Michigan Purchase Agreement

CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE

This form is provided as a courtesy to the parties only. It is not required to be used in this transaction and may not fit the needs, goals and purposes of the parties. The Mississippi Association of REALTORS® makes no statement or warranty as to this form, its contents or use, and the parties, by their use of this form, acknowledge said facts and agree that neither the Mississippi Association of REALTORS® nor any member thereof shall be liable to any party or person for its contents or use. If any party to this transaction does not fully understand it, or has any question, the party should seek advice from a competent legal professional before signing.

This Contract is made the day of , .

Buyer(s) agree(s) to buy and Seller(s) agree(s) to sell, the herein described property:

Legal Description:

in County, MS

together with the following items:

all items permanently attached, unless specifically excluded herein. The Property is further described as tax parcel # in the records of the county courthouse within which the property is located, the exact legal description to be determined by survey (if warranted).

1. PURCHASE PRICE

The buyer will pay a total sum of $

Cash Down Payment: Paid at closing and subject to adjustments and prorations $

BALANCE: Balance payable $

Balance is payable as: (check one of the options below)

(A) Cash

OR

(B) New Loan (check appropriate boxes): FHA VA CONV Other: Adjustable Fixed

2. LOAN AND INSURANCE CONTINGENCY

Contract is contingent upon (1) Buyer(s) being approved for a loan sufficient to close and (2) approval of homeowner's insurance to be issued to Buyer(s) at Closing.

Within seven (7) calendar days after the effective date of the Contract, Buyer(s) will make application in proper form for both the loan(s) and homeowner's insurance, shall cooperate with proper parties to obtain approval(s), diligently and timely pursue the same in good faith, execute all documents and furnish all information and documents required, and timely pay any costs of obtaining such loan and insurance commitments.

Within twenty-one (21) calendar days of the effective date of the Contract, Buyer(s) shall deliver to Seller(s) written notice of loan approval from lender, and written proof of a commitment to issue insurance.

3. EARNEST MONEY

A sum of $ (per cash check ) is to be deposited with who shall hold it in trust.

4. MULTIPLE LISTING SERVICE (MLS)

The Selling Broker is a participant of the and the sales information will be provided to the MLS to be published and disseminated to its participants.

5. COSTS OF SALE

Please mark each space with appropriate letter(s): S if paid by Seller(s), B if paid by Buyer(s), J if split, NA if not applicable, or No if not desired.

6. THE FOLLOWING VA/FHA STATEMENT

IS IS NOT APPLICABLE.

The appraised value of $ of the Property for mortgage insurance purpose (excluding closing costs), which statement the Seller(s) hereby agrees to deliver to the Buyer(s) promptly after such appraised value statement is made available to the Seller(s).

7. THE FOLLOWING FINANCING STATEMENT

IS IS NOT APPLICABLE.

Property must appraise at or above sale price or Buyer(s) shall not be obligated to complete the purchase of the Property described herein and all earnest money shall be refunded to the Buyer(s).

8. OFFER

This offer expires at o'clock AM PM, Central time on

9. CLOSING

Closing to be on , or before if mutually agreed to by the parties.

10. POSSESSION

Possession shall be delivered to Buyer(s) (check one box):

(A) Upon completion of Closing;

(B) By separate Pre-Closing Possession Addendum attached and made a part of this Contract.

11. PRORATION

All taxes, rents, utility and other assessments and appropriate condominium or Property Owner's Association fees are to be prorated as of the settlement date. Seller(s) represent(s) that all mortgage payments, taxes, escrow accounts and condominium or Property Owner's Association fees will be current at Closing date.

12. HOMESTEAD EXEMPTION

Homestead exemption is is not in effect for the current year as represented by the Property Condition Disclosure Statement.

13. COMPENSATION

Seller(s) Buyer(s) of property sold under this Contract or through any other negotiated agreement agrees to pay as per listing agreement and prior offer of cooperation and compensation.

14. TITLE AND CONVEYANCE

General Warranty Deed Special Warranty Deed Assignment of Lease Quit Claim Deed

15. MINERAL RIGHTS

Seller(s) will transfer ANY NONE mineral rights which it possesses in the real property to the Buyer(s).

16. BREACH OF CONTRACT

Specific performance is the essence of this Contract, except as otherwise specifically provided for herein and as further delineated below, and time is of the essence.

17. ACCELERATION (Due on Sale) CLAUSE

If the note and/or deed of trust or mortgage for any existing loan contains an acceleration clause, the lender may demand full payment of the entire balance as a result of the transfer.

18. SURVIVAL OF CONTRACT

All express representations, warranties and covenants shall survive delivery of the deed unless specified to the contrary.

19. DISCLOSURES

SELECT ONE:

Buyer(s) acknowledge(s) receipt of the Property Condition Disclosure Statement.

OR

Seller(s) has/has not delivered the Property Condition Disclosure Statement. This Offer/Contract is contingent upon delivery to Buyer(s) of the Property Condition Disclosure Statement no later than .

20. INSPECTIONS

SELECT ONE:

Buyer(s) and Seller(s) have executed a Home Inspection Addendum as part of this Contract, the same being attached hereto and incorporated herein.

OR

Buyer(s) has/have inspected the property and finds the same to be in satisfactory condition and DOES NOT wish to perform further inspections prior to Closing or avail itself of the benefit of a home inspection.

21. MATERIAL CHANGE

Buyer(s) Seller(s) shall furnish and pay for within days before closing approved FHA/VA Wood Destroying Insect Report.

22. DAMAGE BY FIRE, ETC.

Subject to the provisions of this clause, this Contract is further conditioned upon delivery of the improvements in their present condition, reasonable wear and tear excepted.

23. AGREEMENT OF THE PARTIES

This Contract incorporates all prior agreements between the parties, contains the entire and final agreement of the parties and cannot be changed except by their written consent.

24. DISCLOSURE OF AGENCY RELATIONSHIP

Check one box:

(A) The Listing Firm, the Selling Firm, and their salespersons represent the Seller(s) as their Client. The Buyer(s) is/are the customer.

(B) The Listing Firm and its salespersons represent the Seller(s). The Selling Firm and its salespersons represent the Buyer(s).

(C) The Listing Firm and its salespersons represent both the Seller(s) and the Buyer(s) as dual agents by mutual agreement and all parties have signed and understand the Dual Agency Confirmation form attached and made a part of this Contract.

(D) The Selling Firm and its salespersons represent the Buyer(s). The Seller(s) is/are the customer.

25. EQUAL HOUSING OPPORTUNITY

In accordance with the Federal Fair Housing Law, it is illegal to block bust or to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin in the sale or rental of housing or residential lots, in advertising the sale or rental of housing, in the financing of housing, in the providing of real estate brokerage services.

26. PRIVACY ACT

Signature of Buyer(s) on this Contract or counteroffer is authorization by Buyer(s) to the mortgage company processing a loan application to examine the credit worthiness of Buyer(s). Signature of Seller(s) of this Contract or counter offer is authorization to any mortgage company to release any information pertinent to the mortgage secured by the subject Property to foresaid brokers or salespersons and the closing attorney.

27. ATTACHMENTS

29. SPECIAL PROVISIONS & CONTINGENCIES

30. MISCELLANEOUS

(A) Neither party shall be bound by any terms, conditions, oral statements, warranties or representations not herein contained. (B) Broker's liability to Buyer(s) and Seller(s) in this transaction shall not exceed the amount it has received as commission. (C) Each party acknowledges and hereby affirms that it has read and understands this Contract. (D) This Contract shall not be assignable by either party without consent of the other party.

31. NOTICE

If to Seller(s):

Address:

Facsimile:

Email:

If to Buyer(s):

Address:

Facsimile:

Email:

Signature Sections