exhibit.
Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and
rods, valances, blinds, window shades, screens, shutters, awnings, wall- to-wall carpeting, mirrors fixed in place,
ceiling fans, attic fans, mail boxes, television antennas and satellite dish system wit h controls and equipment,
permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire
detection equipment, plumbing and lighting fixtures including chandeliers, water sof tener, stove, built-in kitchen
equipment, garage door openers with controls, built-in cleaning equipment, all swimming pool equipment and
maintenance accessories, shrubbery, landscaping, permanently installed outdoor coo king equipment, built-in
fireplace screens, artificial fireplace logs and all other property owned by Seller and attached to the above described
real property except the following property which is not included (list items not included):
All property sold by this contract is called the "Property."
2. SALES PRICE: The parties agree to the following sales price:
Amount Amount
Purchase Price $
Earnest Money $
New Loan $
Assumption of Loan $
Seller Financing $
Cash at Closing $
Total ( both columns should be equal) $ $
Both columns should be an equal amount. If the unpaid principal balance(s) of any assumed loan(s), if any, as of the Closing Date var ies from the loan
balance(s) stated above, the cash payable at closing will be adjusted by the amount of any varia nce.
3. FINANCING: The following provisions apply with respect to financing:
Buyer Initials ______ _______ - 2 - Seller Initials _______ _______
CASH SALE: This contract is not contingent on financing.
OWNER FINANCING: Seller agrees to finance dollars of the purchase pr ice pursuant
to a promissory note from Buyer to Seller of $ , bearing % interest per annum, payable
over a term of years with even monthly payments, secured by a deed of trust or mortgage lien
with the first payment to begin on the day of , 20 .
NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining f inancing. Within
days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of
any assumption and make every reasonable effort to obtain financing o r assumption approval. Financing or
assumption approval will be deemed to have been obtained when the lender deter mines that Buyer has
satisfied all of lender's financial requirements (those items relating to Buye r's net worth, income and
creditworthiness). If financing or assumption approval is not obtained within days after the
effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer. If Buyer
intends to obtain a new loan, the loan will be of the following type:
Conventional VA FHA Other: _______________________________
The following provisions apply if a new loan is to be obtained:
FHA. It is expressly agreed that notwithstanding any other provisions of this contr act, the Purchaser
(Buyer) shall not be obligated to complete the purchase of the Property de scribed herein or to incur any
penalty by forfeiture of earnest money deposits or otherwise unless th e Purchaser (Buyer) has been given in
accordance with HUD/FHA or VA requirements a written statement by the Federal Ho using Commissioner,
Veterans Administration, or a Direct Endorsement lender setting forth the apprais ed value of the Property
of not less than $ . The Purchaser (Buyer) shall have the privilege and
option of proceeding with consummation of the contract without regard to the amount of the appraised
valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of
Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the
Property. The Purchaser (Buyer) should satisfy himself/herself that the price and condition of the Property
are acceptable.
VA. If Buyer is to pay the purchase price by obtaining a new VA-guarantee d loan: It is agreed that,
notwithstanding any other provisions of this contract, Buyer shall not incur a ny penalty by forfeiture of
earnest money or otherwise be obligated to complete the purchase of th e Property described herein, if the
contract purchase price or cost exceeds the reasonable value of the P roperty established by the Veterans
Administration. Buyer shall, however, have the privilege and option of procee ding with the consummation
of this contract without regard to the amount of the reasonable valu e established by the Veterans
Administration.
Existing Loan Review. If an existing loan is not to be released at closing, Seller shall provide c opies of
the
loan documents (including note, deed of trust or mortgage, modifications) to Buyer within
calendar days from acceptance of this contract. This contract is conditional upon Buyer's review and
approval of the provisions of such loan documents. Buyer consents to the provis ions of such loan
documents if no written objection is received by Seller from Buyer within ca lendar days
from Buyer's receipt of such documents. If the lender's approval of a transfer of the Property is required,
this contract is conditional upon Buyer's obtaining such approval without change in the terms of such loan,
e x c e p t a s m a y b e a g r e e d b y B u y e r . I f l e n d e r ' s a p p r o v a l i s n o t o b t a i n e d o n o r
b e f o r e
, this contract shall be terminated on such date. The
Seller shall hall not, be released from liability under such existing loan. If Seller is to be released and
release approval is not obtained, Seller may nevertheless elect to proce ed to closing, or terminate this
agreement in the sole discretion of Seller.
Buyer Initials ______ _______ - 3 - Seller Initials _______ _______
Credit Information. If Buyer is to pay all or part of the purchase price by executing a pr omissory note in
favor of Seller or if an existing loan is not to be released at closing, this contract is conditional upon Seller's
approval of Buyer's financial ability and creditworthiness, which approval s hall be at Seller's sole and
absolute discretion. In such case: (l) Buyer shall supply to Seller on or before ,
, at, Buyer's expense, information and documents concerning Buyer's financial, employment
and credit condition; (2) Buyer consents that Seller may verify Buyer's financial ability and
creditworthiness; (3) any such information and documents received by Seller shall be held by Seller in
confidence, and not released to others except to protect Seller's interest in this transa ction; (4) if Seller does
not provide written notice of Seller's disapproval to Buyer on or before , ,
then Seller waives this condition.
4. EARNEST MONEY AND ADDITIONAL DEPOSITS: Buyer shall deposit $ as earne st money
with upon execution of this contract by both parties. Upon acceptance of this
Contract, unless otherwise agreed, earnest money shall be deposited within 5 business days of the effective date of
the Contract, in an insured escrow account maintained by the Escrow Agent or . A ny additional
deposits shall be deposited within 5 business days of receipt by Escrow Agent or . If th is
Contract is terminated by the express conditions of the Contract, the earnest money shall be returned to the Buyer
and neither party shall have any other rights or obligati ons under this Contract, except as otherwise sta ted in this
Contract. The parties understand that the Escrow Agent (or ) cannot distribut e said earnest
money in the even of termination until receiving a written agreement to do so, signed by the parties. If no such
agreement can be reached, the money must be handed over to the relev ant court clerk for disposition as the court
may direct. Buyer and Seller agree that, in the absence of a dispute or written consent to distribution, the failure by
either party to respond in writing to a certified letter from Escrow Agent or within 7 days of
receipt thereof or failure to make written demand for return or forfeiture of the earnest money within 30 days of
notice of cancellation/termination of this Contract shall constitute conse nt to the distribution of the earnest money as
suggested in such certified letter.
5. PROPERTY CONDITION:
SELLER’S DISCLOSURE OF LEAD -BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by
Federal law for a residential dwelling constructed prior to 1978. An addendum pro viding such disclosure
is
attached
is not applicable.
Buyer hereby represents that he has personally inspected and examined the above -mentioned premises and all
improvements thereon. Buyer hereby acknowledges that unless otherwise set forth in writing elsewhere in this
contract neither Seller nor Seller's representatives, if any, have made any representations concerning the present or
past structural condition of the improvements. Buyer and Seller agree to the following concerning the condition of
the property:
Buyer accepts the property in its "as-is" and present condition.
Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense. If
the inspection report reveals defects in the property, Buyer shall notify Selle r within 5 days of receipt
of the report and may cancel this contract and receive a refund of e arnest money, or close this
agreement notwithstanding the defects, or Buyer and Seller may renego tiate this contract, in the
discretion of Seller. All inspections and notices to Seller shall be comple te within days after
execution of this agreement.
Buyer accepts the Property in its present condition; provided Seller, at Selle r’s expense, shall
complete the following repairs and treatment:
Buyer agrees that he will not hold Seller or its representatives responsibl e or liable for any present or future
structural problems or damage to the foundation or slab of said property.
Buyer Initials ______ _______ - 4 - Seller Initials _______ _______
MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold
"as-is" without
warranty, or
shall be in good working order on the date of closing. Any repairs needed to mechanical equipment
or appliances, if any, shall be the responsibility of
Seller Buyer.
UTILITIES: Water is provided to the property by , Sewer is provided
by . Gas is provided by .
Electricity is provided by .
Other:
The present condition of all utilities is accepted by Buyer.
6. CLOSING: The closing of the sale will be on or before , 20 , unless extended pursuant
to the terms hereof.
Closing may be extended to within 7 days after objections to matters disclosed in the title abstract, certificate or
Commitment or by the survey have been cured.
If financing or assumption approval has been obtained, the Closing Date will be extended up to 15 days if necessary
to comply with lender's closing requirements (for example, appraisal, surve y, insurance policies, lender-required
repairs, closing documents). If either party fails to close this sale by the Clo sing Date, the non-defaulting party will
be entitled to exercise the remedies contained herein. The closing date may also be exte nded by written agreement of
the parties.
7. EVIDENCE OF TITLE, TITLE DEFECTS, TITLE INSURANCE: Within a reasonable t ime after the effective date
of the Contract, but not less than 14 days prior to the Closing Date, Seller agrees to deliver to Buyer a title insurance
commitment from a company authorized to insure titles in the State of Kansas. Unless there is a defect in the title to
the Property that is not corrected prior to the Closing Date, Buyer may not object to the untimely delivery of the title
commitment.
The title commitment shall commit to insure a marketable fee simple title in the Buyer upon the recording of the
deed or other document of conveyance. However, title to the Prope rty shall be subject to the conditions in the
Contract and to customary covenants, declarations, restrictions, zoning laws, e asements, party wall agreements,
special assessments, and community contracts of record as of the effective date of the title commitment.
Buyer shall have 10 days after receipt of the title commitment to notif y Seller in writing of any valid objections to
title to the Property. Seller shall then make a good faith effort to remedy the defects in the title. If Seller does not
remedy the title defects before the Closing Date, Buyer may: elect to waive the objections, extend the Closing Date
for a reasonable time in order for the Seller remedy the defects, or cancel this C ontract. Provided that if the effective
date of the Contract and the Closing Date are too close together to a llow for the time periods specified above, then
the title commitment shall be delivered to the Buyer as soon as possible but in no case later tha n the Closing Date.
Seller agrees to provide and pay for an owner’s title insurance policy in the amount of the purchase price insuring
marketable fee simple title in the Buyer, subject to the permitted except ions and with the exception of any liens,
encumbrances, or other matters affecting title to the Property create d by Buyer or arising by virtue of Buyer’s
activities or ownership. The policy shall also insure Buyer as of the date of recording of the deed or other document
of conveyance, against any lien or right to a lien for services, labor or material imposed by law and not shown by the
public records. Seller agrees to comply with the requirements of the title company for issuance of this coverage.
UNLESS OTHERWISE PROVIDED IN THIS CONTRACT, THE OWNER’S TITLE POLICY WILL INCLUDE
MECHANIC’S LIEN COVERAGE.
Buyer Initials ______ _______ - 5 - Seller Initials _______ _______ 8.
APPRAISAL, SURVEY, TERMITE INSPECTION: Any appraisal of the property shall be the re sponsibility of
Buyer Seller. A survey is: not required required, the cost of which shall be paid by Seller
Buyer. A termite inspection is not required required, the cost of which shall be paid by Seller Buyer.
If a survey is required it shall be obtained within 5 days of closing.
9. DEED, POSSESSION AND TITLE: Seller is to convey title to Buyer by Warranty De ed
or
(as appropriate). Seller shall deliver possession of the Property to Buyer at closing. Title shall be conveyed to
B u ye r , i f m o r e t h a n o n e a s
J o i n t t e n a n t s w i t h r i g h t s o f s u r v i v o r s h i p , t e n a n t s i n c o m m o n ,
Other: Prior to closing the property shall remain in
the possession of Seller and Seller shall deliver the property to Buyer in substantially the same condition at closing,
as on the date of this contract, reasonable wear and tear excepted.
10. CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provide d. (Leave blank if the
closing cost does not apply.)
Closing Costs Buyer Seller Both*
Attorney Fees
Title Insurance
Title Abstract or Certificate
Property Insurance
Recording Fees
Appraisal
Survey
Termite Inspection
Origination fees
Discount Points
If contingent on rezoning, cost and expenses of rezoning
Other:
All other closing costs
* 50/50 between buyer and seller. 11. PRORATIONS: Taxes for the current year, interest, maintenance fee s, assessments, dues and rents, if any, will be
prorated through the Closing Date. If taxes for the current year vary from the amount prorated at closing, the parties
shall adjust the prorations when tax statements for the current year are available. If a loan is assumed and the lender
maintains an escrow account, the escrow account must be transferred to Buy er without any deficiency. Buyer shall
reimburse Seller for the amount in the transferred account. Buyer shall pa y the premium for a new insurance policy.
If taxes are not paid at or prior to closing, Buyer will be obligated to pay taxes for the c urrent year.
12. CASUALTY LOSS: If any part of the Property is damaged or destro yed by fire or other casualty loss after the
effective date of the contract, Seller shall restore the Property to its previous condition as soon as reasonably
possible. If Seller fails to do so due to factors beyond Seller’s control, Buyer may either (a) terminate this contract
and the earnest money will be refunded to Buyer, (b) extend the time for performance and the Closing Date will be
extended as necessary, or (c) accept the Property in its damaged condi tion and accept an assignment of insurance
proceeds.
13. DEFAULTS AND REMEDIES: Seller or Buyer shall be in default under this co ntract if either fails to comply with
any material covenant, agreement or obligation within any time limits r equired by this Contract. Following a default
by either Seller or Buyer under this Contract, the other party shall ha ve the following remedies, subject to the other
provisions of this Contract:
Buyer Initials ______ _______ - 6 - Seller Initials _______ _______ a). If Seller defaults, Buyer may either: specifically enforce this C
ontract and recover damages suffered by
Buyer as a result of the delay in the acquisition of the Property; or terminate this Contract by written notice
to Seller and, at Buyer’s option, pursue any remedy and damages available at law or in equity. If Buyer
elects to terminate this Contract, the earnest money shall be returned to Buyer.
b). If Buyer defaults, Seller may either: specifically enforce this Co ntract and recover damages suffe red by
Seller as a result of the delay in the acquisition of the Property; or terminate this Contract by written notice
to Buyer and, at Seller’s option, either retain the earnest money as liquida ted damages as Seller’s sole
remedy (the parties recognizing that it would be extremely difficult to ascertain the extent of actual
damages caused by the Buyer’s breach, and that the earnest money represent s as fair an approximation of
such actual damages as the parties can now determine), or pursue any other remedy and damages available
at law or in equity.
14. ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction
described in this contract is entitled to recover from the non-prevail ing party all costs of such proceeding and
reasonable attorney’s fees.
15. REPRESENTATIONS: Seller represents that as of the Closing Date (a) th ere will be no liens, assessments, or
security interests against the Property which will not be satisfied out of th e sales proceeds unless securing payment
of any loans assumed by Buyer and (b) assumed loans will not be in default. If any representation in this contract is
untrue on the Closing Date, this contract may be terminated by Buyer and th e earnest money will be refunded to
Buyer. All representations contained in this contract will survive closing.
16. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by a pplicable law, or if Seller fails to
deliver an affidavit that Seller is not a "foreign person", then Buyer shall withhold from the sales proceeds an
amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together
with appropriate tax forms. IRS regulations require filing written reports if cash in excess of specified amounts is
received in the transaction.
17. AGREEMENT OF PARTIES: This contract contains the entire agreement o f the parties and cannot be changed
except by their written agreement.
18. NOTICES: All notices from one party to the other must be in writing a nd are effective when mailed to, hand-
delivered at, or transmitted by facsimile machine as follows:
To Buyer at: To Seller at:
Telephone ( ) Telephone ( )
Facsimile ( ) Facsimile ( )
19. ASSIGNMENT: This agreement may not be assigned by Buyer without the co nsent of Seller. This agreement may
be assigned by Seller and shall be binding on the heirs and assigns of the parties hereto.
20. PRIOR AGREEMENTS: This contract incorporates all prior agreements betwe en the parties, contains the entire and
final agreement of the parties, and cannot be changed except by their writte n consent. Neither party has relied upon
any statement or representation made by the other party or any sales r epresentative bringing the parties together.
Neither party shall be bound by any terms, conditions, oral statements, warranties, or representations not herein
contained. Each party acknowledges that he has read and understands this contract. The provisions of this contract
Buyer Initials ______ _______ - 7 - Seller Initials _______ _______ shall apply to and bind the heirs, executors, administrators, successors and assigns of the
respective parties hereto.
When herein used, the singular includes the plural and the masculine includes the feminine as the context may
require.
21. NO BROKER OR AGENTS: The parties represent that neither party has emplo yed the services of a real estate
broker or agent in connection with the property, or that if such agents hav e been employed, that the party employing
said agent shall pay any and all expenses outside the closing of this agreement.
22. EMINENT DOMAIN: If the property is condemned by eminent domain after the effective date hereof, the Seller
and Buyer shall agree to continue the closing, or a portion thereof, or cancel this Contract. If the parties cannot
agree, this contract shall
remain valid with Buyer being entitled to any condemnation proceeds at or after clo sing,
or
be cancelled and the earnest money returned to Buyer.
23. OTHER PROVISIONS
24. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.
25. GOVERNING LAW: This contract shall be governed by the laws of the State of Kansas.
26. DEADLINE LIST ( Optional) (complete all that apply ). Based on other provisions of Contract.
Deadline Date
Loan Application Deadline, if contingent on loan
Loan Commitment Deadline
Buyer(s) Credit Information to Seller
Disapproval of Buyers Credit Deadline
Survey Deadline
Title Objection Deadline
Appraisal Deadline
Property Inspection Deadline
Whether or not listed above, deadlines contained in this Contract may be extended informally by a writing signed by
the person granting the extension except for the closing date which must be extended by a writing signed by both
Seller and Buyer.
Buyer Initials ______ _______ - 8 - Seller Initials _______ _______ * * *
BY SIGNING BELOW, THE PARTIES AVER THEY HAVE READ AND UNDERSTOOD THIS AGREEMENT .
_____________________________________________ _______________________________________
SELLER (print name) BUYER (print name)
_____________________________________________ _______________________________________
SELLER (signature and date) BUYER (signature and date)
_____________________________________________ _______________________________________
SELLER (print name) BUYER (print name)
_____________________________________________ _______________________________________
SELLER (signature and date) BUYER (signature and date)
Buyer Initials ______ _______ - 9 - Seller Initials _______ _______
EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION
RECEIPT
Receipt of Earnest Money is acknowledged.
Signature: Date: , 20
By:
Telephone ( )
Address
Facsimile ( )
City State Zip Code
REQUIRED STATUTORY DISCLOSURES ADDENDUM
SELLER: _____________________________________________________________________
BUYER: ______________________________________________________________________
PROPERTY: _ _________________________________________________________________
CONTRACT DATE: ___________________________________________________________
1. BROKERAGE RELATIONSHIPS DISCLOSURE:
a. SELLER and BUYER acknowledge that the real estate licensees involved in this transactio n may be functioning as agents
of the SELLER, agents of the BUYER or transaction brokers. Real estate licensees functio ning as an agent of the SELLER
have a duty to represent the SELLER’S interests and will not be the agent of the BUYER. INFOR MATION GIVEN BY
THE BUYER TO AN AGENT FOR THE SELLER WILL BE DISCLOSED TO THE SELLER. Real estate lic ensees
functioning as an agent of the BUYER have a duty to represent the BUYER’S interests and will not be an agent of the
SELLER. INFORMATION GIVEN BY THE SELLER TO AN AGENT FOR THE BUYER WILL BE DISCLOSED TO
THE BUYER. Real estate licensees functioning in the capacity of a transaction broker are no t agents for either party and do
not advocate the interests of either party. SELLER AND BUYER ACKNOWLEDGE THAT THE REAL ESTA TE
BROKERAGE RELATIONSHIPS BROCHURES HAVE BEEN FURNISHED TO THEM.
b. Listing Licensee is functioning as a: (Check Applicable) [ ] Seller’s Agent or
[ ] Designated Seller’s Agent (Supervising Broker acts as Transaction Broker) or
[ ] Transaction Broker, or [ ] Seller(s) is/are representing themselves.
c. Sell ing Licensee is functioning as a: (Check Applicable) [ ] Seller's Agent or [ ] Buyer’s Age nt or [ ] Designated Seller’s
Agent (Supervising Broker acts as Transaction Broker) or [ ] Designated Buyer’ s Agent (Supervising Broker acts as
Transaction Broker) or [ ] Transaction Broker, or [ ] Buyer(s) is/are represe nting themselves.
2. POTENTIAL PROXIMITY OF REGISTERED OFFENDERS TO PROPERTY:
a. Kansas law requires persons who are convicted of certain crimes, including certain sexually v iolent crimes, to register with the
sheriff of the county in which they reside. If you, as the buyer, desire information regarding those registrants, you may find
information on the homepage of the Kansas Bureau of Investigation (KBI) at http://www .Kansas.gov/kbi or by contacting the local
sheriff’s office.
3. RADON NOTICE:
a. Every buyer of residential real property is notified that the property may present exposur e to dangerous concentrations of indoor
radon gas that may place occupants at risk of developing radon-induced lung cancer. Rado n, a class-A human carcinogen, is the
leading cause of lung cancer in non-smokers and the second leading cause overall. Kansas law requires sellers to disclose any
information known to the seller that shows elevated concentrations of radon gas in resident ial real property. The Kansas department
of health and environment recommends all home-buyers have an indoor radon test performed prio r to purchasing or taking
occupancy of residential real property. All testing for radon should be conducted by a radon m easurement technician. Elevated
radon concentrations can be easily reduced by a radon mitigation technician. For additional inf ormation, go to
www.kansasradonprogram.org.
CAREFULLY READ THE TERMS BEFORE SIGNING. WHEN SIGNED BY ALL PARTIES, THIS
DOCUMENT BECOMES PART OF A LEGALLY BINDING CONTRACT. IF NOT UNDERSTOOD,
CONSULT AN ATTORNEY BEFORE SIGNING.
_____________________________________________ ___________________________________________
SELLER DATE BUYER DATE
Presented to Seller’s Representative for signature and no signature was provided on this date: ____________________
Signature of Selling Licensee who has been unable to obtain seller’s signature: _______ _________________________
