"Residential Real Estate Sale Contract Template - Kcrar" - Kansas

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RESIDENTIAL REAL ESTATE SALE CONTRACT
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THIS CONTRACT is made between: (PRINT NAMES AND INDICATE MARITAL STATUS; IF NOT
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COMPLETED, SELLER'S NAMES TO BE INSERTED BY LICENSEE ASSISTING SELLER PRIOR TO
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PRESENTATION TO SELLER)
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SELLER: ____________________________________________________________________________
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BUYER: _____________________________________________________________________________
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Bank-Owned Property (check if applicable): If the real property is bank-owned and the titled owner
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of record is not known at the Effective Date of this Contract, BUYER and SELLER agree the name of the
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SELLER is amended to as it is stated in the Deed at closing and is incorporated herein by reference and in
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any amendments and addenda. SELLER warrants it has full authority to sign and perform on this Contract
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on behalf of the titled owner of record.
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The Effective Date shall be the date of final acceptance by the last party to sign this agreement and/or
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addendum(s) attached hereto.
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1. PROPERTY.
BUYER agrees to purchase and SELLER agrees to sell the real property and the
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improvements thereon (the "Property") commonly known as:
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_____________________________________________________ _____________ ________________
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Street Address
City
Zip
County
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STATE: (Check one)
Missouri
Kansas
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LEGAL DESCRIPTION: (As described in the attached Legal Description Addendum or as described
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below) _______________________________________________________________________________
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_____________________________________________________________________________________
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Improvements on the property include a manufactured/mobile home. (A manufactured/mobile home
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may be considered personal property unless certain requirements have been met.)
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This Contract, including the Fixtures, Equipment and Appliances paragraph of the Seller’s
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Disclosure and Condition of Property Addendum (“Seller’s Disclosure”), not the MLS, or other
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promotional material, provides for what is included in the sale of the Property. Items listed in the
“Additional Inclusions” or “Exclusions” below supersede the Seller’s Disclosure and the pre-
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If there are no “Additional Inclusions” or “Exclusions” listed, the Seller’s
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printed list below.
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Disclosure and the pre-printed list below govern what is or is not included in the sale. If there are
differences between the Seller’s Disclosure and the pre-printed list below, the Seller’s Disclosure
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governs. Unless modified by the Seller’s Disclosure and/or the “Additional Inclusions” and/or the
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“Exclusions”, all existing improvements on the Property (if any) and appurtenances, fixtures and
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equipment (which seller agrees to own free and clear) whether buried, nailed, bolted, screwed,
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glued or otherwise permanently attached to the Property are expected to remain with Property,
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including the following, if any:
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Attic and ceiling fans
Garage door openers (and remote
Other Mirrors (if attached)
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Bathroom mirrors (wall mounted/
transmitting units)
Outside cooking units (if attached)
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hung)
Gas heaters
Owned propane tanks
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Central air conditioning
Gas logs and fireplace grates
Shelving (if attached)
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Central vacuum & attachments
Heating and plumbing equipment
Soft water conditioner (if owned)
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Fences (incl. invisible & controls)
(and fixtures)
Storm windows, doors & screens
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Fire, smoke and burglary detection
Humidifiers (if attached)
TV antennas (if attached; excluding
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units (if owned)
Keys to all doors
satellite dishes)
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Fireplace screens and/or glass doors Kitchen appliances (built-in)
Sprinkler systems & controls
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(if attached)
Lighting and light fixtures
Window coverings and components
56
Floor coverings (if attached)
Residential Real Estate Sale Contract 2011
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RESIDENTIAL REAL ESTATE SALE CONTRACT
1
THIS CONTRACT is made between: (PRINT NAMES AND INDICATE MARITAL STATUS; IF NOT
2
COMPLETED, SELLER'S NAMES TO BE INSERTED BY LICENSEE ASSISTING SELLER PRIOR TO
3
PRESENTATION TO SELLER)
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5
SELLER: ____________________________________________________________________________
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BUYER: _____________________________________________________________________________
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Bank-Owned Property (check if applicable): If the real property is bank-owned and the titled owner
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of record is not known at the Effective Date of this Contract, BUYER and SELLER agree the name of the
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SELLER is amended to as it is stated in the Deed at closing and is incorporated herein by reference and in
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any amendments and addenda. SELLER warrants it has full authority to sign and perform on this Contract
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on behalf of the titled owner of record.
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The Effective Date shall be the date of final acceptance by the last party to sign this agreement and/or
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addendum(s) attached hereto.
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1. PROPERTY.
BUYER agrees to purchase and SELLER agrees to sell the real property and the
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improvements thereon (the "Property") commonly known as:
20
21
_____________________________________________________ _____________ ________________
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Street Address
City
Zip
County
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STATE: (Check one)
Missouri
Kansas
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LEGAL DESCRIPTION: (As described in the attached Legal Description Addendum or as described
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below) _______________________________________________________________________________
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_____________________________________________________________________________________
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Improvements on the property include a manufactured/mobile home. (A manufactured/mobile home
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may be considered personal property unless certain requirements have been met.)
32
This Contract, including the Fixtures, Equipment and Appliances paragraph of the Seller’s
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Disclosure and Condition of Property Addendum (“Seller’s Disclosure”), not the MLS, or other
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promotional material, provides for what is included in the sale of the Property. Items listed in the
“Additional Inclusions” or “Exclusions” below supersede the Seller’s Disclosure and the pre-
36
If there are no “Additional Inclusions” or “Exclusions” listed, the Seller’s
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printed list below.
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Disclosure and the pre-printed list below govern what is or is not included in the sale. If there are
differences between the Seller’s Disclosure and the pre-printed list below, the Seller’s Disclosure
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governs. Unless modified by the Seller’s Disclosure and/or the “Additional Inclusions” and/or the
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“Exclusions”, all existing improvements on the Property (if any) and appurtenances, fixtures and
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equipment (which seller agrees to own free and clear) whether buried, nailed, bolted, screwed,
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glued or otherwise permanently attached to the Property are expected to remain with Property,
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including the following, if any:
45
46
Attic and ceiling fans
Garage door openers (and remote
Other Mirrors (if attached)
47
Bathroom mirrors (wall mounted/
transmitting units)
Outside cooking units (if attached)
48
hung)
Gas heaters
Owned propane tanks
49
Central air conditioning
Gas logs and fireplace grates
Shelving (if attached)
50
Central vacuum & attachments
Heating and plumbing equipment
Soft water conditioner (if owned)
51
Fences (incl. invisible & controls)
(and fixtures)
Storm windows, doors & screens
52
Fire, smoke and burglary detection
Humidifiers (if attached)
TV antennas (if attached; excluding
53
units (if owned)
Keys to all doors
satellite dishes)
54
Fireplace screens and/or glass doors Kitchen appliances (built-in)
Sprinkler systems & controls
55
(if attached)
Lighting and light fixtures
Window coverings and components
56
Floor coverings (if attached)
Residential Real Estate Sale Contract 2011
Page 1 of 10
a. Additional Inclusions. The following items, if any, supersede the Seller’s Disclosure and the pre-printed
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list above, are considered to be a part of the Property and are included in the sale: ___________________
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____________________________________________________________________________________
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____________________________________________________________________________________
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b. Exclusions. The following items, if any, supersede the Seller’s Disclosure and the pre-printed list above,
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are not considered to be a part of the Property and are not included in the sale: _____________________
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_____________________________________________________________________________________
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_____________________________________________________________________________________
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2. ADDENDA. The following Addenda (riders, supplements, etc.) are attached hereto and are a part of
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this Contract (Check applicable boxes):
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Agency Disclosure Addendum
Contingency for Sale and Closing Addendum
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Financing Addendum
(see Paragraph 3f below)
Seller’s Disclosure and Condition of Property Add.
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Dispute Resolution/Mediation Addendum
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Lead Based Paint Disclosure Addendum
Condo Resale Certificate (Missouri only)
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Listing Company Disclosure
Other: ________________________________
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Selling Company Disclosure
Other: ________________________________
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3. PURCHASE PRICE. The Purchase Price for the Property is …………… $ __________________
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which BUYER agrees to pay as follows:
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a. Earnest Money in the form of: (Check one)
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Personal check OR
Other ______________________________
in the amount of ………………………………………………………… $ __________________(a)
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Deposited with: (Check one)
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Listing Broker
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Escrow Agent
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SELLER (BUYER acknowledges that funds payable to and held by
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the SELLER WILL NOT be held subject to the terms in Earnest Money
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and Additional Deposits paragraph.)
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b. Additional Earnest Money on or before
_____
$ __________________(b)
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Deposited with: (Check one)
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Listing Broker
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Escrow Agent
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SELLER (BUYER acknowledges that funds payable to and held by
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SELLER WILL NOT be held subject to the terms of Earnest Money
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and Additional Deposits paragraph.)
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c. Total Amount Financed by BUYER (SEE ATTACHED FINANCING
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ADDENDUM) (not including financed mortgage insurance premiums,
DVA Funding Fee or other closing costs, if any) ……………………
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$ __________________(c)
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d. Balance of Purchase Price to be paid in CERTIFIED FUNDS (Purchase
Price less a, b & c of this paragraph) on or before the Closing Date …..... $ __________________(d)
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e. SELLER paid cost(s) for BUYER’S financing is per attached Financing Addendum, if any.
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f.
In the event the sale is contingent upon the sale and/or closing of BUYER(S) Property, the
Contingency For Sale and/or Closing Of Buyer’s Property Addendum must be attached.
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g.
In the event of a cash sale, BUYER shall provide written verification from a depository of funds on
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deposit within ____ calendar days (5 days if left blank) which together with the financing mentioned
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above, if any, are sufficient to complete the Closing on this Contract.
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Residential Real Estate Sale Contract 2011
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4. DISCLOSURES. THIS CONTRACT SHALL NOT BE EFFECTIVE UNTIL SELLER COMPLETES AND
BUYER & SELLER HAVE SIGNED A SELLER’S DISCLOSURE AND CONDITION OF PROPERTY
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ADDENDUM AND, IF APPLICABLE, LEAD BASED PAINT ADDENDUM FOR THE PROPERTY.
SELLER confirms information contained in the Seller’s Disclosure and Condition of Property Addendum is
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current as of the “Effective Date” of the Contract. SELLER shall advise BUYER of any substantial change in
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the condition of the Property prior to Closing.
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LEAD BASED PAINT DISCLOSURE: IF THE PROPERTY WAS BUILT PRIOR TO 1978, BUYER
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ACKNOWLEDGES
RECEIVING,
READING
AND
SIGNING
THE
FEDERALLY
REQUIRED
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DISCLOSURE REGARDING LEAD BASED PAINT.
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In Missouri and in Kansas, law requires persons who are convicted of certain crimes, including
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certain sexually violent crimes, to register with the sheriff of the county in which they reside. If you,
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as the BUYER, desire information regarding those registrants, you may find information on the
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homepage of the Kansas Bureau of Investigation (KBI) at http://www.Kansas.gov/kbi or by
contacting the local sheriff’s office in Kansas. In Missouri, BUYER should contact the sheriff of the
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county in which the Property is located.
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5.
APPRAISED VALUE CONTINGENCY. (Check only if financing is NOT being obtained.) BUYER
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may, within _______ calendar days from the date of this Contract (within the Inspection Period, if left
blank) obtain, at BUYER’S expense, an appraisal of the Property by an independent licensed appraiser.
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Notwithstanding any other terms of this Contract, if the final appraised value of the Property, as
determined by BUYER’S appraiser, (after reconsideration if requested by SELLER) is not equal to or
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greater than the Purchase Price, BUYER may cancel this Contract by written notice to SELLER, which
notice shall be accompanied by a copy of the appraisal. If within five (5) days after receipt of BUYER’S
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notice of intent to cancel, SELLER does not agree in writing to reduce the purchase price to an amount
equal to the final appraised value of the Property, as determined by BUYER’S appraiser, or BUYER and
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SELLER fail to agree in writing on an acceptable sale price, this Contract shall be cancelled and
BUYER’S Earnest Money and any Additional Deposits shall be subject to the provisions of the
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Earnest Money and Additional Deposits paragraph of the Contract.
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On or before _______________ (“Closing Date”) SELLER shall
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6. CLOSING AND POSSESSION.
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execute and deliver into escrow with the title company(s) or other closing agent(s), a general warranty deed
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(or special warranty deed or fiduciary deed, if SELLER is a corporation, association, financial institution or
fiduciary) and all other documents and funds necessary to satisfy SELLER’S obligations under this
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Contract. On or before the Closing Date, BUYER shall execute and deliver into escrow with the title
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company(s) or other closing agent(s), all documents (including note(s), mortgage(s)/deed(s) of trust, and
any other documents required by BUYER’S lender, if BUYER is obtaining financing) and funds (including
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loan proceeds, if BUYER is obtaining financing) necessary to satisfy BUYER’S obligations under this
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Contract. SELLER AND BUYER ACKNOWLEDGE ALL FUNDS REQUIRED FOR CLOSING MUST BE
IN THE FORM OF CASHIER’S CHECK, WIRE TRANSFER OR OTHER CERTIFIED FUNDS. When all
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documents and funds have been executed and delivered into escrow with the title company(s) or other
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closing agent(s), the closing shall be completed. SELLER shall deliver possession of the Property to
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BUYER on ___________________________ at _____, __. M., (if left blank, the Closing Date at 5:00 P.M.)
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(“Possession Date”). BUYER shall not occupy the Property or place personal property in or on it
prior to completion of the Closing and disbursement or availability of SELLER’S proceeds, if any,
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unless otherwise agreed upon in writing by the BUYER and the SELLER.
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7.
LIMITED HOME WARRANTY PLAN. (Check if applicable):
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SELLER
BUYER, at a cost not to exceed $
, agrees to purchase a home warranty
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plan from
____ (vendor) to be paid at Closing. A home
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warranty plan is a limited service Contract covering repair or replacement of the working components of the
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Property for one year from the Closing Date subject to the terms and conditions of the individual plan with a
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per claim deductible of $ ___________. The (Check one)
Licensee assisting SELLER
Licensee
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assisting BUYER shall be responsible for making arrangements for the home warranty plan, submitting
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required documentation for such to the Closing Agent prior to Closing. Broker may receive a fee from the
Residential Real Estate Sale Contract 2011
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warranty company. Home warranty plans may not cover pre-existing conditions and are not a
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substitute for inspections.
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8. UTILITIES/MAINTENANCE/CASUALTY LOSS. SELLER agrees to leave all utilities on until the date of
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possession unless otherwise agreed. SELLER shall maintain the Property in its present condition through
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the Possession Date. Unless otherwise agreed in writing, SELLER shall remove all possessions, trash and
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debris from, and clean the Property, upon vacating or prior to delivery of Possession. SELLER agrees to
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perform ordinary and necessary maintenance, upkeep and repair to the Property and to keep the
improvements on the Property fully insured until delivery of SELLER’S deed to BUYER. If before delivery
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of the deed to BUYER, improvements on the Property are damaged or destroyed by fire or other causes
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including those that could be covered by what is known as fire and extended coverage insurance, then the
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SELLER shall notify the BUYER in writing within 24 hours of such damage. The parties agree that the risk
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of that damage or destruction shall be borne as follows: 1) If the damage is minor, SELLER may repair or
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replace the damage done to the Property if the work can be completed before the Closing Date. If the
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SELLER elects to repair or replace the damage done to the Property, but repair/replacement can not be
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completed prior to the Closing, with written agreement between the parties one of the following options will
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be chosen: i) SELLER will pay for repair/replacement after Closing, ii) the parties will extend the Closing
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Date to such time as repairs/replacement can be completed, or iii) with consent of BUYER’S lender, 1.5
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times the estimated cost of repair/replacement will be escrowed until repair/replacement is complete with
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any funds remaining after payment for repairs/replacement being remitted to the party that funded the
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escrow; 2) If SELLER elects not to repair or replace the damage done to the Property, or if the damage is
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not minor, the BUYER may enforce or cancel this Contract by written notice to SELLER within 10 days after
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receiving notice of such damage to the Property; 3) If BUYER elects to enforce this Contract, the Purchase
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Price shall not be reduced and the Property shall be conveyed in its existing condition at the time, provided
SELLER shall be responsible for paying the insurance deductible and assign SELLER’S fire and extended
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coverage proceeds to BUYER at Closing. If BUYER and SELLER mutually agree upon the cost of repairs,
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then SELLER may pay the cost of those repairs.
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(Check if applicable) THE BUYER SHALL PAY SELLER FOR THE AMOUNT OF FUEL LEFT IN
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TANK AT CLOSING. SELLER SHALL HAVE TANK READ PRIOR TO CLOSING AND PROVIDE
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DOCUMENTATION.
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9.
EARNEST MONEY AND ADDITIONAL DEPOSITS. Upon acceptance of this Contract, unless
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otherwise agreed, any Earnest Money or Additional Deposits shall be deposited within 5 business days (if
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Kansas Property)/10 banking days (if Missouri Property) of the Effective Date, in an insured escrow account
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maintained by Listing Broker or Escrow Agent. BUYER and SELLER agree the Listing Broker or Escrow
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Agent may retain any interest earned on escrowed funds. If this Contract is terminated by the express
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provisions of this Contract or by either party pursuant to a right expressly given in this Contract, the Earnest
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Money and Additional Deposits shall be returned to BUYER, and neither party shall have any further rights
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or obligations under this Contract, except as otherwise stated in this Contract. Notwithstanding any other
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terms of this Contract providing for the forfeiture or refund of Earnest Money and Additional
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Deposits, the parties understand neither the Listing Broker nor the Escrow Agent can distribute the
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Earnest Money and Additional Deposits without the written consent of all parties to this Contract
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unless permitted to do so by applicable state laws. If BUYER and SELLER are unable to agree in
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writing upon the disposition of the Earnest Money and Additional Deposits or any other funds, Listing
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Broker or Escrow Agent may commence an inter-pleader or similar proceeding and BUYER and SELLER
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authorize Listing Broker or Escrow Agent to pay all funds to the Clerk of the Court for disposition as the
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Court may direct. BUYER and SELLER agree Listing Broker or Escrow Agent shall be entitled to
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reimbursement of its costs incurred in connection with the inter-pleader or similar proceeding
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including without limitation, reasonable attorneys' fees and expenses. BUYER and SELLER agree,
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in the absence of a dispute or written consent to distribution, the failure by either to respond in writing to a
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certified letter from Listing Broker or Escrow Agent within 7 days (if Kansas Property)/15 days (if Missouri
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Property) of receipt thereof or failure to make written demand for return or forfeiture of the Earnest Money
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and Additional Deposits within 30 days (if Kansas Property)/60 days (if Missouri Property) of notice of
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cancellation of this Contract shall constitute consent to distribution of the Earnest Money and Additional
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Deposits as suggested in such certified letter. All parties acknowledge that any earnest deposit funds
Residential Real Estate Sale Contract 2011
Page 4 of 10
remain in the Broker’s escrow account for over 1 year (if Missouri Property)/5 years (if Kansas property)
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may be sent to the respective states as requested or required by law.
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10. SURVEY. BUYER may, at BUYER’S expense, obtain a "staked" survey of the Property before the
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Closing Date to assure there are no defects, encroachments, overlaps, boundary line or acreage disputes,
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or other such matters, would be disclosed by a survey. BUYER acknowledges a Mortgage Inspection
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Report or "Loan Survey" normally required by a lending institution is not a "staked" survey. A title
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insurance company typically requires a "staked" survey in order to provide survey coverage to the
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BUYER.
Prior to the Closing Date, BUYER shall notify SELLER of any encroachments of any
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improvements upon, from, or onto the Property or any building setback line, property line, or easement,
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which encroachment shall be deemed to be a title defect. SELLER shall remedy such defects as are
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susceptible of being remedied prior to the Closing Date. If SELLER does not remedy the defects in title,
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BUYER shall have the option of (a) completing this purchase and accepting the title SELLER is able to
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convey without adjustment in the Purchase Price, or (b) cancelling this Contract.
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11. EVIDENCE OF TITLE. Within a reasonable time after the Effective Date, but prior to the Closing Date
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(the "Commitment Delivery Date"), SELLER agrees to deliver to BUYER a title insurance commitment from
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a company authorized to insure titles in the state where the Property is located. Unless there is a defect in
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title to the Property is not corrected prior to the Closing Date, BUYER may not object to untimely delivery of
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the title commitment. The title commitment shall commit to insure a marketable fee simple title to the
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BUYER upon the recording of the deed or other document of conveyance. However, title to the Property
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shall be subject to the conditions in this Contract and to customary covenants, declarations, restrictions,
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zoning laws, easements, party wall agreements, special assessments, and community Contracts of record
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as of the effective date of the title commitment (the "Permitted Exceptions").
BUYER shall have a
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reasonable time after receipt of the title commitment (the "Objection Period") to notify SELLER in writing of
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any valid objections to title to the Property. SELLER shall then make a good faith effort to remedy the
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defects in title. If SELLER does not remedy the title defects before the Closing Date, BUYER may elect to
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waive the objections, extend the Closing Date a reasonable time for SELLER to remedy the defects or
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cancel this Contract. Provided, if the time between the Effective Date and the Closing Date is too short to
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permit compliance with the time frames described in this paragraph, both the Commitment Delivery Date
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and the Objection Period shall be as soon as reasonably possible but no later than the Closing Date.
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SELLER agrees to provide and pay for an owner's title insurance policy in the amount of the Purchase
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Price insuring marketable fee simple title in BUYER, subject to the Permitted Exceptions and with the
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exception of any liens, encumbrances or other matters affecting title to the Property created by BUYER or
arising by virtue of BUYER’S activities or ownership. The policy shall also insure BUYER as of the date of
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recording of the deed or other document of conveyance, against any lien, or right to a lien, for services,
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labor or material imposed by law and not shown by the public records. SELLER agrees to comply with the
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requirements of the title company for issuance of this coverage. UNLESS OTHERWISE PROVIDED IN
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THIS CONTRACT, THE OWNER'S TITLE POLICY WILL INCLUDE MECHANIC'S LIEN COVERAGE.
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12. TAXES, PRORATIONS & SPECIAL ASSESSMENTS. All general/state/county/school and municipal
real estate taxes, homeowner’s association dues and fees, special assessments, interest on existing loans
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to be assumed by BUYER, and any other contractual obligations of SELLER to be assumed by BUYER for
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years prior to the current calendar year shall be paid by SELLER. Any of the preceding items which
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become due and accrue during the calendar year in which SELLER'S warranty deed is delivered (including
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rents, if applicable) shall be prorated between the parties as of the Closing Date and, for all years
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thereafter, to the extent permitted by applicable law, shall be assumed and paid by the BUYER. BUYER
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acknowledges that the Property may be subject to a special assessment, fee, or located in an improvement
district. BUYER acknowledges this disclosure is required by Kansas law, and may be found in the Seller’s
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Disclosure and Condition of Property Addendum or a separate document, if applicable.
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If the actual amount of any item, other than taxes for the current year, cannot be ascertained from
the public record, the amount of the item for the preceding year will be used for the current year’s
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amount. If the actual amount of taxes for the current calendar year cannot be determined, it will
be estimated by using the current year’s appraised value, if available from the county taxing
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authority, and last year’s mill levy. If appraised value is not available, the Contract purchase price
281
Residential Real Estate Sale Contract 2011
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