Contract Between Purchaser And Seller.
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5PURCHASE AGREEMENT
THIS IS A LEGALLY BINDING CONTRACT BETWEEN
PURCHASER AND SELLER.
IF YOU DO NOT UNDERSTAND IT, SEEK LEGAL ADVICE.
1.
PARTIES TO CONTRACT - PROPERTY. Purchaser and Seller acknowledge that Broker is_______
is not______ the limited agent of both parties to this transaction as outlined in Section III of the Agency
Agreement Addendum as authorized by Purchaser and Seller.
________________________________________________________________, hereinafter referred to as
Purchaser, offers and agrees to purchase from ________________________________________________,
hereinafter referred to as Seller, upon the terms and conditions set forth, the property legally described as:
______________________________________________________________________________________
______________________________________________________________________________________
also known as___________________________________________________________________________
2.
EARNEST MONEY DEPOSIT. Earnest Money in the amount of ($______________)
_______________________________________________________DOLLARS Cash_____ Check_____,
unless otherwise noted herein, shall be deposited into the trust account of the listing _____ selling _____
broker on the next legal banking day after acceptance of this offer.
Other earnest money provisions: ___________________________________________________________
______________________________________________________________________________________
3.
PURCHASE PRICE. The total purchase price is to be ($_____________________)
_____________________________________________________________________________DOLLARS
After earnest money herein is credited, the remaining balance is to be paid by Purchaser at closing.
4.
F INANCING.
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New Mortgage. This offer is contingent upon Purchaser obtaining a new
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VA,
FHA,
SDHDA,
Conventional, or
____________________________ type of loan.
A letter of Purchaser’s loan status from __________________________________________________
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is attached or
will be delivered by _____________________________(date).
Within ____ legal banking days after acceptance of this Agreement, Purchaser will make application
for and diligently and in good faith endeavor to secure a new loan, pay all application fees, and to sign
all financing documents without delay. Purchaser reserves the right to obtain alternative financing as
long as there are no increased costs to Seller.
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Assumption. See attached Addendum.
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Contract for Deed/Private Mortgage. See attached Addendum.
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Cash. This is a cash offer. The remaining balance of $______________ will be paid at closing by
certified check. A letter of verification from
________________________________________________________________________
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regarding the availability of funds
is attached
will be delivered by _______________ (date) or
this agreement, at the option of Seller without notice to Purchaser may be voided.
INITIALS: PURCHASER________/________SELLER________/_________
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SDREC.RESIDENTIALPURCHASEAGREEMENT.2011
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