Offer To Purchase Improved Property For Homeownership Or Investor Owner (Page 2 of 6) in pdf

Seller will reject Offers from parties that violate the City General Buyer Policies and Seller may terminate an

accepted Offer if such conditions exist at any time after acceptance of this Offer or at closing.

Seller may reject an Offer from parties with outstanding City of Milwaukee offers or recently purchased

property from Seller where improvements or renovations have not been completed.

Buyer certifies that Buyer:

has

has no

outstanding accepted Offers to Purchase with Seller

has

has not

acquired other property from Seller for which all required rehabilitation, repair,

improvement or development has not been completed

Buyer certifies that Buyer

is not an employee of the City of Milwaukee, Redevelopment Authority,

Housing Authority, Milwaukee Economic Development Corporation or Neighborhood Improvement

Development Corporation (collectively “City Agencies”). If employed by City Agency, identify department:

____________________________________. DCD, HACM and RACM employees must complete and submit with

the Offer a DCD Conflict of Interest Form that has been signed by the employee’s supervisor and DCD

Commissioner.

6. Acceptance. Submitted Offer must be signed by all parties of Buyer and acceptance occurs upon

signature of the Commissioner of DCD or designee at which time this Offer becomes an agreement binding

upon both parties (“Effective Date”). Buyer may withdraw the Offer at any time prior to delivery of the

accepted Offer and Broker shall return the Earnest Money to Buyer.

7. Offer Term. The Offer shall commence on the Effective Date and be in effect for a period of 45 days

(“Expiration Date”). Buyer must satisfy all contingencies and close on or before the Expiration Date pursuant

to Section 11 of this Offer. Under limited circumstances, the Offer may be extended by the Commissioner of

DCD for up to 30 days (“Extended Date”) upon submission by Buyer and Seller acceptance of a written

request for such extension including the reasons therefor and a check for $250.00 in payment of an

Extension Fee. If the Offer term is extended, the Extension Fee is non-refundable and shall not be credited

toward the Purchase Price.

8. Duty to Comply with Building Code. Conveyance shall be subject to all building and health code violations

outstanding at Closing, if any. Buyer shall, promptly after Closing, apply to the Department of

Neighborhood Services (DNS) for a Certificate of Code Compliance (or Certificate of Occupancy for

buildings with a DNS Placard Order or a mixed or multiple dwelling buildings) and bring the Property into

compliance with the City of Milwaukee Building Code within ninety days (90) following the date of the

Deed, or other time period specified by DNS provided such date is not later than six months following the

date of the Deed. The Deed shall include a reversionary clause in the event of a failure to timely achieve

such code compliance. Buyer shall pay all fees for the DNS Code Compliance Program.

9. Roots Program for Owner Occupants. Buyer elects to participate in the Roots Program:

Yes

No.

10. Buyer Financing Contingency. This Offer (Check One►)

is not

contingent upon Buyer obtaining

financing (“Buyer Contingency”). If yes, this Offer is contingent upon Buyer being able to obtain:

first mortgage loan commitment

rehabilitation/construction loan commitment

within __ days of acceptance of this Offer for not less than $_______________ for a term of not less than _____

years with an initial interest rate not to exceed __________% per annum with monthly payment not to exceed

$___________ for principal and interest. Buyer agrees to pay all customary financing costs (including closing

costs, to apply for financing promptly and to provide evidence of application promptly upon request by

Seller. If financing is not available on the terms stated in this Offer (and Buyer has not already delivered an

acceptable loan commitment for other financing to Seller), Buyer shall promptly deliver written notice to Seller

of same including copies of lender(s) rejection letters or other evidence of unavailability. If Seller notice is not

timely given, this Offer shall be null and void.

Offer To Purchase Improved Property For Homeownership Or Investor Owner Page 2

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