Fillable Real Estate Purchase Contract (Page 2 of 6) in pdf

3. SETTLEMENT AND CLOSING.

3.1

Settlement. Settlement shall take place no later than the Settlement Deadline referenced in Section 24(d), or as

otherwise mutually agreed by Buyer and Seller in writing. “Settlement" shall occur only when all of the following have been

completed: (a) Buyer and Seller have signed and delivered to each other or to the escrow/closing office all documents

required by the REPC, by the Lender, by the title insurance and escrow/closing offices, by written escrow instructions

(including any split closing instructions, if applicable), or by applicable law; (b) any monies required to be paid by Buyer or

Seller under these documents (except for the proceeds of any new loan) have been delivered by Buyer or Seller to the

other party, or to the escrow/closing office, in the form of cash, wire transfer, cashier’s check, or other form acceptable to

the escrow/closing office.

3.2

Prorations. All prorations, including, but not limited to, homeowner’s association dues, property taxes for the

current year, rents, and interest on assumed obligations, if any, shall be made as of the Settlement Deadline referenced in

Section 24(d), unless otherwise agreed to in writing by the parties. Such writing could include the settlement statement. The

provisions of this Section 3.2 shall survive Closing.

3.3

Special Assessments. Any assessments for capital improvements as approved by the HOA (pursuant to HOA

governing documents) or as assessed by a municipality or special improvement district, prior to the Settlement Deadline

shall be paid for by: [ ] Seller [ ] Buyer [ ] Split Equally Between Buyer and Seller [ ] Other (explain) _

____

_____

__. The provisions of this Section 3.3 shall survive

Closing.

3.4

Fees/Costs/Payment Obligations. Unless otherwise agreed to in writing, Seller and Buyer shall each pay one-

half (1/2) of the fee charged by the escrow/closing office for its services in the settlement/closing process. Tenant deposits

(including, but not limited to, security deposits, cleaning deposits and prepaid rents) shall be paid or credited by Seller to

Buyer at Settlement. Buyer agrees to be responsible for homeowners’ association and private and public utility service

transfer fees, if any, and all utilities and other services provided to the Property after the Settlement Deadline. The

escrow/closing office is authorized and directed to withhold from Seller’s proceeds at Closing, sufficient funds to pay off on

Seller’s behalf all mortgages, trust deeds, judgments, mechanic's liens, tax liens and warrants. The provisions of this

Section 3.4 shall survive Closing.

3.5

Closing. For purposes of the REPC, “Closing” means that: (a) Settlement has been completed; (b) the proceeds

of any new loan have been delivered by the Lender to Seller or to the escrow/closing office; and (c) the applicable Closing

documents have been recorded in the office of the county recorder. The actions described in 3.5 (b) and (c) shall be

ompleted within four calendar days after Settlement.

4. POSSESSION. Seller shall deliver physical possession of the Property to Buyer as follows: [ ] Upon Closing;

[ ] ___Hours after Closing; [ ]

Calendar Days after Closing. Any contracted rental of the Property prior to or after

Closing, between Buyer and Seller, shall be by separate written agreement. Seller and Buyer shall each be responsible for

any insurance coverage each party deems necessary for the Property including any personal property and belongings.

Seller agrees to deliver the Property to Buyer in broom-clean condition and free of debris and personal belongings. Any

Seller or tenant moving-related damage to the Property shall be repaired at Seller's expense. The provisions of this Section

shall survive Closing.

5. CONFIRMATION OF AGENCY DISCLOSURE.

Buyer and Seller acknowledge prior written receipt of agency

disclosure provided by their respective agent that has disclosed the agency relationships confirmed below. At the signing of

the REPC:

[ ] Seller [ ] both Buyer and Seller as a Limited Agent;

Seller’s Agent

, represents

[ ] Seller [ ] both Buyer and Seller as a Limited Agent;

Seller’s Brokerage

, represents

[ ] Buyer [ ] both Buyer and Seller as a Limited Agent;

Buyer’s Agent

, represents

[ ] Buyer [ ] both Buyer and Seller as a Limited Agent.

Buyer’s Brokerage

, represents

TITLE & TITLE INSURANCE.

6.1

Title to Property. Seller represents that Seller has fee title to the Property and will convey marketable title to

the Property to Buyer at Closing by general warranty deed. Buyer does agree to accept title to the Property subject to the

contents of the Commitment for Title Insurance (the “Commitment”) provided by Seller under Section 7, and as reviewed

and approved by Buyer under Section 8. Buyer also agrees to accept title to the Property subject to any existing leases,

rental and property management agreements affecting the Property not expiring prior to Closing which were provided to

Buyer pursuant to Section 7(e). The provisions of this Section 6.1 shall survive Closing.

6.2

Title Insurance. At Settlement, Seller agrees to pay for and cause to be issued in favor of Buyer, through the

title insurance agency that issued the Commitment (the “Issuing Agent”), the most current version of the ALTA

Homeowner’s Policy of Title Insurance (the “Homeowner’s Policy”). If the Homeowner’s Policy is not available through the

Issuing Agent, Buyer and Seller further agree as follows: (a) Seller agrees to pay for the Homeowner’s Policy if available

Page 2 of 6 pages

Buyer’s Initials ________

Date

Seller’s Initials ________

Date

Real Estate Purchase Contract Page 2

Related Articles

Related forms

Related Categories