Purchase and Sale Agreement (Investor buying “Subject to”) This agreement is made this _________day of _____________________, 20______
between Seller(s)____________________________________ Social Security #______________________
and Buyer ______________________________________________________________________________
Seller agrees to sell and buyer agrees to buy the following described real property together with all improvements and fixtures and the personal property described below:
Street Address__________________________________________________________________________
County of________________________.
Legal description:
Personal property included:
____________________________________________________________________.
Buyer to purchase Seller’s equity for a total of $______________________. That sum to be paid in cash at the time a Warranty Deed is executed by the Seller transferring title to the Buyer. That sum is the total amount due the Seller now or in the future.
The Buyer is purchasing the property SUBJECT TO the following existing loans encumbering the property:
$_________________________________.
$_________________________________.
1. NOT ASSUMING LOANS: Seller understands and agrees that Buyer is NOT ASSUMING any existing loans or financing, but Buyer agrees to make the required monthly payments in a timely manner on the loans listed above. Seller understands and agrees that Seller’s name will remain as the responsible party on any existing loan until the balance of that loan is paid in full.
2. CONDITION OF HOUSE AND APPLIANCES: Seller warrants that the house and all mechanical systems and appliances will be in good working order at closing. Buyer will have access to property for inspection and the cost of any needed repairs will be paid by seller at closing. Appliances and other personal property will be transferred by bill of sale free of encumbrances at closing.
5. CLOSING DATE AND TRANSFER OF TITLE: This transaction shall close on or before _______________, 20___. Closing will be held at a place chosen by the Buyer. Seller(s) agree to transfer marketable title free and clear of all encumbrances except those listed.
6. DAMAGE TO PROPERTY: Seller shall maintain property in its current condition and keep it insured against all loss until closing in the event of destruction covered by insurance, Buyer may elect to close and collect the insurance proceeds.
7. DEFAULTS: If Buyer defaults under this contract, any and all monies deposited by Buyer shall be retained by seller as full liquidated damages. If Seller defaults, Buyer may pursue all remedies allowed by law and Seller agrees to be responsible for all costs incurred by Buyer as a result of Seller’s default.
8. SUCCESSORS AND ASSIGNEES: The terms and conditions of this contract shall bind all successors, heirs, administrators, trustees, executors and assignees of the respective parties.
9. ACCESS, ADVERTISING AND REPAIRS MADE BY BUYER: Sellers agree that Buyer may advertise property and have access during reasonable hours to show property to others. If the property is vacant and in need of repairs, Buyer at Buyer’s expense may make repairs and improvements, and any improvements made shall become the property of the Seller should the Buyer default,
10. ADDITIONAL TERMS AND CONDITIONS:
The undersigned have read the above information, understand it and verify that it is correct.
___________________________________________________ ________________________
SELLER DATE
___________________________________________________ _________________________
SELLER DATE
___________________________________________________ __________________________
BUYER DATE This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
