Residential Contract for House

RESIDENTIAL CONTRACT FOR HOUSE

This Residential Contract for House (the Agreement) is entered into on the day of , by and between Seller Name: with address Seller Address: , and Buyer Name: with address Buyer Address: .

RECITALS

WHEREAS, Seller is the lawful owner of the real property located at (Property), including all buildings and appurtenances thereto; and

WHEREAS, Buyer desires to purchase the Property and Seller desires to sell the Property upon the terms and conditions set forth in this Agreement;

WHEREAS, the parties intend that this Agreement shall set forth all material terms and conditions of the sale of the Property.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:

1. PROPERTY

The Property to be conveyed consists of the real property described by street address above and all improvements, fixtures, and appurtenances thereon, together with all rights, privileges, easements and appurtenances belonging or in any way appertaining thereto as of the Effective Date.

2. PURCHASE PRICE

3. EARNEST MONEY

Buyer shall deposit earnest money in the amount of to Escrow Agent: within days of the Effective Date. The earnest money shall be applied to the Purchase Price at Closing or disbursed in accordance with this Agreement.

4. FINANCING

This Agreement is subject to Buyer obtaining, at Buyer's expense, loan approval for a mortgage loan in the principal amount of on or before . If Buyer fails to obtain such financing by the deadline, Buyer may terminate this Agreement by written notice to Seller and the earnest money shall be returned to Buyer unless otherwise agreed in writing.

5. INSPECTIONS

Buyer has the right, at Buyer’s expense, to conduct inspections of the Property within days after the Effective Date. If Buyer, in Buyer’s sole discretion, is dissatisfied with the condition of the Property, Buyer may deliver to Seller a written list of objections and request Seller to cure same prior to Closing. If Seller elects not to cure or the parties cannot agree on remedies within days after receipt of Buyer’s objections, Buyer may terminate this Agreement by written notice and receive return of the earnest money.

6. TITLE, SURVEY AND CLOSING

Seller shall convey good and marketable title to the Property by a general warranty deed (or other deed as required by local custom) free of liens and encumbrances except those approved by Buyer in writing. Title shall be examined and a commitment for an owner's policy of title insurance procured at Closing. Closing shall occur on or before or at such other time as the parties may agree in writing.

Any standard survey required by Buyer shall be obtained at Buyer's expense unless Seller provides an acceptable existing survey. Any encroachments, easements or other title exceptions disclosed by the title commitment shall be subject to Buyer’s approval.

7. CONVEYANCE; POSSESSION

At Closing, Seller shall convey the Property to Buyer by warranty deed, free of encumbrances except as otherwise provided in this Agreement. Possession of the Property shall be delivered to Buyer at Closing, subject to rights of tenants and other lawful occupants disclosed in writing prior to Closing.

8. RISK OF LOSS

Between the Effective Date and Closing, risk of loss to the Property by fire or other casualty shall be on Seller. If material damage occurs prior to Closing, Buyer may (a) proceed to Closing and receive any insurance proceeds or assignment thereof, or (b) terminate this Agreement and receive the earnest money, or (c) negotiate an adjustment to the Purchase Price. If material damage renders the Property uninhabitable, Buyer may terminate and receive return of the earnest money.

9. PRORATIONS AND CLOSING COSTS

Real estate taxes, assessments, rents, utilities and other recurring items shall be prorated as of the Closing Date. Seller shall pay for clearing of any seller-side liens and furnish required seller documentation. Buyer shall pay for lender-required fees, buyer title policy premiums and recording costs for Buyer’s deed, unless otherwise agreed in writing.

10. REPRESENTATIONS AND WARRANTIES

Seller represents and warrants to Buyer that: (a) Seller is the lawful owner of the Property with authority to transfer title; (b) there are no undisclosed material defects in the Property of which Seller has actual knowledge; and (c) Seller is not aware of any pending or threatened actions, claims or proceedings affecting the Property. Seller’s representations and warranties shall survive Closing for a period of one year.

11. DEFAULT AND REMEDIES

If Buyer defaults, Seller may retain the earnest money as liquidated damages or seek specific performance or other remedies at law or equity. If Seller defaults, Buyer may elect to terminate this Agreement and receive the earnest money or pursue specific performance or damages. The election of a remedy shall not preclude pursuit of other remedies as allowed by law.

12. NOTICES

All notices required or permitted under this Agreement must be in writing and delivered by personal delivery, certified mail (return receipt requested) or nationally recognized overnight courier, to the addresses set forth below or to such other address as a party designates by notice.

13. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the state in which the Property is located, without regard to conflict of laws principles. The parties submit to the exclusive jurisdiction of the state and federal courts located in such state for resolution of disputes arising under this Agreement.

14. ENTIRE AGREEMENT

This Agreement (including all exhibits and addenda executed by the parties) constitutes the entire agreement between the parties and supersedes all prior negotiations, representations and agreements, whether written or oral, relating to the subject matter hereof. No oral statements or prior agreements shall have any force or effect.

15. SEVERABILITY

If any provision of this Agreement is determined to be invalid or unenforceable by a court of competent jurisdiction, such determination shall not affect the validity of any other provision, and the parties shall negotiate in good faith to replace the invalid provision with a valid provision that achieves, to the extent possible, the parties’ original intent.

16. AMENDMENTS; WAIVER; ASSIGNMENT

No amendment or modification of this Agreement shall be effective unless in writing and signed by both parties. No waiver of any provision shall be effective unless in writing. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party, except that Buyer’s lender may be assigned limited rights to enforce lender-related obligations.

17. COUNTERPARTS

This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Signatures transmitted by facsimile or electronic image shall be binding as originals.

18. MISCELLANEOUS

Time is of the essence with respect to the obligations of the parties under this Agreement. Headings are for convenience only and shall not affect interpretation. The parties acknowledge that each has had the opportunity to seek independent legal counsel.

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