Kentucky Purchase And Sale Template

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KENTUCKY PURCHASE AND SALE
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , o f
__________________________________________________________________________________ as Seller, and
__________________________________________________________________________________________, of
_____________________________________________________________________ as Buyer, hereby agree that
the Seller shall sell and the Buyer shall buy the following described property UPON THE TERMS AND CONDI-
TIONS HEREINAFTER SET FORTH, which shall include the STANDARDS FOR REAL ESTATE TRANSAC-
TIONS set forth within this contract.
1.
LEGAL DESCRIPTION of real estate located in ___________________________________________
______________________________________ County, State of _________________________________:
2. PURCHASE PRICE ___________________________________________________ Dollars. Method of
Payment:
(a) Deposit to be held in trust by _____________________________________ $_______________
(b) Approximate principal balance of first mortgage to which conveyance shall be
subject, if any, to Mortgage lender:___________________________________ $_______________
Interest __________% per annum: Method of payment _________________
(c) Other: ________________________________________________________ $_______________
(d) Cash, certified or local cashier’s check on closing and delivery of deed (or such
greater or lesser amount as may be necessary to complete payment of purchase
price after credits, adjustments and prorations).
$_______________
3. PRORATIONS: Taxes, insurance, interest, rents and other expenses and revenue of said property shall be pro-
rated as of the date of closing.
4.
RESTRICTIONS, EASEMENTS, LIMITATIONS: Buyer shall take title subject to: (a) Zoning, restrictions,
prohibitions and requirements imposed by governmental authority, (b) Restrictions and matters appearing on the plat
or common to the subdivision, (c) Public utility easements of record, provided said easements are located on the side
or rear lines of the property, (d) Taxes for year of closing, assumed mortgages, and purchase money mortgages, if
any, (e) Other: _________________________________________________________________________________
______________________________________________. Seller warrants that there shall be no violations of build-
ing or zoning codes at the time of closing.
5. DEFAULT BY BUYER: If Buyer fails to perform any of the covenants of this contract, all money paid pursuant
to this contract by Buyer as aforesaid shall be retained by or for the account of the Seller as consideration for the exe-
cution of this contract and as agreed liquidated damages and in full settlement of any claims for damages.
6. DEFAULT BY SELLER: If the Seller fails to perform any of the covenants of this contract, the aforesaid money
paid by the Buyer, at the option of the Buyer, shall be returned to the Buyer on demand; or the Buyer shall have only
the right of specific performance.
7.
TERMITE INSPECTION: At least 15 days before closing, Buyer, at Buyer’s expense, shall have the right to
obtain a written report from a licensed exterminator stating that there is no evidence of live termite or other wood-
boring insect infestation on said property nor substantial damage from prior infestation on said property. If there is
such evidence, Seller shall pay up to three (3%) percent of the purchase price for the treatment required to remedy
such infestation, including repairing and replacing portions of said improvements which have been damaged; but if
the costs for such treatment or repairs exceed three (3%) percent of the purchase price, Buyer may elect to pay such
excess. If Buyer elects not to pay, Seller may pay the excess or cancel the contract.

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