Buyer Initials ______ _______ - 1 - Seller Initials _______ _______
CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE
(NO BROKER)
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
,“Seller” whether one or more, and
,“Buyer” whether one or more,
do hereby covenant, contract and agree as follows:
1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Sel ler the
property described as follows: (complete adequately to identify property)
County, Virginia.
Address:
Legal Description (or see attached exhibit):
As described in attached Exhibit.
Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods,
valances, blinds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in pl ace, ceiling fans, attic
fans, mail boxes, television antennas and satellite dish system with controls and equi pment, permanently installed heating and
air-conditioning units, window air-conditioning units, built-in security and fire detection equipm ent, plumbing and lighting
fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door ope ners with controls, built-in
cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, la ndscaping, permanently
installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace l ogs and all other property owned by Seller
and attached to the above described real property except the following property which is not included (list items not
included):
All property sold by this contract is called the "Property."
2. SALES PRICE: The parties agree to the following sales price:
Amount Amount
Purchase Price $
Earnest Money $
New Loan $
Assumption of Loan $
Seller Financing $
Cash at Closing $
Total ( both columns should be equal) $ $
Both columns should be an equal amount.
If the unpaid principal balance(s) of any assumed loan(s), if any, as of the Closing Date varies from the loan
balance(s) stated above, the cash payable at closing will be adjusted by the amount of any variance.
3. FINANCING: The following provisions apply with respect to financing:
CASH SALE: This contract is not contingent on financing.
Buyer Initials ______ _______ - 2 - Seller Initials _______ _______
OWNER FINANCING: Seller agrees to finance dollars of the purchase price pursuant
to a promissory note from Buyer to Seller of $ , bearing % interest per annum, payable
over a term of years with even monthly payments, secured by a deed of trust or mortgage lien with the
first payment to begin on the day of , 20 .
NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within days
after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption and
make every reasonable effort to obtain financing or assumption approval. Financing or assumption approval will be deemed
to have been obtained when the lender determines that Buyer has satisfied all of lender's financial requirements (those items
relating to Buyer's net worth, income and creditworthiness). If financing or assumption approval is not obtained within
days after the effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer. If Buyer
intends to obtain a new loan, the loan will be of the following type:
Conventional VA FHA Other:
The following provisions apply if a new loan is to be obtained:
FHA. It is expressly agreed that notwithstanding any other provisions of this contract, the Purchaser
(Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur any
penalty by forfeiture of earnest money deposits or otherwise unless the Purchaser (Buyer) has been gi ven in
accordance with HUD/FHA or VA requirements a written statement by the Federal Housing
Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value
of the Property of not less than $ . The Purchaser (Buyer) shall have the privilege and
option of proceeding with consummation of the contract without regard to the amount of the a ppraised
valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of
Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the
Property. The Purchaser (Buyer) should satisfy himself/herself that the price and condition of the Property
are acceptable. VA. If Buyer is to pay the purchase price by obtaining a new VA-guaranteed loan: It is agreed t hat,
notwithstanding any other provisions of this contract, Buyer shall not incur any penalty by forfeiture of
earnest money or otherwise be obligated to complete the purchase of the Property describe d herein, if the
contract purchase price or cost exceeds the reasonable value of the Property established by the Veterans
Administration. Buyer shall, however, have the privilege and option of proceeding with the consum mation
of this contract without regard to the amount of the reasonable value established by the Veterans
Administration.
Existing Loan Review. If an existing loan is not to be released at closing, Seller shall provide copies of
the loan documents (including note, deed of trust or mortgage, modifications) to Buyer within
calendar days from acceptance of this contract. This contract is conditional upon B uyer's review and
approval of the provisions of such loan documents. Buyer consents to the provisions of such loan
documents if no written objection is received by Seller from Buyer within calendar days
from Buyer's receipt of such documents. If the lender's approval of a transfer of the Property is requi red,
this contract is conditional upon Buyer's obtaining such approval without change in the terms of such loan,
except as may be agreed by Buyer. If lender's approval is not obtained on or before
,
this contract
shall be terminated on such date. The Seller shall shall not, be release d from liability under such
existing loan. If Seller is to be released and release approval is not obtained, Selle r may nevertheless elect
to proceed to closing, or terminate this agreement in the sole discretion of Seller.
Credit Information. If Buyer is to pay all or part of the purchase price by executing a promissory note in favor of Seller or if
an existing loan is not to be released at closing, this contract is conditional upon Seller's approval of Buyer's financial ability
and creditworthiness, which approval shall be at Seller's sole and absolute discretion. In such c ase: (l) Buyer shall supply to
Seller on or before ,
, at, Buyer's expense,
information and documents concerning Buyer's financial, employment and credit condition; (2) B uyer consents that Seller
Buyer Initials ______ _______ - 3 - Seller Initials _______ _______
may verify Buyer's financial ability and creditworthiness; (3) any such information and documents received by Seller shall be
held by Seller in confidence, and not released to others except to protect Seller's interest in this transaction; (4) if Seller does
not provide written notice of Seller's disapproval to Buyer on or before ,
,
then Seller waives this condition.
4. EARNEST MONEY: Buyer shall deposit $ as earnest money with
upon execution of this contract by both parties.
5. PROPERTY CONDITION: RESIDENTIAL DISCLOSURE STATEMENT: As required by Virginia law, §55-517 to §55-525:
Seller has furnished, and Buyer has received and reviewed, a Residential Property Disclosure Statement; or
Seller is exempt from furnishing a Property Disclosure or Disclaimer, because:
SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by
Federal law for a residential dwelling constructed prior to 1978. An addendum providing such disclosure
is
attached
is not applicable.
Buyer hereby represents that he has personally inspected and examined the above-mentioned premises and all
improvements thereon. Buyer hereby acknowledges that unless otherwise set forth in writing elsewhe re in this
contract neither Seller nor Seller's representatives, if any, have made any representat ions concerning the present or
past structural condition of the improvements. Buyer and Seller agree to the following c oncerning the condition of
the property:
Buyer accepts the property in its "as-is" and present condition.
Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense. If
the inspection report reveals defects in the property, Buyer shall notify Seller withi n 5 days of
receipt of the report and may cancel this contract and receive a refund of earnest money, or close this
agreement notwithstanding the defects, or Buyer and Seller may renegotiate this contra ct, in the
discretion of Seller. All inspections and notices to Seller shall be complete withi n days after
execution of this agreement.
Buyer accepts the Property in its present condition; provided Seller, at Seller’s expense, shall
complete the following repairs and treatment:
Buyer agrees that he will not hold Seller or its representatives responsible or liable for any present or future
structural problems or damage to the foundation or slab of said property. If the subject residential dwelling was
constructed prior to 1978, Buyer may conduct a risk assessment or inspection for the presence of lead-based
paint and/or lead-based paint hazards, to be completed within days after execution of this agreement.
In the alternative, Buyer may waive the opportunity to conduct an assessment/inspection by indicating said
waiver on the attached Lead-Based Paint Disclosure form.
MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold "as-is" without
warranty, or
shall be in good working order on the date of closing. Any repairs needed to mechanical equipment
or appliances, if any, shall be the responsibility of
Seller Buyer.
UTILITIES: Water is provided to the property by , Sewer is provided
by . Gas is provided by .
Electricity is provided by .
Other:
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The present condition of all utilities is accepted by Buyer.
HOMEOWNERS/NEIGHBORHOOD ASSOCIATION DISCLOSURE:
The property is bound to a Homeowners/Neighborhood Association. YES NO
If YES, BUYER, by initialling immediately below, indicates receipt and review of the Association Disclosure
Package provided by the Association to Seller.
BUYER INITIALS _____ _____
6. CLOSING: The closing of the sale will be on or before , 20
, unless extended pursuant
to the terms hereof.
Closing may be extended to within 7 days after objections to matters disclosed in the title abstract, certificate or
Commitment or by the survey have been cured.
If financing or assumption approval has been obtained, the Closing Date will be extended up to 15 days if necessary
to comply with lender's closing requirements (for example, appraisal, survey, insurance polici es, lender-required
repairs, closing documents). If either party fails to close this sale by the Closing Date , the non-defaulting party will
be entitled to exercise the remedies contained herein. The closing date may also be extended by written agreement of
the parties.
7. TITLE. The title report and survey, if required, will be ordered promptly and, if not available on the Settlement
Date, then Settlement may be delayed for up to 10 business days to obtain the titl e report and survey after which this
Contract, at the option of the Seller, may be terminated and the Deposit will be refunded in full to the Purchaser
according to the terms of the DEPOSIT paragraph. Fee simple title to the Property, a nd everything that conveys with
it, will be sold free of liens except for any loans assumed by the Purchaser. The Selle r will pay any special
assessments and will comply with all orders, requirements, or notices of violations of any c ounty or local authority,
condominium unit owners’ association, homeowners’ or property owners’ association or actions in any court on
account thereof, against or affecting the Property on the Settlement Date. Title is to be good and marketable, and
insurable by a licensed title insurance company with no additional risk premium. Titl e may be subject to commonly
acceptable easements, covenants, conditions and restrictions of record, if any; otherwise, t he Purchaser may declare
this Contract void, unless the defects are of such character that they may be rem edied within 30 Days beyond the
Settlement Date. In case action is required to perfect the title, such ac tion must be taken promptly by the Seller at the
Seller’s expense. The Broker is hereby expressly released from all liability for damages by reason of any defect in
the title. The Seller will convey the Property by general warranty deed with Engli sh covenants of title. The Seller
will sign such affidavits, lien waivers, tax certifications, and other documents as may be required by the lender, title
insurance company, Settlement Agent, or government authority, and authorizes the Settlement Agent to obtain pay-
off or assumption information from any existing lenders.
8. APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility
Buyer Seller. A survey is: not required required, the cost of which shall be paid by Seller Buyer. A
termite inspection is
not required required, the cost of which shall be paid by Seller Buyer. If a survey is required
it shall be obtained within 5 days of closing.
9. POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing. Title shall be
conveyed to Buyer, if more than one as
Joint tenants with rights of survivorship, tenants in common,
Other: Prior to closing the property shall remain in the possession of Seller and Sel ler shall deliver the
property to Buyer in substantially the same condition at closing, as on the date of this contract, reasonable wear and tear
excepted.
10. CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided. (Leave blank if the
closing cost does not apply.)
Closing Costs Buyer Seller Both*
Attorney Fees
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Closing Costs Buyer Seller Both*
Title Insurance
Title Abstract or Certificate
Property Insurance
Recording Fees
Appraisal
Survey
Termite Inspection
Origination fees
Discount Points
If contingent on rezoning, cost and expenses of rezoning
Other:
All other closing costs
* 50/50 between buyer and seller.
11. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and re nts, if any, will be
prorated through the Closing Date. If taxes for the current year vary from the amount prorated a t closing, the parties
shall adjust the prorations when tax statements for the current year are availabl e. If a loan is assumed and the lender
maintains an escrow account, the escrow account must be transferred to Buyer without any deficiency. Buyer shall
reimburse Seller for the amount in the transferred account. Buyer shall pay the premium for a new insurance policy.
If taxes are not paid at or prior to closing, Buyer will be obligated to pay taxes for the current year.
12. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the
effective date of the contract, Seller shall restore the Property to its previous c ondition as soon as reasonably
possible. If Seller fails to do so due to factors beyond Seller’s control, Buyer may either (a) terminate this contract
and the earnest money will be refunded to Buyer, (b) extend the time for performance a nd the Closing Date will be
extended as necessary, or (c) accept the Property in its damaged condition and accept an assignment of insurance
proceeds.
13. DEFAULT: If the Buyer fails to complete Settlement, at the option of the Sel ler, the Deposit may be forfeited as
liquidated damages and not as a penalty, in which event the Buyer will be rel ieved from further liability to the
Seller. If the Seller does not elect to accept the Deposit as liquidated da mages, the Deposit may not be the limit of
the Buyer’s liability in the event of a default. If the Seller fails to compl ete Settlement, the Buyer will have all legal
or equitable remedies, including specific performance and/or damages. If either the Se ller or Buyer refuses to
execute a release of Deposit when requested to do so in writing and a court finds that t hey should have executed the
agreement, the party who so refused to execute a release of Deposit will pay the e xpenses, including, without
limitation, reasonable attorney’s fees, incurred by the other party in the litigation. The Seller and Buyer agree that no
Escrow Agent will have any liability to any party on account of disbursement of the Deposit or on account of failure
to disburse the Deposit, except only in the event of the Escrow Agent’s gross negligence or will ful misconduct. The
parties further agree that the Escrow Agent will not be liable for the failure of a ny depository in which the Deposit is
placed and that the Seller and Buyer each will indemnify, defend and save harm less the Escrow Agent from any loss
or expense arising out of the holding, disbursement or failure to disburse the Deposit, except in the case of the
Escrow Agent’s gross negligence or willful misconduct. If either the Buyer or the Seller is in default, then in
addition to all other damages, the defaulting party will immediately pay t he costs (if any) incurred by the non-
defaulting party for the title examination, appraisal, and survey.
14. ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction
described in this contract is entitled to recover from the non-prevailing party all c osts of such proceeding and
reasonable attorney’s fees.
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15. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, or
security interests against the Property which will not be satisfied out of the sales proc eeds unless securing payment
of any loans assumed by Buyer and (b) assumed loans will not be in default. If any representation in this contract is
untrue on the Closing Date, this contract may be terminated by Buyer and the ea rnest money will be refunded to
Buyer. All representations contained in this contract will survive closing.
16. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable law, or if Seller fails to
deliver an affidavit that Seller is not a "foreign person", then Buyer shall withhold from the sales proceeds an
amount sufficient to comply with applicable tax law and deliver the same to t he Internal Revenue Service together
with appropriate tax forms. IRS regulations require filing written reports if cash in excess of specified amounts is
received in the transaction.
17. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed
except by their written agreement.
18. NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand-
delivered at, or transmitted by facsimile machine as follows:
To Buyer at: To Seller at:
Telephone ( ) Telephone ( )
Facsimile ( ) Facsimile ( )
19. ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller. This agreement may
be assigned by Seller and shall be binding on the heirs and assigns of the parties hereto.
20. PRIOR AGREEMENTS: This contract incorporates all prior agreements between the partie s, contains the entire and
final agreement of the parties, and cannot be changed except by their written consent . Neither party has relied upon
any statement or representation made by the other party or any sales representative bringing the parties together.
Neither party shall be bound by any terms, conditions, oral statements, warranties, or representat ions not herein
contained. Each party acknowledges that he has read and understands this contract. The provi sions of this contract
shall apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto.
When herein used, the singular includes the plural and the masculine includes the fem inine as the context may
require.
21. NO BROKER OR AGENTS: The parties represent that neither party has employed the servi ces of a real estate
broker or agent in connection with the property, or that if such agents have been employed, t hat the party employing
said agent shall pay any and all expenses outside the closing of this agreement.
22. EMINENT DOMAIN: If the property is condemned by eminent domain after the effective da te hereof, the Seller
and Buyer shall agree to continue the closing, or a portion thereof, or cancel this C ontract. If the parties cannot
agree, this contract shall
remain valid with Buyer being entitled to any condemnation proceeds at or a fter
closing, or
be cancelled and the earnest money returned to Buyer.
23. OTHER PROVISIONS
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24. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.
25. GOVERNING LAW: This contract shall be governed by the laws of the State of Virginia.
26. DEADLINE LIST (Optional) (complete all that apply ). Based on other provisions of Contract.
Deadline Date
Loan Application Deadline, if contingent on loan
Loan Commitment Deadline
Buyer(s) Credit Information to Seller
Disapproval of Buyers Credit Deadline
Survey Deadline
Title Objection Deadline
Appraisal Deadline
Property Inspection Deadline
Whether or not listed above, deadlines contained in this Contract may be extended i nformally by a writing signed by
the person granting the extension except for the closing date which must be extended by a writing signed by both
Seller and Buyer.
EXECUTED the day of , 20 (THE EFFECTIVE DATE).
Buyer Seller
Buyer Seller
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EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTIONRECEIPT
Receipt of Earnest Money is acknowledged.
Signature: Date:
, 20
By:
Telephone ( )
Address
Facsimile (
)
City State Zip Code
THIS IS A SEPARATE INSTRUCTION PAGE REGARDING LEAD-BASED PAINT DISCLOSURE
THIS PAGE IS NOT PART OF THE CONTRACT. IT IS PROVIDED BY USLF
TO AID THE SELLER IN COMPLYING WITH FEDERAL LEAD-BASED
PAINT DISCLOSURE LAW, FOR HOUSES BUILT PRIOR TO 1978.
* * *
IMPORTANT!!!
NOTES CONCERNING LEAD-PAINT DISCLOSURE REQUIREMENTS
Introduction: If the dwelling was constructed PRIOR TO 1978, federal law REQUIRES a Lead-Based Paint
Disclosure Form to be attached to the sale contract, completed and signed by the sel ler and purchaser. If the
dwelling was constructed in 1978 or later, this form is not required. If in doubt about the ti ming of construction,
use the disclosure form. Whenever the form is used, the seller must also give the purchaser the EPA lead-based
paint pamphlet discussed below. Sellers must retain a copy of the signed disclosure form for no less than three
years from the date the sale closes.
Background: To protect families from exposure to lead from paint, dust, and soil, Congress passed the
Residential Lead-Based Paint Hazard Reduction Act of 1992. HUD and EPA require the disclosure of known
information on lead-based paint and related hazards before the sale of most housing built before 1978.
Requirements: Before the sale contract becomes enforceable, sellers must fully comply with lead-paint
disclosure law. Compliance is accomplished by:
(1) Fully completing and delivering to the buyers, as an attachment to the contract, the LEAD-
BASED PAINT DISCLOSURE form (the buyers also initial and sign this form), and
(2) Giving the buyers the EPA pamphlet entitled "Protect Your Family From Lead In Your
Home." (See the download link for the pamphlet, below.)
Purchase the Disclosure Form: If you need to purchase a Lead-Based Paint Disclosure Form, you can easily
do so using USLF.
http://www.uslegalforms.com/lead-paint-disclosure-forms.htm Click this link (or copy it into
the address window of you internet browser) and select your state. Two forms will be accessed. You want the
“LEAD1” form, for sales transactions (not the “LEAD2” form for rentals). Click the “Information and Preview”
link for more info on the form, and then order the form.
The Free EPA Pamphlet: The seller must give the buyer the EPA-approved information pamphlet on
identifying and controlling lead-based paint hazards entitled "Protect Your Family From Lead In Your Home."
You may obtain and print this pamphlet free by clicking the following download link (or copying the link into
the address window of your internet browser):
http://www.epa.gov/lead/pubs/leadpdfe.pdf
The form is in .pdf format and you will need the free Adobe Acrobat Reader to view the form. In the unlikely circumstance that the Adobe Acrobat Reader is not installed on your computer, you can download it free from
http://www.adobe.com/products/acrobat/readstep2.html . The download is quick and easy.
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