Fill and Sign the Purchase Land Form

AGREEMENT FOR THE SALE AND PURCHASE OF REAL ESTATE The undersigned Sellers agree to sell and the undersigned Buyers agree to buy the herein described property on the terms and conditions stipulated in the following schedule. Property Description: ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ____________________ PRICE: The purchase price of the property is ......................... $_________________ Payable as follows: Cash down payment $_________________ Buyers shall qualify for a construction loan in the amount of $_________________ This contract is contingent on Buyers obtaining a construction loan at no greater than __________________ ( )% by closing, and is also contingent on approval by the __________________________ (homeowners = association) of Buyer = s house plan and orientation of the home on the lot. Seller agrees to pay up to, but no more than ______________________ ($ ) in total closing costs. DEPOSIT: Buyers have deposited with Sellers the sum of __________________________ ____________________ ($ ) cash as earnest money. The same is to be applied to the cash down payment on closing of this transaction. Should Buyers require approval for a specified loan for any part of the purchase price, and after applying therefore in good faith, be unable to secure such loan, then the earnest money shall be returned in full to Buyers. If the ____________________________________ (homeowners = association) does not approve Buyers house plan and its orientation on this lot, the earnest money shall be returned to the Buyers in full. However, if within __________ ( ) days Buyers refuse to diligently pursue loan approval, or fail or refuse within _________ ( ) days after the issuance of a loan commitment, to execute all documents necessary for said loan, Buyers shall be considered in default under the terms of this contract and Sellers shall have such recourse as is delineated in paragraph 13 herein. This contract shall expire on _________ ______________ at __:____ pm/am. If Buyer has not performed under the contract by said date, Sellers shall be entitled to the earnest money without reduction. Provided however, if the title to the property is defective, then the earnest will be returned to the Buyers. CLOSING DATE: Within _________ ( ) days after construction loan approval; 1 POSSESSION DATE: Same as closing date. SPECIAL LIENS: Special Liens against the property shall be paid by _______________, if any, at closing. CONVEY TITLE TO: ____________________ and ________________________, as joint tenants with full rights of survivorship and not as tenants in common. HAZARD INSURANCE: ______________________________________________________ ________________________________________________________________________ COMMISSION:________________________________________________________ PRORATION: Property taxes are to be prorated as of the closing date. SPECIAL PROVISIONS: _____________________________________________________ ________________________________________________________________________ TITLE AND CONVEYANCE: Sellers are to convey title by general warranty deed and provide Buyers with a Certificate of Title prepared by an attorney upon whose certificate of title insurance may be obtained from a title insurance company qualified to do and doing business in the State of Mississippi. Sellers shall, prior to or at closing, satisfy all outstanding mortgages, deeds of trust and special liens affecting the subject property which are not specifically assumed by Buyers herein. Title shall be good and marketable, subject only to the following items recorded in the Chancery Clerk's office of said County: easements, applicable zoning ordinances, protective covenants and prior mineral reservations; otherwise Buyers, at their option, may: if defects cannot be cured by designated closing date, cancel this contract, in which case all earnest money deposited shall be returned; accept title as is; or if the defects are of such character that they can be remedied by legal action within a reasonable time, permit Sellers such reasonable time to perform the curative work at Sellers' expense. In the event that the curative work is performed by Sellers, the time specified herein for closing of this sale shall be extended for a reason able period necessary for such action. Sellers represent that the property is zoned residential and that no government agency has served any notice requiring repairs, alterations or correc tions of any existing condition except as stated herein. BREACH OF CONTRACT: In the event of breach of this contract by Buyers, Sellers shall accept the earnest money deposit as liquidated damages and this contract shall then be null and void. In the event of breach of contract by Sellers, Buyers at their option may either: accept the return of the earnest money deposit and cancel the contract, or enter suit for damages in any court of competent jurisdiction, 2 or enter suit in any court of competent jurisdiction for specific perfor mance. If it becomes necessary to the performance of the conditions of this contract for either party to initiate litigation, then the losing party agrees to pay reasonable attorney's fees and court costs in connection therewith. SURVIVAL OF CONTRACT: All express representations, warranties and covenants contained herein shall survive closing. CONDITION OF PROPERTY AND ACCEPTANCE: Buyers hereby represent that they have personally inspected and examined the above- mentioned premises and all improvements thereon and accept the property in its "as is" and present condition. Buyers hereby acknowledge that unless other wise set forth in writing elsewhere in this contract neither Sellers nor their representatives have made any repre senta tions concerning the present or past condition of the prop erty. SELLERS' STATEMENT: Sellers hereby represent that they are not aware of any flooding, or drainage problems with the subject property, or the presence of radon gas, or any form of hazardous material. Sellers further represent that they are not aware of any visible or hidden defects. The offer stated herein is hereby accepted and Sellers agree to sell the herein described property on the terms and conditions set forth herein. MECHANICAL EQUIPMENT AND BUILT-IN APPLIANCES: _______________ ____ ________________________________________________________________________ TERMITE CERTIFICATE: _________________________________________ DAMAGE BY FIRE, ETC.: This contract is further conditioned upon delivery of the improvements in their present condition and in the event of damage by fire or otherwise, before closing, Buyers may declare this contract void and shall be entitled to the return of their earnest money, or Buyers may elect to complete the trans action in accordance with this contract provided the property is restored by Sellers at Sellers' expense prior to closing. RESPONSIBILITY OF BROKER: __________________________________ AGREEMENT OF PARTIES: This contract incorporates all prior agree ments between the parties, contains the entire and final agreement of the parties, and cannot be changed except by their written con sent. Neither party has relied upon any statement or repre sen ta tion made by the other party not contained herein. Neither party shall be bound by any terms, conditions, oral statement, warranties, or representations not herein contained. Each party acknowl edges that he has read and understands this contract. The provi sions of this contract shall apply to and bind the heirs, executors, adminis trators, successors and assigns of the respective parties hereto. This contract shall be governed by the laws of the State of 3 Mississippi. EXPIRATION OF OFFER: This offer shall expire unless a copy hereof with Sellers' written acceptance is delivered to Buyers by noon, _________________, _____. WITNESS OUR SIGNATURES this ______ day of ______________, 20___. Buyer ____________________________ Buyer: _____________________________ SS# ___________ Phone ____________ SS# ____________ Phone _____________ Seller ___________________________ Seller _____________________________ SS# ___________ Phone ____________ SS# ____________ Phone _____________ 4