Regional Sales Contract Template - Greater Capital Area Association of Realtors

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REGIONAL SALES CONTRACT
This SALES CONTRACT ("Contract") is made on
("Contract Date") between
("Purchaser") and
("Seller") who, among other
things, hereby confirm and acknowledge by their initials and signatures herein that by prior disclosure in this real estate
("Listing Company") represents
transaction
Seller, and
("Selling Company") represents
RE/Max Allegiance
Purchaser OR
Seller. The Listing Company and Selling Company are collectively referred to as "Broker". (If the
brokerage firm is acting as a dual representative for both Seller and Purchaser, then the appropriate disclosure form is
attached to and made a part of this Contract.) In consideration of the mutual promises and covenants set forth below, and
other good and valuable consideration the receipt and sufficiency of which is acknowledged, the parties agree as follows:
1. REAL PROPERTY Purchaser will buy and Seller will sell for the sales price ("Sales Price"), Seller's entire interest in
the real property (with all improvements, rights and appurtenances) described as follows ("Property"):
TAX Map/ID #
Legal Description: Lot(s)
Block/Square
Section
Subdivision or Condominium
Parking Space(s) #
County/Municipality
Deed Book/Liber #
Page/Folio #
Street Address
Unit #
City
State
Zip Code
2. JURISDICTIONAL ADDENDUM The following Jurisdictional Addendum, if ratified and attached, is made a part of
this Contract. Jurisdictional Addendum for
DC
VA
MD/County:
Other:
3. PRICE AND FINANCING
A.
Down Payment
$
B. Financing
1. First Trust (if applicable)
$
$
2. Second Trust (if applicable)
$
3. Seller Held Trust
Addendum attached (if applicable)
TOTAL FINANCING
$
SALES PRICE
$
C. First Deed of Trust Purchaser will
Obtain OR
Assume a
Fixed OR an
Adjustable rate First Deed
of Trust loan of the following type:
Conventional
See Addendum Attached
VA
See Addendum Attached
FHA
See Addendum Attached
Other:
This contract is not contingent on Financing.
D. Second Deed of Trust Purchaser will
Obtain OR
Assume a
Fixed OR an
Adjustable rate Second
Deed of Trust loan.
E. Assumption Only Assumption fee, if any, and all charges related to the assumption will be paid by the Purchaser.
If Purchaser assumes Seller's loan(s): (i) Purchaser and Seller
will, OR
will not obtain a release of Seller's
liability to the U.S. Government for the repayment of the loan by Settlement, (ii) Purchaser and Seller
will, OR
will not obtain substitution of Seller's VA entitlement by Settlement. Balances of any assumed loans, secondary
financing and cash down payments are approximate.
GCAAR Form # 1301 - Regional Sales Contract - Rev 01/12
Page 1 of 8
Initials: Seller:
/
Purchaser:
/
RE/MAX Allegiance 220 Seventh Street SE Washington, DC 20003
Phone:
(202)255-5554
Fax:
draft docs for
Thomas Faison
Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026
www.zipLogix.com
REGIONAL SALES CONTRACT
This SALES CONTRACT ("Contract") is made on
("Contract Date") between
("Purchaser") and
("Seller") who, among other
things, hereby confirm and acknowledge by their initials and signatures herein that by prior disclosure in this real estate
("Listing Company") represents
transaction
Seller, and
("Selling Company") represents
RE/Max Allegiance
Purchaser OR
Seller. The Listing Company and Selling Company are collectively referred to as "Broker". (If the
brokerage firm is acting as a dual representative for both Seller and Purchaser, then the appropriate disclosure form is
attached to and made a part of this Contract.) In consideration of the mutual promises and covenants set forth below, and
other good and valuable consideration the receipt and sufficiency of which is acknowledged, the parties agree as follows:
1. REAL PROPERTY Purchaser will buy and Seller will sell for the sales price ("Sales Price"), Seller's entire interest in
the real property (with all improvements, rights and appurtenances) described as follows ("Property"):
TAX Map/ID #
Legal Description: Lot(s)
Block/Square
Section
Subdivision or Condominium
Parking Space(s) #
County/Municipality
Deed Book/Liber #
Page/Folio #
Street Address
Unit #
City
State
Zip Code
2. JURISDICTIONAL ADDENDUM The following Jurisdictional Addendum, if ratified and attached, is made a part of
this Contract. Jurisdictional Addendum for
DC
VA
MD/County:
Other:
3. PRICE AND FINANCING
A.
Down Payment
$
B. Financing
1. First Trust (if applicable)
$
$
2. Second Trust (if applicable)
$
3. Seller Held Trust
Addendum attached (if applicable)
TOTAL FINANCING
$
SALES PRICE
$
C. First Deed of Trust Purchaser will
Obtain OR
Assume a
Fixed OR an
Adjustable rate First Deed
of Trust loan of the following type:
Conventional
See Addendum Attached
VA
See Addendum Attached
FHA
See Addendum Attached
Other:
This contract is not contingent on Financing.
D. Second Deed of Trust Purchaser will
Obtain OR
Assume a
Fixed OR an
Adjustable rate Second
Deed of Trust loan.
E. Assumption Only Assumption fee, if any, and all charges related to the assumption will be paid by the Purchaser.
If Purchaser assumes Seller's loan(s): (i) Purchaser and Seller
will, OR
will not obtain a release of Seller's
liability to the U.S. Government for the repayment of the loan by Settlement, (ii) Purchaser and Seller
will, OR
will not obtain substitution of Seller's VA entitlement by Settlement. Balances of any assumed loans, secondary
financing and cash down payments are approximate.
GCAAR Form # 1301 - Regional Sales Contract - Rev 01/12
Page 1 of 8
Initials: Seller:
/
Purchaser:
/
RE/MAX Allegiance 220 Seventh Street SE Washington, DC 20003
Phone:
(202)255-5554
Fax:
draft docs for
Thomas Faison
Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026
www.zipLogix.com
4. DEPOSIT Purchaser has delivered a deposit ("Deposit") to
("Escrow Agent") of
$
check and/or
$
by note due and payable
on
.
The Deposit will be placed in an escrow account of the Escrow Agent after Date of Ratification in conformance with
the laws and regulations of the appropriate jurisdiction and/or, if VA financing applies, as required by Title 38 of the
U.S. Code. This account may be interest bearing and all parties waive any claim to interest resulting from the Deposit.
The Deposit will be held in escrow until: (i) Credited toward the Sales Price at Settlement; (ii) All parties have agreed
in writing as to its disposition; (iii) A court of competent jurisdiction orders disbursement and all appeal periods have
expired; or, (iv) Disposed of in any other manner authorized by the laws and regulations of the appropriate jurisdiction.
Seller and Purchaser agree that Escrow Agent will have no liability to any party on account of disbursement of the
Deposit or on account of failure to disburse the Deposit, except in the event of the Escrow Agent's gross negligence or
willful misconduct.
5. DOWN PAYMENT The balance of the down payment will be paid on or before the Settlement Date by certified or
cashier's check or by bank-wired funds. An assignment of funds shall not be used without prior written consent of
Seller.
6. SETTLEMENT Seller and Purchaser will make full settlement in accordance with the terms of this Contract
("Settlement") on, or with mutual consent before,
("Settlement Date") except as
otherwise provided in this Contract. Purchaser selects:
("Settlement Agent") to conduct the Settlement. (For transactions
in Virginia, use the Virginia Jurisdictional Addendum to select the Settlement Agent.) Either party may retain their
own legal counsel. Purchaser agrees to contact the Settlement Agent within 10 Days after the Date of Ratification to
schedule Settlement and to arrange for ordering the title exam and, if required, a survey.
7. PROPERTY MAINTENANCE AND CONDITION Except as otherwise specified herein, Seller will deliver the
Property free and clear of trash and debris, broom clean and in substantially the same physical condition to be
determined as of
Contract Date OR
Date of home inspection OR
Other:
.
Seller will have all utilities in service through Settlement or as otherwise agreed. Purchaser and Seller will not hold the
Broker liable for any breach of this paragraph.
Purchaser acknowledges, subject to Seller acceptance, that this Contract may be contingent upon home inspection(s)
and/or other inspections to ascertain the physical condition of the Property. If Purchaser desires one or more inspection
contingencies, such contingencies must be included in an addendum to this Contract.
This Contract is contingent upon home inspection(s) and/or other inspections. (Addendum Attached)
OR
Purchaser declines the opportunity to make this Contract contingent upon home inspection(s) and/or other
inspections.
Purchaser acknowledges that except as otherwise specified in this Contract, the Property, including electrical,
plumbing, existing appliances, heating, air conditioning, equipment and fixtures shall convey in its AS-IS condition as
of the date specified above.
8.
ACCESS TO PROPERTY Seller will provide the Broker, Purchaser, inspectors representing Purchaser and
representatives of lending institutions for Appraisal purposes reasonable access to the Property to comply with this
Contract. In addition, Purchaser and/or Purchaser's representative will have the right to make a final inspection within
5 days prior to Settlement and/or occupancy, unless otherwise agreed to by Purchaser and Seller.
9. UTILITIES - WATER, SEWAGE, HEATING AND CENTRAL AIR CONDITIONING (Check all that apply)
Water Supply:
Public
Private Well
Community Well
Sewage Disposal:
Public
Septic for # BR
Community Septic
Alternative Septic for # BR:
Hot Water:
Oil
Gas
Elec.
Other
GCAAR Form # 1301 - Regional Sales Contract - Rev 01/12
Page 2 of 8
Initials: Seller:
/
Purchaser:
/
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www.zipLogix.com
draft docs for
Air Conditioning:
Oil
Gas
Elec.
Heat Pump
Other
Zones
Heating:
Oil
Gas
Elec.
Heat Pump
Other
Zones
10.
PERSONAL PROPERTY AND FIXTURES The Property includes the following personal property and fixtures, if
existing: built-in heating and central air conditioning equipment, plumbing and lighting fixtures, sump pump, attic and
exhaust fans, storm windows, storm doors, screens, installed wall-to-wall carpeting, window shades, blinds, window
treatment hardware, smoke and heat detectors, TV antennas, exterior trees and shrubs. Unless otherwise agreed to in
writing, all surface or wall mounted electronic components/devices DO NOT convey. If more than one of an item
convey, the number of items is noted.
The items marked YES below are currently installed or offered.
Yes No #
Items
Yes No #
Items
Yes No #
Items
Alarm System
Freezer
Satellite Dish
Built-in Microwave
Furnace Humidifier
Storage Shed
Ceiling Fan
Garage Opener
Stove or Range
Central Vacuum
w/ remote
Trash Compactor
Clothes Dryer
Gas Log
Wall Oven
Clothes Washer
Hot Tub, Equip. & Cover
Water Treatment System
Cooktop
Intercom
Window A/C Unit
Dishwasher
Playground Equipment
Window Fan
Disposer
Pool, Equip. & Cover
Window Treatments
Electronic Air Filter
Refrigerator
Wood Stove
Fireplace Screen/Door
w/ ice maker
OTHER
LEASED ITEMS Any leased items, systems or service contracts (including, but not limited to, fuel tanks, water
treatment systems, lawn contracts, security system monitoring, and satellite contracts) DO NOT convey absent an
express written agreement by Purchaser and Seller. The following is a list of the leased items within the Property:
11. FINANCING APPLICATION If this Contract is contingent on financing, Purchaser will make written application for
the Specified Financing and any lender required property insurance no later than 7 days after the Date of Ratification.
Purchaser grants permission for the Selling Company and the lender to disclose to the Listing Company and the Seller
general information available about the progress of the loan application and loan approval process. If Purchaser fails to
settle except due to any Default by Seller, then the provisions of the DEFAULT paragraph shall apply. Seller agrees to
comply with reasonable lender requirements, except as otherwise provided in the LENDER REQUIRED REPAIRS
paragraph of the applicable financing contingency addendum.
12. ALTERNATE FINANCING Purchaser may substitute alternative financing and/or an alternative lender for Specified
Financing provided: (a) Purchaser is qualified for alternative financing; (b) there is no additional expense to Seller; (c)
the Settlement Date is not delayed; and (d) if Purchaser fails to settle except due to any Default by Seller, then the
provisions of the DEFAULT paragraph shall apply.
13. PURCHASER’S REPRESENTATIONS Purchaser
will, OR
will not occupy the Property as Purchaser’s
principal residence. Unless specified in a written contingency, neither this Contract nor the financing is
dependent or contingent on the sale and settlement or lease of other real property. The Selling Company
is,
OR
is not authorized to disclose to the Listing Company, Seller and any lender the appropriate financial or credit
information statement provided to the Selling Company by Purchaser. Purchaser acknowledges that Seller is relying
upon all of Purchaser's representations, including without limitation, the accuracy of financial or credit information
given to Seller, Broker or the lender by Purchaser.
GCAAR Form # 1301 - Regional Sales Contract - Rev 01/12
Page 3 of 8
Initials: Seller:
/
Purchaser:
/
Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026
www.zipLogix.com
draft docs for
TERMITE INSPECTION The
Seller at Seller’s expense, will
14.
Purchaser at Purchaser’s expense OR
furnish a written report from a pest control firm dated not more than 30 days prior to Settlement showing that all
dwelling(s) and/or garage(s) within the Property (excluding fences or shrubs not abutting garage(s) or dwelling(s)) are
free of visible evidence of active termites and other wood-destroying insects, and free from visible insect damage.
Any extermination and repairs for damage identified in the inspection report will be made at Seller's expense.
15. DAMAGE OR LOSS The risk of damage or loss to the Property by fire, act of God, or other casualty remains with
Seller until the execution and delivery of the deed of conveyance to Purchaser at Settlement.
16. TITLE The title report and survey, if required, will be ordered promptly and, if not available on the Settlement Date,
then Settlement may be delayed for up to 10 business days to obtain the title report and survey after which this
Contract, at the option of Seller, may be terminated and the Deposit will be refunded in full to Purchaser according to
the terms of the DEPOSIT paragraph. Fee simple title to the Property, and everything that conveys with it, will be sold
free of liens except for any loans assumed by Purchaser. Title is to be good and marketable, and insurable by a
licensed title insurance company with no additional risk premium. Title may be subject to commonly acceptable
easements, covenants, conditions and restrictions of record, if any; otherwise, Purchaser may declare this Contract
void, unless the defects are of such character that they may be remedied within 30 Days beyond the Settlement Date.
In case action is required to perfect the title, such action must be taken promptly by Seller at Seller's expense. The
Broker is hereby expressly released from all liability for damages by reason of any defect in the title. Seller will
convey the Property by general warranty deed with English covenants of title (Virginia); general warranty deed (West
Virginia); special warranty deed (D.C. and Maryland) ("Deed"). Seller will sign such affidavits, lien waivers, tax
certifications, and other documents as may be required by the lender, title insurance company, Settlement Agent, or
government authority, and authorizes the Settlement Agent to obtain pay-off or assumption information from any
existing lenders. The manner of taking title may have significant legal and tax consequences. Purchaser is advised to
seek the appropriate professional advice concerning the manner of taking title. Unless otherwise agreed to in writing,
Seller will pay any special assessments and will comply with all orders or notices of violations of any county or local
authority, condominium unit owners' association, homeowners' or property owners' association or actions in any court
on account thereof, against or affecting the Property on the Settlement Date.
17. POSSESSION DATE Unless otherwise agreed to in writing between Seller and Purchaser, Seller will give possession
of the Property at Settlement, including delivery of keys, if any. If Seller fails to do so and occupies the Property
beyond Settlement, Seller will be a tenant at sufferance of Purchaser and hereby expressly waives all notice to quit as
provided by law. Purchaser will have the right to proceed by any legal means available to obtain possession of the
Property. Seller will pay any damages and costs incurred by Purchaser including reasonable attorney fees.
18. FEES Fees for the preparation of the Deed, that portion of the Settlement Agent's fee billed to Seller, costs of
releasing existing encumbrances, Seller's legal fees and any other proper charges assessed to Seller will be paid by
Seller. Fees for the title exam (except as otherwise provided), survey, recording (including those for any purchase
money trusts) and that portion of the Settlement Agent's fee billed to Purchaser, Purchaser's legal fees and any other
proper charges assessed to Purchaser will be paid by Purchaser. Fees to be charged will be reasonable and customary
for the jurisdiction in which the Property is located. (Recording, Transfer and Grantor's Taxes are covered in the
appropriate jurisdictional addenda).
19. BROKER'S FEE Seller irrevocably instructs the Settlement Agent to pay the Broker compensation ("Broker's Fee")
at Settlement as set forth in the listing agreement and to disburse the compensation offered by the Listing Company to
the Selling Company in writing as of the Contract Date, and the remaining amount of Broker's compensation to the
Listing Company.
20. ADJUSTMENTS Rents, taxes, water and sewer charges, front foot benefit and house connection charges,
condominium unit owners' association, homeowners' and/or property owners' association regular periodic assessments
(if any) and any other operating charges, are to be adjusted to the day of Settlement. Any heating or cooking fuels
remaining in supply tank(s) at Settlement will become the property of Purchaser, unless leased. Taxes, general and
special, are to be adjusted according to the certificate of taxes issued by the collector of taxes, if any, except that
GCAAR Form # 1301 - Regional Sales Contract - Rev 01/12
Page 4 of 8
Initials: Seller:
/
Purchaser:
/
Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026
www.zipLogix.com
draft docs for
recorded assessments for improvements completed prior to Settlement, whether assessments have been levied or not,
will be paid by Seller or allowance made at Settlement. If a loan is assumed, interest will be adjusted to the Settlement
Date and Purchaser will reimburse Seller for existing escrow accounts, if any.
21. ATTORNEY'S FEES
A. If any Party breaches this Agreement and a non-breaching Party retains legal counsel to enforce its rights
hereunder, the non-breaching Party shall be entitled to recover against the breaching Party, in addition to any
other damages recoverable against any breaching Party, all of its reasonable Legal Expenses incurred in enforcing
its rights under this Agreement, whether or not suit is filed, and in obtaining, enforcing and/or defending any
judgment related thereto. Should any tribunal of competent jurisdiction determine that more than one party to the
dispute has breached this Agreement, then all such breaching Parties shall bear their own costs, unless the tribunal
determines that one or more parties is a "Substantially Prevailing Party", in which case any such Substantially
Prevailing Party shall be entitled to recover from any of the breaching parties, in addition to any other damages
recoverable against any breaching Party, all of its reasonable Legal Expenses incurred in enforcing its rights under
this Agreement, whether or not suit is filed, and in obtaining, enforcing and/or defending any judgment related
thereto.
B. In the event a dispute arises resulting in the Broker (as used in this paragraph to include any agent, licensee, or
employee of the Broker) being made a party to any litigation by the Purchaser or by the Seller, the Parties agree
that the Party who brought the Broker into litigation shall indemnify the Broker for all of its reasonable Legal
Expenses incurred, unless the litigation results in a judgment against the Broker.
22. PERFORMANCE Delivery of the required funds and executed documents to the Settlement Agent will constitute
sufficient tender of performance. Funds from this transaction at Settlement may be used to pay off any existing liens
and encumbrances, including interest, as required by lender(s) or lienholders.
23. DEFAULT If Purchaser fails to complete Settlement for any reason other than Default by Seller, at the option of
Seller, the Deposit may be forfeited as liquidated damages (not as a penalty) in which event Purchaser will be relieved
from further liability to Seller. If Seller does not elect to accept the Deposit as liquidated damages, the Deposit may
not be the limit of Purchaser's liability in the event of a Default. If the Deposit is forfeited, or if there is an award of
damages by a court or a compromise agreement between Seller and Purchaser, the Broker may accept and Seller
agrees to pay the Broker one-half of the Deposit in lieu of the Broker's Fee, (provided Broker's share of any forfeited
Deposit will not exceed the amount due under the listing agreement). If Seller fails to perform or comply with any of
the terms and conditions of this Contract or fails to complete Settlement for any reason other than Default by
Purchaser, Purchaser will have the right to pursue all legal or equitable remedies, including specific performance
and/or damages. If either Seller or Purchaser refuses to execute a release of Deposit ("Release") when requested to do
so in writing and a court finds that such party should have executed the Release, the party who so refused to execute
the Release will pay the expenses, including, without limitation, reasonable attorney's fees, incurred by the other party
in the litigation. Seller and Purchaser agree that no Escrow Agent will have any liability to any party on account of
disbursement of the Deposit or on account of failure to disburse the Deposit, except only in the event of the Escrow
Agent's gross negligence or willful misconduct. The parties further agree that the Escrow Agent will not be liable for
the failure of any depository in which the Deposit is placed and that Seller and Purchaser each will indemnify, defend
and save harmless the Escrow Agent from any loss or expense arising out of the holding, disbursement or failure to
disburse the Deposit, except in the case of the Escrow Agent's gross negligence or willful misconduct. If either
Purchaser or Seller is in default, then in addition to all other damages, the defaulting party will immediately pay the
costs incurred for the title examination, Appraisal, survey and the Broker's Fee in full.
24. OTHER DISCLOSURES Purchaser and Seller should carefully read this Contract to be sure that the terms
accurately express their respective understanding as to their intentions and agreements. The Broker can
counsel on real estate matters, but if legal advice is desired by either party, such party is advised to seek legal
counsel. Purchaser and Seller are further advised to seek appropriate professional advice concerning the
condition of the Property or tax and insurance matters. The following provisions of this paragraph disclose some
GCAAR Form # 1301 - Regional Sales Contract - Rev 01/12
Page 5 of 8
Initials: Seller:
/
Purchaser:
/
Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026
www.zipLogix.com
draft docs for

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