Form Us-00472b - Contract For The Sale And Purchase Of Real Estate No Broker - Vacant Residential Land Page 3
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FORM US-00472B
Closing may be extended to within 7 days after objections to matters disclosed in the title abstract, certificate or
Commitment or by the survey have been cured. The closing date may also be extended by written agreement of the
parties.
8.
TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or _____________________ (as
appropriate) and provide Buyer with a Certificate of Title prepared by an attorney, title or abstract company upon
whose Certificate or report title insurance may be obtained from a title insurance company qualified to do and doing
business in the state of ______________________. Seller shall, prior to or at closing, satisfy all outstanding
mortgages, deeds of trust and special liens affecting the subject property which are not specifically assumed by Buyer
herein. Title shall be good and marketable, subject only to (a) covenants, conditions and restrictions of record, (b)
public, private utility easements and roads and rights -of-way, (c) applicable zoning ordinances, protective covenants
and prior mineral reservations, (d) special and other assessments on the property, if any, (e) general taxes for the year
_________ and subsequent years and (e) other: _________________________________________________. A title
report shall be provided to Buyer at least 5 days prior to closing. If there are title defects, Seller shall notify Buyer
within 5 days of closing and Buyer, at Buyer's option, may either (a) if defects cannot be cured by designated closing
date, cancel this contract, in which case all earnest money deposited shall be returned, (b) accept title as is, or (c) if the
defects are of such character that they can be remedied by legal action within a reasonable time, permit Seller such
reasonable time to perform curative work at Seller's expense. In the event that the curative work is performed by
Seller, the time specified herein for closing of this sale shall be extended for a reasonable period necessary for such
action. Seller represents that the property may be legally used as zoned and that no government agency has served any
notice to Seller requiring repairs, alterations or corrections of any existing condition except as stated herein.
9.
APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility
of
Buyer
Seller. A survey is
not required
required, the cost of which shall be paid by
Seller
Buyer. If a survey is required it shall be obtained within 5 days of closing.
10.
POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing. Title shall be
conveyed to Buyer, if more than one as
Joint tenants with rights of survivorship,
tenants in common,
Other: _________________________________________________. Prior to closing the property shall remain in
the possession of Seller.
11.
CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided. (Leave blank if the
closing cost does not apply.)
Closing Costs
Buyer
Seller
Both*
Attorney Fees
Title Insurance
Title Abstract or Certificate
Recording Fees
Appraisal
Survey
If contingent on rezoning, cost and expenses of rezoning
Other:
All other closing costs
* 50/50 between buyer and seller.
12.
PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents, if any, will be
prorated through the Closing Date. If taxes for the current year vary from the amount prorated at closing, the parties
shall adjust the prorations when tax statements for the current year are available
Buyer Initials ______ _______
- 3 -
Seller Initials _______ _______
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