Real Estate Sale Contract Template - Florida

ADVERTISEMENT
CONTRACT FOR SALE OF REAL ESTATE
This is a CONTRACT between___________________________________________________
__________________________________(hereinafter Seller or Sellers)
and___________________________________________________________________________
_______(hereinafter Buyer or Buyers), dated this _______day of __________, _____.
THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED ABOVE
IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE
SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE
TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY
PLANNING DEPARTMENT TO VERIFY APPROVED USES.
Be it known to all that in consideration of the mutual covenants and agreements contained in this
Contract as written and no other documents, the Seller agrees to sell to Buyer(s) and Buyer(s)
agree to purchase from the Seller(s) all the lands and premises situated in ____________County,
State of Florida, described in the following section:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
(continue description on reverse of this sheet, if necessary)
for the sum of $________________, _________________________________________
(Dollars), known as the Purchase Price.
Towards that Purchase Price, $________________, ______________________________
(Dollars) has paid on the execution of this Contract and the receipt of which is hereby
acknowledged by Sellers, and the remained of the Purchase Price is to be paid to the order of the
seller at the times and in the amounts as described in the following section:
Remainder of Purchase Price payable as follows:_________________________
______________________________________________________________________________
______________________________________________________________________________
CONTRACT FOR SALE OF REAL ESTATE
This is a CONTRACT between___________________________________________________
__________________________________(hereinafter Seller or Sellers)
and___________________________________________________________________________
_______(hereinafter Buyer or Buyers), dated this _______day of __________, _____.
THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED ABOVE
IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE
SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE
TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY
PLANNING DEPARTMENT TO VERIFY APPROVED USES.
Be it known to all that in consideration of the mutual covenants and agreements contained in this
Contract as written and no other documents, the Seller agrees to sell to Buyer(s) and Buyer(s)
agree to purchase from the Seller(s) all the lands and premises situated in ____________County,
State of Florida, described in the following section:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
(continue description on reverse of this sheet, if necessary)
for the sum of $________________, _________________________________________
(Dollars), known as the Purchase Price.
Towards that Purchase Price, $________________, ______________________________
(Dollars) has paid on the execution of this Contract and the receipt of which is hereby
acknowledged by Sellers, and the remained of the Purchase Price is to be paid to the order of the
seller at the times and in the amounts as described in the following section:
Remainder of Purchase Price payable as follows:_________________________
______________________________________________________________________________
______________________________________________________________________________
All of the purchase price may be paid at any time, but all of the deferred payments shall bear
interest at the rate of______ percent per annum from____________________until paid; such
interest shall be paid and [Choose one by striking out inapplicable language]: is [included] [in
addition to] the above described required payments. Taxes on the premises for the current tax ear
shall be prorated between the Buyers and Sellers as of __________________ (date).
Buyer(s)'s Right to Possession
The Buyer(s) shall be entitled to possession of the lands on _________________, _____, and may
retain such possession so long as Buyer(s) is not in default under the terms of this Contract.
Buyer(s) Duty to prevent waste, prevent encumbrances.
Buyer(s) agree that at all times Buyer(s) will keep the premises and buildings (now or hereafter
erected) n good condition and repair and will not permit any waste or strip of the land or
premises, that the Buyer will keep the premises free from construction and all other liens and same
the Seller(s) harmless from such liens and reimburse Seller(s) all costa and attorneys's fees
incurred by Seller(s) in defending against such liens; that Buyer(s) will pay all taxes hereafter
levied against the property, as well as all water service rents, public charges and municipal liens
which hereafter lawfully may be imposed upon the premises, all promptly before the same or any
party thereof become past due and delinquent.
Buyer(s) Duty to provide insurance.
At Buyer(s)'s expense, Buyer(s) will insure and keep insured all buildings now or hereafter erected
on the premises against loss or damage by fire in an amount of not less than $______ in a
company or companies satisfactory to the Seller(s), specifically naming seller(s) as an additional
insured, with losses payable first to the Seller(s) and then to the Buyer(s) as their respective
interest may appear and all policies of insurance shall be delivered to the Seiler(s) as soon as
insured.
Seller(s)'s rights to cure defects without waiver of breach of contract.
If the Buyer(s) fail to pay any liens, costs, water rents, taxes or charges, the Seller(s) may do so
and any payment so made shall be added to and become part of the debt secured by the Contract
and shall bear interest at the above stated rate per annum, without waiver, however, on any right
arising to the Seller(s) for Buyer(s)'s breach on contract.
Seller(s)'s Obligation to Provide Marketable Title
The Seller(s) agrees to furnish within __________days of the date of the Contract, at Seller(s)'s
expense a title insurance policies insuring in an amount equal to the purchase price, marketable
title in and to the promises in the Seller(s) on or subsequent to the date of this Contract and
further, save and except the usual printed exceptions and the building or other restrictions and
easements now of record, if any. Seller(s) also agrees that when the purchase price is fully paid
and upon request and upon surrender to this Contract, Seller(s) will deliver a good and sufficient
deed conveying the premises in fee simple until the Buyer(s), Buyer(s)'s heirs, assigns, free and
clear of encumbrances as of the date herein identified and fee and clear of all encumbrances that
date placed, permitted or arising by, through or under the Sellers(s), except the easements,
restrictions and the taxes, municipal liens, water rents and public charges as assumed by the
Buyer(s) and further excepting all liens and encumbrances created by the Buyer(s) or Buyer(s)'s
assigns.
Time is of the essence
It is further understood and agreed between the parties that time is of the essence
in this Contact, and should the Buyer(s) fail to make the payments as required, or any of them,
punctually within 20 days of the time limited therefor, or failure to keep any of its obligations
under this Contract, then the Seller(s) shall have the following rights and options:
(1) to declare the contract cancelled for default and thus null and void and to declare the
Buyer(s)'s rights forfeited and the debt extinguished, and to retain sums previously paid under this
Contract, subject to the Seller(s) complying with all applicable law pertaining to the exercise of
this remedy, including ORS 93.905, et seq., or successor statutes;
(2) to declare the whole unpaid principal balance of the purchase price with the interest thereon at
once due and payable; and/or
(3)to foreclose this Contract by suit in equity.
In any of such case, all rights and interest created or then existing in favor of the Buyer(sa) as
against the Seller(s) hall utterly cease and the right to possession of the premises described above
and all other rights acquired by the Buyer(s) under this Contract revert to an revest in the Seller(s)
without an act of re-entry, or any other act of the seller to be performed and without any right of
the Buyer(s) to return, reclaim or seek compensation of monies paid on the account of the
purchase un the property as absolutely, fully and completely as if this contract and such payment s
had never been made, and in case of such default all payment previously made on this contract are
to be retained by and belong to the seller as the agreed and reasonable rent of the premises up to
the time of such default and the Seller(s) in case od such default, shall have right immediately, or
at any time thereafter, to enter upon the land, without process of law, and take immediate
possession thereof, together with all the improvements and appurtenances thereto on thereto
belonging.
Buyer(s) further agrees that Seller(s)'s failure to at any time require performance by Buyer(s) of
any provision shall in no way affect the Seller(s)'s right to enforce the same, nor shall any waiver
by the Seller(s) of any breach of any provision bye a waiver or any succeeding breach of any such
provision, or a waiver of the provision itself.
Seller(s), Seller(s)'s agents, and the holder of any existing encumbrance to which the lands and
premises are subject may enter upon the lands and premises at reasonable times, upon reasonable
prior notice, for the purpose in inspecting the property.
In case suit or action is instituted to foreclose this Contract or t enforce any provision thereof, the
losing party in any suit or action shall pay the reasonable attorney's fees to be fixed by the trial
court in favor of the prevailing party, and if any appeal is take from the decision of the trial court,
such further sum as may be fixed by the appellate court as the prevailing party's reasonable
attorney's fees and costs in the appellate court.
In construing this CONTRACT, where the context requires, the singular includes the plural,
grammatical changes shall be made so that the deed shall apply equally to corporations and to
individuals, and handwritten or typed changes control the printed text.
This Contract shall bind and inure to the benefit of, as the circumstances, may require, not only
the immediate parties hereto, but also their respective heirs, assigns, executors, administrators,
personal representatives and successors in interest as well
In witness whereof, the Buyer(s) and Seller(s) have executed this instrument in duplicate this
_____day of ________, year______, and if any of the undersigned ins a corporation, it has caused
its name to be signed by an officer or other person duly authorized to do so by action of the board
of directors.
____________________________________
____________________________________
____________________________________
Contingency release clause
If you have not specified a deadline for your contingencies, such as 5 or 10 days for a professional
inspection, or 30 days for mortgage approval, you can expect a well-advised home seller to set a
time limit on your contingencies. Or, if you make your home purchase contract contingent on the
sale of your current residence (which few home sellers will accept), expect the seller to
counteroffer, giving you 24 or 48 hours after an acceptable second purchase offer is received from
a second buyer to remove your contingency clause for sale of your old home. This is reasonable
and fair to both buyer and seller.
An "As Is" clause
Some home sellers insist on selling their homes "as is." That means the seller and realty agent
make no representations or warranties and won't pay for any repairs. However, the seller and
realty agents must still disclose any known home defects to the buyer. Avoid agreeing to an "as
is" clause if you want the seller to pay for repairs of known serious defects.
When describing the purchase terms, don't specify "All cash to seller" if you require a new
mortgage to provide that cash. Be sure your offer contains a clause making your offer contingent
on approval of the mortgage. Even if you got preapproved for a mortgage, the lender can avoid
making the loan by low-balling the appraisal.
The mortgage you want to obtain should be specified with detail, such as a new 30-year fixed
interest rate mortgage of at least $100,000 with interest not exceeding 8 percent, a loan fee of not
more than 2 percent, and a monthly payment not exceeding $733.76. If you want the seller to help
finance the sale, by carrying back either a first or second mortgage, here is where you specify the
terms you want.
Personal property
If you want any personal property included in the home sale, such as the kitchen appliances, be
sure to specifically itemize them in your purchase offer. For example, specify the "General Electric
side-by-side refrigerator with electronic monitor now on the premises." This stops the seller from
substituting inferior replacement personal property at the last minute.
Time for acceptance of your purchase offer
Your purchase offer should contain a short time for the seller's acceptance. Twenty-four hours is
usually sufficient unless the seller is out of town. Don't make your offer valid for a long time
period because then it will be "shopped" by the realty agent to see if a better offer from another
buyer can be obtained.
•A professional inspection
The buyer should pay for the professional inspection because it's for the buyer's benefit.
Accompany the professional inspector. When a defect discovered is serious, such as a cracked
chimney, expect the seller to pay for the repair. If the seller refuses to pay for major necessary
repairs, disapprove the report and get your good faith deposit refunded.
•Seller's disclosure of known defects
Many states, led by California and Maine, now require home sellers and their realty agents to
disclose in writing any known defects in the residence. If your state requires seller disclosure of
defects, your purchase offer should be contingent upon your approval of the seller's disclosure.
•Liquidated damages clause
This clause specifies maximum damages a defaulting buyer must pay to the home seller if the
buyer doesn't complete the purchase as agreed. Some state laws set maximum liquidated damages.
As a buyer, you may want to agree to liquidated damages so you can't be held liable for more than
the specified sum if you default.
•Arbitration of disputes clause

Download Real Estate Sale Contract Template - Florida

203 times
Rate
4.5(4.5 / 5) 14 votes
ADVERTISEMENT
Page of 8