Property Address______________________________________ County____________
Name of Buyer/Buyers_____________________________________________
Name of Seller/Sellers______________________________________________
The buyer who signed below, hereafter known as “the Buyer” in this real estate contract, will purchase. and the seller who signed below, hereafter known as “the Seller in this real estate contract, will sell, the property as described in this real estate contract subject to covenants, easements restrictions of record and with every improvement included.
1. Price of Purchase
1.1 As per real estate contracts the price of purchase to be paid to the Seller from the Buyer is (amount) dollars.
1.2 The price of purchase may be negotiable by either the Seller dependent on the outcome of the building inspection and/or appraisal.
2.1 The Buyer will deliver to the Seller or to an escrow company or other party as designated by the Seller, a deposit in the amount of (amount) dollars.
2.2 This deposit serves as a binder to shore up this contract.
2.3 If the binding check cannot be cashed due to lack of funds this real estate contract shall be canceled immediately.
2.4 If the Buyer defaults the terms of this real estate contract the deposit shall go to the Seller as compensation for damages.
2.5 If the Buyers chooses to exercise their rights per stips below or legal reasons and cancels this contract, the deposit binder shall be refunded to the Buyer in (number) business days.
3. Financing (choose one option)
3.1 [ ] The Buyer is paying the Seller full in cash for the above mentioned property.
3.2 [ ] The Buyer has, or is, in the process of getting a loan to purchase the property from a financial institution.
3.3 As per real estate contracts the Buyer shall confirm and prove to the Seller either proof of cash funds or a commitment letter from the financial institution where the loan will be executed within (number) calendar days from the date on this real estate contract.
3.4 If the Buyer is unable to confirm funds are or will be available at time of sale, the Seller retains the right to cancel any real estate contracts and return the deposit in (number) business days.
4. Appraisal (choose one)
4.1 [ ] Neither the Seller nor the Buyer, nor the financing company (if applicable) requires an appraisal.
4.2 [ ]The Buyer or their lender has (number) calendar days from the day this real estate contract is signed to arrange for an appraisal by a licensed appraiser.
4.3 If the real estate contract price for purchase is more than the appraisal value, the buyer has the right to cancel this real estate contract. The deposit will be returned to the Buyer within (number) business days.
5. Inspection Results (select one)
5.1 [ ] The Buyer agrees to purchase the above mentioned property “AS IS” including all faults. The Seller informs the Buyer through real estate contracts that no repairs or alterations will be made to the property.
5.2 [ ] The Buyer has (number) calendar days from this real estate contract date to have a certified or licensed building inspector examine this property for all or any defects including but not limited to structure, termites, mold, radon, lead paint, and infrastructure.
5.3 As per real estate contracts should the Buyer fail to provide the Seller a copy of the inspection report outlining any defects within the time stated above, the property will be considered in an acceptable state with no repairs or alterations required.
5.4 As long as repairs or alterations do not exceed the cost of (amount) the Seller will correct the faults as stated in the inspection report.
5.5 Should repairs exceed the amount stated in clause 5.4, and the Buyer and Seller cannot come to a mutually satisfactory solution, the Buyer will be able to purchase the property “as is” or void this real estate contract.
6. Does The Property Require a Lead Based Paint Disclosure and Pamphlet
__________Yes ____________ No
6.1 This pamphlet is required by law for an property built prior to 1978.
7. Inclusive Property
7.1 Per the Seller, the following property will be part of the sale and included in “as is” condition. __________________________________________________
The closing shall be scheduled before or on (date)
1.1 Should the closing need to be delayed for any reason both the Buyer and the Seller have the option to agree to the delay or either party has the option to declare this real estate contract null and void.
10.1 At the closing the Seller shall pass to the Buyer a viable title. If the Seller is unable to produce said title the Buyer has the right to cancel the contract and receive full refund of the deposit within (number) business days.
11. Closing Costs
11.1 The Seller agrees to pay (amount) in closing costs.
11.2 The Buyer agrees to pay (amount) in closing costs.
This real estate contract is entered into freely and willfully on this (date)