Contract For Purchase Of Residence Or Other Real Estate (Page 2 of 3) in pdf

Contract For Purchase Of Residence Or Other Real Estate Page 2

CONTRACT FOR PURCHASE OF RESIDENCE OR OTHER REAL ESTATE

6. POSSESSION: Possession of Property and occupancy (tenants excepted), with all keys

and garage door openers, will be delivered to the Buyer when title transfers. Leases and

security deposit will transfer to the Buyer with title.

7. INSPECTIONS:

Buyer, shall have the right, upon giving the owner twenty-four (24)

hours notice, to enter Property and inspect, repair, market, and show Property to third

parties, prior to the scheduled closing date.

8. CONTINGENCY:

This contract is contingent upon the Buyer having the right to 1)

inspect all aspects of Property that would, directly or indirectly, affect its value; and 2)

engage a professional inspector(s) to determine the structure and condition of Property

improvements. The inspection reports must be satisfactory to Buyer, or all deposit

monies will be immediately refunded and all contract obligations considered null and

void. The inspections shall be conducted and the contingency concluded within

_______ working days from the date of acceptance of this contract. Removal of this

contingency must be in writing.

9. RISK OF LOSS: The Seller is responsible for any additional damage Property, except

for normal wear and tear, until the closing of title. If there is substantial damage, the

Seller reserves the right to cancel the contract and refund Buyer's deposit monies or to

negotiate the terms of the repairs with the Buyer.

10. ACCEPTANCE: This instrument will become a binding contract when accepted by

the Seller and signed by both Buyer and Seller. If it is not accepted and signed by the

Seller prior to:_______________________________, this contract shall be void.

11. DEPOSIT: Upon acceptance Buyer will place in escrow an earnest money deposit of

$________________ with title/escrow company/closing agent which will be part of the

cash paid to the Seller when title transfers. This deposit will be returned to the Buyer if

title does not transfer in accordance with this agreement and said title company will

cancel this transaction.

12.CLOSING: Closing will take place on or before: _____________ at ______:_______

Subject to a 90 day period in which the buyer/seller shall be permitted to clear any title

problems

13.OTHER AGREEMENTS:

‣ Buyer agrees to purchase Property in “as is” condition.

‣ Contract subject to an acceptable appraisal.

‣ Buyer to pay all closing costs.

Contract For Purchase Of Residence Or Other Real Estate Page 2