Residential Real Estate Sale Contract Template Page 5
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612. SURVEY: Buyer may, at BUYER’S expense, obtain a survey of the Property before the Closing Date to assure
that there are no defects, encroachments, overlaps, boundary line or acreage disputes, or other such matter, that
would be disclosed by a survey. Not later than ten days prior to the Closing Date, BUYER shall notify SELLER of
any encroachments of any improvements upon, from or onto the PROPERTY or any building setback line, property
line, or easement, which encroachment shall be deemed to be a title defect. SELLER shall remedy such defects as
are susceptible of being remedied prior to the Closing Date. If SELLER does not so remedy the defects in title,
BUYER shall have the option of (A) completing this purchase and accepting the title SELLER is able to convey
without remediation in the Purchase Price, or (B) canceling this Contract, in which case the Earnest Money shall be
returned to BUYER. BUYER acknowledges that the mortgage inspection report normally required by a lending
institution is NOT what is commonly referred to as a stake survey.
13 DELIVERY OF DEED: On or before the Closing Date, SELLER shall execute and deliver a warranty deed and
all other documents and funds reasonably necessary to complete the closing. The warranty deed shall convey to
BUYER a marketable fee simple title to the PROPERTY free and clear of all liens and encumbrances except as
provided in this Contract. ON OR BEFORE THE CLOSING DATE, SELLER AND BUYER AGREE TO
DELIVER TO THE CLOSING AGENT A CASHIER’S CHECK OR OTHER CERTIFIED FUNDS SUFFICIENT
TO SATISFY THEIR RESPECTIVE OBLIGATIONS UNDER THIS CONTRACT. SELLER ACKNOWLEDGES
THAT DISBURSEMENT OF PROCEEDS MAY NOT BE MADE UNTIL AFTER THE WARRANTY DEED OR
INSTRUMENT OF CONVEYANCE AND, IF APPLICABLE, MORTGAGE OR DEED OF TRUST HAS BEEN
RECORDED.
14. DEFAULTS AND REMEDIES: SELLER or BUYER shall be in default UNDER THIS Contract, if either fails
to comply with any material covenant, agreement, or obligation within the time limits required by this Contract.
Following default by either SELLER or BUYER, the parties may purse any remedies or damages available to them
at law or in equity. TIME IS OF THE ESSENCE OF THIS CONTRACT.
15. PRORATIONS: The parties agree that all of the following which become due and accrue during the calendar
year in which SELLER’S warranty deed is delivered shall be prorated between the parties as of the Closing Date
and, for all years thereafter, all of the following, to the extent permitted by applicable law, shall be assumed and paid
by the BUYER: Interest on existing loans to be assumed by BUYER, all general/state/county/school and municipal
real estate taxes, homes association dues and fees, special assessments and any other contractual obligations of
SELLER to be assumed by BUYER.. If the amount of any lien to be prorated for the current year cannot be
ascertained from the public record, the amount of the item for the preceding year will be used for the current year’s
amount. However, if the preceding year’s taxes were based on a less improved property, taxes will be computed and
prorated based on the preceding year’s mill levy at the current assessed value, if ascertainable. The parties agree that
if the PROPERTY has been reappraised or reclassified within the preceding year and the actual taxes based on the
new value are not available, they agree to a reasonable estimation of the current year’s taxes based on the
information available on the Closing Date.
16. PARTIES: This is a Contract between SELLER and BUYER. If SELLER or BUYER constitutes two or more
persons, the terms “SELLER” or “BUYER” shall be read “SELLERS” or “BUYERS” whenever the sense of the
Contract requires. UNLESS IDENTIFIED AS SELLER OR BUYER, ANY ESCROW OR CLOSING AGENT
ARE ACTING AS AGENTS ONLY AND ARE NOT PARTIES TO THIS CONTRACT.
17. ENTIRE AGREEMENT AND MANNER OF MODIFICATIONS. This contract and all attachments hereto,
including, if applicable, Financing Addendum, Counter-Offer Addendum, Legal Description/Franchise Disclosure
Addendum, Statement of Condition Addendum and Amendments constitute the complete agreement of the parties
concerning this PROPERTY, supersede all previous agreements, and may be modified only by a written agreement
signed by all parties.
18. NOTICES: Any Notice or other communication required or permitted hereunder may be delivered in person or
sent by telex, telecopier, or by registered or certified mail, postage prepaid, to the address set forth in this Contract
or such other address or number as shall be furnished in writing by any such party. Such notice or communication
shall be deemed to have been given as of the date and time so delivered in person, or received by telecopier, telex or
mailed.
19. ADDITIONAL TERMS AND CONDITIONS:____________________________________________________
_____________________________________________________________________________________________
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