Buy/sell Agreement Template
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1
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3Buy/Sell Agreement
Buyer(s): ____________________
Seller(s): ___________________
Phone: ______________________
Phone: ___________________
: ______________________
Agreement Number: _________
Date
1.
he SELLERS DISCLOSURE
The Undersigned Buyer and Seller each acknowledge that they have read and signed t
STATEMENT.
2. PROPERTY DESCRIPTION:
Buyer agrees to purchase from Seller the property located at:
__________________________________________________________________
Street Address
City/Township
County, State
___________________________________________________
Legally described as:_
__________________________________________________________________
3. SALE PRICE: ________________________________ Dollars $_____________
4. METHOD OF PAYMENT:
ALL MONIES MUST BE PAID IN US DOLLARS BY CASH, CERTIFIED CHECK,
.
The sale will be completed by the following method:
CASHIER CHECK OR MONEY ORDER
____
CASH – Buyer will pay the sale price in cash upon Seller’s execution and delivery of a Warranty Deed at closing
_____NEW MORTGAGE – The full purchase price upon the execution and delivery of a Warranty Deed, contingent upon
Buyer’s ability to obtain a mortgage.
Should any part of the new mortgage be FHA/VA insured, ___ Seller ___ Buyer will agree to pay an amount not to exceed
$________, representing repairs required as a condition of financing.
Exceptions:_____________________________________________________________________.
Buyer agrees to apply for a mortgage loan, and pay all fees and costs customarily charged by Buyer’s lender to process the
application within_________days after this Agreement is fully executed.
____SELLER FINANCING (check one)
___ Land Contract
___ Purchase Money Mortgage
___ Equity
___ Mortgage Assumption or Land Contract Assignment
Terms:
Dollar Amount______________ Months/Year(s) __________
Payment Amount ____________
Interest Rate ____________
SELLER UNDERSTANDS THAT SELLING OR TRANSFERRING THE PROPERTY DOES NOT RELIEVE
SELLER OF ANY OBLIGATIONS OR OTHER INDEBTEDNESS TO WHICH THE PROPERTY IS SUBJECT,
UNLESS OTHERWISE AGREED TO BY THE LENDER OR REQUIRED BY LAW OR REGULATION.
5. TITLE INSURANCE:
A Standard ALTA Owner’s Policy of Title Insurance in the amount of the purchase price will be
furnished to Buyer at Seller’s expense and a commitment to issue a policy insuring marketable title vested in buyer, including
a real estate tax status report, will be made available for buyer’s inspection prior to closing.
Exceptions:____Owners and Mortgage Title Policy and all closing services to be provided by America's One Title Agency
_______________________
(616-365-4100).
If Buyer objects to any item on the commitment, Seller will have 28 days after receiving written notice to remedy the claimed
defects. After 28 days, Seller will refund the deposit in full termination of the contract if unable to cure title defects.
6. PROPERTY TAXES:
Seller will be responsible for any taxes billed prior to those
addressed below. Buyer will be responsible for all taxes billed after those addressed below.
_____No proration. (Choose One)
Buyer_____Seller_____ will pay taxes billed summer________(year)
Buyer_____Seller_____ will pay taxes billed winter ________(year)
_____Calendar Year Proration (all taxes billed or to be billed in the year of the closing). Calendar year tax levies will be
estimated, if necessary, using the taxable value and the millage rate(s) in effect on the day of closing, broken down to a per
diem tax payment and prorated to the date of closing with Seller paying for January 1 to day of closing.
_____Fiscal Year Proration – Taxes will be prorated as though they are paid in
(Choose One)
Advance________
Arrears________
Fiscal Year will be assumed to cover a 12 month period from date billed, and taxes will be prorated to the date of closing.
Fiscal year tax levies will be estimated, if necessary, using the taxable value and millage rate(s) in effect on the day of closing,
broken down to a per diem tax payment and prorated to the date of closing with Seller paying to day of closing.
Exceptions:______________________________________________________________________
7. ASSESSMENTS:
(Choose One)
____
Seller will pay any existing assessments which are due and payable, or a lien or both, on the property on or before the
date first written above.
____
Buyer will assume or pay any assessment balance which remains after Seller pays for any assessment installments
which are due and payable on or before the date first written above.
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