Purchase Agreement (Page 6 of 9) in pdf

¨

Buyer chooses title insurance coverage. Buyer selects:

Expanded

Basic coverage

Buyer waives

expanded and holds harmless real estate company and its agents from any liability from waiving expanded title

insurance ___/___ (initial). The Real Estate Settlement Procedures Act (RESPA) states that the Seller cannot

make the sale conditioned on the use of a particular title insurance company. Buyer selects ______________

______________title company. The cost of any title insurance policies and endorsements shall be equally

divided between Buyer and Seller.

¨

b. Buyer at Buyer’s expense chooses to have an attorney’s opinion, the attorney to

be__________________________. Seller at Seller’s expense, shall have the abstract continued to the date of

closing and delivered to the attorney selected by the Buyer.

¨

c. Title Certificate in lieu of abstracting. Costs to be designated as follows: __________________________

Buyer_______/_______and Seller_______/_______by initialing acknowledges they have read this page.

5 of 7

Rev. 2/7/11

7. CLOSING FEE: Buyer agrees to pay a closing fee of $____________ to _____________________________

unless Buyer is obtaining VA financing which restricts Buyer from paying this fee, then such costs of the

closing shall be paid by the Seller.

8. CONVEYANCE: At closing Seller shall deliver either a warranty deed or fiduciary’s deed, if applicable, to

Buyer, or such party or parties as Buyer may direct, conveying title together with such other documents as

may be required to record the deed, transfer personal property, if any, and protect Buyer from mechanics’ liens.

9. GENERAL PROVISIONS: In the performance of each part of this agreement, time shall be of the essence.

This agreement shall be binding on and inure to the benefit of the heirs, executors, administrators, assigns and

successors in interest of the respective parties. This agreement shall survive the closing. Paragraph headings are

for the convenience of reference and shall not limit nor affect the meaning of this agreement. Words and phrases

herein, including any acknowledgement hereof, shall be construed as in the singular or plural number, and as

masculine, feminine or neuter gender, according to the context.

10. ENTIRE AGREEMENT: This document contains the entire agreement of the parties and supersedes all prior

offers with respect to the property. This offer may be modified only by a written agreement signed and dated by

both parties. This Purchase Agreement shall not be assigned by Buyer without the written consent of

Seller.

11. NOTICE: Any notice required under this agreement shall be deemed delivered when it is received or provided

either by hand delivery, facsimile, electronic communication or certified mail. Persons designated for receipt or to

give any notice shall be Seller and Buyer or their Broker or Agent. Buyer and Seller agree that all

documents relating to the sale of this property, including this offer, counteroffers and acceptances (1) may be

transmitted electronically, (2) shall be treated in all respects as originals.

12. MEDIATION: In the event of a dispute, Buyer and Seller agree to consider mediation as an alternative to

initiating legal action. The mediation will be conducted in accordance with the rules and procedures of a mutually

agreed mediation service. Even when utilizing mediation, parties may still seek legal remedies.

13. OTHER PROVISIONS: All other provisions, if any, shall be by addendum or amendment to this agreement.

14. INDEMNITY: If a mutual mistake regarding the rights and obligations of the parties is discovered after closing,

that mistake shall be corrected by a mutual agreement. If the error is a monetary mistake, it is to be assessed and

immediately collected from the party originally legally liable.

15. REMEDIES OF THE PARTIES:

a. If the Seller fails to fulfill this agreement Seller will pay the Broker the commission in full.

b. If Seller fails to fulfill this agreement, Buyer shall have the right to have all payments returned or to

proceed by an action or actions at law or in equity.

c. If Buyer fails to fulfill this agreement, all payments by Buyer may be forfeited and retained by Seller as

provided in the Iowa Law.

d. Buyer and Seller understand any earnest deposit money can only be released through written mutual

consent by Buyer and Seller or by court order.

e. In addition to the foregoing remedies, Buyer and Seller each shall be entitled to any and all other

remedies, or action at law or in equity, including foreclosure, and the party at fault shall pay costs and

attorney fees, and a receiver may be appointed.

Purchase Agreement Page 6

Related Articles

Related forms

Related Categories