CONTRACT FOR PURCHASE OF RESIDENCE OR OTHER REAL ESTATE

THIS CONTRACT is made on the _____ day of ____________, 20__ by and between
________________________________ (Seller) whose address is
________________________________________________________________ and
________________________________ and/or assigns (Buyer) whose mailing address is
______________________________________________________________________.

THE PARTIES AGREE AS FOLLOWS:

1. PURCHASE AND SALE: The Seller agrees to sell and the Buyer agrees to buy the
property located at:

________________________________________________________________________
________________________________________________________________________
together with all fixtures, landscaping, improvements, and appurtenances, all being
hereinafter collectively referred to as the “Property.”

2. PURCHASE PRICE: $ __________________________________________________

TERMS:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________

3. PRORATIONS: Real property taxes will be prorated based on the current year's tax
without allowance for discounts, including homestead or other exemptions. Rents (if
applicable) will be current and be prorated as of the date title transfers.

4. DEFECTS: Seller warrants Property to be free from hazardous substances and from
violation of any zoning, environmental, building, health or other governmental codes
or ordinances. Seller further warrants that there is no material or other known defects
or facts regarding Property, which would adversely affect the value of Property.

5. NO JUDGMENTS: Seller warrants that there are no judgments threatening the equity
in Property, and that there is no bankruptcy pending or contemplated by any titleholder.
Seller will not further encumber Property and an affidavit may be recorded at Buyer's
expense putting the public on notice that the closing of this contract will extinguish
liens and encumbrances hereafter recorded.
 CONTRACT FOR PURCHASE OF RESIDENCE OR OTHER REAL ESTATE 2

6. POSSESSION: Possession of Property and occupancy (tenants excepted), with all keys
and garage door openers, will be delivered to the Buyer when title transfers. Leases and
security deposit will transfer to the Buyer with title.

7. INSPECTIONS: Buyer, shall have the right, upon giving the owner twenty-four (24)
hours notice, to enter Property and inspect, repair, market, and show Property to third
parties, prior to the scheduled closing date.

8. CONTINGENCY: This contract is contingent upon the Buyer having the right to 1)
inspect all aspects of Property that would, directly or indirectly, affect its value; and 2)
engage a professional inspector(s) to determine the structure and condition of Property
improvements. The inspection reports must be satisfactory to Buyer, or all deposit
monies will be immediately refunded and all contract obligations considered null and
void. The inspections shall be conducted and the contingency concluded within
_______ working days from the date of acceptance of this contract. Removal of this
contingency must be in writing.

9. RISK OF LOSS: The Seller is responsible for any additional damage Property, except
for normal wear and tear, until the closing of title. If there is substantial damage, the
Seller reserves the right to cancel the contract and refund Buyer's deposit monies or to
negotiate the terms of the repairs with the Buyer.

10. ACCEPTANCE: This instrument will become a binding contract when accepted by
the Seller and signed by both Buyer and Seller. If it is not accepted and signed by the
Seller prior to:_______________________________, this contract shall be void.

11. DEPOSIT: Upon acceptance Buyer will place in escrow an earnest money deposit of
$________________ with title/escrow company/closing agent which will be part of the
cash paid to the Seller when title transfers. This deposit will be returned to the Buyer if
title does not transfer in accordance with this agreement and said title company will
cancel this transaction.

12.CLOSING: Closing will take place on or before: _____________ at ______:_______

Subject to a 90 day period in which the buyer/seller shall be permitted to clear any title
problems

13.OTHER AGREEMENTS:

‣ Buyer agrees to purchase Property in “as is” condition.

‣ Contract subject to an acceptable appraisal.

‣ Buyer to pay all closing costs.

 CONTRACT FOR PURCHASE OF RESIDENCE OR OTHER REAL ESTATE 3

‣ Buyer may assign or otherwise transfer any of Buyer’s rights, title, and interest in
and to this Purchase Agreement to a third party without the Seller’s consent.

‣ Buyer may place signs and show Property immediately upon acceptance of this
contract by both parties.

‣ In the event of a default, the sole remedy shall be the earnest money deposit.

13. TIME IS OF THE ESSENCE with this agreement. Each contingency contained herein
shall be satisfied according to its terms by the closing date or this contract extends to
provide time for satisfaction of said contingencies. Each party shall diligently pursue
the completion of this transaction. Each warranty herein made survives the closing of
this transaction.

14. PROHIBITION: This agreement establishes a prohibition against transfer,

conveyance or encumbrance to Property.

  

_______________________________________________________________________

Buyer Date

I accept and agree to be bound by the above contract.

_______________________________________________________________________

Seller Date

________________________________________________________________________

Seller Date