Real Estate Purchase Agreement for Ellora Vista PA

Real Estate Purchase Agreement for Ellora Vista PA

This Real Estate Purchase Agreement (the Agreement) is entered into on by and between Buyer and Seller as set forth below.

Parties

Property Identification

Purchase Price and Payment

Purchase Price: $ payable as follows: Earnest money of $ to be deposited with on or before .

Balance at Closing: buyer will deliver funds in lawful money or by wire transfer in the amount of $ , subject to prorations and adjustments set forth herein.

Financing Contingency

This Agreement is contingent upon Buyer obtaining written loan approval for financing under terms acceptable to Buyer within days after Effective Date. If Buyer fails to obtain such financing within the stated period, Buyer may terminate and receive return of earnest money, except as otherwise provided.

Inspection and Due Diligence

Buyer shall have a period of days from Effective Date to conduct inspections, investigations, and tests. Buyer may deliver written notice of objections or termination prior to expiration of the inspection period. Seller shall provide reasonable access. If Buyer fails to timely notify Seller, Buyer shall be deemed to have accepted the Property as-is except as expressly set forth in this Agreement.

Title, Survey and Conveyance

At Closing, Seller shall convey marketable title by general warranty deed or other customary instrument of conveyance, free and clear of all liens and encumbrances except those approved by Buyer. Title shall be examined by Buyer or Buyer’s title company. Any title objections must be delivered in writing within the title review period set forth by the parties. If unresolved, Buyer may terminate or proceed with a price reduction or seller cure as agreed in writing.

Closing and Possession

Closing Date: The Closing shall occur on or before at .

Possession shall be delivered to Buyer on , subject to agreed prorations and any tenant rights set forth herein.

Prorations and Closing Costs

Real estate taxes, assessments, rents, homeowner association dues and other customary items shall be prorated as of Closing. Seller shall pay for any outstanding assessments due and payable at Closing. Buyer shall pay recording fees, lender charges and any new loan fees. Allocation of broker commissions (if any): Seller shall be responsible for payment of commissions due to listing broker as agreed in separate listing agreement.

Seller Representations and Warranties

Seller represents that Seller is the lawful owner of the Property, has full power to convey, and that there are no known material defects except as disclosed in writing. Seller shall disclose any known notices of violation, pending citations, existing leases, or items materially affecting habitability or value.

Disclosures

Seller represents the following known conditions to the best of Seller’s knowledge:

Default, Remedies and Indemnity

If Buyer defaults, Seller may retain earnest money as liquidated damages or pursue other remedies at law or in equity, including specific performance, subject to applicable law. If Seller defaults, Buyer may seek return of earnest money and may also seek specific performance or damages. The prevailing party in any dispute shall be entitled to recover reasonable attorneys' fees and costs incurred in enforcing this Agreement.

Risk of Loss

Risk of loss or damage to the Property occurring after the Effective Date and prior to Closing shall be the responsibility of Seller. If material damage occurs prior to Closing, Buyer may elect to terminate with return of earnest money, require Seller’s repair, or adjust the Purchase Price.

Recording, Possession and Miscellaneous

This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, successors and permitted assigns. The parties agree to execute such further documents and take such further actions as may be necessary to effectuate the transactions contemplated by this Agreement. Assignment of Buyer’s rights is permitted with Seller’s prior written consent, not to be unreasonably withheld.

Notices

Any notice required or permitted under this Agreement shall be in writing and delivered personally, by certified mail, overnight courier, or by other commercially accepted means to the contact information set forth above, and shall be effective upon receipt.

Governing Law; Entire Agreement

This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. This Agreement constitutes the entire agreement between the parties with respect to the transaction and supersedes all prior agreements, negotiations and understandings, whether written or oral.

Additional Terms

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