Offer and Purchase and Sale Agreement Template

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OFFER AND PURCHASE AND SALE AGREEMENT
OFFER
This Offer is given by
whose
address is
(referred to in
this instrument, individually and collectively, as the "Buyer") to
whose address is
(referred to in this instrument, individually
and collectively, as the "Seller").
1.
LEAD PAINT DISCLOSURE
THE BUYER ACKNOWLEDGES THAT BEFORE SUBMITTING THIS OFFER, HE, SHE,
THEY OR IT HAS RECEIVED FROM THE SELLER AND REVIEWED:
(a) A COPY OF THE EPA DOCUMENT ENTITLED "PROTECT YOUR FAMILY
FROM LEAD IN YOUR HOME" (EPA 747-K-99-001), OR AN EQUIVALENT LEAD
HAZARD INFORMATION PAMPHLET THAT HAS BEEN APPROVED FOR USE
IN NEW MEXICO BY THE EPA, AND
(b) A COPY OF THE LEAD WARNING STATEMENT, ATTACHED AS EXHIBIT A,
SIGNED BY THE SELLER.
Buyer Signature
Buyer Signature
Date and Time
Date and Time
If the Buyer has submitted this Offer before Buyer's receipt from the Seller of the documents
referred to in (a) and (b) above, completed and signed by the Seller, then, notwithstanding
anything to the contrary in this Offer and Agreement, the Seller shall not accept this Offer, and
any purported acceptance by Seller shall be invalid, and the Buyer must resubmit an Offer after
the Seller has provided the documents referred to in (a) and (b) above and has given the Buyer an
opportunity to review those documents.
2.
ESTIMATED PROPERTY TAX DISCLOSURE
THE BUYER ACKNOWLEDGES THAT BEFORE SUBMITTING THIS OFFER, HE, SHE,
THEY OR IT (CHECK ONE OF THE TWO BOXES BELOW)
HAS RECEIVED A COPY OF THE COUNTY ASSESSOR’S ESTIMATE OF THE
AMOUNT OF PROPERTY TAX LEVY WITH RESPECT TO THE PREMISES
(DESCRIBED IN SECTION 6, BELOW), A COPY OF WHICH IS ATTACHED AS
EXHIBIT B, AND THAT THE COUNTY ASSESSOR’S ESTIMATE IS BASED
UPON THE LISTING PRICE OF THE PREMISES.
THAT THE COUNTY ASSESSOR’S ESTIMATE OF THE AMOUNT OF
PROPERTY TAX LEVY WITH RESPECT TO THE PREMISES IS NOT READILY
AVAILABLE AND WAIVES DISCLOSURE OF THE ESTIMATED AMOUNT OF
PROPERTY TAX LEVY.
Buyer Signature
Buyer Signature
Date and Time
Date and Time
OFFER AND PURCHASE AND SALE AGREEMENT
OFFER
This Offer is given by
whose
address is
(referred to in
this instrument, individually and collectively, as the "Buyer") to
whose address is
(referred to in this instrument, individually
and collectively, as the "Seller").
1.
LEAD PAINT DISCLOSURE
THE BUYER ACKNOWLEDGES THAT BEFORE SUBMITTING THIS OFFER, HE, SHE,
THEY OR IT HAS RECEIVED FROM THE SELLER AND REVIEWED:
(a) A COPY OF THE EPA DOCUMENT ENTITLED "PROTECT YOUR FAMILY
FROM LEAD IN YOUR HOME" (EPA 747-K-99-001), OR AN EQUIVALENT LEAD
HAZARD INFORMATION PAMPHLET THAT HAS BEEN APPROVED FOR USE
IN NEW MEXICO BY THE EPA, AND
(b) A COPY OF THE LEAD WARNING STATEMENT, ATTACHED AS EXHIBIT A,
SIGNED BY THE SELLER.
Buyer Signature
Buyer Signature
Date and Time
Date and Time
If the Buyer has submitted this Offer before Buyer's receipt from the Seller of the documents
referred to in (a) and (b) above, completed and signed by the Seller, then, notwithstanding
anything to the contrary in this Offer and Agreement, the Seller shall not accept this Offer, and
any purported acceptance by Seller shall be invalid, and the Buyer must resubmit an Offer after
the Seller has provided the documents referred to in (a) and (b) above and has given the Buyer an
opportunity to review those documents.
2.
ESTIMATED PROPERTY TAX DISCLOSURE
THE BUYER ACKNOWLEDGES THAT BEFORE SUBMITTING THIS OFFER, HE, SHE,
THEY OR IT (CHECK ONE OF THE TWO BOXES BELOW)
HAS RECEIVED A COPY OF THE COUNTY ASSESSOR’S ESTIMATE OF THE
AMOUNT OF PROPERTY TAX LEVY WITH RESPECT TO THE PREMISES
(DESCRIBED IN SECTION 6, BELOW), A COPY OF WHICH IS ATTACHED AS
EXHIBIT B, AND THAT THE COUNTY ASSESSOR’S ESTIMATE IS BASED
UPON THE LISTING PRICE OF THE PREMISES.
THAT THE COUNTY ASSESSOR’S ESTIMATE OF THE AMOUNT OF
PROPERTY TAX LEVY WITH RESPECT TO THE PREMISES IS NOT READILY
AVAILABLE AND WAIVES DISCLOSURE OF THE ESTIMATED AMOUNT OF
PROPERTY TAX LEVY.
Buyer Signature
Buyer Signature
Date and Time
Date and Time
If the Buyer has submitted this offer before (a) Buyer’s receipt of the County Assessor’s
Estimate of the Amount of Property Tax Levy with respect to the Premises, and (b) Buyer has
not acknowledged that the County Assessor’s Estimate of the Amount of Property Tax Levy is
not readily available and waived disclosure of that estimate, then, notwithstanding anything to
the contrary in this Offer and Agreement, the Seller shall not accept this Offer, and any purported
acceptance by Seller shall be invalid, and the Buyer must resubmit an Offer after receipt or
acknowledgement and waiver of an estimate.
3.
OFFER
Buyer hereby offers to purchase from Seller the Premises, upon the terms and conditions set out
in the Purchase and Sale Agreement below.
4.
ACCEPTANCE
Seller may accept this Offer by signing this Offer and Purchase and Sale Agreement and
returning one signed copy to Buyer on or before
o'clock __.m.,
, 20___. If the Seller accepts this Offer, then it will become a legally binding agreement
for the purchase and sale of the Premises upon the following terms and conditions:
PURCHASE AND SALE AGREEMENT
5.
BASIC AGREEMENT
Seller will sell and Buyer will purchase the Premises upon the terms and conditions set forth
below.
6.
PREMISES
The term "Premises" refers to that real estate commonly known as and numbered
,
, situated in _______________ County, New
Mexico. Exhibit C may contain a more specific description of the Premises.
The Premises includes any and all improvements to the subject real estate, including without
limitation (except as specifically excluded below) buildings on permanent foundations, fixtures,
walls and fencing, landscaping, stove, refrigerator, dishwasher, screens, storms doors and
windows and antennae. The Premises also includes any right, privilege or easement appurtenant
to the Premises, including without limitation any development rights, water and water rights, and
right-of-way and access.
7.
EXCLUSIONS FROM SALE
Notwithstanding the foregoing, the following items will be excluded from the sale and purchase:
8.
DEPOSIT
At the time this Offer and Purchase and Sale Agreement is signed by the Seller, the Buyer will
deposit the sum of
Dollars (US $________) (the
"Deposit") with the title insurance company identified in Section 13 ("Title Company"). The
Offer and Purchase and Sale Agreement
Page 2
Deposit and any other funds paid to the Title Company prior to closing by the Buyer will be held
by the Title Company in escrow, subject to the terms and conditions of this Agreement. The
deposits shall be held in an interest bearing account. If the transaction contemplated herein
closes, the interest shall be paid to the Seller. If the transaction does not close, the interest shall
be paid to the party entitled to the Deposit
In the event of any disagreement between the parties,
.
the escrow agent may retain the Deposit and any other funds paid under this Agreement pending
instructions mutually given by the Seller and the Buyer.
9.
PURCHASE PRICE AND PAYMENT
The Purchase Price ("Purchase Price") is
Dollars (US $
) (including Deposit). The
Buyer will pay the Purchase Price as follows:
$ __________
will be paid to the Title Company as a Deposit coincidentally
with the execution of this Offer and Agreement
$ __________
will be paid at Closing in cash or by certified check
10.
DEED AND TITLE POLICY
Subject to the conditions and conditions of this Agreement, upon full compliance by Buyer with
his, her, their or its obligations hereunder, Seller will sell and convey title to Premises to the
Buyer by delivery of statutory warranty deed at Closing. Seller also will cause the Title
Company to issue an owners title insurance policy to the Buyer at Closing, in an amount equal to
the Purchase Price. The statutory warranty deed and the owner's title insurance policy will be
subject to Title Matters which have been approved by Purchaser, or as to which Purchaser has
waived objection, pursuant to Section 14 below.
11.
CLOSING COSTS AND PRORATIONS
Real estate taxes, assessments, rents, and utilities will be prorated between the parties through
the date of Closing. Other costs arising in connection with this transaction will be paid as
described below.
Matters not specified will be allocated in accordance with customary
allocations in the county in which the Premises are located, provided that Buyer shall be
responsible for all costs and expenses incurred in connection with any financing or loan arranged
by Buyer to purchase the Premises, and any mortgage, deed of trust, real estate contract or other
agreement or instrument related to that financing or loan, including without limitation all
"prepaid" fees and costs.
Item
Buyer
Seller
N/A
Inspections
____
____
____
Title Insurance
____
____
____
Title Insurance Commitment
____
____
____
Owners Title Insurance Policy
____
____
____
Offer and Purchase and Sale Agreement
Page 3
Mortgagee's Title Insurance Policy
____
____
____
Mortgage Costs
Appraisal
____
____
____
Points
____
____
____
Origination Fee
____
____
____
Commitment Fee
____
____
____
Loan Document Preparation
____
____
____
Tax Service Fee
____
____
____
Mortgage Insurance
____
____
____
Other (Specify)
____
____
____
Survey (specify type ____________)
____
____
____
Flood Zone Certification
____
____
____
Closing Costs
Settlement Agent Fee
____
____
____
Document Preparation
____
____
____
Recording (Buyer's Documents)
____
____
____
Recording (Seller's Documents)
____
____
____
12.
CLOSING DATE AND POSSESSION
In this Agreement, the term "Closing" refers to the contemporaneous performance by the parties
of their obligations under this Agreement, including, without limitation, the delivery of the deed
by the Seller and the payment of the Purchase Price by the Buyer. Closing will occur at the
offices of the Title Company in
,
, on _____________ __,
200__, at a time reasonably designated by the Title Company. Upon written notice given by the
Buyer to the Seller, the date of Closing may be advanced to an earlier date which is reasonably
acceptable to Seller. Buyer will be entitled to physical possession of the Premises when the deed
to the Premises has been recorded and the Purchase Price paid to the Seller. Buyer and Seller
acknowledge that the deed may be recorded and the Purchase Price paid to the Seller after the
date of the Closing.
Offer and Purchase and Sale Agreement
Page 4
13.
TITLE INSURANCE COMPANY
The parties will appoint
,
whose address is
,
,
,
(referred to in this Agreement as the "Title Company") to issue the title insurance required under
this Agreement and to act as the closing agent for the purpose of closing the transactions
contemplated by this Agreement.
14.
TITLE CONTINGENCY
On or before
__, 20___, Seller will order for the benefit of the Buyer a
commitment for an owner's title insurance policy, together with an accurate copy of all matters
of record referred in the commitment, including without limitation those matters of record
referred to in Schedule B of the title commitment. The commitment will be ordered from and
issued by the Title Company.
Buyer will have ten (10) calendar days after receipt of the commitment and copies of all matters
of record, to review the commitment and to object in writing to any title defect, lien or
encumbrance noted therein ("Title Matter"), excepting those items which appear as standard
exceptions in the title insurance commitments and policies normally issued by the Title
Company.
If, within ten (10) calendar days after receipt of the commitment and copies of all matters of
record, Buyer delivers written notice ("Buyer's Objection Notice ") to Seller specifying any Title
Matter to which Buyer objects, Seller will make a good faith effort to correct or eliminate the
Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will not be
required to expend more than
($_______)
in the aggregate to correct or eliminate any specified Title Matter(s); provided however,
notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net
proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage,
lien or other interest granted by Seller or any judgment lien securing a judgment entered against
Seller. The Buyer will be deemed to have accepted all Title Matters not specified in the Buyer's
Objection Notice.
If the Seller is unable to correct or eliminate any Title Matter objected to by the Buyer, then, on
or before the tenth (10th) calendar day following delivery by Seller to Buyer of written notice
("Seller's Notice") specifying any Title Matter that Seller is unable to correct or eliminate, Buyer
may elect to terminate this Agreement by giving written notice of termination to Seller,
whereupon the Deposit will be refunded to Buyer and all other obligations of the parties
hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this
Agreement by giving written notice of termination to Seller on or before such tenth (10th) Day
following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to
any Title Matter specified in the Seller's Notice.
15.
FINANCING CONTINGENCY
Buyer's obligations under this Offer and Agreement will be contingent upon Buyer's receipt, on
or before the fourteenth (14th) calendar day following the acceptance of the Offer by Seller, of a
commitment for a residential mortgage loan in the principal amount of
percent (__%)
Offer and Purchase and Sale Agreement
Page 5

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