Form Hud-9548 - Sales Contract - U.s. Department Of Housing And Urban Development Page 3
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3Conditions of Sale
F. If this property is being offered with FHA insured mortgage financ-
A. All assessments, including improvement assessments which are
ing available, Seller's acceptance of this contract constitutes a
available for payment without interest or penalty for advance pay-
commitment to insure, conditioned upon Purchaser being determined
ment, taxes, rent, and ground rent, if any, shall be prorated as of the
by Seller or Direct Endorsement Underwriter to be an acceptable
closing date.
borrower and further conditioned upon Seller's authority to insure the
B. Seller makes no representations or warranties concerning the
mortgage at the time the sale is closed.
condition of the property, including but not limited to mechanical
G. Purchaser understands that Seller's listing price is Seller's esti-
systems, dry basement, foundation, structural, or compliance
mate of current fair market value.
with code, zoning or building requirements and will make no
repairs to the property after execution of this contract. Pur-
H. No member of or Delegate to Congress or Resident Commissioner
chaser understands that regardless of whether the property is
shall be admitted to any share or part of this contract or to any benefit
being financed with an FHA-insured mortgage, Seller does not
that may arise therefrom, but this provision shall not be construed to
guarantee or warrant that the property is free of visible or hidden
extend to this contract if made with a corporation for its general
structural defects, termite damage, lead-based paint, or any
benefit.
other condition that may render the property uninhabitable or
I. Purchaser and Seller agree that this contract shall be binding upon
otherwise unusable. Purchaser acknowledges responsibility for
their respective heirs, executors, administrators, successors or as-
taking such action as it believes necessary to satisfy itself that the
signs but is assignable only by written consent of the Seller.
property is in a condition acceptable to it, of laws, regulations and
J. If this property was constructed prior to 1978, Seller has inspected for
ordinances affecting the property, and agrees to accept the prop-
defective paint surfaces (defined as cracking, scaling, chipping,
erty in the condition existing on the date of this contract. It is
peeling or loose paint on all interior and exterior surfaces). Seller’s
important for Purchaser to have a home inspection performed on
inspection found no defective paint surfaces, or if defective paint
the property in order to identify any possible defects. If FHA
surfaces were found, Seller has treated or will treat such defective
insured financing is used, up to $200 of the cost to perform the
surfaces in a manner prescribed by Seller prior to closing. Purchaser
inspection may be financed into the mortgage. Names of home
understands and agrees that the Seller’s inspection and/or treat-
inspection companies can be found in the yellow pages of your
ment is not intended to, nor does it guarantee or warrant that all
telephone directory under the heading “Home Inspection Services.
lead-based paint and all potential lead-based paint hazards have
C. If financing is involved in this transaction (Item 4), Purchaser agrees
been eliminated from this property. Purchaser acknowledges that
that should he/she/it fail to provide documentation indicating that
he/she/it has received a copy of a pamphlet which discusses lead-
proper loan application was made in good faith within 10 calendar
based paint hazards and has signed, on or before the date of this
days of the date
this contract was accepted by Seller, and/or
contract, the Lead-Based Paint Addendum to Sales Contact - Prop-
thereafter otherwise to put forth good faith efforts to obtain necessary
erty Built Before 1978. Purchaser understands that the Lead-Based
financing, Seller shall have the option of rescinding this contract and
Paint Addendum must be signed by all Purchasers and forwarded to
retaining all or a portion of Purchaser's earnest money deposit.
Seller with this contract. Contracts which are not in conformance
D. Seller may rescind this contract and return all or a portion of
with these requirements will not be accepted by Seller.
Purchaser's earnest money deposit under the following conditions:
K. The effective date of this contract is the date it is accepted (signed)
1. Seller has not acquired the property.
by the Seller.
2. Seller is unable or unwilling to remove valid objections to the title
L. If the amount stated in Item 5 exceeds actual and typical financing
prior to closing.
and/or closing costs, such excess shall not be paid by Seller and may
3. Seller determines that purchaser is not an acceptable borrower.
not be used by Purchaser to reduce amount(s) due Seller.
Tender of the deposit shall release the Seller from any and all claims
M. Seller’s policies and requirements with regard to earnest money
arising from this transaction.
(including forfeiture thereof), extensions of time in which to close
E. Purchaser may not perform repairs nor take possession of the prop-
the sale, back-up offers, and allowable financing and/or closing costs
erty until sale is closed. Risk of loss or damage is assumed by Seller
are detailed in instructions issued to selling brokers.
until sale is closed, unless Purchaser takes possession of the property
N. Seller makes no representations or guarantees that the property will,
prior thereto, in which case State law shall apply. (1) If sale involves
in the future, be eligible for FHA insured mortgage financing,
FHA insured financing and after damage the property no longer
regardless of its condition or the repairs which may be made.
meets the intent of Minimum Property Standards (MPS), Seller may,
O. Warning: Falsifying information on this or any other form of
at its option, perform repairs or cancel the contract and return
the Department of Housing and Urban Development is felony.
Purchaser’s full earnest money deposit. If, after damage, the prop-
It is punishable by a fine not to exceed $250,000 and/or a
erty still meets the intent of MPS, Purchaser has the option of
prison sentence of not more than two years. (18 U.S.C. 1010,
accepting the property as-is, with a purchase price adjustment at
3559; 3571)
Seller’s sole discretion, or cancelling the contract and receiving
refund of full earnest money deposit.
(2) If sale does not involve
P. This contract contains the final and entire agreement between Pur-
FHA insured financing, Seller will not repair damage but may, at
chaser and Seller and they shall not be bound by any terms, condi-
Seller’s sole discretion, reduce the sale price. Purchaser has option
tions, statements, or representations, oral or written, not contained in
to cancel the contract and receive refund of full earnest money
this contract.
deposit. Tender of the earnest money shall release Seller from any
claims arising from this transaction.
Previous editions are obsolete
ref. Handbook 4310.5
form HUD-9548 (1/99)
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