Real Estate Buyback Purchase Agreement

Real Estate Buyback Purchase Agreement

Parties and Recitals

This Real Estate Buyback Purchase Agreement ("Agreement") is made and entered into by and between Seller: , Seller Mailing Address:

and Buyer: , Buyer Mailing Address:

RECITALS: Seller is the current owner of the real property described below and desires to sell the Property to Buyer, and Buyer desires to convey the Property back to Seller under the terms and conditions set forth herein to effectuate a buyback of title and possession at the Purchase Price defined below.

Property Identification

Purchase Terms

Purchase Price: $ payable as follows: Earnest Money Deposit: $ to be delivered to Escrow Holder upon execution of this Agreement.

Closing Date: . Possession Date:

Representations, Warranties and Disclosures

Seller represents and warrants that Seller is the lawful owner of the Property with authority to convey good and marketable title, subject only to those matters permitted by this Agreement. Buyer represents that Buyer has authority to convey title back to Seller at Closing.

Lead-based paint: Yes No .

Known mold or water intrusion: Yes No .

Prior structural damage or repairs of significance: Yes No .

Conditions Precedent to Closing

Buyer shall deliver to Seller copies of all inspection reports, title commitments, and evidence of release of any encumbrances required under this Agreement not later than the Closing Date. Seller's obligation to close is conditioned upon receipt of clear title (subject to permitted exceptions) and removal of all monetary liens unless expressly assumed by Seller in writing.

Closing and Escrow

Closing shall occur at the office of Escrow Holder or Title Company identified above. At Closing, Buyer shall convey marketable title to Seller by general warranty deed (or equivalent), free and clear of all encumbrances except those listed as permitted. Buyer shall deliver possession to Seller on the Possession Date.

Allocation of Costs and Prorations

Closing costs, recording fees, escrow fees and normal prorations of real estate taxes, assessments, rents, utilities and homeowner association fees shall be apportioned as of the Closing Date in accordance with local custom, subject to the following specific allocation: Seller pays title insurance premium for Seller's policy; Buyer pays lender and buyer-side fees unless otherwise agreed in writing.

Risk of Loss and Casualty

Risk of loss remains with Buyer until Closing. If the Property is materially damaged prior to Closing, Seller may elect to: (a) accept title subject to insurance proceeds and receive an appropriate credit at Closing; or (b) terminate this Agreement and have all deposits returned to Seller, unless Buyer elects to repair the damage and close as scheduled.

Default and Remedies

If Buyer fails to close in accordance with this Agreement, Seller may elect to pursue specific performance, retain earnest money as liquidated damages, or pursue all remedies available at law or in equity. If Seller fails to close, Buyer may seek specific performance or return of deposits plus costs. The parties agree that, in the event of dispute, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs.

Indemnification and Survival

Each party shall indemnify and hold harmless the other from claims arising from breach of representations, warranties, covenants or obligations under this Agreement. Indemnification obligations shall survive Closing for a period of two (2) years except as to claims based on fraud, which shall survive as permitted by law.

Notices

All notices required or permitted under this Agreement shall be in writing and shall be delivered personally, by nationally recognized overnight courier, or by certified mail, return receipt requested, to the parties at their addresses set forth above or to such other address as a party may designate in writing.

General Provisions

Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state where the Property is located. Venue for any action arising under this Agreement shall be in the appropriate state or federal court located in such state.

Entire Agreement: This Agreement (including all exhibits and addenda executed by the parties) contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements. No modification of this Agreement shall be binding unless in writing and signed by both parties.

Assignment: Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party, except that Seller may assign to an affiliate or lender without Buyer consent provided Seller remains liable for performance.

Execution: This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Signatures delivered by electronic transmission shall be binding as originals.

Acknowledgment

Each party acknowledges that it has read this Agreement, understands its terms, and that it enters into this Agreement voluntarily and with the advice of counsel or after having the opportunity to seek such advice.

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