Legal RPA Document

LEGAL RPA DOCUMENT

This Residential Purchase Agreement (the "Agreement") is made and entered into as of by and between Buyer Name: and Seller Name: . The parties agree as follows.

RECITALS

WHEREAS, Seller is the owner of certain real property commonly known as (the "Property"); and

WHEREAS, Buyer desires to purchase and Seller desires to sell the Property on the terms and conditions set forth herein; and

WHEREAS, the parties intend that this Agreement set forth all material terms of the transaction.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. PURCHASE PRICE

The purchase price for the Property shall be $ (the "Purchase Price"), payable as follows:

The deposit shall be delivered no later than and shall be applied to the Purchase Price at Closing. If Buyer defaults, Seller may retain the deposit as liquidated damages as provided in Section 10.

2. CLOSING

Closing shall occur on or before at , or at such other place or date as the parties may mutually agree in writing.

3. TITLE AND CONVEYANCE

At Closing, Seller shall convey good and marketable fee simple title to the Property by general warranty deed (or other appropriate conveyance), subject only to those exceptions approved by Buyer in writing. Title shall be free of liens and encumbrances except as set forth in this Agreement or otherwise disclosed in writing prior to Closing.

4. INSPECTION AND CONTINGENCIES

Buyer shall have the right to inspect the Property within days after the Effective Date. Buyer may terminate this Agreement if, in Buyer's sole discretion, inspections reveal material defects not acceptable to Buyer, provided Buyer gives written notice to Seller within the inspection period.

If checked, Buyer’s obligation to close is contingent upon obtaining loan approval under the following terms: loan type , loan amount $, and loan commitment by . Buyer shall use diligent good faith efforts to obtain such financing.

5. REPRESENTATIONS AND WARRANTIES

Seller represents and warrants to Buyer that Seller is the sole owner of the Property and has full authority to enter into this Agreement and to convey the Property in accordance with its terms. Seller further represents that there are no pending actions, judgments, or proceedings affecting title or use of the Property, except as disclosed in writing to Buyer.

6. CLOSING COSTS AND PRORATIONS

Closing costs shall be allocated between Buyer and Seller in accordance with custom in the jurisdiction where the Property is located, except as otherwise agreed in writing. Real estate taxes, utilities, and rents shall be prorated as of the Closing Date.

7. RISK OF LOSS

Risk of loss or damage to the Property shall remain with Seller until Closing. If substantial damage to the Property occurs prior to Closing, Buyer may (a) terminate this Agreement and receive return of the deposit, or (b) proceed to Closing and accept an equitable reduction in the Purchase Price reflecting the cost of repair.

8. DEFAULT AND REMEDIES

If Buyer defaults in performing its obligations under this Agreement, Seller may elect to retain the deposit as liquidated damages or pursue other remedies available at law or in equity. If Seller defaults, Buyer may seek specific performance or terminate this Agreement and receive return of the deposit, in addition to any other remedies provided by law.

9. NOTICES

All notices required or permitted under this Agreement must be in writing and delivered by personal delivery, nationally recognized overnight courier, or certified mail, return receipt requested, to the addresses set forth below or to such other address as a party may designate by written notice.

10. AMENDMENTS; WAIVER

This Agreement may be amended only by a written instrument duly executed by both parties. No waiver of any provision shall be effective unless in a writing signed by the party granting the waiver, and no waiver of any breach shall constitute a waiver of any other or subsequent breach.

11. COUNTERPARTS

This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Signatures delivered by electronic means shall be binding.

12. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

This Agreement shall be governed by and construed in accordance with the laws of the state where the Property is located, without regard to conflict of law principles. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations and agreements. If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

13. ADDITIONAL PROVISIONS

The parties acknowledge that they have read and understand this Agreement, that they have had the opportunity to consult with counsel, and that they enter into this Agreement voluntarily and with full knowledge of its legal effect.

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