Real Estate Purchase and Sale Agreement Template

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Real Estate Purchase and Sale Agreement
NOTICE: This is a legal and binding Agreement for the purchase and sale of property. It is appropriate for most BUT NOT ALL such transactions. If this form does not
appear to either Buyer or Seller to be appropriate for a particular transaction, you are urged to discuss the purchase or sale with an attorney BEFORE YOU SIGN. Most,
but not all, provisions of this Agreement are subject to negotiation prior to execution.
1. THIS Agreement to buy and sell real property is made between:
SELLER: ___________________________________________________________________________________________________________________
(Names of Sellers)
hereinafter referred to as “Seller”
SS/Tax ID (Optional)
ADDRESS: _________________________________________________________________________________________________________________
(Address of Sellers)
Town/City
State
ZIP
BUYER: ___________________________________________________________________________________________________________________
(Names of Buyers)
hereinafter referred to as “Buyer”
SS/Tax ID (Optional)
ADDRESS: _________________________________________________________________________________________________________________
(Address of Buyers)
Town/City
State
ZIP
Seller agrees to sell and Buyer agrees to buy for the purchase price and upon the terms and conditions stated herein the real property with all buildings and other
improvements thereon and all appurtenances thereto, in the same condition as they were on the date of Buyer’s signature, reasonable wear and tear excepted.
2. REAL PROPERTY TO BE PURCHASED:
a) Street Address: ______________________________________________________________________________________________________
b) City/Town: ______________________________________________STATE _______________________________ ZIP____________________
c) Described as: _________________________________________________________________________________________________________
3. INCLUDED IN SALE PRICE: The Real Property shall include all items permanently attached to the property on the date Buyer signed this Agreement and: all screens,
storm windows, TV antenna, awnings. security, fire and smoke alarms, garage door openers with controls, venetian blinds, curtain/drapery rods, wall to wall carpet,
plumbing and heating fixtures (except portable heaters or rented water heaters), light fixtures, shrubbery and plants. Unless mentioned below, all personal property is
excluded.
ADDITIONAL PERSONAL PROPERTY, if any, to be included:
_______________________________________________________________________________________________________________________________________
_______________________________________________________________________________________________________________________________________
There is no leased personal property except:
____________________________________________________________________________________________________________________
4. PURCHASE PRICE $ ____________________________, payable as follows:
a) By initial Deposit submitted herewith receipt of which is hereby acknowledged…………………………………………..$_________________________________
b) By additional Deposit due upon Sellers Acceptance………………………………………………………………………….$_________________________________
c) By Proceeds of: Financing as specified in paragraph 6 below……………………………………………………………….$_________________________________
d) By________________________________________________________...........................…………………………….$_________________________________
e) Balance to be paid by certified check or bank check at Closing…. …………………………………..……………………. $_________________________________
TOTAL PRICE TO BE PAID (Must equal “Purchase Price”)……………………………………………… $_________________________________
5. DEPOSITS: The Deposit(s) specified above shall be made at the stated times. All Deposits shall be made by check, payable to the Listing Broker or the attorney/title
company conducting the closing. All checks are subject to collection and failure of collection shall constitute a default. Except at time of dosing, when the deposit shall be
delivered to Seller or Seller’s designee, the Listing Broker shall not pay the Deposit to anyone without the written consent of all parties to this Agreement. In the event any
deposit funds payable pursuant to this Agreement are not paid by Buyer, Seller may give written notice of such failure to Buyer. If such notice is given and a period of 3
(three) days pass without Buyer paying the Deposit owed, Seller may declare Buyer in default and shall have the remedies set forth in Paragraph 14.
6. FINANCING CONTINGENCY:
a) Amount $______________________________;
b) Maximum Initial Interest Rate _______%
c) Term:
_ years; d) Commitment Date:________________________
e) Type: ____Conventional Fixed
____Variable ____FHA
____VA
____CHFA
____Other__________________________________________________
Buyer’s obligation is contingent upon Buyer obtaining financing as specified in this paragraph. Buyer agrees to apply for such financing immediately and diligently pursue
a written mortgage commitment on or before the Commitment Date.
f). If Buyer is unable to obtain a written commitment and notifies Seller in writing by 5:00 PM on said Commitment Date, this Agreement shall be null and void and any
Deposits shall be immediately returned to Buyer. Otherwise, the Financing Contingency shall be deemed satisfied and this Agreement shall continue in full force and
effect.
7. CONDITION OF PREMISES: Buyer represents that Buyer has examined the property and is satisfied with the physical condition subject to the Inspection Contingency if
applicable. Neither Seller nor any representative of the Seller or Buyer has made any representation or promise other than those expressly stated herein which Buyer has
replied upon in making this Agreement.
8. INSPECTION CONTINGENCY:
a) Inspections shall be completed and results reported to Seller on or before 5:00 P.M. on:_________________________________________
b)Seller agrees to permit Buyer’s designees to inspect the real property during the period from Seller’s acceptance until the date set forth in (a) above. If Buyer is not
satisfied with the physical condition of the real property, and so notifies Seller in writing prior to the date specified in (a) above, then Buyer may at Buyer’s option terminate
this Agreement. Buyer may give Seller the option to correct the conditions that are unsatisfactory to the Buyer. Should Buyer elect to terminate this Agreement or Seller is
unwilling to correct any unsatisfactory conditions the Buyer shall notify Seller on or before 5:00P.M. on:______________________ of Buyer’s election to terminate this
Agreement and if terminated this Agreement shall be null and void and any deposit monies paid hereunder shall be returned immediately to Buyer and neither Buyer nor
Seller shall have any claims against each other under the terms of this Agreement. If Buyer fails to notify Seller as provided herein, this contingency shall be deemed
satisfied and this Agreement shall continue in full force and effect.
c) If initiated below, Buyer does NOT choose to have any inspections performed and WAIVES any rights to object to any defects in the property that would have been
disclosed by a full and complete inspections.
Initials___________________________
Page ___ of ____
Real Estate Purchase and Sale Agreement
NOTICE: This is a legal and binding Agreement for the purchase and sale of property. It is appropriate for most BUT NOT ALL such transactions. If this form does not
appear to either Buyer or Seller to be appropriate for a particular transaction, you are urged to discuss the purchase or sale with an attorney BEFORE YOU SIGN. Most,
but not all, provisions of this Agreement are subject to negotiation prior to execution.
1. THIS Agreement to buy and sell real property is made between:
SELLER: ___________________________________________________________________________________________________________________
(Names of Sellers)
hereinafter referred to as “Seller”
SS/Tax ID (Optional)
ADDRESS: _________________________________________________________________________________________________________________
(Address of Sellers)
Town/City
State
ZIP
BUYER: ___________________________________________________________________________________________________________________
(Names of Buyers)
hereinafter referred to as “Buyer”
SS/Tax ID (Optional)
ADDRESS: _________________________________________________________________________________________________________________
(Address of Buyers)
Town/City
State
ZIP
Seller agrees to sell and Buyer agrees to buy for the purchase price and upon the terms and conditions stated herein the real property with all buildings and other
improvements thereon and all appurtenances thereto, in the same condition as they were on the date of Buyer’s signature, reasonable wear and tear excepted.
2. REAL PROPERTY TO BE PURCHASED:
a) Street Address: ______________________________________________________________________________________________________
b) City/Town: ______________________________________________STATE _______________________________ ZIP____________________
c) Described as: _________________________________________________________________________________________________________
3. INCLUDED IN SALE PRICE: The Real Property shall include all items permanently attached to the property on the date Buyer signed this Agreement and: all screens,
storm windows, TV antenna, awnings. security, fire and smoke alarms, garage door openers with controls, venetian blinds, curtain/drapery rods, wall to wall carpet,
plumbing and heating fixtures (except portable heaters or rented water heaters), light fixtures, shrubbery and plants. Unless mentioned below, all personal property is
excluded.
ADDITIONAL PERSONAL PROPERTY, if any, to be included:
_______________________________________________________________________________________________________________________________________
_______________________________________________________________________________________________________________________________________
There is no leased personal property except:
____________________________________________________________________________________________________________________
4. PURCHASE PRICE $ ____________________________, payable as follows:
a) By initial Deposit submitted herewith receipt of which is hereby acknowledged…………………………………………..$_________________________________
b) By additional Deposit due upon Sellers Acceptance………………………………………………………………………….$_________________________________
c) By Proceeds of: Financing as specified in paragraph 6 below……………………………………………………………….$_________________________________
d) By________________________________________________________...........................…………………………….$_________________________________
e) Balance to be paid by certified check or bank check at Closing…. …………………………………..……………………. $_________________________________
TOTAL PRICE TO BE PAID (Must equal “Purchase Price”)……………………………………………… $_________________________________
5. DEPOSITS: The Deposit(s) specified above shall be made at the stated times. All Deposits shall be made by check, payable to the Listing Broker or the attorney/title
company conducting the closing. All checks are subject to collection and failure of collection shall constitute a default. Except at time of dosing, when the deposit shall be
delivered to Seller or Seller’s designee, the Listing Broker shall not pay the Deposit to anyone without the written consent of all parties to this Agreement. In the event any
deposit funds payable pursuant to this Agreement are not paid by Buyer, Seller may give written notice of such failure to Buyer. If such notice is given and a period of 3
(three) days pass without Buyer paying the Deposit owed, Seller may declare Buyer in default and shall have the remedies set forth in Paragraph 14.
6. FINANCING CONTINGENCY:
a) Amount $______________________________;
b) Maximum Initial Interest Rate _______%
c) Term:
_ years; d) Commitment Date:________________________
e) Type: ____Conventional Fixed
____Variable ____FHA
____VA
____CHFA
____Other__________________________________________________
Buyer’s obligation is contingent upon Buyer obtaining financing as specified in this paragraph. Buyer agrees to apply for such financing immediately and diligently pursue
a written mortgage commitment on or before the Commitment Date.
f). If Buyer is unable to obtain a written commitment and notifies Seller in writing by 5:00 PM on said Commitment Date, this Agreement shall be null and void and any
Deposits shall be immediately returned to Buyer. Otherwise, the Financing Contingency shall be deemed satisfied and this Agreement shall continue in full force and
effect.
7. CONDITION OF PREMISES: Buyer represents that Buyer has examined the property and is satisfied with the physical condition subject to the Inspection Contingency if
applicable. Neither Seller nor any representative of the Seller or Buyer has made any representation or promise other than those expressly stated herein which Buyer has
replied upon in making this Agreement.
8. INSPECTION CONTINGENCY:
a) Inspections shall be completed and results reported to Seller on or before 5:00 P.M. on:_________________________________________
b)Seller agrees to permit Buyer’s designees to inspect the real property during the period from Seller’s acceptance until the date set forth in (a) above. If Buyer is not
satisfied with the physical condition of the real property, and so notifies Seller in writing prior to the date specified in (a) above, then Buyer may at Buyer’s option terminate
this Agreement. Buyer may give Seller the option to correct the conditions that are unsatisfactory to the Buyer. Should Buyer elect to terminate this Agreement or Seller is
unwilling to correct any unsatisfactory conditions the Buyer shall notify Seller on or before 5:00P.M. on:______________________ of Buyer’s election to terminate this
Agreement and if terminated this Agreement shall be null and void and any deposit monies paid hereunder shall be returned immediately to Buyer and neither Buyer nor
Seller shall have any claims against each other under the terms of this Agreement. If Buyer fails to notify Seller as provided herein, this contingency shall be deemed
satisfied and this Agreement shall continue in full force and effect.
c) If initiated below, Buyer does NOT choose to have any inspections performed and WAIVES any rights to object to any defects in the property that would have been
disclosed by a full and complete inspections.
Initials___________________________
Page ___ of ____
9. STATEMENT RE: LEAD BASED PAINT: The parties acknowledge that dwelling units constructed prior to 1978 are likely to contain lead-based paint which could
create a health hazard. In the event that the real property which is the subject of this Agreement consists of or contains a residential unit built prior to 1978, the parties
agree that each party has received, reviewed, signed and annexed hereto a completed Disclosure and acknowledgment Form re: Lead-Based Paint as required by federal
HUD/EPA disclosure regulations.
10. OCCUPANCY, POSSESSION: CLOSING DATE:
.
Unless otherwise stated herein, Buyer shall receive exclusive possession and occupancy with keys on Closing Date. The Real Property shall be maintained by Seller until
time of Closing and shall be transferred in broom clean condition, free of debris. Buyer shall have the right to a walk-through inspection of the Property within 48 hours prior
to the Closing Date. Closing shall be held at an office to be determined by Buyer’s attorney in the county where the property is located or at such place as designated by
Buyers mortgage lender.
11. WARRANTY DEED: Seller agrees to convey fee simple title of the Real Property to Buyer by a good and sufficient Warranty Deed subject only to any and all
provisions of any ordinance, municipal regulation, public or private law, restrictions and easements as appear of record, if any, provided they do not affect marketability of
title, current real estate taxes, water and sewer charges, and current water and sewer assessment balance, if any; except in those cases where a fiduciary’s Deed or other
form of court ordered deed may be required to pass title. Seller warrants that Seller has no notice of any outstanding violations from any town, city or State agency relating
to the property.
12. MARKETABLE TITLE: Title to be conveyed by Seller shall be marketable as determined by the Standards of Title of the “YOUR STATE” Bar Association now in
force. Seller further agrees to execute such documents as may be reasonably required by Buyer’s title insurance company or by Buyer’s mortgage lender. Should Seller be
unable to convey Marketable Title as defined herein, Buyer may accept such Title as Seller can convey, or may reject the Unmarketable Title, receive back all Deposit
money, and declare this Agreement null and void. Upon such rejection and repayment to Buyer of all sums paid on account hereof, together with the reasonable fees for
the examination of title, this Agreement shall terminate and the Parties hereto shall be released from all further claims against each other.
13. ADJUSTMENTS: Real Estate Taxes will be adjusted as of the Closing Date. All other adjustments, including Association fees, fuel oil, water and sewer usage, interest
on sewer or water assessments, utilities, rent, if any, and issues regarding funds at closing and unavailability of releases at closing and like matters shall be adjusted pro
rata as of the Closing Date in accordance with the Residential Real Estate Closing Customs of “YOUR STATE”, as adopted by the “YOUR STATE” Bar Association, now
in force. Rent security deposits, if any, shall be credited to Buyer by Seller on the Closing Date and shall include, any interest accrued to the tenant.
14. BUYER’S DEFAULT: If Buyer fails to comply with any Terms of this Agreement by the time set forth for compliance and Seller is not in default, Seller shall be entitled
to all initial and additional deposit funds provided for in section 4, whether or not Buyer has paid the same, as liquidated damages and both parties shall be relieved of
further liability under this Agreement. If legal action is brought to enforce any provision of this Agreement, the prevailing party shall be entitled to reasonable attorney’s
fees.
15. RISK OF LOSS, DAMAGE: All risk of loss or damage to said property by fire, theft or other casualty until delivery of Deed shall be upon the Seller. In the event of loss
or damage independently appraised at more than $5,000.00, Buyer shall have the option to receive any insurance payment on account of said damage and take Title, or
rescind this Agreement and receive back all Deposit money paid. In such case all rights and obligations of the parties under this Agreement shall terminate.
16. COMMON INTEREST COMMUNITY: If the property is a unit in a condominium or other common interest community, Seller will deliver the resale documents in
accordance with the local statutes and customs.
17. LISTING BROKER: _______________________________________________________________PH#: ___________________________________
________ Dual Agent - If the Listing Agent is acting as a Dual Agent, a CONSENT FOR DUAL AGENCY FORM SHALL BE ATTACHED to this Agreement.
COOPERATING BROKER
PH#__________________ ___ Buyer Agent ___ Sub Agent
18. PROPERTY CONDITION REPORT: Seller and Buyer acknowledge that if a written residential property condition report is required by statute and Seller has not
provided Buyer with the required report, Seller will credit Buyer with the statutory fee at closing.
19. EQUAL HOUSING RIGHTS: This Agreement is Subject to all local statutory laws prohibiting discrimination in commercial and residential real estate transactions.
20. ADDENDUM: The following attached Addenda and/or Riders are part of this Agreement:
____ Seller’s Property Condition Disclosure;
___ Agency Disclosure;
____Title; ____Lead hazards
____ Dual Agency Consent
____Multi-family or Commercial Property Rider
____Other ________________________________________________________
21. ADDITIONAL TERMS AND CONDITIONS: __________________________________________________________________________________________
________________________________________________________________________________________________________________________________
22. FAX TRANSMISSION: The parties acknowledge that this Agreement and any addenda or modification and/or any notices due hereunder may be transmitted between
them by facsimile machine, e-FAX, or via email and the parties intend that a faxed document containing either the original and/or copies of the parties’ signatures shall be
binding and of full effect.
23. COMPLETE AGREEMENT: This Agreement contains the entire agreement between Buyer and Seller concerning this transaction and supersedes any and all previous
written or oral agreements concerning the Property. Any extensions or modifications of this Agreement shall be in writing signed by the parties.
24. NOTICE: Any notice required or permitted under the Terms of this Agreement by Buyer or Seller shall be in writing addressed to the Party concerned using the
address stated in Paragraph 1 of this Agreement or to such party’s attorney or to the party’s Listing Broker or Cooperating Broker designated in paragraph 17.
25. BUYER AND SELLER acknowledge receipt of a copy of this Agreement upon their signing same.
26. TIME TO ACCEPT: Seller shall have until __________________________________________________________________ to accept this Agreement.
27. SIGNATURES:
__________________________________
______________
______________________________________
____________
Buyer’s Signature
Date
Seller’s Signature
Date
__________________________________
______________
______________________________________
___________
Buyer’s Signature
Date
Seller’s Signature
Date
__________________________________
_____________
______________________________________
___________
Buyer’s Signature
Date
Seller’s Signature
Date
Page ___ of ____

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