Real Estate Purchase Agreement (Page 3 of 6) in pdf

6.0 TITLE: SELLER shall convey a Marketable & Insurable Title to BUYER by General Warranty Deed and/or

Fiduciary Deed, if required, with all dower rights released, free and clear of all liens and encumbrances

whatsoever, except (a) any mortgage assumed by BUYER, (b) all restrictions, reservations, easements

(however created), covenants, and conditions of record, (c) all of the following which do not materially or

adversely affect the use or value of the property: encroachments, oil, gas and mineral leases, (d) zoning

ordinances, if any, and (e) taxes and assessments, both general and special, not currently due and payable.

6.1 SELLER shall furnish a Title Insurance Policy in the amount of said purchase price showing Title to be

good in BUYER/GRANTEE, subject to the deed exceptions and any title policy exceptions. BUYER and

SELLER agree that the Title Insurance Policy is to be issued by RELIABLE TITLE AGENCY, INC. Where

required by ordinance, SELLER shall order a code inspection and shall deposit the results in escrow.

7.0 PRORATIONS: Any of the following as exist, general taxes, special assessments, association fees or other

similar fees, city/county or other local charges, and tenant rents, shall be prorated in escrow as of date of Title

Transfer. Taxes and assessments shall be prorated based on the latest available tax duplicate. BUYER and

SELLER shall prorate and adjust directly, outside of escrow, any changes in taxes resulting either from a

change in valuation and/or tax rate occurring before Title Transfer, or from existing but not yet assessed

improvements.

7.1 Utility charges shall be paid by SELLER to the date of possession is transferred to BUYER; also, the

Escrow Agent shall withhold the sum of $_________ from SELLER’S proceeds to secure payment of final

water and sewer charges, if any, until SELLER submits proof of payment of such. If at time of transfer of

utilities to BUYER, a defect is detected in any of the main utility service supply lines on the property, SELLER

shall pay all costs for the repair of such, either directly, or through escrow.

8.0 CHARGES: BUYER and SELLER agree that SELLER shall pay the following costs through escrow:

The cost of title exam and any updates and the cost of the title insurance premium and

commitment;

The cost to prepare deed;

The amount due to discharge any lien encumbering the property and the cost of recording

cancellation thereof;

The real estate transfer tax and conveyance fees;

The cost for inspections and certificates required by public authorities;

The prorations due BUYER; and

The cost of a land survey if one is required by a public authority to convey title.

8.1 CHARGES: BUYER and SELLER agree that BUYER shall pay the following cost through escrow:

The cost of filing the deed and mortgage for record;

The cost of the escrow or closing fee (when not prohibited by FHA or VA regulations, and

when prohibited, to be resolved upon mutual agreement of the parties);

The cost incident to BUYER obtaining financing, including but not limited to, title insurance

charges;

The cost of any inspections required by BUYER as conditions of this Agreement; and

The cost of a mortgage location survey.

8.2 HOME WARRANTY ___ IS ___ IS NOT INCLUDED. If included, is to be paid for by the ______ Buyer

______ Seller.

9.0 DAMAGE: If any buildings or other improvements are damaged or destroyed prior to Title Transfer in

excess of ten percent of said purchase price, BUYER may either accept any insurance proceeds payable on

account thereof as full compensation therefore, or may terminate this agreement and receive return of all

deposits made hereunder. For all damage and destruction valued at less than ten percent of said purchase

price, SELLER shall restore the property to its conditions as of contract acceptance date.

Real Estate Purchase Agreement Page 3

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