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

5. CLOSING. Seller represents that he is sole owner of record of the Property. Subject to Buyer’s

written acceptance of the title evidence, property survey and property inspection(s) this sale shall be

closed on or about

___________________________________________________________________ (unless extended by

other provisions of this Agreement) at the office of Buyer’s attorney or Buyer’s designee (hereinafter

“Closing Agent”).

Buyer shall pay all closing costs excluding $__________________which sum Seller shall pay to Buyer

within _____ days of Effective Date.

6. PROPERTY CONDITION. Upon transfer of possession of the Property to Buyer, Property shall be

free of materials undesirable to Buyer and shall be in “broom clean” condition. Agreement is subject to

final inspection by Buyer on the day of closing.

7. POSSESSION. Buyer shall receive exclusive occupancy on the day of closing.

8. SUBJECT TO EXISTING LOANS AND/OR OTHER OBLIGATIONS. Buyer accepts the Property

“subject to” existing obligation(s) (hereinafter “Obligations”) as specified in Paragraph 1. Seller hereby

waives and relinquishes to Buyer all claims to escrows held by Seller’s Lenders or their assigns. Seller

attests to his understanding and acceptance of each of the following disclosures:

a. OBLIGATIONS NOT BEING ASSUMED OR TRANSFERRED. Seller understands that

Buyer shall accept Property “subject to” the Obligation(s) specified in Paragraph 1, and

Seller’s responsibility for those Obligation(s) is not being assumed or otherwise transferred

to Buyer.

b. DUE-ON-SALE DISCLOSURE. Seller understands and acknowledges that if all or any part

of the Property is sold or transferred (or if Borrower is not a natural person and a beneficial

interest in Borrower is sold or transferred) without the Lender’s (hereinafter “Lender(s)”) prior

written consent, Lender(s) may require immediate payment in full of all sums owed to the

Lender(s). ______ ______ Seller waives and relinquishes all claims for damages against

Buyer in the event that Lender(s) exercise its/their option to require payment in full.

c. Seller understands that the Obligation(s) will remain in Seller’s name and will continue to

appear on Seller’s credit report(s). Seller further understands that the Lender(s) will

continue to report the status of Obligation(s) to various credit bureaus, including reports of

on-time payments, late payments, foreclosures, etc.

d. No promise or representation is made as to the time of ultimate satisfaction of the

Obligation(s). The Obligation(s) could remain open for its/their entire remaining term(s).

e. This Agreement does not constitute Buyer’s promise to pay any party, including but not

limited to Seller or Lender(s).

Seller shall make all payments required by Obligation(s) for all payments due on or before

___________________. Should Seller fail to bring current all Obligations prior to closing, Buyer may

pay any arrearages and reduce the Cash Payable To Seller or any other sums payable to Seller by an

amount equal to the expense incurred by Buyer in bringing Obligation(s) current.

9. SELLER FINANCING. In satisfaction of line 1(e), Buyer shall pay the Seller as follows:

Standard Real Estate Purchase And Sale Agreement Page 2