Form RD 1955-45 Standard Sales Contract - Sale of Real Property by the United States

Form RD1955-45 is a U.S. Department of Agriculture - Rural Development form also known as the "Standard Sales Contract - Sale Of Real Property By The United States". The latest edition of the form was released in November 1, 2006 and is available for digital filing.

Download a PDF version of the Form RD1955-45 down below or find it on U.S. Department of Agriculture - Rural Development Forms website.

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Position 5
FORM APPROVED
OMB NO. 0575-0172
UNITED STATES DEPARTMENT OF
Form RD 1955-45
AGRICULTURE RURAL DEVELOPMENT FARM
(Rev. 11-06)
Advice No.
SERVICE AGENCY
STANDARD SALES CONTRACT
SALE OF REAL PROPERTY BY THE UNITED STATES
20
1.
THE OFFER DATE OF THIS CONTRACT (THE DATE SIGNED BY THE PURCHASER) IS
.
Rural Housing Service;
Rural
2.
THE UNITED STATES OF AMERICA, acting through the
Rural Utilities Service;
Business-Cooperative Service;
Farm Service Agency, hereinafter referred to as the ''Agency'', as SELLER, agrees to sell to the
PURCHASER named below, and said purchaser agrees to buy, the property identified hereinafter, subject to the CONDITIONS
OF SALE on pages 3 and 4 hereof which are incorporated and made part here of. PROPERTY IDENTIFICATION. Street
address, including ZIP code and county:
3.
Brief Legal Description:
together with the appurtenances there unto belonging.
4.
EARNEST MONEY DEPOSIT, $
, (TO BE REFUNDED TO PURCHASER IF THIS OFFER REJECTED
TO BE
TO BE REFUNDED TO PURCHASER AT CLOSING
OR IF AGENCY CREDIT SALE IS NOT APPROVED)
TO BE
APPLIED TO CLOSING COSTS, AT CLOSING, WITH ANY BALANCE REFUNDED TO PURCHASER
APPLIED TO CLOSING COSTS, AT CLOSING, WITH ANY BALANCE APPLIED TO THE PURCHASE PRICE.
5.
PRICE: $
CASH AT CLOSING: $
, WITH BALANCE OF
BY CREDIT SALE (SECURED BY MORTGAGE OR DEED OF TRUST) ACCEPTED
$
BY AGENCY PROVIDING FOR EQUAL
INSTALLMENTS OF PRINCIPAL AND INTEREST AT THE
AGENCY INTEREST RATE IN EFFECT AS SET FORTH IN RD INSTRUCTION 440.1 (AVAILABLE IN ANY AGENCY
OFFICE) AT THE TIME THE APPLICANT IS NOTIFIED THE CREDIT SALE IS APPROVED
WITH ANY BALANCE
OF THE LOAN TO BE PAID IN FULL NOT LATER THAN THE
ANNIVERSARY OF THE LOAN.
CONTINGENCY. If a credit sale is indicated in paragraph 5 above, this contract is contingent upon the Agency approving a
6.
credit sale, satisfactory to and in the name of the following party(ies):
7.
CONVEYANCE. Title is to be taken in the following name and style:
SIGNATURE. This contract is signed by one or more of those personally named in paragraph 6 or an authorized party or
8.
official of the legal entity named in paragraph 6 (called the Purchaser).
9.
OCCUPANCY. Purchaser will close with property
occupancy by
vacant; subject to
Purchaser's own occupancy only;
other(s).
THE PROPERTY DESCRIBED IN THIS CONTRACT
10.
is not subject to taxation while owned by the Government.
is
Taxes will be
paid in full
prorated in accordance with Item H, page 3 of form.
DEED RESTRICTION. The property
11.
is
is not subject to deed restrictions in accordance with Item O, page 3 of form.
12.
SPECIAL STIPULATIONS:
13. The sale shall be closed at
within thirty (30) days
after indication by the Seller of readiness to close, unless the parties otherwise agree in writing.
Purchaser has signed this contract on the date shown in paragraph 1, above.
ACCEPTED BY THE UNITED STATES OF AMERICA
Purchaser's Signature
BY
(Signature)
Type or Print Purchaser's Name
Purchaser's Signature
(Type Name and Title of Official)
Type of Print Purchaser's Name
(Agency)
UNITED STATES DEPARTMENT OF AGRICULTURE
Co-Signer's Signature
Date Accepted
Type or Print Co-Signer's Name
According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB
control number for this information collection is 0575-0172. The time required to complete this information collection is estimated to average 30 minutes per response, including the time
for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.
Position 5
FORM APPROVED
OMB NO. 0575-0172
UNITED STATES DEPARTMENT OF
Form RD 1955-45
AGRICULTURE RURAL DEVELOPMENT FARM
(Rev. 11-06)
Advice No.
SERVICE AGENCY
STANDARD SALES CONTRACT
SALE OF REAL PROPERTY BY THE UNITED STATES
20
1.
THE OFFER DATE OF THIS CONTRACT (THE DATE SIGNED BY THE PURCHASER) IS
.
Rural Housing Service;
Rural
2.
THE UNITED STATES OF AMERICA, acting through the
Rural Utilities Service;
Business-Cooperative Service;
Farm Service Agency, hereinafter referred to as the ''Agency'', as SELLER, agrees to sell to the
PURCHASER named below, and said purchaser agrees to buy, the property identified hereinafter, subject to the CONDITIONS
OF SALE on pages 3 and 4 hereof which are incorporated and made part here of. PROPERTY IDENTIFICATION. Street
address, including ZIP code and county:
3.
Brief Legal Description:
together with the appurtenances there unto belonging.
4.
EARNEST MONEY DEPOSIT, $
, (TO BE REFUNDED TO PURCHASER IF THIS OFFER REJECTED
TO BE
TO BE REFUNDED TO PURCHASER AT CLOSING
OR IF AGENCY CREDIT SALE IS NOT APPROVED)
TO BE
APPLIED TO CLOSING COSTS, AT CLOSING, WITH ANY BALANCE REFUNDED TO PURCHASER
APPLIED TO CLOSING COSTS, AT CLOSING, WITH ANY BALANCE APPLIED TO THE PURCHASE PRICE.
5.
PRICE: $
CASH AT CLOSING: $
, WITH BALANCE OF
BY CREDIT SALE (SECURED BY MORTGAGE OR DEED OF TRUST) ACCEPTED
$
BY AGENCY PROVIDING FOR EQUAL
INSTALLMENTS OF PRINCIPAL AND INTEREST AT THE
AGENCY INTEREST RATE IN EFFECT AS SET FORTH IN RD INSTRUCTION 440.1 (AVAILABLE IN ANY AGENCY
OFFICE) AT THE TIME THE APPLICANT IS NOTIFIED THE CREDIT SALE IS APPROVED
WITH ANY BALANCE
OF THE LOAN TO BE PAID IN FULL NOT LATER THAN THE
ANNIVERSARY OF THE LOAN.
CONTINGENCY. If a credit sale is indicated in paragraph 5 above, this contract is contingent upon the Agency approving a
6.
credit sale, satisfactory to and in the name of the following party(ies):
7.
CONVEYANCE. Title is to be taken in the following name and style:
SIGNATURE. This contract is signed by one or more of those personally named in paragraph 6 or an authorized party or
8.
official of the legal entity named in paragraph 6 (called the Purchaser).
9.
OCCUPANCY. Purchaser will close with property
occupancy by
vacant; subject to
Purchaser's own occupancy only;
other(s).
THE PROPERTY DESCRIBED IN THIS CONTRACT
10.
is not subject to taxation while owned by the Government.
is
Taxes will be
paid in full
prorated in accordance with Item H, page 3 of form.
DEED RESTRICTION. The property
11.
is
is not subject to deed restrictions in accordance with Item O, page 3 of form.
12.
SPECIAL STIPULATIONS:
13. The sale shall be closed at
within thirty (30) days
after indication by the Seller of readiness to close, unless the parties otherwise agree in writing.
Purchaser has signed this contract on the date shown in paragraph 1, above.
ACCEPTED BY THE UNITED STATES OF AMERICA
Purchaser's Signature
BY
(Signature)
Type or Print Purchaser's Name
Purchaser's Signature
(Type Name and Title of Official)
Type of Print Purchaser's Name
(Agency)
UNITED STATES DEPARTMENT OF AGRICULTURE
Co-Signer's Signature
Date Accepted
Type or Print Co-Signer's Name
According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB
control number for this information collection is 0575-0172. The time required to complete this information collection is estimated to average 30 minutes per response, including the time
for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.
PURCHASER'S ADDRESS
BROKER'S CERTIFICATION (IF SOLD THROUGH A REAL ESTATE BROKER)
The undersigned Broker certifies that neither he/she nor anyone authorized to act for him/her has declined to sell the property
described herein to or to make it available for inspection or consideration by a prospective purchaser because of race, color, religion, sex,
age, handicap, national origin or marital status. The undersigned further acknowledges that no commission, as stated on the notice of real
property for sale shall be due or earned until and unless this contract is closed and title has passed to the purchaser herein. Earned
commissions will be paid in cash at closing and passing of title only where sufficient cash to cover the commission is paid by purchaser;
otherwise commission is paid by the Agency in approximately four weeks after closing.
NOTE: The broker must sign this certification.
(Broker's Signature)
Broker's Social Security or Employer Identification No.
(Type or Print Name of Broker)
(Co-Broker Signature, if applicable)
Co-Broker's Social Security or Employer Identification No.
(Type or Print Name of any Co-Broker)
THE FOLLOWING CONDITIONS OF SALE ARE AGREED TO BY PURCHASER AND SELLER
BEING THE CONDITIONS OF SALE REFERRED TO IN PARAGRAPH 2, PAGE 1
GENERAL - APPLICABLE TO ALL CONTRACTS EXCEPT AS MODIFIED BY PRIOR PARAGRAPHS
Earnest Money Deposit. The earnest money deposit, shall be in the amount set forth in Agency regulations (7 CFR, Part 1955,
A.
Subpart C or 7 CFR Part 3550, as appropriate).
B.
Deed to the Property. Within thirty (30) days after acceptance of the contract or removal of the contingency of Paragraph 6, page
1 (if applicable), whichever occurs last, the Government shall prepare for the purchaser a quitclaim deed to the property for
delivery at the closing. The closing shall occur within thirty (30) days after the Government notifies the purchaser that the sale is
ready to be closed. If a credit sale has been approved, the Government will also provide the required promissory note and security
instruments. The purchaser shall deliver the executed promissory note and security instruments to the Government at the closing.
if the contingency in Paragraph 6 is applicable and the Government disapproves the purchaser's credit, the purchaser shall be
notified of the disapproval of credit and the contract shall terminate.
Encumbrances or Defects. If the purchaser, before receiving a deed and within thirty (30) days after the Government's acceptance of the bid,
C.
submits proof of any encumbrances or title defects, the Government may take any necessary remedial action. If the Government does not elect
to exercise the right, the purchaser may, if the encumbrance or title defect affects the marketability of the title, rescind purchaser's purchase
obligation and recover all amounts paid by purchaser to the Government on account of the purchase price. However, neither the purchaser nor
parties claiming under purchaser shall be entitled, under any circumstances, to recover from the Government any damages, interest, or costs
on account of any encumbrance or defect affecting the title of the property. Unless proof of encumbrances or defects, other than any
enumerated on Exhibit A, is submitted by the purchaser within the time specified above, any and all encumbrances and defects shall be
conclusively presumed waived, and the purchaser and any parties claiming under purchaser shall be forever barred from asserting them
against the Government.
Abstracts or Title Evidence. The Government is not obligated to furnish any abstracts or other title evidence but will permit
D.
purchaser to inspect its title papers at a place selected by, and at no expense to, the Government.
Accepting the Property. The purchaser agrees to accept the property as is, in its present condition. No warranty is given on the
E.
condition of the property.
F.
Loss or Damage to Property. If, through no fault of either party, the property is lost or damaged as a result of fire, vandalism or an
act of God between the time of acceptance of the offer and the time the title of the property is conveyed by the Agency, the Agency will
reappraise the property. The reappraised value of the property will serve as the amount the Agency will accept from the purchaser. However,
if the actual loss, based on reduction in market value as determined by the Agency is less than $500, payment of the full purchase price is
required. In the event the two parties cannot agree upon an adjusted price, either party, by mailing notice in writing to the other, may terminate
the contract of sale, and the earnest money will be returned to the offeror.
Possession Rights. The purchaser will accept the property subject to the rights of any person or persons in possession of or
G.
presently occupying the property or claiming a right to occupy the property as indicated in Paragraph 9, page 1.
H.
Payment of Taxes. If the property while in Government inventory is subject to taxation, the taxes will be prorated between the
Government and the purchaser as of the date title is conveyed. If the property is not subject to taxation while in Government
inventory, the purchaser will pay all taxes on the property which become due and payable on or after the date the title of the
property is conveyed by the Government.
I.
Mineral Rights. The Government will convey to the purchaser all mineral rights to which it has title.
J.
Liquidated Damages. If the purchaser fails to comply with any of the terms or conditions hereof, the Government, by mailing
notice in writing, may terminate the contract for sale. The earnest money deposit shall be retained by the Government as full
liquidated damages except where failure to close is due to non-approval of credit.
K.
Representation Regarding Property. Representations or statements regarding the property made by any representative of the
Government shall not be binding on the Government or considered as grounds for any claim for adjustment in or rescission of
any resulting contract. The purchaser expressly waives any claim for adjustment or rescission based upon any representation or
statement not expressly included herein. The Government makes no warranties or representations not set forth in writing herein
concerning the condition of title or the permissible uses of the property.
L.
Member of Congress. No Member of or Delegate to Congress or Resident Commissioner shall be admitted to any share or part
of the contract of which these conditions form a part, or to any benefit that may arise therefrom.
M.
Subject to Agency Regulations. All offers and resulting contracts shall be subject to the regulations of the Agency, now or hereafter
in effect.
N.
Documentary Stamps. The purchaser will be required to purchase and place upon the deed the necessary documentary stamps.
Deed Restrictions (If Applicable). This property contains a dwelling unit or units which the Agency has deemed to be
O.
inadequate for residential occupancy. The quitclaim deed by which this property will be conveyed to the purchaser will contain
a covenant binding the purchasers and the property which will restrict the residential unit(s) on the property from being used for
residential occupancy until such time as the dwelling unit(s) is (are) structurally 'sound and habitable, has a potable water
supply, has functionally adequate, safe, and operable heating, plumbing, electrical and sewage disposal systems, and meets the
Thermal Performance Standards as outlined in Exhibit D, 7 CFR Part 1924, Subpart A, which are the Agency requirements for
a residential unit(s) to meet decent, safe, and sanitary standards. This restriction is required by Section 510(e) of the Housing
Act of 1949, as amended, 42 U.S.C. § 1480(e).
Entire Agreement. This contract contains the final and entire agreement between the parties hereto and they shall not be bound
P.
by any terms, conditions, statements, or representations, oral or written, not herein contained.
APPLICABLE TO CREDIT SALES (LOANS BY THE AGENCY) ONLY
Purchaser Financial Information. The purchaser will submit financial information upon request of the Government within 30
Q.
days of such request.
Security Instruments. Upon closing all deeds and mortgages or other security instruments incident to the sale shall be on
R.
Agency forms and shall immediately be filed for record by the Agency at the expense of purchaser.
Insurance. To protect the Government's security in any buildings and appurtenances, the purchaser shall carry insurance against
S.
loss by fire, windstorm, flood and any other hazards required by the Government. The insurance shall be in an amount and
form, and with an insurer, satisfactory to the Government. The original policy with evidence of premium payment shall be
delivered to the Government at the time of delivery of the quitclaim deed to the purchaser.
Prepayment. The purchaser may pay at any time all or part of the unpaid balance of the purchase price with no prepayment
T.
penalty. (For Multiple Family Housing sales only, the purchaser may be subject to prepayment restrictions of Section 502(c) of
the Housing Act of 1949, 42 U.S.C. §1472(c)

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