Residential Real Estate Purchase Contract


When executed by all parties, this document shall become a legally binding contract.
1 Offer Date:_____________________________ Contract Effective Date: _______________________________________________
(Date of offer)
(Date of execution by both parties; see paragraph 30)
3 1. PARTIES: This Contract is made and entered into by and between [Print Full Names]:
4 ___________________________________________________________________________________________________________
[Show Relationship Between Parties If More Than One And Marital Status], and
6 ____________________________________________________________________________________________________________
[Show Relationship Between Parties If More Than One And Marital Status].
8 As used herein, where applicable, "Purchaser" and "Seller" include the plural; masculine includes the feminine. It is understood and
9 agreed that the real estate firm(s) and real estate licensee(s) representing or assisting the Seller or the Purchaser are not parties to this
10 Contract and do not have or assume liability for the performance or non-performance of Seller or Purchaser.
11 2. EARNEST MONEY DEPOSIT: Received of Purchaser the sum of _______________________________Dollars ($_________ )
12 as Earnest Money in the form of _______________ [Insert: Check, Money Order or Other] to secure Purchaser’s performance of this
13 Contract and to be applied as part payment of the purchase price. Purchaser and Seller agree that the Listing Broker (or Selling
14 Broker if there is no Listing Broker) will hold Earnest Money in trust, subject to the terms of this Contract.
15 3. REAL PROPERTY: Subject to the terms and conditions of this Contract, Seller agrees to sell and Purchaser agrees to purchase the
16 following described real property (including the personal property described in Paragraph 4(a) hereof) located in the County of
17 ___________________________ , City of________________ , State of Tennessee, known as [Print Street Address and Zip Code]:
18 ___________________________________________________ or as Lot No.________ of the ______________________ Subdivision,
19 Section _________and all permanent improvements thereon. Said real property and permanent improvements thereon are hereinafter
20 collectively referred to as "Property".
22 (a) The purchase price includes the following personal property and fixtures, which shall be delivered free and clear of all security
23 interests and liens as of the date of the closing: All attached lighting, heating, cooling, and plumbing fixtures and equipment; all
24 ceiling fans; all storm doors and windows; all window treatments and hardware; all wall-to-wall carpet; all built-in kitchen appliances
25 and range; all bathroom fixtures and mirrors; all gas logs, fireplace doors and attached screens; all security system components and
26 controls, if one exists; garage door opener and all (at least ___ ) remote controls; swimming pool and its equipment, if one exists; all
27 landscaping and all outdoor lighting; and mailbox; all of which are presently installed on Property. Other items owned by Seller and
28 to be included at no additional cost to Purchaser are: _______________________________________________________________
29 _________________________________________________________________________________________________________
30 _________________________________________________________________________________________________________
31 (b) Items not to be included in this sale are
[Include Here All Leased Items, Such As Security Systems, Satellite Dishes, And Propane Gas Tanks]:
32 __________________________________________________________________________________________________________
33 __________________________________________________________________________________________________________
34 __________________________________________________________________________________________________________
35 5. PURCHASE PRICE: The total purchase price for Property (including personal property described in Paragraph 4(a)
36 hereof), payable all cash at closing, of which Earnest Money is a part, shall be_____________________________________________
37 ___________________________________________________________ Dollars ($ ______________________________________ ).
38 6. VA FINANCING: This Contract is contingent upon Purchaser obtaining, within _______________________________________
39 __________________ ( ______________________) calendar days from the effective date of this Contract, a loan for approximately
40 ___________________________Dollars ($ ______________ ) from _________________________ and guaranteed by the Veterans
41 Administration, bearing an interest rate of ____________________ Percent ( ______ %) per annum or whatever interest rate that can
42 be obtained within these Contract terms prior to closing. It is to be amortized for a period of __________________ (____ ) years with
43 equal monthly payments, including principal and interest, taxes, hazard insurance. Purchaser agrees to make application for this loan
44 within three (3) business days from the effective date of this Contract. It is expressly agreed that, notwithstanding any other provision
45 of this Contract, the Purchaser shall not incur any penalty by forfeiture of Earnest Money deposits or otherwise or be obligated to complete
46 the purchase of the Property if the purchase price or cost exceeds the reasonable value of this Property established by the Veterans
47 Administration. The Purchaser shall have the privilege and option of proceeding with consummation of this contract without regard to the
48 amount of reasonable value established by the Veterans Administration. Purchaser shall provide to the lender within fifteen (15) days of loan
49 application all information and documentation required by such lender and shall use due diligence to obtain a commitment for this loan.
50 Time is of the essence in this Paragraph 6.
51 (a) Purchaser, at his option and without voiding this Contract, may also apply for a loan with different terms and conditions and close the
52 transaction, provided: (1) all other terms and conditions of this Contract are fulfilled, including, the requirement of a conditional commitment
53 letter from Purchaser’s lender; and, (2) the new loan does not increase the costs charged to Seller. Notwithstanding the foregoing option,
54 Purchaser shall be obligated to close this transaction if Purchaser has the ability to obtain a loan with the terms described herein. If Purchaser
55 does not timely comply with any of the requirements of this Paragraph 6, including any optional subparagraphs that are checked as being
56 applicable, Seller shall have the right to terminate this Contract null and void, in which case Earnest Money shall be returned to Purchaser.
57 (b) In addition to the requirements of subparagraph (a) above, within twenty (20) days from the date of Purchaser’s loan application,
58 Purchaser shall provide to Seller and/or Seller’s Agent a conditional commitment letter from Purchaser’s lender providing reasonable
59 assurance of Purchaser’s ability to obtain the financing contemplated by this Contract. Said letter shall be in form and substance acceptable
60 to Seller in Seller’s reasonable discretion; however, a letter from the lender verifying that Purchaser has available funds to close, credit
61 acceptable to lender, and employment or income necessary to obtain said loan shall be deemed acceptable. Seller shall have the right to
62 terminate this Contract if said letter is not timely received, in which case Earnest Money shall be returned to Purchaser. This Contract is
63 contingent upon Property appraising for fair market value of an amount equal to or greater than the purchase price as stated above.
64 7. CONVEYANCE AND TITLE: Seller hereby agrees to sell and convey Property (including the personal property described in Paragraph
65 4 (a) hereof), or cause it to be conveyed, by good and sufficient warranty deed, unto Purchaser or unto such persons as Purchaser may
66 designate; however, Purchaser shall not be released from any of Purchaser’s agreements and undertakings as set forth herein, unless
67 otherwise stated herein; and Purchaser hereby agrees to purchase Property from Seller, subject to and upon the terms and conditions
68 set forth in this Contract. Title is to be conveyed subject to all restrictions, general utility, sewer and drainage easements of record
69 upon which building(s) do not encroach, zoning ordinances and all other laws of any governmental authority, covenants of record, articles
70 of association or incorporation, by-laws, master deed, and rules and regulations. Property (is) (is not) [Cross Out One] subject to
71 assessments in the amount of _______________________________________________________ Dollars($____________________),
72 payable ________________________ [Insert: Monthly, Quarterly, Semi-Annually Or Other], to ________________________________
Seller agrees to furnish to Purchaser, for examination only, either title search or adequate abstracts
[Insert: Contact Name And Telephone Number].
74 of title, taxes, judgments and liens, covering Property, as soon as same can be prepared, or, at Seller’s option, an owner’s title insurance
75 policy for the amount of the above purchase price issued by one of the title insurance companies having offices in Memphis, Tennessee, insuring
76 a good and marketable title. Adequate abstracts of title, taxes, judgments, and liens are those required by the title insurance companies having
and acceptable to the closing agent for each of the parties.
77 offices in Memphis, Tennessee, as the basis for the issuance of title insurance
(a) Without regard to the inspection privileges below, Seller agrees to deliver to Purchaser the plumbing, heating, electrical, air
80 conditioning, fireplace, all appliances, and, if one exists, swimming pool, its equipment and accessories, in normal working condition,
Compliments of Kirkland, Rothman-Branning & Associates, PLLC


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