Real Estate Open Contract

REAL ESTATE OPEN CONTRACT

Parties and Date

This Real Estate Open Contract (the "Agreement") is entered into on by and between Seller Name: and Buyer Name: .

Property Identification

Purchase Terms

Purchase Price: $ payable as follows: Earnest Money Deposit of $ to be delivered to Escrow Agent: no later than .

Financing and Appraisal

Financing contingency: Buyer intends to obtain financing with a loan in the approximate amount of $ . Financing contingency period: days from acceptance.

Appraisal: If lender appraisal is below the Purchase Price, Buyer may (choose one) renegotiate price terminate contract per financing contingency.

Inspections and Property Condition

Inspection Period: Buyer shall have days from acceptance to obtain inspections. Buyer may, within the Inspection Period, provide a written notice specifying requested repairs. Seller shall respond in writing within days.

Closing, Possession & Prorations

Closing Date: . Closing Location: . Possession to Buyer on: .

Prorations: Real property taxes, HOA dues, rents and utilities will be prorated as of the Closing Date. Seller shall provide statement of prorations and adjustments at closing.

Title/escrow charges to be paid by Buyer Seller Other closing costs:

Disclosures

Lead-Based Paint Disclosure:Seller represents that the Property contains known lead-based paint does not contain known lead-based paint.

Mold/Water Intrusion:Seller discloses: prior mold or water intrusion no known prior mold or water intrusion.

Prior Material Damage:Seller discloses: prior material damage or repair no known prior material damage.

Title, Survey and Conveyance

Title: Seller shall convey title by general warranty deed (or other specified deed) subject only to permitted exceptions. Buyer shall obtain a title commitment and may raise objections within days after receipt.

Survey: A survey is required not required. Costs for survey shall be paid by .

Default, Remedies and Indemnification

If Buyer fails to perform, Seller may retain the Earnest Money Deposit as liquidated damages, not a penalty, as Seller's sole remedy, provided that Seller's retention is reasonable under the circumstances. Alternatively, either party may seek specific performance, injunctive relief, or actual damages, and the prevailing party shall be entitled to recover reasonable costs and attorney's fees.

Indemnification: Each party agrees to indemnify and hold the other harmless from claims arising from that party's willful breach, negligence, or acts after closing for which that party is responsible.

Risk of Loss

Risk of loss to the Property prior to Closing shall remain with Seller. If, before Closing, the Property is materially damaged, Seller shall notify Buyer promptly. Buyer may elect to terminate and receive return of Earnest Money or proceed to Closing with an equitable adjustment to the Purchase Price or repairs agreed in writing.

Contingencies

Contingencies applicable: inspection, financing, appraisal, title review, HOA document review (if applicable). Buyer must deliver written notice to Seller of election to terminate based on a contingency within the applicable contingency period to entitle Buyer to a return of Earnest Money.

Governing Law; Entire Agreement

This Agreement shall be governed by the laws of the state where the Property is located. This Agreement, together with all attachments and addenda executed by the parties, constitutes the entire agreement between the parties and supersedes all prior negotiations and agreements. No modification shall be effective unless in writing and signed by both parties.

Notices

Additional Terms and Acknowledgements

Each undersigned party represents and warrants that the individual signing on its behalf is authorized to execute this Agreement and bind the party. Parties acknowledge receipt of a copy of this Agreement upon signing.

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