Purchase and Sale Agreement Template - Kentucky

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KENTUCKY PURCHASE AND SALE
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , o f
__________________________________________________________________________________ as Seller, and
__________________________________________________________________________________________, of
_____________________________________________________________________ as Buyer, hereby agree that
the Seller shall sell and the Buyer shall buy the following described property UPON THE TERMS AND CONDI-
TIONS HEREINAFTER SET FORTH, which shall include the STANDARDS FOR REAL ESTATE TRANSAC-
TIONS set forth within this contract.
1.
LEGAL DESCRIPTION of real estate located in ___________________________________________
______________________________________ County, State of _________________________________:
2. PURCHASE PRICE ___________________________________________________ Dollars. Method of
Payment:
(a) Deposit to be held in trust by _____________________________________ $_______________
(b) Approximate principal balance of first mortgage to which conveyance shall be
subject, if any, to Mortgage lender:___________________________________ $_______________
Interest __________% per annum: Method of payment _________________
(c) Other: ________________________________________________________ $_______________
(d) Cash, certified or local cashier’s check on closing and delivery of deed (or such
greater or lesser amount as may be necessary to complete payment of purchase
price after credits, adjustments and prorations).
$_______________
3. PRORATIONS: Taxes, insurance, interest, rents and other expenses and revenue of said property shall be pro-
rated as of the date of closing.
4.
RESTRICTIONS, EASEMENTS, LIMITATIONS: Buyer shall take title subject to: (a) Zoning, restrictions,
prohibitions and requirements imposed by governmental authority, (b) Restrictions and matters appearing on the plat
or common to the subdivision, (c) Public utility easements of record, provided said easements are located on the side
or rear lines of the property, (d) Taxes for year of closing, assumed mortgages, and purchase money mortgages, if
any, (e) Other: _________________________________________________________________________________
______________________________________________. Seller warrants that there shall be no violations of build-
ing or zoning codes at the time of closing.
5. DEFAULT BY BUYER: If Buyer fails to perform any of the covenants of this contract, all money paid pursuant
to this contract by Buyer as aforesaid shall be retained by or for the account of the Seller as consideration for the exe-
cution of this contract and as agreed liquidated damages and in full settlement of any claims for damages.
6. DEFAULT BY SELLER: If the Seller fails to perform any of the covenants of this contract, the aforesaid money
paid by the Buyer, at the option of the Buyer, shall be returned to the Buyer on demand; or the Buyer shall have only
the right of specific performance.
7.
TERMITE INSPECTION: At least 15 days before closing, Buyer, at Buyer’s expense, shall have the right to
obtain a written report from a licensed exterminator stating that there is no evidence of live termite or other wood-
boring insect infestation on said property nor substantial damage from prior infestation on said property. If there is
such evidence, Seller shall pay up to three (3%) percent of the purchase price for the treatment required to remedy
such infestation, including repairing and replacing portions of said improvements which have been damaged; but if
the costs for such treatment or repairs exceed three (3%) percent of the purchase price, Buyer may elect to pay such
excess. If Buyer elects not to pay, Seller may pay the excess or cancel the contract.
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KENTUCKY PURCHASE AND SALE
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , o f
__________________________________________________________________________________ as Seller, and
__________________________________________________________________________________________, of
_____________________________________________________________________ as Buyer, hereby agree that
the Seller shall sell and the Buyer shall buy the following described property UPON THE TERMS AND CONDI-
TIONS HEREINAFTER SET FORTH, which shall include the STANDARDS FOR REAL ESTATE TRANSAC-
TIONS set forth within this contract.
1.
LEGAL DESCRIPTION of real estate located in ___________________________________________
______________________________________ County, State of _________________________________:
2. PURCHASE PRICE ___________________________________________________ Dollars. Method of
Payment:
(a) Deposit to be held in trust by _____________________________________ $_______________
(b) Approximate principal balance of first mortgage to which conveyance shall be
subject, if any, to Mortgage lender:___________________________________ $_______________
Interest __________% per annum: Method of payment _________________
(c) Other: ________________________________________________________ $_______________
(d) Cash, certified or local cashier’s check on closing and delivery of deed (or such
greater or lesser amount as may be necessary to complete payment of purchase
price after credits, adjustments and prorations).
$_______________
3. PRORATIONS: Taxes, insurance, interest, rents and other expenses and revenue of said property shall be pro-
rated as of the date of closing.
4.
RESTRICTIONS, EASEMENTS, LIMITATIONS: Buyer shall take title subject to: (a) Zoning, restrictions,
prohibitions and requirements imposed by governmental authority, (b) Restrictions and matters appearing on the plat
or common to the subdivision, (c) Public utility easements of record, provided said easements are located on the side
or rear lines of the property, (d) Taxes for year of closing, assumed mortgages, and purchase money mortgages, if
any, (e) Other: _________________________________________________________________________________
______________________________________________. Seller warrants that there shall be no violations of build-
ing or zoning codes at the time of closing.
5. DEFAULT BY BUYER: If Buyer fails to perform any of the covenants of this contract, all money paid pursuant
to this contract by Buyer as aforesaid shall be retained by or for the account of the Seller as consideration for the exe-
cution of this contract and as agreed liquidated damages and in full settlement of any claims for damages.
6. DEFAULT BY SELLER: If the Seller fails to perform any of the covenants of this contract, the aforesaid money
paid by the Buyer, at the option of the Buyer, shall be returned to the Buyer on demand; or the Buyer shall have only
the right of specific performance.
7.
TERMITE INSPECTION: At least 15 days before closing, Buyer, at Buyer’s expense, shall have the right to
obtain a written report from a licensed exterminator stating that there is no evidence of live termite or other wood-
boring insect infestation on said property nor substantial damage from prior infestation on said property. If there is
such evidence, Seller shall pay up to three (3%) percent of the purchase price for the treatment required to remedy
such infestation, including repairing and replacing portions of said improvements which have been damaged; but if
the costs for such treatment or repairs exceed three (3%) percent of the purchase price, Buyer may elect to pay such
excess. If Buyer elects not to pay, Seller may pay the excess or cancel the contract.
8. ROOF INSPECTION: At least 15 days before closing, Buyer, at Buyer’s expense, shall have the right to obtain
a written report from a licensed roofer stating that the roof is in a watertight condition. In the event repairs are
required either to correct leaks or to replace damage to facia or soffit, Seller shall pay up to three (3%) percent of the
purchase price for said repairs which shall be performed by a licensed roofing contractor; but if the costs for such
repairs exceed three (3%) percent of the purchase price, Buyer may elect to pay such excess. If Buyer elects not to
pay, Seller may pay the excess or cancel the contract.
9. OTHER INSPECTIONS: At least 15 days before closing, Buyer or his agent may inspect all appliances, air con-
ditioning and heating systems, electrical systems, plumbing, machinery, sprinklers and pool system included in the
sale. Seller shall pay for repairs necessary to place such items in working order at the time of closing. Within 48 hours
before closing, Buyer shall be entitled, upon reasonable notice to Seller, to inspect the premises to determine that said
items are in working order. All items of personal property included in the sale shall be transferred by Bill of Sale with
warranty of title.
10. LEASES: Seller, not less than 15 days before closing, shall furnish to Buyer copies of all written leases and
estoppel letters from each tenant specifying the nature and duration of the tenant’s occupancy, rental rates and
advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letters from tenants, Seller shall
furnish the same information to Buyer within said time period in the form of a seller’s affidavit, and Buyer may con-
tact tenants thereafter to confirm such information. At closing, seller shall deliver and assign all original leases to
Buyer.
11. MECHANICS LIENS: Seller shall furnish to Buyer an affidavit that there have been no improvements to the
subject property for 90 days immediately preceding the date of closing, and no financing statements, claims of lien
or potential lienors known to Seller. If the property has been improved within that time, Seller shall deliver releases
or waivers of all mechanics liens as executed by general contractors, subcontractors, suppliers and materialmen, in
addition to the seller’s lien affidavit, setting forth the names of all general contractors, subcontractors, suppliers and
materialmen and reciting that all bills for work to the subject property which could serve as basis for mechanics liens
have been paid or will be paid at closing.
12. PLACE OF CLOSING: Closing shall be held at the office of the Seller’s attorney or as otherwise agreed upon.
13. TIME IS OF THE ESSENCE: Time is of the essence of this Sale and Purchase Agreement.
14. DOCUMENTS FOR CLOSING: Seller’s attorney shall prepare deed, note, mortgage, Seller’s affidavit, any cor-
rective instruments required for perfecting the title, and closing statement and submit copies of same to Buyer’s attor-
ney, and copy of closing statement to the broker, at least two days prior to scheduled closing date.
15. EXPENSES: State documentary stamps required on the instrument of conveyance and the cost of recording any
corrective instruments shall be paid by the Seller. Documentary stamps to be affixed to the note secured by the pur-
chase money mortgage, intangible tax on the mortgage, and the cost of recording the deed and purchasing money
mortgage shall be paid by the Buyer.
16. INSURANCE: If insurance is to be prorated, the Seller shall on or before the closing date, furnish to Buyer all
insurance policies or copies thereof.
17. RISK OF LOSS: If the improvements are damaged by fire or casualty before delivery of the deed and can be
restored to substantially the same condition as now within a period of 60 days thereafter, Seller shall so restore the
improvements and the closing date and date of delivery of possession hereinbefore provided shall be extended
accordingly. If Seller fails to do so, the Buyer shall have the option of (1) taking the property as is, together with
insurance proceeds, if any, or (2) cancelling the contract, and all deposits shall be forthwith returned to the Buyer and
all parties shall be released of any and all obligations and liability.
18. MAINTENANCE: Between the date of the contract and the date of closing, the property, including lawn, shrub-
bery and pool, if any, shall be maintained by the Seller in the condition as it existed as of the date of the contract,
ordinary wear and tear excepted.
19. CLOSING DATE: This contract shall be closed and the deed and possession shall be delivered on or before the
day of
,
, unless extended by other provisions of this contract.
(year)
20. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions inserted in this
form shall control all printed provisions in conflict therewith.
21. OTHER AGREEMENTS: No agreements or representations, unless incorporated in this contract, shall be bind-
ing upon any of the parties.
22. RADON GAS DISCLOSURE: As re q u i red by law, ( L a n d l o rd) (Seller) makes the fo l l owing discl o s u re : “ R a d o n
G a s ” is a nat u ra l ly occurring ra d i o a c t ive gas that , when it has accumu l ated in a building in sufficient quantities, m ay
p resent health risks to persons who a re exposed to it over time. Levels of radon that exceed fe d e ral and state guidelines
h ave been found in buildings in
. A dditional info rm ation rega rding radon and radon testing may
be obtained from your county public health unit.
23. LEAD PAINT DISCLOSURE: “Every purchaser of any interest in residential real property on which a residen-
tial dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint
that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce
permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems
and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in
residential real estate is required to provide the buyer with any information on lead-based paint hazards from risk
assessments or inspection in the seller’s possession and notify the buyer of any known lead-based paint hazards. A
risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.”
24. SPECIAL CLAUSES:
COMMISSION TO BROKER: The Seller hereby recognizes ____________________________________
_________________________________as the Broker in this transaction, and agrees to pay as commission
__________________% of the gross sales price, the sum of _____________________________________
___________________________________________________________Dollars ($__________________) or one-
half of the deposit in case same is forfeited by the Buyer through failure to perform, as compensation for services
rendered, provided same does not exceed the full amount of the commission.
WITNESSED BY:
____________________________________________
__________________________________________
Witness
Date
Buyer
Date
____________________________________________
__________________________________________
Witness
Date
Seller
Date

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