Fill and Sign the Md Contract Real Form

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, Maryland. 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, a ll 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 va lue 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 wit hin 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. Credit Information. If Buyer is to pay all or part of the purchase price by executing a pr omissory note in Buyer Initials ______ _______ - 3 - Seller Initials _______ _______ 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 sha ll 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: Buyer shall deposit $ as earnest money with upon execution of this contract by both parties. 5. PROPERTY CONDITION: PROPERTY DISCLOSURE/DISCLAIMER: Section 10-702 of the Real Property Article, Annotated Code of Maryland , requires the owner of certain residential real property to furnish to the purchaser either (a) a RESIDENTIAL PROPERTY DISCLAIMER STATEMENT stating that the owner is sell ing the property "as is" and makes no representations or warranties as to the condition of the proper ty or any improvements on the real property, except as otherwise provided in the contract of sale, or (b) a RESID ENTIAL PROPERTY DISCLOSURE STATEMENT disclosing defects or other information about the condition of the real property actually known by the owner. Check one of the following: Seller has furnished, and Buyer has received and reviewed, a RESIDENTIAL P ROPERTY DISCLAIMER STATEMENT. Seller has furnished, and Buyer has received and reviewed, a RESIDENTIAL PROPERTY DISCLOSURE STATEMENT. Seller is exempt from furnishing a DISCLAIMER or a DISCLOSURE due to: WETLANDS NOTICE: The Buyer is advised that if all or a portion of th e Property being purchased is wetlands, the approval of the U.S. Army Corps of Engineers will be necessary bef ore a building permit can be insured for the Property. Additionally, the future use of existing dwellings may be restr icted due to wetlands. The Corps has adopted a broad definition of wetlands, which encompasses a large portion of the Chesapeake Bay Region. Other portions of the State may also be considered wetlands. For information as to whether the Property includes wetlands, Buyer may contact the Baltimore District of the U.S. Army Co rps Of Engineers. Buyer many also elect, at Buyer’s expense, to engage the services of a qualified specialist to inspect the Property for the presence of wetlands prior to submitting a written offer to purchase the Property, or Buyer ma y include in Buyer’s written offer a clause making Buyer’s purchase of the Property contingent upon a satisfactory wetlands inspection. If this box is checked, Buyer’s purchase of the Property is contingent upon a satisfactory wetl ands inspection. If box is not checked, Buyer voluntarily and knowingly waives a wetlands inspection. 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 Initials ______ _______ - 4 - Seller Initials _______ _______ 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 Seller 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 Seller’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. If the subject residential dwelling was constructed prior to 1978, Buyer may conduct a risk assessment or insp ection for the presence of lead-based paint and/or lead-based paint hazards, to be completed within d ays after execution of this agreement. In the alternative, Buyer may waive the opportunity to conduct an assessment/inspection by indicating said waiver on the attached Lead-Based Paint Disclosure form. 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. DEED AND TITLE: Upon payment of the purchase price, a deed for the Property conta ining covenants of special warranty and further assurances shall be executed by Seller and shall conve y the Property to Buyer. Title to the Property, including all chattels included in the purchase, shall be good and mer chantable, free of liens and encumbrances except as specified herein, except for use and occupancy restricti ons of public record which are generally applicable to properties in the immediate neighborhood or the subdiv ision in which the Property is located and publicly recorded easements for public utilities and any other easements whi ch may be observed by an inspection of the Property. Buyer expressly assumes the risk that restrictiv e covenants, zoning laws or other recorded documents may restrict or prohibit the use of the Property for the purposes intended by Buye r. In the event Seller is unable to give good and merchantable title or such as can be insured by a Maryland licensed Buyer Initials ______ _______ - 5 - Seller Initials _______ _______ title insurer, with Buyer paying not more than the standard rate as filed w ith the Maryland Insurance Commissioner, Seller, at Seller’s expense, shall have the option of curing any defect so as to enable Seller to give good and merchantable title or, if Buyer is willing to accept title without said de fect being cured, paying any special premium on behalf of the Buyer to obtain title insurance on the Property to the be nefit of Buyer. In the event Seller elects to cure any defects in the title, this Contract shall continue to remain in effect; and the date of settlement shall be extended for a period not to exceed fourteen (14) additional days. If Seller is unable to cure such title defects and is unable to obtain a policy of title insurance on the property on the Prope rty to the benefit of Buyer, from a Maryland licensed title insurer, Buyer shall have the option of taking such title as Se ller can give, or terminating this Contract, and being reimbursed by the Seller for cost of searching title as may have been incurred not to exceed ½ of 1% of the purchase price. In the latter even, there shall be no further liability o r obligation on either of the parties hereto (except that Buyer shall be entitled to be reimbursed by Seller for actual costs (inspections, appraisals, escrow fees, etc.) incurred in furtherance of the attempted purchase of the Property ), and this contract shall become null and void and all deposits hereunder shall be returned to Buyer in accordance with the terms of this Contr act. 8. APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the pr operty shall be the responsibility 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. POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer a t closing. Title shall be conveyed to Buyer, if more than one as Joint tenants with rights of survivorship, tenants in common, Other: Prior to closing the property shall remain in the possession of Seller a nd 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 Buyer Initials ______ _______ - 6 - Seller Initials _______ _______ 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) termina te 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 co ndition and accept an assignment of insurance proceeds. 13. DEFAULT: Buyer and Seller are required and agree to make full sett lement in accordance with the terms of this Contract and acknowledge that failure to do so constitutes a breach hereo f. If Buyer fails to make full settlement, or is in default due to Buyer’s failure to comply with the Contract, the de posit may be retained by Seller as long as a release of deposit agreement is signed and executed by all parties, expressin g that said de posit may be retained by Seller. In the event that the parties do not agree to execute a rele ase of deposit, Buyer and Seller shall have all legal and equitable remedies. If Seller fails to make full settlement or is in default due to Seller’s failure to comply with the Contract (with the exception of title problems, covered in Section 7, above), Buyer shall be entitled to pursue such rights and remedies as may be available at law or in equity, including without limitation, an action for specific performance of this Contract and/or monetary damages. 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 Buyer Initials ______ _______ - 7 - Seller Initials _______ _______ 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 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 Maryland. 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 _______ _______ EXECUTED the day of , 20 (THE EFFECTIVE DATE). Buyer Seller Buyer Seller 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 THIS IS A SEPARATE INSTRUCTION PAGE REGARDING LEAD-BASED PAINT DISCLOSURE THIS PAGE IS NOT PART OF THE CONTRACT. IT IS PROVIDED BY USLF TO AID THE SELLER IN COMPLYING WITH FEDERAL LEAD-BASED PAINT DISCLOSURE LAW, FOR HOUSES BUILT PRIOR TO 1978. * * * IMPORTANT!!! NOTES CONCERNING LEAD-PAINT DISCLOSURE REQUIREMENTS Introduction: If the dwelling was constructed PRIOR TO 1978, federal law REQUIRES a Lead-Based Paint Disclosure Form to be attached to the sale contract, completed and signed by the seller and purchaser. If the dwelling was constructed in 1978 or later, this form is not required. If in doubt about the tim ing of construction, use the disclosure form. Whenever the form is used, the seller must also give the purchaser the EPA lead -based paint pamphlet discussed below. Sellers must retain a copy of the signed disclosure form for no less than three years from the date the sale closes. Background: To protect families from exposure to lead from paint, dust, and soil, Congress passed the Residential Lead-Based Paint Hazard Reduction Act of 1992. HUD and EPA require the disc losure of known information on lead -based paint and related hazards before the sale of most housing built before 1978. Requirements: Before the sale contract becomes enforceable, sellers must fully comply with lead- paint disclosure law. Compliance is accomplished by: (1) Fully completing and delivering to the buyers, as an attachment to the contract, the LEAD- BASED PAINT DISCLOSURE form (the buyers also initial and sign this form), and (2) Giving the buyers the EPA pamphlet entitled "Protect Your Family From Lead In Your Home." (See the download link for the pamphlet, below.) Purchase the Disclosure Form: If you need to purchase a Lead-Based Paint Disclosure Form, you can easily do so using USLF. http://www.uslegalforms.com/lead-paint-disclosure-forms.htm Click this link (or copy it into the address window of you internet browser) and select your state. Two forms will be accessed. You want t he “LEAD1” form, for sales transactions ( not the “LEAD2” form for rentals). Click the “Information and Preview” link for more info on the form, and then order the form. The Free EPA Pamphlet: The seller must give the buyer the EPA-approved information pamphlet on identifying and controlling lead-based paint hazards entitled "Protect Your Family From Lead In Your Home." You may obtain and print this pamphlet free by clicking the following download link (or copying the link into the address window of your internet browser): http://www.hud.gov/offices/lead/outreach/leapame.pdf The form is in .pdf format and you will need the free Adobe Acrobat Reader to view the form. In the unlikely circumstance that the Adobe Acrobat Reader is not installed on your computer, you can download it free from http://www.adobe.com/products/acrobat/readstep2.html . The download is quick and easy. * * * ~ Thank you for using USLF ~