Contract In Form Of Offer And Acceptance


Contract in form of offer and acceptance.
Real Estate Contract
To: _________, Seller
Date _________
Offer of Purchaser
The terms of this offer to be as follows:
I/We offer to purchase the property known as: _________ Street, _________(city), _________ County,
_________(state) _________(zip)
Legally described as (if not available, legal description to be inserted later): _________.
Lot approximately _________, together with improvements on it including the following, if any, located on
the premises as of the date of this agreement: screens, storm windows and doors; shades, Venetian blinds;
drapery rods; curtain rods; radiator covers; attached TV antennas; heating, central cooling, ventilating, lighting
and plumbing fixtures; attached mirrors, shelving, interior shutters, cabinets and bookcases; awnings; porch
shades; planted vegetation; garage door openers and transmitters; attached fireplace screens; as well as the
following specific items: _________.
All of the foregoing items of personal property shall be transferred to purchaser by delivery at closing of a
customary bill of sale.
1. Purchase price $_____.
2. Initial earnest money $_____ in the form of _________ check dated _________, payable to _________. Upon
acceptance of this offer, the check shall be properly endorsed by payee and deposited by _________, as broker. The
earnest money shall be increased to 10% (20% if unimproved) of purchase price within _________ days after
acceptance of this agreement. The initial earnest money shall be returned, and this offer shall be void if not accepted
on or before _________.
3. Purchase price, subject to prorations, shall be paid as follows [strike out the inapplicable subparagraphs]:
(a). All in cash, cashier's check, or certified check at closing.
(b). $_____(which includes earnest money) in cash, cashier's or certified check, and (unless within
_________ days of the acceptance of this agreement by owner purchaser has obtained another mortgage
commitment satisfactory to purchaser and has given written notice of the fact to owner) the balance by the
purchaser taking title subject to and assuming as of the date of closing and agreeing to pay the indebtedness
secured by the existing mortgage or trust deed, dated _________, recorded or registered in _________ County
as Document No. _________, and evidenced by a note currently held by _________ having an unpaid balance
as of this date of $_____, and bearing _____% interest per annum on unpaid principal, provided the note is not
in default on date of closing. The note is payable in _________ installments per year (including principal,
interest, tax and insurance deposits and loan guarantee insurance) of $_____ each, final payment being due on
The parties to this agreement agree to sign a written assumption agreement with and in a form satisfactory to
the legal holder of the note, assumption expense to be paid by the purchaser not to exceed $_____, and balance,
if any, to be paid by seller, the owner also to remain obligated to the legal holder if the legal holder so demands. In
the event the purchaser is unable to secure permission of the legal holder to assume the indebtedness or to
obtain another mortgage commitment within the above-specified number of days of acceptance of this agreement,
purchaser shall take title subject to the mortgage or trust deed (unless said instrument contains an express
prohibition to such taking without the legal holder's consent, in which event this contract shall be null and void
and the earnest money shall be returned to the purchaser) and shall be written instrument, in form satisfactory to
owner, save and hold harmless owner from all further liability on this agreement. The amount of cash due shall be
adjusted depending on the actual principal balance due on the note at the time of closing.
(c). $_____(which includes earnest money) in cash, cashier's check or certified check, and the balance by
(purchase money note and mortgage) (agreement for warranty deed, installment) [strike one] for $_____ with
interest on unpaid balance at _____% per annum, with _________ payments per year (including interest) of
$_____ each, the final payment to be due on _________ and with unlimited prepayment privilege without
penalty. The instruments shall be prepared by the attorney for the seller in a form to be approved by the
purchaser or h
attorney. In the event the parties cannot agree on the form of the instruments, seller's attorney
shall prepare a note and trust deed on the appropriate _________[bank or trust company] printed legal form or
the agreement for warranty deed, installment (long form) on the _________ & Co. printed legal form of same.
Within _________ days of the acceptance of this agreement, purchaser shall furnish seller a credit report.


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