Purchase Agreement printable pdf download

PURCHASE AGREEMENT

Date:____________________________

Seller:__________________________________________________________________________________________________________________

(Print full legal names of all Sellers – indicate marital status i.e. husband and wife, a single man, a single woman, etc.)

Buyer:__________________________________________________________________________________________________________________

(Print full legal names of all Buyers – indicate martial status i.e. husband and wife, a single man, a single woman, etc.)

PROPERTY DESCRIPTION: Buyer agrees to buy from Seller the property located at:

City/Township of ________________________________, _______________________________County, Michigan, and also described as:

_________________________________________________________________________________________________________________________

subject to all existing restrictions, easements, right-of-way and zoning laws affecting the use of the property. The property includes all buildings;

subsurface rights owned by Seller; TV antenna, satellite dish and any accessories and complete rotor equipment; carpet, except area rugs; lighting fixtures

and their shades; drapery and curtain hardware; window shades and blinds; screen and storm windows and doors; stationary laundry tubs; water pressure

tank; built-in kitchen appliances including garbage disposal; fireplace doors, screens, grates and gas logs; mechanical door openers and controls; security

systems; awnings, mail box, all plantings; pool equipment, storage shed(s), fence(s),

and______________________________________________________________________________________________________________________

_________________________________________________________________________________________________________________________.

SALES PRICE____________________________________________________________________________Dollars ($______________________)

METHOD OF PAYMENT: All moneys must be paid in form of certified funds. The sale will be completed by the following method indicated as

marked below (others do not apply): CHECK ONE BELOW THAT APPLIES TO THIS TRANSACTION & FILL IN WHERE APPLICABLE

) CASH Buyer will pay the sale price in cash upon Seller’s delivery of a warranty deed conveying marketable title at closing.

(

) NEW MORTGAGE This contract is contingent on Buyer’s ability to obtain a _____________________mortgage loan in the amount of

(

$____________________(FILL IN MORTGAGE AMOUNT THAT BUYER INTENDS TO APPLY FOR). Buyer will apply for the loan within 5 days

after Seller’s acceptance. If Buyer fails to deliver to Seller written evidence of unconditional mortgage approval meeting the terms set forth above on or

before 5:00pm, ____________(USE DATE 3-3 ½ WEEKS FROM THE DATE OF THIS AGREEMENT), Seller, at Seller’s option, may terminate this

Agreement. The sale will be completed upon Seller’s signing of a warranty deed conveying marketable title at closing. The bank appraisal must meet or

exceed the sale price.

(

) LAND CONTRACT Buyer will pay $___________ down and pay monthly installments (principal and interest) of $___________or more, including

annual interest of ________percent. Buyer will pay the entire balance, which may require a lump-sum payment, within ______years after closing. Taxes

and Insurance (CHECK ONE OF THE FOLLOWING) _____will be collected in the additional amount of $_________with each monthly payment OR

_______will not be collected with the monthly – Buyer will be responsible for paying taxes and insurance directly and will provide proof of payment of

same upon request from the Seller during the term of the land contract. A Late Fee of $_______ will be applied to the Buyer’s account if payment is more

than 15 days late for any monthly payment.

(

) MORTGAGE ASSUMPTION OR LAND CONTRACT ASSIGNMENT If the holder of the mortgage or land contract agrees, Buyer will assume and

pay the existing mortgage or land contract according to its terms. Buyer will pay the difference between the sales price and the existing balance of

approximately $_________________upon delivery of a warranty deed or a land contract assignment. Buyer will reimburse Seller at closing for any

funds held in escrow for the payment of taxes and insurance.

DUE ON SALE (IF IT APPLIES) Seller understands that consummation of the sale or transfer of the property described in this agreement shall

not relieve the seller of any liability that seller may have under the mortgage(s) to which the property is subject, unless otherwise agreed to by the

lender or required by law or regulation.

Premier Lakeshore

TITLE EVIDENCE AND OBJECTIONS: As evidence of marketable title, Seller will provide, without expense to Buyer, a

Title

OWNERS POLICY of title insurance, including a policy commitment prior to closing, in the amount of the sales price. If closing is delayed by

reasons of: (1) delays in title work, or (2) by title defects which can be readily corrected, THEN an extension of 30 days shall be allowed for closing to

clear title problems, unless otherwise agreed in writing between Buyer and Seller. Buyer and Seller agree and acknowledge that in signing this

agreement, they are requesting the title insurance to be ordered from Premier Lakeshore Title..

TAXES FOR PURPOSES OF THIS AGREEMENT: Real estate taxes shall be prorated as indicated by “X” below. (CHOOSE ONE METHOD)

_____ CALENDAR YEAR PRORATION METHOD. Taxes to be prorated and adjusted as of the date of closing, in accordance with the main calendar

date coverage (i.e. January 1 – December 31), on a 365 day basis. Amount to be estimated using the most recent tax bill(s).

_____ OTHER__________________________________________________________________________________________________________

______________________________________________________________________________________________________________________

PRORATED ITEMS: Interest, rents, association fees, heating fuel, if any, will be prorated to the date of closing. Additional items:______________

_______________________________________________________________________________________________________________________

SELLER DISCLOSURE STATEMENT:

_____ Buyer(s) & Seller(s) have signed the Sellers disclosure statement and a copy is attached.

_____ Seller(s) to have a Sellers disclosure statement personally delivered to buyer within __________ days after this agreement becomes binding. The

Buyer shall have the right to terminate this agreement if the disclosure statement is not acceptable to the Buyer by giving Seller written notice within 72

hours thereafter.

CLOSING DATE: Buyer and Seller can close the sale within five (5) days after all necessary documents are ready but no later than

_____________(INSERT DATE), 20____. All risks of loss with respect to the property shall remain with Seller until the closing, signing and delivery of

deed to Buyer.

OCCUPANCY: Seller will give occupancy as follows:

(

) Immediately after closing.

(

) _______days after closing by 11:59 p.m. From the date of closing to the date of vacating, Seller will pay Buyer $________per day as an occupancy

charge. Seller is liable to Buyer for damage caused by seller to the property after closing and before vacating. Seller to pay all utilities until occupancy is

made available to the Buyer. Seller to pay for insurance on personal contents after closing, but while still occupying, if desired.

Buyer initials_____/_____/_____

Seller initials______/______/______

Page 1 of 2

PROPERTY INSPECTION: Buyer acknowledges and agrees that: (check one)

_____ Buyer reserves the right to have the Property inspected. Buyer may contact a qualified inspector of Buyer’s choice to obtain any inspections,

including, but not limited to structural, mechanical, lead paint, or environmental inspections, which Buyer deems desirable. All inspections shall be made

Purchase Agreement

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