Real Estate Sales And Purchase Contract (Page 2 of 3) in pdf

7. CLOSING COSTS & DATE: This transaction shall be closed on or before ___________. Purchaser agrees to allow

Seller to remain in possession of said property for a period of time not to extend beyond _________________________

[insert month/day/year].

8. CONVEYANCE: At closing an unencumbered, marketable title shall be conveyed to Buyer by General Warranty deed

with the usual covenants such as a national title insurance company shall insure, free and clear of all liens and

encumbrances, except easements and restrictions of record..

9. CONDITION OF PROPERTY: (a) General Provisions and Obligations of Parties: Seller agrees to deliver the heating,

cooling, plumbing and electrical systems and any built-in appliances in operable condition at the time of closing. It shall be

the responsibility of Purchaser, at Purchaser’s expense, to satisfy himself/herself that all conditions of this contract are

satisfied before closing. Said sale is contingent upon a satisfactory inspection of the property itself as well as wood-

destroying organisms to be completed and reported to Seller prior to or on _________________________, 20____. The

cost of these inspections shall be the Buyer’s responsibility. Said contract shall only be renegotiable upon a major defect

with an individual repair cost in excess of $500.00. After closing, all conditions of the property, as well as any

aforementioned items and systems, are the responsibility of Purchaser and shall be deemed purchased AS-IS. (b) Lender

Required Repairs and Treatments: Unless otherwise agreed in writing, neither party is obligated to pay for lender required

repairs, which includes treatment for wood destroying insects. If the parties do not agree to pay for the lender required

repairs or treatments, this contract will terminate and the earnest money will be refunded to Purchaser. If the cost of

lender required repairs and treatments exceeds 5% of the Sales Price, Purchaser may terminate this contract and the

earnest money will be refunded to Purchaser. (c) Completion of Repairs and Treatments: Unless otherwise agreed in

writing, Seller shall complete all agreed repairs and treatments prior to the Closing Date. All required permits must be

obtained, and repairs and treatments must be performed by persons who are licensed or otherwise authorized by law to

provide such repairs or treatments. At Purchaser's election, any transferable warranties received by Seller with respect to

the repairs and treatments will be transferred to Purchaser at Purchaser's expense. If Seller fails to complete any agreed

repairs and treatments prior to the Closing Date, Purchaser may do so and receive reimbursement from Seller at closing.

The Closing Date will be extended up to 15 days, if necessary, to complete repairs and treatments. (d) Environmental

Matters: Purchaser is advised that the presence of wetlands, toxic substances, including asbestos and wastes or other

environmental hazards, or the presence of a threatened or endangered species or its habitat may affect Purchaser's

intended use of the Property.

If Purchaser is concerned about these matters, an addendum required by the parties

should be used.

10. SELLER’S WARRANTIES: Seller warrants that Seller has not received notification from any lawful authority regarding

any assessments, pending public improvements, repairs, replacements or alterations to said premises that have not been

satisfactorily made. These warranties shall survive the delivery of the above deed.

11. EARNEST MONEY: The Earnest Money as paid by Purchaser as set forth in Paragraph 3 hereof shall be deposited

by Seller only upon the execution of this contract. The Earnest Money shall be nonrefundable to Purchaser except for the

occurrences of Paragraphs 3, 5, 6, or 14.

12. DEFAULT: If Purchaser fails to comply with this contract, Purchaser will be in default, and Seller may (a) enforce

specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive

the earnest money as liquidated damages, thereby releasing both parties from this contract. If, due to factors beyond

Seller's control, Seller fails within the time allowed to make any non-casualty repairs, Purchaser may (a) extend the time

for performance up to 15 days and the Closing Date will be extended as necessary or (b) terminate this contract as the

sole remedy and receive the earnest money. If Seller fails to comply with this contract for any other reason, Seller will be

in default and Purchaser may (a) enforce specific performance, seek such other relief as may be provided by law, or both,

or (b) terminate this contract and receive the earnest money, thereby releasing both parties from this contract.

13. MEDIATION: Any dispute between Purchaser and Seller related to this contract that is not resolved through informal

discussion [choose one:] _____ will _____ will not be submitted to a mutually acceptable mediation service or provider.

The parties to the mediation shall bear the mediation costs equally. This paragraph does not preclude a party from

seeking equitable relief from a court of competent jurisdiction.

14. SURVIVAL OF CONTRACT: All terms, conditions and warranties not performed at the time of delivery of the deed

shall survive such delivery.

15. COMMISSION FEES: Purchaser and Seller agree that said contract was negotiated at arms length without assistance

of any real estate agents or brokers and that no such fees shall be paid by either party in connection with this contract or

sale.

Real Estate Sales And Purchase Contract Page 2

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