Real Estate Purchase Contract And Receipt For Deposit This is intended to be a legally binding contract. Read carefully!
___________________________________________________________________, 20_____
Received from _____________________________________________________________________________________
herein called Buyer, the sum of ________________________________________Dollars $ __________________________
evidenced by cash ( ), cashier’s check ( ), or _________________________________ ( ), payable to ______________
_________________________________________, to be held uncashed until acceptance of this offer, as deposit on account of purchase price of __________________________________________________Dollars $ __________________________
for the purchase of property, situated in ___________________________, County of _______________________________
described as follows: ___________________________________________________________________________________
1. Buyer will deposit in escrow with _______________________________the balance of purchase price as follows:
Set forth above any terms and conditions of a factual nature applicable to this sale, such as financing, prior sale of other property, the matter of structural pest control inspection, repairs and person property to be included in the sale.
2. Deposit will ( ) will not ( ) be increased by $ ______________to $ ____________ within ____________days of acceptance of this offer.
3. Buyer does ( ) does not ( ) intend to occupy subject property as his residence.
4. The supplements initialed below are incorporated as part of this agreement.
____Structural Pest Control Certification Agreement ____ Occupancy Agreement Other
____Special Studies Zone Disclosure ____ VA Amendment _____ _________________________
____Flood Insurance Disclosure ____ FHA Amendment _____ _________________________
5. Buyer and Seller acknowledge receipt of a copy of this page, which constitutes page 1 of ____Pages.
__________________________________________________ _______________________________________________
Buyer Seller
________________________________________________ __________________________________________________
Buyer Seller
REAL ESTATE PURCHASE CONTRACT AND RECEIPT FOR DEPOSIT
The following terms and conditions are hereby incorporated in and made part of Purchaser’s Offer.
6. Buyer and Seller shall deliver signed instructions to the escrow holder within __________ days from Seller’s acceptance which shall provide for closing within _________days from Seller’s acceptance. Escrow fees to be paid as follow:
_______________________________________________ ______________________________________________________
_______________________________________________ ______________________________________________________
7. Title is to be free of liens, encumbrances, easements, restrictions, rights and conditions of record or known to Seller, other than the following. (1) Current property taxes. (2) covenants, conditions, restrictions, and public utility easements of record , if any, provided the same do not adversely affect the continued use of the property for the purposes for which it is presently being used, unless reasonably disapproved by Buyer in writing within _____ days of receipt of a current preliminary title report furnished at ____________expense, and (3) _________________________________________________________________________________________________.
Seller shall furnish Buyer at __________________expense a standard _____________________Land Title Association policy issued by
_____________________________, showing title vested in Buyer subject only to the above. If Seller (1) is unwilling or unable to eliminate any title matter disapproved by Buyer as above, Seller may terminate this Agreement, or (2) fails to deliver title as above, Buyer may terminate this agreement, in either case, the deposit shall be returned to Buyer.
8. Property Taxes, premiums on insurance acceptable to Buyer, rents, interest, and _________________________________________
shall be pro-rated as of (a) the date of recordation of deed, or (b) ________________________________________________________
Any bond or assessment which is a lien shall be paid ( ) assumed ( ) by ________________. ____________________ shall pay cost of
transfer taxes if any.
9. Possession shall be delivered to Buyer on close of escrow, or (b) not later than _______________________days after close of escrow
or (C) ________________________________________________ _________________________________________________
10. Unless otherwise designated in the escrow instructions of Buyer, title shall vest as follows: _________________________________ __________________________________ __________________________________
11. If Buyer fails to complete said purchase as here in provided by reason of any default of Buyer, Seller shall be released from his obligation to sell the property to Buyer and may proceed against Buyer upon any claim or remedy which he may have in law or equity; provided, however that by placing their initials here Buyer: ( ) Seller: ( ) agree that Seller shall retain the deposit as his liquidate damages. If the described property is a dwelling with no more than four units, one of which the Buyer intends to occupy as his residence, Seller shall retain as liquidated damages the deposit actually paid, or an amount there from, not more than 3% of the purchase price and promptly return any excess to Buyer.
12. If the only controversy or claim between the parties arises out of or relates to the disposition of the Buyer’s deposit, such controversy or claim shall at the election of the parties be decided by arbitration. Such arbitration shall be determined in accordance with the Rule of the American Arbitration Association, and judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction there of. The provisions of Code of Civil Procedure shall be applicable to such arbitration.
13. In any action or proceeding arising out of this agreement, the prevailing party shall be entitled to reasonable attorney’s fees and costs.
14. Time is of the essence. All modifications or extensions shall be in writing signed by the parties.
15. This constitutes an offer to purchase the described property. Unless acceptance is signed by Seller and the signed copy delivered to Buyer by _____________A.M./P.M. on ___________________, this offer shall be deemed revoked and deposit shall be returned.
16. Other
Buyer(s): Date of Offer: _________________, 20________
_____________________________________________ Address: ___________________________________
_____________________________________________ __________________________________________
The undersigned Seller(s) accepts and agrees to sell the property on the above terms and conditions:
Date of Acceptance: _____________, 20________
_____________________________________________ Address: ___________________________________
_____________________________________________ ___________________________________________
Page 2 of _____ pages 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. |
