Contract In Form Of Offer And Acceptance (Page 3 of 4) in pdf

search and a currently dated registrar of title's federal tax lien search. Every certificate of title or 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. Seller also shall furnish purchaser an affidavit of title covering the time of closing, subject

only to the title exceptions permitted by this contract and sign customary ALTA form.

(b). If the title commitment discloses exceptions relating to title other than those referred to in paragraph 6(a),

seller shall have 30 days from the date of the delivery to purchaser of it to have these exceptions removed from

the commitment. If seller fails to have these exceptions removed within this time, purchaser may terminate this

contract or may elect, upon notice to seller within 10 days after the expiration of the 30-day period, to take title as

it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable

amount. If purchaser does not so elect, this contract shall be come null and void without further action of the

parties, and the earnest money shall be returned to the purchaser.

7. Possession shall be delivered on _________[date], provided sale has been closed. $_____ of the purchase

price is to be held in escrow by _________ as security to purchaser for possession, to be paid to the purchaser at

the rate of $_____ per day for each day possession is withheld beyond that date. Possession shall be deemed given

when seller has vacated the premises and delivered the keys to the same to purchaser or to the broker(s). Any

balance in the escrow fund after possession is delivered shall be paid to seller.

8. Earnest money and this contract shall be held by _________ for the benefit of the parties to this agreement. If

the purchaser defaults, earnest money shall be forfeited and applied to payment of broker's commission and any

expenses incurred, and balance paid to seller. At seller's election such forfeiture may be in full settlement of all

damages. If seller defaults, earnest money, at option of purchaser shall be refunded to purchaser, but such refunding

shall not release seller from the obligation of this contract.

9. General conditions.

(a). If prior to closing, improvements on the premises shall be destroyed or materially damaged by fire or other

casualty, this contract at option of purchaser shall become null and void.

(b). Prior to closing, seller shall furnish a survey by a licensed land surveyor showing the location of the

buildings to be within the lot lines and showing no encroachments of buildings from adjoining properties.

Providing all existing improvements and encroachments, if any, appear on the furnished survey, purchaser shall

bear the cost of any later date survey which may be required by purchaser's mortgagee or desired by purchaser.

(c). Existing mortgage and lien indebtedness shall be paid out of the sale proceeds.

(d). Purchaser may place a mortgage on this property and apply proceeds on purchase. Purchaser agrees to

furnish flood hazard insurance if required by mortgagee.

(e). Seller shall remove all debris from premises by date of possession.

(f). The seller warrants that neither

he nor h

agent has received notice of any dwelling code violation

which exists on the date of this contract from any city, village, or other governmental authority.

(g). Seller and purchaser shall execute all documents and provide all information so that any federal lender can

issue its commitment and close the transaction in accordance with the requirements of the Real Estate Settlement

Procedures Act of 1974.

(h). All notices or other communications which may be made pursuant to or which may be necessary or

convenient in connection with this agreement shall be in writing and shall be made to the parties to this

agreement at the addresses which appear after their names (or at such address as each may by written notice to

the other designate) by personal service or by regular, certified or registered mail. In the case of mailing the week

day (except legal holidays) after the date of mailing shall be deemed the date of delivery.

(i). This sale shall be closed at office of purchaser's mortgagee or, if none, at office of listing broker, or as

specified below: _________(name), _________(address) or, at request of either party, in escrow with the title

company issuing the title commitment by deed and money escrow; fee to be divided between seller and

purchaser.

(j). Seller will pay a broker's commission of _________ to _________.

_________, Purchaser

Acceptance of Offer by Seller

This _________[date], we accept this offer and agree to perform and convey title or cause title to be conveyed

according to the terms of this contract.

_________, Seller

Contract In Form Of Offer And Acceptance Page 3

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