Real Estate Purchase Agreement (Page 2 of 6) in pdf

3.1 Earnest Money, made payable to Escrow upon acceptance of final offer, deposited into Escrow and

credited against the purchase price:

$___________

3.2 Additional Cash to be deposited into Escrow on or before Funds and Documents Date identified in

Paragraph 5.0 (Buyer’s anticipated down payment):

$___________

3.3 Balance to be secured by BUYER through financing (Buyer’s anticipated loan amount):

(If Applicable)

$___________

3.4 Type of Financing Anticipated (Circle One)

Conventional

FHA

Cash Other_____________

(The following paragraphs 4.0, 4.1, and 4.2 are not applicable in a cash transaction)

4.0 FINANCING CONTINGENCY: It is agreed that whenever the word “days” appears herein, such shall refer

to calendar days, with all Sundays and National Holidays counted. This transaction is conditioned upon

BUYER obtaining the mortgage loan financing referred to above. BUYER shall make a written application for

such financing with Five (5) days from the contract acceptance date and shall obtain an approval for such a

loan on or about ____________ (*Loan Approval Date).

4.1 If despite BUYER’S good faith efforts, BUYER cannot obtain such loan approval, SELLER at their sole

option may extend, in writing, the period of time in which BUYER shall secure said financing.

4.2 If BUYER does not obtain financing pursuant to the loan approval date, or other agreed date evidenced in

writing, then this Agreement shall be NULL AND VOID and the following shall occur promptly: Escrow is

directed to disburse the entire earnest money deposit to the BUYER. After the disbursal of the same, neither

BUYER, SELLER, nor anyone else having anything to do with the transaction shall have any liability or

obligation to the other(s) stemming from the same.

5.0 CLOSING & ESCROW: The parties hereby designate Reliable Title Agency, Inc., 7301 West Boulevard,

Suite C-2, Boardman, Ohio 44512, (330) 965-0110, to be the Escrow Agent for this transaction.

All

documents, funds, and financial institution commitments for funds necessary to the completion of this

transaction shall be placed in escrow with RELIABLE TITLE AGENCY, INC., or BUYER’S lender if required as

a condition of the loan, and this transaction shall close on or before ___________. (**Closing Date). Title

shall transfer to BUYER as soon as all closing and lender conditions have been satisfied. (***Title Transfer

Date).

5.1 If a defect in Title appears, SELLER shall have thirty (30) days after notice to SELLER, to remove such

defect, and being unable to do so, BUYER may agree to accept Title subject to such defect without any

reduction in said purchase price, or may terminate this Agreement and, thereupon, receive the return of all

deposits made hereunder.

5.2 SELLER shall deliver possession of the property to BUYER ______ days after the Closing Date after which

SELLER shall vacate the premises, unless a longer period is agreed to in writing by the BUYER. BUYER and

SELLER shall transfer utilities commencing on the date of possession into the name of the BUYER. SELLER

shall pay to BUYER $__________ per day for possession beyond the possession date (*Rent Commencement

Date). *Rent Commencement Date is when rent will accrue is Seller remains in possession after the Title

Transfer Date.

* Loan Approval Date is generally thirty (30) days from contract acceptance date.

** Closing Date is generally thirty (30) business days after the Loan Approval Date.

*** Title Transfer Date is an agreed date taking into account length of time needed to satisfy all closing and

financing conditions, and is usually no more than two (2) days following the Closing Date.

Real Estate Purchase Agreement Page 2

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