Real Estate Closing Disclosure Document

Real Estate Closing Disclosure Document

This Real Estate Closing Disclosure Document (the "Disclosure") is made and entered into as of the date of final signatures below by and between Buyer: and Seller: concerning the real property located at (the "Property").

RECITALS

WHEREAS, Buyer and Seller have entered into a purchase and sale agreement for the Property dated which sets forth the material terms of the transaction;

WHEREAS, the parties intend by this Disclosure to set forth final closing figures, allocations, and the schedule of required documents, fees, prorations and disbursements to be delivered and paid at closing; and

WHEREAS, the parties desire a final, binding statement of closing costs, credits and net proceeds to Seller and net funds due from Buyer at closing.

NOW THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Disclosure, the following terms shall have the meanings ascribed: "Closing" means the consummation of the transfer of title to the Property and the settlement of all sums due; "Closing Date" means the date on which Closing occurs as set forth in Section 2 below; "Closing Agent" means the person or entity responsible for settlement and disbursement as set forth in Section 6.

2. CLOSING DATE

The parties agree that the Closing shall occur on or before (the "Closing Date"), subject to satisfaction or waiver of the conditions set forth in Section 7.

3. PURCHASE PRICE AND CASH TO CLOSE

Purchase Price: $ .

Earnest Money Deposit applied to Closing: $ . Amount due from Buyer at Closing (Cash to Close): $ .

4. ITEMIZED CLOSING COSTS

Settlement Statement and Itemization (enter amounts as applicable):

5. ADJUSTMENTS AND PRORATIONS

Property taxes, assessments, homeowners association dues, rents, utilities and other operating expenses shall be prorated as of the Closing Date. Final prorations shall be calculated by the Closing Agent and reflected on the final Settlement Statement. Estimated prorations for closing purposes:

6. CLOSING AGENT, TITLE AND ESCROW

Closing Agent: . Title Company: . Escrow/Settlement Account:

The Closing Agent shall prepare a final, itemized Settlement Statement reflecting disbursements, seller proceeds, buyer cash to close, and any loan payoffs. The parties agree that close of escrow shall not occur until the Closing Agent has received all necessary funds, executed closing documents, and clear title or agreed title exceptions as authorized in writing.

7. REPRESENTATIONS, WARRANTIES AND COVENANTS

Each party represents and warrants to the other that: (a) it has full power and authority to enter into this Disclosure and to consummate the transactions contemplated herein; (b) execution and delivery of this Disclosure and performance of its obligations do not violate any agreement or law binding on it; and (c) all information and statements provided to the Closing Agent and to the other party material to the Closing are true and correct in all material respects as of the Closing Date.

8. CLOSING DELIVERABLES

Seller shall deliver at Closing: (i) duly executed deed conveying marketable title free and clear of liens except permitted exceptions; (ii) affidavits and instruments required by title company; (iii) keys, access devices and any certificates of compliance; and (iv) any other documents reasonably required by the Closing Agent. Buyer shall deliver at Closing: (i) funds necessary to satisfy Cash to Close; (ii) loan documents if financing; and (iii) executed closing documents required by the Closing Agent.

9. CONDITIONS TO CLOSING

The obligations of each party to close are subject to the satisfaction, on or before the Closing Date, of the following conditions: (a) delivery of final, acceptable title commitment and removal or cure of title defects as specified; (b) receipt by Buyer of all loan documents if applicable; (c) receipt by the Closing Agent of written closing funds; and (d) performance by each party of its covenants and obligations under this Disclosure and the purchase agreement.

10. ESCROW, DISBURSEMENT AND LIENS

The Closing Agent shall hold any escrowed funds and shall disburse all monies only upon fulfillment of the Closing conditions and in accordance with the final Settlement Statement. Any indebtedness, liens or encumbrances to be paid at Closing shall be set forth on the Settlement Statement and paid from escrow proceeds prior to disbursement of Seller net proceeds.

11. TAXES, ASSESSMENTS AND PRORATIONS

Real property taxes, assessments and other municipal charges shall be prorated as of the Closing Date unless otherwise agreed in writing. Buyer and Seller acknowledge that final tax amounts may not be available at Closing and that any subsequent adjustments as required by taxing authorities shall be the responsibility of the party legally liable for such charges under applicable law.

12. NOTICES

All notices, demands or communications required or permitted hereunder shall be in writing and shall be delivered personally, by nationally recognized courier, or by certified mail, return receipt requested, to the addresses set forth below or such other address as either party may designate in writing.

13. AMENDMENTS; WAIVER

This Disclosure may be amended only by a written instrument executed by both parties. No failure or delay by any party in exercising any right under this Disclosure shall operate as a waiver of that right, nor shall any single or partial exercise of any right preclude any other or further exercise of that right or the exercise of any other right.

14. GOVERNING LAW

This Disclosure shall be governed by and construed in accordance with the substantive laws of the state in which the Property is located, without regard to its conflicts of law rules.

15. ENTIRE AGREEMENT

This Disclosure, together with the purchase and sale agreement referenced herein and any schedules or exhibits attached hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral.

16. SEVERABILITY

If any provision of this Disclosure is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof, such provision shall be fully severable and this Disclosure shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, and the remaining provisions shall remain in full force and effect.

17. COUNTERPARTS; ELECTRONIC SIGNATURES

This Disclosure may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures delivered by electronic means shall be effective to bind the party executing the same.

18. CERTIFICATION BY PARTIES

Each party certifies that the figures and statements contained in this Disclosure are true, correct and complete to the best of such party's knowledge, and agrees to cooperate in good faith to effectuate the Closing and to correct any clerical or computational errors in the Settlement Statement prior to disbursement.

IN WITNESS WHEREOF, the parties have executed this Real Estate Closing Disclosure Document as of the dates set forth below.

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