Fill and Sign the Mortgage Glossarynew American Funding Form

General Form of Agreement of Sale of Residential Property with Assumption of Existing Mortgage or Deed of Trust Agreement made on the _______________________________ (date), between ________________________________________ (Name of Seller), of _________________ ___________________________________________________________________________ (street address, city, county, state, zip code), hereinafter called Seller, and _______________________________ (Name of Purchaser) of _______________________ ___________________________________________________________________________ (street address, city, county, state, zip code), hereinafter called Purchaser. Whereas, Seller is the owner of the lot or parcel of real property (the Property) located at __________________________________________________________ _____________________________________ (street address, city, county, state, zip code), and described as follows: (set forth legal description) ______________________________ _____________________________________________________________________________________________________________________________________________________. Whereas, the Property consists of a lot with improvements on the Property described as follows: (describe briefly, such as: a six-room brick house with attached two-car garage) ________________________________________________________________________________________________________________________________________________________________________________________________________________________________; Whereas, located on the Property are the following items of equipment and other articles of personal property, owned by Seller and used on and in connection with the Property: (describe generally, such as furnace, air conditioning system, gas cooking range, electric dishwasher, drapes, curtains and carpeting in living room, dining room, hallways, and bedrooms of the dwelling) ________________________________________________ _____________________________________________________________________________________________________________________________________________________; Whereas, the said real and personal Property is hereafter jointly referred to as the Property; and Whereas, Seller desires to sell and Purchaser desires to buy the 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
(insert signature and date of this instrument) hereby declares and undertakes that: a. To be true and correct, the foregoing representation and assurances, written under this signature shall be final and conclusive in all respects, and b. To the best of seller's judgment, purchaser shall have absolute and unfettered title to the property described in, and described as above represented, until the expiration of the six-month period following the date of this agreement, and no sale will be valid, full and unconditional unless, upon demand, and in like manner and form as that by law is required to be made and executed for the conveyance of real estate under and pursuant to said law; that upon such demand, and in like manner and form as that by law is required to be made and executed, the foregoing assignment is confirmed and confirmed and purchaser shall have absolute and unfettered title to the property described and sold for the term and under the terms and conditions set forth under this agreement. (insert date of signature) (date of exchange of signatures) (signature of buyer) (insert seller's signature) 3. The price or value in dollars paid for the property so sold, after any discounts or concessions, and without considering or deducting or any fees or expenses, and any amounts paid by seller in respect of such improvements as are not part of the purchase price, shall be: (insert seller's signature) (date of exchange of signatures) (signature of buyer) (insert seller's signature) 4. If the seller delivers any improvements and such improvements so delivered are, at the date of delivery, in the possession and control of purchaser, then this agreement shall be regarded as a sale at public auction for all purposes and shall be deemed a sale made by public auction conducted within the jurisdiction of the state or municipality where such improvement(s) were delivered. (insert date of delivery) (date of exchange of signatures) 5. Seller's price or value shall be the price or value that purchaser can accept without fear of condemnation, breach of contract or breach of the covenant of good faith and fair dealing herein set forth, and no purchase price or other consideration shall be deemed or implied to be insufficient, being in excess of the price or value here set forth. (