Fill and Sign the Real Estate Purchase Contract for Unimproved Property Legal Form

- 1 - RELEASE OF PURCHASE CONTRACT FOR REAL ESTATE ________________________________________________________________________________________Effective Date: County and State ________________________________________________________________________________________SELLER PURCHASER ( Name, Address & Zip Code ) ( Name, Address & Zip Code ) ________________________________________________________________________________________BROKER ESCROW AGENT ( Name, Address & Zip Code ) (Name, Address & Zip Code) ________________________________________________________________________________________Real Property (Address or Location, state county in which the Property is located ) ________________________________________________________________________________________Identification of Purchase Contract between above Seller and Purchaser, dated __________________ and entitled:______________________________________________________________________________________ 1. Release Between Parties. Seller and Purchaser mutually release each other from any and all claims, actions, or demands which each may have up to the date of this Contract against the other by reason of the Purchase Contract identified above, and any modifications thereof. 2. Legal Effect. It is the purpose of this Contract that all rights and obligations arising from that Purchase Contract be null and void. 3. Release of Funds. It is further the intent, purpose, request and demand of Sellers and Purchasers that any and all moneys, funds and deposits held by Broker, Escrow Agent, or other persons under that Purchase Contract be distributed as follows: $ __________________ held by _____________________________ as _____________________ dispersed to ___________________________ for ______________________________________ $ __________________ held by _____________________________ as _____________________ dispersed to ___________________________ for ______________________________________ 4. Additional Provisions.
5. Release. 6. Modification.   (a)   (b)     c)  (d)  (e)  (f)  (g) (1)  (2)  (3) fn3]  (4) in the event that the transaction is not consummated as a result of an error, the parties may re-execute that purchase contract and shall: 1. Pay for the purchased property; 2. Pay the escrow agent for the fees and expenses incurred by the escrow agent in executing that purchase contract and any related agreements required by this code; and 3. Pay the real estate broker an amount equal to the escrow agent fees and expenses actually incurred by the real estate broker in executing that purchase contract, plus 50 for each hour for which the transaction is in suspense. The escrow agent shall collect these funds from the seller within 24 hours and provide the funds to the seller within two days of execution thereof. The escrow agent shall deliver the funds to the escrow account established for the purpose of this contract. [fn3] (5) if any party has failed to pay the escrow agent for these services, the escrow agency may recover the es crowed amount in a court of competent jurisdiction. Upon recovery of all fees and expenses above set forth, the escrow agent's fee and expenses for the current escrow period shall be returned to the seller, if any. (6) upon completion of the contract, the escrow agent has the right to take title to the property to the extent of the proceeds of sale, provided that the escrow agent notifies the seller of the recovery of the proceeds of sale within 10 days of the last payment. If title is not taken, the escrow agent may exercise only those remedies available to the escrow agent, including an order for judgment, to the extent of the sale proceeds and in favor of the seller. [fn4] (7) the escrow agent may not be held personally liable if it is established from a credible source that a bona fide security interest was purchased in the escrow contract and the sales and delivery of the property or security interest occurred at the seller's request or without the seller's knowledge. [fn4] (8) if the escrow agent is prevented from exercising the remedies available to it, it is not deemed to have breached