Standard Real Estate Purchase And Sale Agreement
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3STANDARD REAL ESTATE PURCHASE AND SALE AGREEMENT
Parties
____________________________________________,
hereinafter
referred
to
as
Buyer,
and
____________________________________________________________, hereinafter referred to as Seller, which terms may be
singular or plural and include the heirs, successors, personal representatives and assigns of Seller and Buyer, hereby agree that Seller
will sell and Buyer will buy the following property, with such improvements as are located thereon, and is known as Address:
______________________City _____________ State: ________Zip: _________________ records together with all light fixtures, all
electrical, mechanical, plumbing, air-conditioning, and any other systems or fixtures as are attached thereto; all plants, trees, and
shrubbery now a part thereof, together with all the improvements thereon; and all appurtenances thereto, all being hereinafter
collectively referred to as the “Property.” The full legal description of said Property is the same as is recorded with the Clerk of the
Superior Court of the County in which the Property is located and is made a part of this Agreement by reference.
Seller will sell and Buyer will buy upon the following terms and conditions, if completed or marked. On any
conflict of terms or conditions, that which is added will supersede that which is printed or marked. It is understood
that the Property will be conveyed by General Warranty Deed (unless otherwise specified in paragraph 17), with
covenants, restrictions, and easements of record.
1.
Total Purchase Price to be paid by Buyer is payable as follows:
A.
Earnest money deposit check [ x ] or promissory note [ ], which will
remain as a binder until closing, and be held for Seller by closing agent
(chosen by Buyer) for Seller until closing, unless sooner forfeited or
returned, according to the provisions of this Agreement.
$_____________________
B.
Balance due at closing (not including Buyers closing costs, prepaid items
or prorations) in U.S. cash or locally drawn certified or cashiers check.
approximately [ ]: exactly [ ]
$_____________________
C.
Proceeds of a new loan to be executed by Buyer to any lender other than
Seller; Name of Lender: _______________________________
$_____________________
D.
Seller financing as herein set forth in paragraph 14.
approximately [ ]: exactly [ ]
$_____________________
“Subject to” existing loan balance encumbering the Property
E.
$_____________________
Lender ____________________________ Loan #_____________________
Interest Rate ______% Fixed Rate [ ] Adjustable Rate [ ] P&I $____________ per month
“Subject to” existing second loan balance encumbering the Property
F.
$_____________________
Lender ____________________________ Loan #_____________________
Interest Rate ______% Fixed Rate [ ] Adjustable Rate [ ] P&I $____________ per month
G.
Total Purchase Price.
approximately [ ] exactly [ ]
$_____________________
2.
Seller Will Pay: Seller will pay one-half of all closing costs to include: Recording Fees, Intangibles Tax, Credit Reports, Funding Fee,
Loan Origination Fee, Document Preparation Fee, Loan Insurance Premium, Loan Discount, Title Insurance Policy, Attorney's Fees, Courier
Fees, Overnight Fee, Appraisal Fee, Survey, Transfer Tax, Satisfaction and Recording Fees, Wood Destroying Organism Report and any
other costs associated with the funding or closing of this Agreement, Buyer will pay all additional monies. Seller elects the right to limit
closing costs to $______________. Buyer will cover all costs exceeding this amount.
3.
Payment of Expenses: If Buyer fails to perform, all loan and sale processing and closing costs incurred, whether the same were to be
paid by Seller or Buyer will be the responsibility of the Buyer, with costs deducted from binder deposit If Seller fails to perform, all loan,
fee obligations, appraisal, survey, credit report, application, sales processing and closing costs incurred whether the same were to be paid by
Seller or Buyer will be the responsibility of Seller; and Buyer will be entitled to the return of the binder deposit. This will include, but not be
limited to the transaction not being closed because Seller is unwilling to complete the transaction, or because Seller elects not to pay for the
excess amount in paragraph 8 (with respect to repairs) or because Seller cannot deliver marketable title.
4.
Prorations: Any accrued loan interest shall be prorated to the date of closing. Seller will assign to Buyer, at no cost to Buyer, Seller's
escrow account and property hazard insurance policy, and/or any refunds which may issue, in lieu of proration of all taxes, association fees,
monthly hazard insurance premiums, and monthly mortgage insurance premiums as of the date of closing. Seller will bring any escrow
shortage current at closing. In the absence of an escrow account, taxes shall be prorated as the date of closing. If this rental property, rents
are to be prorated as of the date of closing and any deposits of any kind or nature are to be transferred to Buyer at closing.
Initials ______________________
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