Contract In Form Of Offer And Acceptance (Page 2 of 4) in pdf

Provided such report has been furnished, seller shall notify purchaser within _________ days after the

acceptance of this agreement whether seller is willing to accept the purchase money note and mortgage or

agreement for warranty deed, installment provided for in this agreement. If seller notifies purchaser in writing that

seller is not willing to accept the note and mortgage or agreement, this contract shall be null and void and the

earnest money shall be returned to purchaser. If seller fails to deliver to purchaser any notification whatever

within the above specified time, seller shall be deemed to have accepted said note and mortgage or agreement. If

purchaser fails to furnish such credit report within the time specified above, this contract at seller's option shall

become null and void.

(d). This offer is contingent upon the ability of purchaser to secure within _________ days of acceptance of

this agreement by owner, a mortgage commitment for $_____ with interest at not more than _____% per annum

to be amortized over _________ years with the commission for such loan not to exceed _____%. Purchaser

agrees to furnish flood hazard insurance if required by mortgagee. If purchaser is unable to obtain such

commitment, purchaser shall notify seller in writing within that number of days. If seller is not so notified,

purchaser shall for all purposes be deemed to have secured such commitment or to have agreed to purchase the

property without mortgage financing. If seller is so notified, seller may, at seller's option, within an equal number

of additional days of the notice, secure a mortgage commitment upon the same terms. In such event, purchaser

agrees to furnish to seller all requested credit information and to sign customary papers relating to the application

and securing of mortgage commitments. If purchaser notifies seller as above provided, and neither purchaser nor

seller are able to secure such commitment as above provided, this contract shall be null and void and the earnest

money shall be returned to the purchaser.

4. (a) Closing or escrow payout shall be on _________[date], provided title has been shown good or accepted

by purchaser, by conveyance by stamped recordable warranty deed with release of dower and homestead rights (or

other appropriate deed if title is in trust or in an estate) and payment of purchase price, including earnest money and

delivery of purchase money mortgage, if any, or, in the alternative to conveyance, by delivery of agreement for

warranty deed installment.

(b). Title shall be conveyed subject only to: general taxes for _________[year] and subsequent years;

special taxes or assessments, if any, for improvements not yet completed; installments, if any, not due at the date

of this agreement of any special tax or assessment for improvements now completed; building lines and building

and liquor restrictions of record; zoning and building laws and ordinances; public utility easements; public roads

and highways; easements for private roads; covenants and restrictions of record as to use and occupancy; party

wall rights and agreements, if any; the mortgage or trust deed, if any, as described in paragraph 3(b) above.

[Strike this subparagraph if agreement for warranty deed, installment provided for.]

5. Real estate taxes (based on most recent ascertainable taxes); assignable insurance policies, if requested by

purchaser; rents, if any; water taxes and other proratable items including flood hazard insurance shall be prorated to

date of possession. Fire and extended coverage insurance policies shall be assigned to and accepted by purchaser at

closing. (This does not apply to home-owners insurance policies.) If property in this agreement is improved but last

available tax assessment is on vacant basis or partial improvement, parties to this agreement agree to reprorate when

the _________[year] bill is available and if the bill is not based on fully improved assessment to reprorate for

_________[year] when bill for that year is available.

6. (a) Seller shall deliver or cause to be delivered to purchaser or purchaser's agent, not less than five days prior to

the time of closing, a title commitment for an owner's title insurance policy issued by a title insurance company

licensed to do business in the State of _________, in the amount of the purchase price, covering title to the real

estate on or after the date of this agreement, showing title in the intended grantor subject only to (1) the conditions

and stipulations and standard or general exceptions contained in the owner's policy issued by that company, (2) the

title exceptions set forth above, in paragraph 4(b), and (3) title exceptions which may be removed by the payment of

money at the time of closing and which the seller may so remove at that time by using the funds to be paid upon the

delivery of the deed. Delay in delivery by seller of commitment for title insurance due to delay by purchaser's

mortgagee in recording mortgage and bringing down title shall not be default of this paragraph. Every title

commitment furnished by the seller under this agreement shall be conclusive evidence of good title as shown in it,

subject only to exceptions as stated in it. As to all or any part of the real estate which, on the date of this contract,

was registered in the office of the registrar of titles of _________ County, the seller may either (1) tender the title

commitment required in this agreement, and a currently dated registrar of title's special tax search, or (2) exhibit the

owner's duplicate certificate of title or a certified copy of it, and tender a currently dated registrar of title's special tax

Contract In Form Of Offer And Acceptance Page 2

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