Real Estate Purchase & Mutual Release

REAL ESTATE PURCHASE & MUTUAL RELEASE

This Real Estate Purchase & Mutual Release (the Agreement) is entered into by and between the parties identified below on the Effective Date specified herein. The parties agree that this instrument sets forth the terms for the purchase and sale of the Property and, subject to the conditions stated, constitutes a mutual release of prior obligations as described in Section 8.

Effective Date

Effective Date:

Parties

Property Identification

Purchase Terms

Purchase Price: $ . Earnest Money Deposit to Escrow Holder: $

Balance Due at Closing: $

Key Dates

Closing Date:

Possession to Buyer on:

Contingencies

Financing Contingency: Yes No    If yes, Buyer shall have the right to obtain financing in the amount of $ and has until to satisfy such contingency.

Inspection Contingency: Yes No    Inspection Period (days):

Title; Closing Costs; Prorations

Seller shall convey marketable title by general warranty deed (or equivalent) at Closing. Title to be free of liens except as expressly accepted by Buyer in writing. Title insurance premium, escrow fees, recording fees, transfer taxes, and other closing costs shall be allocated as follows:

Mutual Release of Prior Obligations

Prior Agreement Date:

Release Effective Date:

Upon the satisfaction of the conditions set forth in this Agreement and the recordation of the deed and disbursement of funds at Closing (or sooner by written agreement of the parties), Seller and Buyer hereby mutually release, remise, and forever discharge each other and their respective successors, assigns, agents and representatives from any and all claims, causes of action, demands, liabilities and obligations, whether known or unknown, arising out of or related to the Prior Agreement, except for claims expressly reserved in writing in this Agreement. This mutual release is a material inducement to the transactions contemplated herein.

Representations and Warranties

Seller represents and warrants that Seller is the owner of the Property, has full authority to sell, the Property is not subject to any undisclosed leases or easements other than those disclosed in writing, and there are no pending actions affecting title, except as disclosed to Buyer in writing. Buyer represents that Buyer has the authority to enter into this Agreement and that Buyer will comply with the contingencies and deadlines set forth herein.

Disclosures

Lead-Based Paint (if applicable): Yes No

Known Mold or Water Intrusion: Yes No

Prior Structural or Material Damage (repairs made): Yes No

Default; Remedies

In the event of a default by Buyer, Seller may terminate this Agreement and retain the earnest money as liquidated damages, or seek specific performance or other remedies at law or equity. In the event of a default by Seller, Buyer may seek specific performance, damages, or termination with return of earnest money. The parties acknowledge that all remedies are cumulative and the prevailing party shall be entitled to reasonable attorneys' fees and costs if provided by applicable law or agreed contractually.

Miscellaneous

Governing Law: The internal laws of the state of shall govern this Agreement without regard to conflict of laws principles.

Entire Agreement: This Agreement, together with any written addenda and exhibits executed by the parties, constitutes the entire agreement between the parties and supersedes all prior oral or written agreements, understandings, and negotiations, including the Prior Agreement as released herein.

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