Real Estate Purchase and Sale Contract

REAL ESTATE PURCHASE AND SALE CONTRACT

1. PARTIES AND RECITALS

This Real Estate Purchase and Sale Contract (the Contract) is entered into by and between the undersigned Seller and Buyer for the purchase and sale of the Property described below. The parties agree as follows.

2. PROPERTY

The real property and improvements to be sold (Property) are located at:

3. PURCHASE PRICE AND TERMS

Purchase Price: $ payable as follows: earnest money deposit of $ to be delivered to Escrow Agent within days of mutual execution of this Contract.

Balance of Purchase Price payable at closing by wire transfer or certified funds, subject to adjustments and prorations as set forth in this Contract.

4. FINANCING

This Contract is: Contingent upon Buyer obtaining financing on the following terms: loan amount $ , loan type , interest rate not to exceed . Buyer shall have days to obtain a written loan commitment.

If Buyer does not obtain financing within the contingency period, Seller may terminate this Contract and receive the earnest money as liquidated damages or extend the contingency period in writing.

5. INSPECTION AND DUE DILIGENCE

Buyer shall have days after mutual execution to conduct inspections and investigations. Seller shall provide reasonable access. Buyer shall deliver to Seller written notice of any defects for which Buyer requests remedial action. Seller may elect to cure or reject such requests in writing within days.

6. CLOSING AND POSSESSION

Closing shall occur on or before (Closing Date), unless otherwise agreed in writing. Possession shall be delivered to Buyer on , subject to prorations and adjustments at closing.

Prorations: Property taxes, assessments, rents (if any), and other customary items shall be apportioned as of the Closing Date.

7. TITLE AND CONVEYANCE

Seller shall convey marketable title by general warranty deed (or other deed specified here) free of all liens and encumbrances except those approved by Buyer in writing and standard exceptions listed in a marketable title policy. Title shall be evidenced by a current title commitment delivered to Buyer at least days prior to Closing.

8. CONDITION OF PROPERTY; SELLER REPRESENTATIONS

Seller represents that, to Seller's knowledge, the Property is in substantially the same condition as of the date of this Contract except for normal wear and tear. Seller shall disclose known material defects as required by law and by the Disclosure section below. Buyer accepts the Property in its AS-IS physical condition unless Seller agrees in writing to specific repairs.

9. DISCLOSURES

Seller makes the following disclosures to Buyer. Check the applicable response.

Lead-Based Paint (if Property built before 1978): Yes No

Known Presence of Mold or Water Intrusion: Yes No

Structural Damage or Prior Major Repairs: Yes No

10. RISK OF LOSS

If, prior to Closing, the Property is materially damaged or destroyed, the party entitled to terminate under the applicable insurance or mortgage provisions may terminate this Contract by written notice to the other party. Alternatively, Buyer may elect to proceed to Closing with an equitable adjustment to the Purchase Price reflecting repair costs.

11. DEFAULT; REMEDIES

If Buyer defaults, Seller may retain the earnest money as liquidated damages or pursue specific performance and any other remedies available at law or equity. If Seller defaults, Buyer may seek specific performance, termination and return of earnest money, or such other remedies as provided by law. The parties acknowledge that remedies for breach are cumulative and do not preclude other remedies.

12. CLOSING COSTS AND PRORATIONS

Unless otherwise agreed in writing, Seller to pay expenses required to cure title objections and transfer taxes; Buyer to pay costs of loan origination, recording fees for Buyer’s deed, escrow fees as customarily allocated, and title insurance premium for the owner’s policy unless otherwise negotiated. All items customarily prorated shall be prorated as of the Closing Date.

13. TAXES, ASSESSMENTS, AND LIENS

Seller represents that there are no outstanding assessments or special tax obligations other than as disclosed. Any delinquent taxes or municipal liens known to Seller shall be paid at or before Closing.

14. MISCELLANEOUS PROVISIONS

Governing Law: This Contract shall be governed by and construed in accordance with the laws of the state where the Property is located. Time is of the essence with respect to all dates contained herein.

Entire Agreement: This Contract constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings. No modification shall be effective unless in writing and signed by both parties.

15. NOTICES

All notices under this Contract shall be in writing and delivered to the addresses set forth above or to such other address as either party may designate by written notice to the other.

16. ATTORNEYS' FEES

In the event of litigation to enforce the terms of this Contract, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs as determined by the court.

17. ACKNOWLEDGMENTS

Each party acknowledges that they have read this Contract, that they understand its terms, that they have had the opportunity to seek independent legal counsel, and that they enter into this Contract voluntarily.

Sign Now