Fill and Sign the Real Estate Agreement 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 acknowledged, ,“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 agrees to buy from Sel ler the property described as follows: (complete adequately to identify property) County, New York. Tax map designation: . 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 pl ace, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system with controls and equi pment, permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire detection equipm ent, plumbing and lighting fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door ope ners with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, la ndscaping, permanently installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace l ogs 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 varies from the loan balance(s) stated above, the cash payable at closing will be adjusted by the amount of any variance. 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 price 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 financing. 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 or assumption approval. Financing or assumption approval will be deemed to have been obtained when the lender determines that Buyer has satisfied all of lender's financial requirements (those items relating to Buyer'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 contract, the Purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the Purchaser (Buyer) has been gi ven in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised 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 a ppraised 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-guaranteed loan: It is agreed t hat, notwithstanding any other provisions of this contract, Buyer shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the Property describe d herein, if the contract purchase price or cost exceeds the reasonable value of the Property established by the Veterans Administration. Buyer shall, however, have the privilege and option of proceeding with the consum mation of this contract without regard to the amount of the reasonable value established by the Veterans Administration. Existing Loan Review. If an existing loan is not to be released at closing, Seller shall provide copies of the loan documents (including note, deed of trust or mortgage, modifications) to Buyer within calendar days from acceptance of this contract. This contract is conditional upon B uyer's review and approval of the provisions of such loan documents. Buyer consents to the provisions of such loan documents if no written objection is received by Seller from Buyer within calendar days from Buyer's receipt of such documents. If the lender's approval of a transfer of the Property is requi red, this contract is conditional upon Buyer's obtaining such approval without change in the terms of such loan, except as may be agreed by Buyer. If lender's approval is not obtained on or before , 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, Selle r may nevertheless elect to proceed 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 promissory note in 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 shall be at Seller's sole and absolute discretion. In such c ase: (l) Buyer shall supply to Buyer Initials ______ _______ - 3 - Seller Initials _______ _______ Seller on or before , , at, Buyer's expense, information and documents concerning Buyer's financial, employment and credit condition; (2) B uyer 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 transaction; (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: 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 providing 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 elsewhe re in this contract neither Seller nor Seller's representatives, if any, have made any representat ions concerning the present or past structural condition of the improvements. Buyer and Seller agree to the following c oncerning the condition of the property: Buyer accepts the property in its "as-is" and present condition. 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 withi n 5 days of receipt of the report and may cancel this contract and receive a refund of earnest money, or close this agreement notwithstanding the defects, or Buyer and Seller may renegotiate this contra ct, in the discretion of Seller. All inspections and notices to Seller shall be complete withi n 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 responsible 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 inspection for the presence of lead-based paint and/or lead-based paint hazards, to be completed within days 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 equipme nt 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 . Buyer Initials ______ _______ - 4 - Seller Initials _______ _______ 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, survey, insurance polici es, lender-required repairs, closing documents). If either party fails to close this sale by the Closing Date , the non-defaulting party will be entitled to exercise the remedies contained herein. The closing date may also be extended by written agreement of the parties. 7. TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or (as appropriate). The deed shall contain a covenant by Seller as required by subd. 5 of Se ction 13 of the Lien Law. If the Seller is a corporation, it shall deliver to Buyer at the time of C losing a resolution of its Board of Directors authorizing the sale and delivery of the deed, and a certificate by the Secret ary or Assistant Secretary of the corporation certifying such resolution and setting forth facts showing that the transfer is in c onformity with the requirements of Section 909 of the Business Corporation Law. The deed in such case shall c ontain a recital sufficient to establish compliance with that Section. Seller shall provide Buyer with a Certificate of Title prepared by an attorney, t itle or abstract company upon whose Certificate or report title insurance may be obtained from a title insurance company qualified to do and doing business in the state of New York. Seller will also execute a Bill of Sale, if ne cessary, for the transfer of any personal property. Seller 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 Buyer herein. Title shall be good and marketable, subject only to (a) covenants, conditions and restrictions of record, (b) public, privat e utility easements and roads and rights-of-way, (c) applicable zoning ordinances, protective covenants and prior mineral reservations, (d) special and other assessments on the property, if any, (e) general taxes for the year and subsequent years and (e) other: . A title report shall be provided to Buyer at least 5 days prior to closing. If there are title defects, Seller shall notify Buyer within 5 days of closing and Buyer, at Buyer's option, may either (a) if defects cannot be cured by designated closing date, cancel this contract, in which case all earnest money deposited shal l be returned, (b) accept title as is, or (c) if the defects are of such character that they can be remedied by legal a ction within a reasonable time, permit Seller such reasonable time to perform curative work at Seller's expense. In the event t hat the curative work is performed by Seller, the time specified herein for closing of this sale shall be exte nded for a reasonable period necessary for such action. Seller represents that the property may be legally used as z oned and that no government agency has served any notice to Seller requiring repairs, alterations or corrections of any existing condition except as stated herein. 8. TITLE EXAMINATION; SELLER’S INABILITY TO CONVEY; LIMITATIONS OF LIABILITY: (a) Purchaser shall order an examination of title in respect of the Property from a tit le company licensed or authorized to issue title insurance by the New York State Insurance Department or any agent for such title company promptly after the execution of this contract or after a mortgage com mitment has been accepted by Buyer. Buyer shall cause a copy of the title report and of any additions thereto to be delivered to Seller promptly after receipt thereof. (b) (i) If at the date of Closing, Seller is unable to transfer title to Buyer in accordance with this Contract, Buyer Initials ______ _______ - 5 - Seller Initials _______ _______ or Buyer has other valid grounds for refusing to close, whether by reason of liens, encumbrances or other objections to title or otherwise (herein collectively called “Defects”), other than those subject to which Buyer is obligated to accept title hereunder or which Buyer may have waived and other than those which Seller has herein expressly agreed to remove, remedy or discharge and if Buyer sha ll be unwilling to waive the same and to close title without abatement of the purchase price, then, except as hereinafter set forth, Seller shall have the right, at Seller’s sole election, whethe r to take such action as Seller may deem advisable to remove, remedy, discharge, or comply with such Defects or t o cancel this Contract; (ii) if Seller elects to take action to remove, remedy or comply with such Defec ts, Seller shall be entitled from time to time, upon notice to Buyer, to adjourn the date for closing here under for a period or periods not exceeding 60 days in the aggregate (but not extending beyond the date upon which Buyer’s mortgage commitment, if any, shall expire). If for any reason whatsoever, Seller shal l not have succeeded in removing, remedying or complying with such Defects at the expiration of suc h time, and if Buyer shall still be unwilling to waive the same and to close title wi thout abatement of the purchase price, then either party many cancel this Contract by notice to the ot her given within 10 days after such adjourned date; (iii) notwithstanding the foregoing, the existing mortgage (unless the sale is subject to the same) and any matter created by Seller after the date hereof shall be released, discha rged or otherwise cured by Seller at or prior to the Closing. (c) If this Contract is cancelled pursuant to its terms, other than as a result of Buyer’s default, this contract shall terminate and come to an end, and neither party shall have any further rights obligation or liabilities against or to the other hereunder or otherwise except that Seller shall return the down payment to Buyer, and reimburse Buyer for the net cost of the title examination, i ncluding any appropriate additional charges related thereto and the net cost, if actually paid or incurred by Buyer, for updating the existing survey of the Property or of a new survey. 9. APPRAISAL, SURVEY & TERMITE INSPECTION: Any appraisal of the property 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. 10. POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing. T itle 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 and Sel ler 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. 11. CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided. (Leave blank if the closing cost does not apply.) Closing Costs Buyer Seller Both* Attorney Fees Title Insurance Title Abstract or Certificate Buyer Initials ______ _______ - 6 - Seller Initials _______ _______ Closing Costs Buyer Seller Both* 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. 12. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and re nts, 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 l oan is assumed and the lender maintains an escrow account, the escrow account must be transferred to Buyer without any deficiency. Buyer shall reimburse Seller for the amount in the transferred account. Buyer shall pay 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 current year. 13. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the effective date of the contract, Seller shall restore the Property to its previous c ondition as soon as reasonably possible. If Seller fails to do so due to factors beyond Seller’s control, Buyer may either (a) terminate this contract and the earnest money will be refunded to Buyer, (b) extend the time for performance a nd the Closing Date will be extended as necessary, or (c) accept the Property in its damaged condition and accept an assignment of insurance proceeds. 14. DEFAULTS AND REMEDIES: (a) If Buyer defaults hereunder, Seller’s sole remedy shall be to rece ive and retina the down payment/earnest money (to a maximum of 3% of the purchase price) as liquidate d damages, it being agreed that Seller’s damages might be impossible to ascertain and that the down payment/earnest money constitutes a fair and reasonable amount of damages under the circumstances and is not a penalty. (b) If Seller defaults hereunder, Buyer shall be refunded the earnest money AND have such remedies as Buyer shall be entitled to at law or in equity, including, but not limited to, specific performance. 15. 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-prevailing party all c osts of such proceeding and reasonable attorney’s fees. 16. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, or security interests against the Property which will not be satisfied out of the sales proc eeds 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 the ea rnest money will be refunded to Buyer. All representations contained in this contract will survive closing. 17. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable 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 t he 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. Buyer Initials ______ _______ - 7 - Seller Initials _______ _______ 18. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement. 19. NOTICES: All notices from one party to the other must be in writing and 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 ( ) 20. ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller. This agreement may be assigned by Seller and shall be binding on the heirs and assigns of the parties hereto. 21. PRIOR AGREEMENTS: This contract incorporates all prior agreements between the partie s, contains the entire and final agreement of the parties, and cannot be changed except by their written consent . Neither party has relied upon any statement or representation made by the other party or any sales representative bringing the parties together. Neither party shall be bound by any terms, conditions, oral statements, warranties, or representat ions not herein contained. Each party acknowledges that he has read and understands this contract. The provi sions 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 fem inine as the context may require. 22. NO BROKER OR AGENTS: The parties represent that neither party has employed the servi ces of a real estate broker or agent in connection with the property, or that if such agents have been employed, t hat the party employing said agent shall pay any and all expenses outside the closing of this agreement. 23. EMINENT DOMAIN: If the property is condemned by eminent domain after the effective da te hereof, the Seller and Buyer shall agree to continue the closing, or a portion thereof, or cancel this C ontract. If the parties cannot agree, this contract shall remain valid with Buyer being entitled to any condemnation proceeds at or a fter closing, or be cancelled and the earnest money returned to Buyer. 24. OTHER PROVISIONS 25. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT. 26. GOVERNING LAW: This contract shall be governed by the laws of the State of New York. Buyer Initials ______ _______ - 8 - Seller Initials _______ _______ 27. 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 i nformally 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. EXECUTED the day of , 20 (THE EFFECTIVE DATE). Buyer Seller Buyer Seller Buyer Initials ______ _______ - 9 - Seller Initials _______ _______ EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTIONRECEIPT 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 timing of const ruction, 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 tha n 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 disclosure of known informat ion 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 the “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 ~