Seller’s Acknowledgements (Investor buying Sub2 – Seller signs) I _______________________________________________________ (Seller), on this ____ day of ____________________, 20____, have agreed in writing to sell the property commonly known as ______________________________________________________________, (The Property) to __________________________________________________________ (Buyer), SUBJECT TO the existing mortgage loan(s) according to the terms and conditions contained in the Purchase and Sale Agreement (The Agreement) of even date, a copy of which is attached hereto. I further state as follows:
______ 1. OWNERSHIP OF THE PROPERTY: I am the owner of The Property (or I have an equitable interest in The Property) and am able to contract for its sale.
______ 2. ACCEPTANCE: I have reviewed the terms and conditions contained in The Agreement and have accepted Buyer’s offer to purchase The Property.
______ 3. GOOD AND VALUABLE CONSIDERATION: I have received good and valuable consideration in signing The Agreement, and I acknowledge both the receipt and the sufficiency of the consideration.
______ 4. IN MY BEST INTEREST: I am satisfied with The Agreement and have agreed to sell The Property because it is in my best interest to do so.
______ 5. FULLY INFORMED AND NOT CONFUSED: I have signed The Agreement being fully informed and with sufficient understanding of all terms and conditions contained therein. I am not confused about any aspect of The Agreement.
______ 6. SATISFIED WITH THE SALES PRICE: I understand I may be selling The Property for less that market value but have chosen to do so because circumstances dictate that an immediate sale, even at a discounted price, is in my best interest. I am satisfied with the sales price I have negotiated.
______ 7. SALE IS FINAL: I understand by signing The Agreement, I have agreed to sell The Property to Buyer and am now bound by the terms and conditions described in The Agreement. I further understand that I cannot “change my mind” or cancel the contract at some later date, nor can I continue to market The Property to any other buyer.
______ 8. CONTINGENCIES MAY EXIST: I understand the sale may be contingent upon Buyer’s inspection and approval of certain terms described in The Agreement. I further understand that if Buyer does not approve of these items, Buyer may cancel The Agreement and if canceled, I must return Buyer’s earnest money in full.
______ 9. NOT A LOAN: I understand The Agreement I have signed is for the outright sale of The Property and is not intended to be a loan of any kind.
______ 10. AGREEMENT MAY BE ASSIGNED: I understand Buyer may assign The
Agreement to another party and I may be closing the sale with someone other than Buyer.
______ 11. NO ESCROW: I understand Buyer may choose to “close” this transaction without the use of an escrow company and may record the conveyance documents himself.
______ 12. CLOSING DOCUMENTS: I understand there will be additional closing documents to sign and upon receipt, agree to sign and deliver the closing documents either into Escrow or directly to Buyer, as Buyer may direct, in a timely manner.
______ 13. COPIES OF THE PAPERWORK: I understand that copies of the paperwork I’ve signed will be provided to me in a timely manner and I acknowledge that circumstances dictate that copies may not be immediately made available to me.
______ 14. BUYER ENTITLED TO MAKE A PROFIT: I understand Buyer may resell The Property and may realize a profit in doing so. I agree Buyer is entitled to any profit that may ultimately result in the subsequent resale of The Property.
______ 15. LEGAL COUNCEL ADVISED: I acknowledge Buyer has advised me to seek independent legal counsel to review The Agreement.
______ 16. FINANCIAL REVIEW ADVISED: I acknowledge Buyer has advised me to seek an independent financial advisor to review The Agreement.
______ 17. FAIRLY NEGOTIATED: I understand Buyer has negotiated on his own behalf and likewise, I have negotiated on mine. I acknowledge The Agreement has been negotiated fairly and Buyer has not taken advantage of me or my current situation.
______ 18. NO PRECLUDING AILMENTS: I have no physical, mental or emotional ailments that preclude me from signing The Agreement.
______ 19. NOT UNDER THE INFLUENCE: I am not now under the influence of alcohol or any other mind-altering substance, nor am I taking medication that would cloud my judgment or make me unable to think clearly.
______ 20. NO OTHER PROMISES: I have not been promised anything other than what is described in The Agreement. There are no unresolved issues, no “side agreements”, nor are there other terms not disclosed in The Agreement.
______ 21. NOT UNER DURESS: I am not under duress and have signed The Agreement of my own free will, without any undue financial pressure. I have signed of my Own free will and Buyer has in no way pressured me into signing the Agreement.
_____________________________ Date________
Seller
_____________________________ Date________
Seller 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. |
