Residential Purchase Agreement Template - Multiple Listing Service - Ohio

ADVERTISEMENT
RESIDENTIAL PURCHASE AGREEMENT
OFFER, RECEIPT AND ACCEPTANCE
1
BUYER: The undersigned
offers to buy the
2
PROPERTY: Located at
,
3
City
, Ohio, Zip Code
.
4
Permanent Parcel No.
, and further described as being:
5
6
The property, which Buyer accepts in its "AS IS" PRESENT PHYSICAL CONDITION, shall include the land, all
7
appurtenant rights, privileges and easements, and all buildings and fixtures, including such of the following as are
8
now on the property: all electrical, heating, plumbing and bathroom fixtures; all window and door shades, blinds,
9
awnings, screens, storm windows, curtain and drapery fixtures; all landscaping, disposal, TV antenna, rotor and
10
control unit, smoke detectors, garage door opener(s) and
controls; all permanently attached carpeting. The
11
following selected items shall also remain:
satellite dish;
range and oven;
microwave;
kitchen refrigerator;
12
dishwasher;
washer;
dryer;
radiator covers;
window air conditioner;
central air conditioning;
gas
13
grill;
fireplace tools;
screen,
glass doors and
grate;
all existing window treatments;
ceiling fan(s);
14
wood burner stove inserts;
gas logs; and
water softener. Also included:
15
16
Fixtures NOT Included:
17
18
PRICE: Buyer shall pay the sum of .................................................... $
19
Earnest money payable to
20
In the form of a
check
note. Note shall be redeemed immediately
21
upon receipt of a binding agreement (as defined on lines 205-213)
22
and all monies deposited in an escrow/trust account are to be
23
credited against the purchase price.................................................... $
24
Balance of cash to be deposited in escrow ........................................ $
25
Mortgage loan to be obtained by Buyer
.
............................................. $
26
Conventional,
FHA,
VA,
Other
27
28
29
FINANCING: Buyer shall make a written application for the above mortgage loan and provide documentation to
30
Seller of said application within
days and shall obtain a commitment for that loan no later than
31
days after acceptance of this offer. At the Seller's written election, if, despite Buyer's good
32
faith efforts, that commitment has not been obtained, then this Agreement shall be null and void. Upon signing of
33
a mutual release by Seller and Buyer, the earnest money deposit shall be returned to the Buyer without any
34
further liability of either party to the other or to the Brokers and their agents. (see line 196)
35
CLOSING: All funds and documents necessary for the completion of this transaction shall be placed in escrow
36
with the lending institution or escrow company on or before
, and title shall be
37
recorded on or about
.
38
:
Seller shall deliver possession to Buyer of the property within
days by
(time),
POSSESSION
39
AM
PM after the title has been recorded. Subject to Buyer's rights, if any, the premises may be occupied by
40
the Seller free for
days. Additional
days at a rate of $
per day. Insurance coverage
41
and payment and collection of fees for use and occupancy after recording of title are the sole responsibility of
42
Seller and Buyer.
_____________ ____________
_____________ _____________
Page 1 of 5
BUYER'S INITIALS AND DATE
RESIDENTIAL PURCHASE AGREEMENT
SELLER'S INITIALS AND DATE
NEOHREX 03/10
RESIDENTIAL PURCHASE AGREEMENT
OFFER, RECEIPT AND ACCEPTANCE
1
BUYER: The undersigned
offers to buy the
2
PROPERTY: Located at
,
3
City
, Ohio, Zip Code
.
4
Permanent Parcel No.
, and further described as being:
5
6
The property, which Buyer accepts in its "AS IS" PRESENT PHYSICAL CONDITION, shall include the land, all
7
appurtenant rights, privileges and easements, and all buildings and fixtures, including such of the following as are
8
now on the property: all electrical, heating, plumbing and bathroom fixtures; all window and door shades, blinds,
9
awnings, screens, storm windows, curtain and drapery fixtures; all landscaping, disposal, TV antenna, rotor and
10
control unit, smoke detectors, garage door opener(s) and
controls; all permanently attached carpeting. The
11
following selected items shall also remain:
satellite dish;
range and oven;
microwave;
kitchen refrigerator;
12
dishwasher;
washer;
dryer;
radiator covers;
window air conditioner;
central air conditioning;
gas
13
grill;
fireplace tools;
screen,
glass doors and
grate;
all existing window treatments;
ceiling fan(s);
14
wood burner stove inserts;
gas logs; and
water softener. Also included:
15
16
Fixtures NOT Included:
17
18
PRICE: Buyer shall pay the sum of .................................................... $
19
Earnest money payable to
20
In the form of a
check
note. Note shall be redeemed immediately
21
upon receipt of a binding agreement (as defined on lines 205-213)
22
and all monies deposited in an escrow/trust account are to be
23
credited against the purchase price.................................................... $
24
Balance of cash to be deposited in escrow ........................................ $
25
Mortgage loan to be obtained by Buyer
.
............................................. $
26
Conventional,
FHA,
VA,
Other
27
28
29
FINANCING: Buyer shall make a written application for the above mortgage loan and provide documentation to
30
Seller of said application within
days and shall obtain a commitment for that loan no later than
31
days after acceptance of this offer. At the Seller's written election, if, despite Buyer's good
32
faith efforts, that commitment has not been obtained, then this Agreement shall be null and void. Upon signing of
33
a mutual release by Seller and Buyer, the earnest money deposit shall be returned to the Buyer without any
34
further liability of either party to the other or to the Brokers and their agents. (see line 196)
35
CLOSING: All funds and documents necessary for the completion of this transaction shall be placed in escrow
36
with the lending institution or escrow company on or before
, and title shall be
37
recorded on or about
.
38
:
Seller shall deliver possession to Buyer of the property within
days by
(time),
POSSESSION
39
AM
PM after the title has been recorded. Subject to Buyer's rights, if any, the premises may be occupied by
40
the Seller free for
days. Additional
days at a rate of $
per day. Insurance coverage
41
and payment and collection of fees for use and occupancy after recording of title are the sole responsibility of
42
Seller and Buyer.
_____________ ____________
_____________ _____________
Page 1 of 5
BUYER'S INITIALS AND DATE
RESIDENTIAL PURCHASE AGREEMENT
SELLER'S INITIALS AND DATE
NEOHREX 03/10
Property Address:
43
TITLE: Seller shall convey a marketable title to Buyer by general warranty deed and/or fiduciary deed, if required,
44
with dower rights released, free and clear of all liens and encumbrances whatsoever, except a) any mortgage
45
assumed by Buyer, b) such restrictions, conditions, easements (however created) and encroachments as do not
46
materially adversely affect the use or value of the property, c) zoning ordinances, if any, and d) taxes and
47
assessments, both general and special, not yet due and payable. Seller shall furnish an Owner's Fee Policy of
48
Title Insurance in the amount of the purchase price. Seller shall have thirty (30) days after notice to remove title
49
defects. If unable to do so, Buyer may either a) accept Title subject to each defect without any reduction in the
50
purchase price or b) terminate this agreement, in which case neither Buyer, Seller nor any broker shall have any
51
further liability to each other, and both Buyer and Seller agree to sign a mutual release, releasing earnest money
52
to Buyer. (see line 196)
53
PRORATIONS: General taxes, annual maintenance fees, subdivision charges, special assessments, city and
54
county charges and tenant's rents, collected or uncollected, shall be prorated as of the date the title has been
55
recorded. Taxes and assessments shall be prorated based upon the latest available tax duplicate. However, if the
56
tax duplicate is not yet available or the improved land is currently valued as land only, taxes and assessments shall
57
be prorated based upon 35% of the selling price times the millage rate. The escrow agent is instructed to contact
58
the local governmental taxing authority, verify the correct tax value of the property as of the date the title has been
59
recorded and pay the current taxes due to the date the title has been recorded. If the property being transferred is
60
new construction and recently completed or in the process of completion at the time the agreement was signed by
61
the parties, the escrow agent is instructed to make a good faith estimate of the taxes to be owed on the value of the
62
improved property to the date the title has been recorded and reserve sufficient funds in escrow from Seller's net
63
proceeds to pay those taxes when they become due and payable after the title has been recorded. The escrow
64
agent is instructed to release the balance of the funds on reserve to Seller once they receive notice from the local
65
county auditor that the taxes on the land and improvements have been paid in full to the date the title has been
66
recorded. Buyer acknowledges that the latest available tax duplicate may not reflect the accurate amount of taxes
67
and assessments that will be owed. Seller agrees to reimburse Buyer directly outside of escrow for any increase in
68
valuation and the cost of all passed or levied, but not yet certified, taxes and assessments, if any, prorated to the
69
date the title has been recorded. Seller is not aware of any proposed taxes or assessments, public or private,
70
except the following:
71
72
In the event the property shall be deemed subject to any agricultural tax recoupment (C.A.U.V.),
73
Buyer
Seller agrees to pay the amount of such recoupment.
74
CHARGES/ESCROW INSTRUCTIONS: This agreement shall be used as escrow instructions subject to the
75
Escrow Agent's usual conditions of acceptance.
76
Seller shall pay the following costs through escrow: a) deed preparation b) real estate transfer tax, c) any amount
77
required to discharge any mortgage, lien or encumbrance not assumed by Buyer, d) title exam and one half the
78
cost of insuring premium for Owners Fee Policy of Title Insurance, e) pro-rations due Buyer, f) Broker's
79
commissions, g) one-half of the escrow fee (unless VA/FHA regulations prohibit payment of escrow fees by Buyer
80
in which case Seller shall pay the entire escrow fee), and h)
.
81
Tenant security deposits, if any, shall be credited in escrow to the Buyer. The escrow agent shall withhold
82
$
from the proceeds due Seller for payment of Seller's final water and
83
sewer bills. Seller shall pay all utility charges to date of recording of title or date of possession whichever is later.
84
Buyer shall pay the following through escrow (unless prohibited by VA/FHA regulations): a) one-half of the escrow
85
fee b) one half the cost of insuring premiums for Owners Fee Policy of Title Insurance; c) all recording fees for the
86
deed and any mortgage, d)
. If requested,
87
by Broker, the Seller(s) and Buyer(s) hereby authorize and instruct the escrow agent to send a copy of their fully
88
signed HUD1 Settlement Statement to their respective Broker(s) listed on this Agreement promptly after closing.
89
HOME WARRANTY: Buyer acknowledges that Limited Home Warranty Insurance Policies are available and that
90
such policies have deductibles, may not cover pre-existing defects in the property, and have items excluded from
91
coverage. Broker may receive a fee from the home warranty provider. Buyer
does
does not elect to secure a
92
Limited Home Warranty Plan issued by
. The cost of $
93
shall be paid by
Buyer
Seller through escrow.
_____________ ____________
_____________ _____________
Page 2 of 5
BUYER'S INITIALS AND DATE
RESIDENTIAL PURCHASE AGREEMENT
SELLER'S INITIALS AND DATE
NEOHREX 03/10
Property Address:
94
INSPECTION : This agreement shall be subject to the following inspection(s) by a qualified inspector of
95
Buyer's choice within the specified number of days from acceptance of binding agreement. Buyer assumes
96
sole responsibility to select and retain a qualified inspector for each requested inspection and releases
97
Broker of any and all liability regarding the selection or retention of the inspector(s). If Buyer does not elect
98
inspections, Buyer acknowledges that Buyer is acting against the advice of Buyer's agent and Broker. Buyer
99
understands that all real property and improvements may contain defects and conditions that are not readily
100
apparent and which may affect a property's use or value. Buyer and Seller agree that the Broker(s) and their
101
agent(s) do not guarantee and in no way assume responsibility for the property's condition. Buyer acknowledges
102
that it is Buyer's own duty to exercise reasonable care to inspect and make diligent inquiry of the Seller or
103
Buyer's inspectors regarding the condition and systems of the property.
104
Inspections required by any state, county, local government or FHA/VA do not necessarily eliminate the
105
need for the Inspections listed below.
106
aiver
:
__________
(initials) Buyer elects to waive each professional inspection to which Buyer has not indicated
W
107
“yes”. Any failure by Buyer to perform any inspection indicated “yes” herein is a waiver of such inspection and
108
shall be deemed absolute acceptance of the property by Buyer in its “as is” condition.
109
Choice
Inspections
Expense
110
Yes No
BUYER
SELLER
111
GENERAL HOME
days from acceptance of Agreement
112
SEPTIC SYSTEM
days from acceptance of Agreement
113
WELL WATER .....
days from acceptance of Agreement
114
(
flow,
potability)
115
RADON ................
days from acceptance of Agreement
116
MOLD ..................
days from acceptance of Agreement
117
PEST/
days from acceptance of Agreement
118
WOOD DESTROYING INSECTS
119
OTHER .................
days from acceptance of Agreement
120
(list other inspections)
121
Within three (3) days after completion of the last inspection, Buyer shall elect one of the following:
122
a. Remove the inspection contingency and accept the property in its “as is” present physical condition. If
123
the property is accepted in its “as is” present physical condition, Buyer agrees to sign an Amendment to
124
the Residential Purchase Agreement removing the inspection contingency and this agreement will
125
proceed in full force and effect; OR
126
b. Accept the property subject to Seller agreeing to have specific items that were identified in a written
127
inspection report, if requested, repaired by a qualified contractor in a professional manner at Seller's
128
expense. If the property is accepted subject to the Seller repairing specific defects, Buyer agrees to provide
129
Seller with a copy of all inspection reports, if requested, and sign an Amendment to the Residential
130
Purchase Agreement removing the inspection contingency and identifying the defects which are to be
131
repaired. Seller and Buyer have five (5) days from Seller's receipt of the written list of defects and the
132
inspection report(s), if requested, to agree in writing which defects, if any, will be corrected at Seller's
133
expense. If a written agreement is not signed by Seller and Buyer within those five (5) days, this agreement
134
is null and void and Seller and Buyer agree to sign a mutual release, with the earnest money being returned
135
to the Buyer. (see line 196) The Buyer and Seller can mutually agree in writing to extend the dates for
136
inspections, repairs, or to exercise their right to terminate the Agreement. Seller agrees to provide
137
reasonable access to the property for Buyer to review and approve any conditions corrected by Seller, OR
138
c. Terminate this agreement if written inspection report(s) identify material latent defects not previously
139
disclosed in writing by the Seller and/or any cooperating real estate broker. If Buyer elects to terminate
140
this agreement based upon newly discovered material latent defects in the property, Buyer agrees to
141
provide a copy of the written inspection report(s), if requested, to the Seller, and both parties agree to sign
142
a mutual release. The earnest money will be returned to the Buyer without any further liability of either
143
party to the other or to the broker(s). (see line 196)
_____________ ____________
_____________ _____________
Page 3 of 5
BUYER'S INITIALS AND DATE
RESIDENTIAL PURCHASE AGREEMENT
SELLER'S INITIALS AND DATE
NEOHREX 03/10
Property Address:
144
MEGAN'S LAW Seller warrants that Seller has disclosed to Buyer all notices received pursuant to Ohio's
145
sex offender law. The Buyer acknowledges that the information disclosed may no longer be accurate and
146
agrees to inquire with the local sheriff's office. Buyer agrees to assume the responsibility to check with the local
147
sheriff's office for additional information. Buyer will rely on Buyer's own inquiry with the local sheriff's office as
148
to registered sex offenders in the area and will not rely on Seller or any real estate agent involved in the
149
transaction to determine if a sex offender resides in the area of any property Buyer may purchase.
150
CONDITION OF PROPERTY: Buyer has examined the property and agrees that the property is being purchased
151
in its “As Is” Present Physical Condition including any defects disclosed by the Seller on the Ohio Residential
152
Property Disclosure Form or identified by any inspections requested by either party or any other
153
forms or addenda made a part of this agreement. Seller agrees to notify Buyer in writing of any additional
154
disclosure items that arise between the date of acceptance and the date of recording of the deed. Buyer has not
155
relied upon any representations, warranties, or statements about the property (including but not limited to its
156
condition or use) unless otherwise disclosed on this agreement or on the Residential Property Disclosure Form.
157
1.
Buyer acknowledges receipt of completed Residential Property Disclosure Form from Seller
158
2.
Buyer has not received Residential Property Disclosure Form and Seller agrees to deliver to Buyer a copy
159
of the completed Residential Property Disclosure Form within three (3) days after acceptance unless the
160
sale of the property is exempt by Ohio Revised Code 5302.30 from the use of the form.
161
Seller shall pay all costs for the repair of any gas line leak found between the street and foundation at the time of
162
recording of title, or restoration of utilities, whichever is sooner. Seller agrees to comply with any and all local
163
governmental point of sale laws and/or ordinances. Seller will promptly provide Buyer with copies of any notices
164
received from governmental agencies to inspect or correct any current building code or health violations. If
165
applicable, Buyer and Seller have five (5) days after receipt by Buyer of all notices to agree in writing which party
166
will be responsible for the correction of any building code or health violation(s). If Buyer and Seller cannot agree
167
in writing, this Agreement can be declared null and void by either party. In that event Seller and Buyer agree to sign
168
a mutual release with instruction to the Broker on disbursement of the earnest money. (see line 196)
169
REPRESENTATIONS AND DISCLAIMERS: Buyer acknowledges that the Seller completed the Residential
170
Property Disclosure Form unless otherwise stated above and Seller has not made any representations or
171
warranties, either expressed or implied, regarding the property, (except for the Ohio Residential Property
172
Disclosure Form, if applicable), and agrees to hold the Brokers and their agents harmless from any misstatements
173
or errors made by the Seller on the form. Buyer also acknowledges and agrees that the Brokers and their agents
174
have no obligation to verify or investigate the information provided by the Seller on that form. Buyer hereby
175
acknowledges that any representation by Seller or the real estate agent(s) regarding the square footage of the
176
rooms, structures or lot dimensions, homeowner's fees, public and private assessments, utility bills, taxes and
177
special assessments are approximate and not guaranteed. Please list any and all verbal representations made
178
by Brokers or their agents that you relied upon when purchasing this property (if none, write “none” )
179
180
DAMAGE: If any building or other improvements are destroyed or damaged in excess of ten percent of the
181
purchase price prior to title transfer, Buyer may either a) accept the insurance proceeds for said damage and
182
complete this transaction or b) terminate this agreement and receive the return of all deposits made. In that
183
event, Seller and Buyer agree to sign a mutual release, with instruction to the Broker on disbursement of the
184
earnest money on deposit (see line 196). If such damage is less than ten percent of the purchase price, Seller
185
shall restore the property to its prior condition and Buyer agrees to complete the purchase of the Property
186
ADDENDA: The additional terms and conditions in the attached addenda
Agency Disclosure Form
Residential
187
Property Disclosure
VA
FHA
FHA Home Inspection Notice
Secondary Offer
Condominium
Short
188
Sale
House Sale Contingency
House Sale Concurrency
Lead Based Paint (required if built before 1978)
189
Homeowner's Association
Affiliated Business Arrangement Disclosure Statement
Other
190
191
are made part of this Agreement. The terms and conditions of any addenda will supersede any conflicting
192
terms in the Purchase Agreement.
193
ADDITIONAL TERMS:
194
195
_____________ ____________
_____________ _____________
Page 4 of 5
BUYER'S INITIALS AND DATE
RESIDENTIAL PURCHASE AGREEMENT
SELLER'S INITIALS AND DATE
NEOHREX 03/10
Property Address:
196
EARNEST MONEY: In the event of a dispute between the Seller and Buyer regarding the disbursement of the
197
earnest money in the Broker's trust account, the Broker is required by Ohio law to maintain such funds in a trust
198
account until the Broker receives (a) written instructions signed by the parties specifying how the earnest money is
199
to be disbursed or (b) a final court order that specifies to whom the earnest money is to be rewarded. If within two
200
years from the date the earnest money was deposited in the Broker's trust account, the parties have not provided
201
the Broker with such signed instructions or written notice that such legal action to resolve the dispute has been
202
filed, the Broker shall return the earnest money to the purchaser with no further notice to the Seller.
203
In all events, at closing of the transaction, the broker shall have the right to apply earnest money being held by
204
broker against the real estate commission owed the broker as a result of said closing.
205
BINDING AGREEMENT: Upon written acceptance, then either written or verbal notice of such acceptance to the
206
last-offering party, this offer and any addenda listed above shall become a legally binding agreement upon Buyer
207
and Seller and their heirs, executors, administrators and assigns and shall represent the entire understanding of
208
the parties regarding this transaction. All counter-offers, amendments, changes or deletions to this Agreement
209
shall be in writing and be signed/initialed by both Buyer and Seller. Facsimile and/or scan and e-mail signatures
210
shall be deemed binding and valid. This Agreement shall be used as escrow instructions subject to the Escrow
211
Agent's usual conditions of acceptance. If there is any conflict between the escrow's conditions of acceptance
212
and this Agreement, the terms of this Agreement shall prevail. For purposes of this Agreement, “days” shall be
213
defined as calendar days.
214
This Agreement is a legally binding contract. If you have any questions of law, consult your attorney.
215
BUYER
__________________________________
Address
216
Print Name
217
BUYER
__________________________________
Date
Phone
218
Print Name
Email
219
ACCEPTANCE: Seller accepts the above offer and irrevocably instructs escrow agent to pay from Seller's escrow
220
funds a commission of $
or
percent (
%) of the
221
purchase price to
(Selling Broker)
(Office)
222
and $
plus
percent (
%) of the
223
purchase price to
(Listing Broker)
(Office)
224
SELLER
_________________________________
Address
225
Print Name
226
SELLER
_________________________________
Date
Phone
227
Print Name
Email
228
Selling Agent Name, Telephone and Email:
Listing Agent Name, Telephone and Email:
229
230
231
232
Selling Brokers Name, Address and Telephone:
Listing Brokers Name, Address and Telephone:
233
234
235
236
_____________ ____________
_____________ _____________
Page 5 of 5
BUYER'S INITIALS AND DATE
RESIDENTIAL PURCHASE AGREEMENT
SELLER'S INITIALS AND DATE
NEOHREX 03/10

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