Auction Sale Earnest Money Contract Page 3
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412.
POSSESSION: Seller will deliver possession of the Property to Buyer on closing and funding in its
present condition.
13.
PRO-RATIONS: Taxes for the current year will be prorated through the Closing Date.
14.
DEFAULT:
A. In the event that the seller accepts the high bid and the buyer does not close escrow in the time
set forth, the responsible broker is hereby instructed to release the earnest money deposit to the
seller without notice.
Buyer Signature ________________________________________________________
Buyer Signature ________________________________________________________
15.
DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute
related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will
submit the dispute to mediation before resorting to arbitration or litigation and will equally share the
costs of a mutually acceptable mediator.
ATTORNEY’S FEES: If Buyer, Seller, Auctioneer, any broker, or any escrow agent is a prevailing party
16.
in any legal proceeding brought under or with relation to this contract or this transaction, such party is
entitled to recover from the non-prevailing parties all costs of such proceeding and reasonable
attorney’s fees. This paragraph survives closing.
17.
AGREEMENT OF THE PARTIES:
A. This contract is binding on the parties, their heirs, executors, representatives and successors.
B. This contract is to be construed in accordance with the laws of the State of Idaho.
C. This contract contains the entire agreement of the parties and may not be changed except by
written agreement.
D. If this contract is executed in a number of identical counterparts, each counterpart is an original
and all counterparts, collectively, constitute one agreement.
E. Buyer may not assign this contract. If Buyer assigns this contract, Buyer will be relieved of any
future liability under this contract only if the assignee assumes, in writing, all of Buyer’s
obligations under this contract.
18.
TIME: Time is of the essence in this contract. The parties require strict compliance with the times for
performance.
BUYER’S Initials (
Date SELLER’S Initials (
)(
)
)(
)
Date
nd
St – PSA
223 N 2
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