Form Us-00472b - Contract For The Sale And Purchase Of Real Estate No Broker - Vacant Residential Land Page 4
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FORM US-00472B
13.
DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may either (a) enforce
specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and
receive the earnest money as liquidated damages, thereby releasing both parties from this contract. If, due to factors
beyond Seller’s control, Seller fails within the time allowed to make any non-casualty repairs or deliver evidence of
clean title, Buyer may either (a) extend the time for performance up to 15 days and the Closing Date will be
extended as necessary or (b) terminate this contract as the sole remedy and receive a refund of the earnest money. If
Seller fails to comply with this contract for any other reason, Seller will be in default and Buyer may either (a)
enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this
contract and receive the earnest money, thereby releasing both parties from this contract.
14.
ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction
described in this contract is entitled to recover from the non-prevailing party all costs of such proceeding and
reasonable attorney’s fees.
15.
REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, or
security interests against the Property which will not be satisfied out of the sales proceeds unless securing payment
of any loans assumed by Buyer and (b) assumed loans will not be in default. If any representation in this contract is
untrue on the Closing Date, this contract may be terminated by Buyer and the earnest money will be refunded to
Buyer. All representations contained in this contract will survive closing.
16.
FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable law, or if Seller fails to
deliver an affidavit that Seller is not a "foreign person", then Buyer shall withhold from the sales proceeds an
amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together
with appropriate tax forms. IRS regulations require filing written reports if cash in excess of specified amounts is
received in the transaction.
17.
AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed
except by their written agreement.
18.
NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand-
delivered at, or transmitted by facsimile machine as follows:
To Buyer at:
To Seller at:
Telephone (
)
Telephone (
)
Facsimile (
)
Facsimile (
)
19.
ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller. This agreement may
be assigned by Seller and shall be binding on the heirs and assigns of the parties hereto.
20.
PRIOR AGREEMENTS: This contract incorporates all prior agreements between the parties, contains the entire and
final agreement of the parties, and cannot be changed except by their written consent. Neither party has relied upon
any statement or representation made by the other party or any sales representative bringing the parties together.
Neither party shall be bound by any terms, conditions, oral statements, warranties, or representations not herein
contained. Each party acknowledges that he has read and understands this contract. The provisions of this contract shall
apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto. When
herein used, the singular includes the plural and the masculine includes the feminine as the context may require.
Buyer Initials ______ _______
- 4 -
Seller Initials _______ _______
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