Residential Real Estate Purchase Contract (Page 3 of 4) in pdf

164 systems, satellite dishes, or propane gas tanks, that are leased, rather than owned, by Seller. Purchaser may be able to assume any

165 outstanding leases or may not be able to assume same. The assignment or assumption and payment terms are separate and apart from

166 this Contract and must be entered into by separate agreement or addendum hereto after notice and approval by the improvement’s

167 lessor (the party who owns the leased item and is leasing it to Seller). However, Purchaser agrees to hold harmless agents and brokers

168 from any liability as a result of the removal of said improvement by Seller when said improvement is being leased by Seller. The

169 repair limitation set forth in Paragraph 10 hereof shall not apply to any repairs necessitated by such detachment or removal of leased

170 items.

171 13. BROKER’S FEE: Seller agrees to pay Listing and/or Selling Broker at closing the commission specified by separate agreement.

172 The Listing Broker will direct the closing agent/attorney to pay the Selling Broker, from the commission received, an amount in

173 accordance with the terms and provisions specified by separate agreement between the Listing Broker and Selling Broker.

174 14. CLOSING, ATTORNEYS AND TITLE COMPANY: The closing shall be on or before, ___________________________________ ,

175 20____ ("Closing Date"). Unless otherwise stated herein, closing agent/attorney for Purchaser’s lender shall be________________________

176 _____________, and for Seller shall be __________________. The title company shall be________________________________________ .

177 15. OCCUPANCY: Occupancy will be given on (date) _________________________________ at (time of day), _____________________,

178 or__________________________ (hours) after closing, whichever shall later occur.

179 16. CHOICE OF LOAN, ETC.: Purchaser acknowledges that Purchaser has sole and exclusive responsibility for the choice of

180 type of loan or terms of any particular loan program, and the obtaining or use of any attorney, title company, hazard insurance

181 company, and/or home inspection services (subject to provisions of Paragraph 8 hereof) and any of the services or programs

182 that those companies may offer, and hereby agrees to hold harmless the real estate firm(s) and real estate licensee(s)

183 representing or assisting the Seller or Purchaser.

184 17. SCHOOLS: It is understood and agreed that (a) information of Seller or any real estate licensee concerning schools or school

185 district boundaries may not be accurate, timely, or applicable to Purchaser’s situation; (b) school district boundaries are subject to

186 change; and (c) Purchaser assumes sole responsibility for determining applicable school district boundaries and other school

187 information.

188 18. SALES EXPENSES TO BE PAID IN CASH AT OR PRIOR TO CLOSING:

189

(a)

Purchaser agrees to pay for appraisal.

190

Seller agrees to pay for appraisal.

191

Seller will pay or has paid for an appraisal suitable for purposes of Purchaser prior to closing and such appraisal fee

192

shall be reimbursed to Seller by Purchaser at closing.

193 (b) Discount Points: Purchaser agrees to pay loan discount not to exceed __________ % of the loan amount. Seller agrees to pay an

194 additional points not to exceed _______ of the loan amount. If at any time after the effective date of this Contract the loan discount

195 points do not exceed total amount to be paid by Seller and Purchaser, and Purchaser does not commit to obtain such loan thereafter the

196 loan discount points exceed said amount, then Purchaser shall agree to pay such excess discount points or, if Purchaser does not agree

197 to pay such excess, then this Contract shall terminate and Earnest Money shall be paid in accordance with Paragraph 22 hereof.

198 (c) Seller’s Expenses: Seller shall pay prepayment penalties on any existing loans paid at closing, plus cost of releasing such loans

199 and recording releases; Seller’s closing fee, document preparation fee and/or attorney fee; fee for preparation of deed; notary fee on

200 deed; cost of title search or abstract; and any costs incident to Purchaser’s obtaining loan which VA does not allow Purchaser to pay,

201 such as underwriting fees, document review fees, courier fees, warehouse fees, assignment fees, cost of photos, tax service fees, and

202 Purchaser’s closing fee, document preparation fee, attorney fee and notary fees. Seller authorizes closing agent or attorney to order

203 title search or abstract from the title company set forth above.

204 (d) Purchaser’s Expenses: Purchaser shall pay state transfer tax and recording fee on deed of conveyance; cost of title examination,

205 title opinion acceptable to Purchaser's title insurance company, or title insurance, if any; and costs incident to obtaining and closing

206 loan, including but not limited to origination fee, fees for preparation of note, deed of trust, and other loan documents, state transfer

207 tax, recording fee on deed of trust, survey, credit report, mortgagee's title insurance policy, VA Loan Funding Fee, hazard and

208 flood insurance, required reserve deposits for insurance premiums and taxes, and prepaid interest.

paid in cash at closing

added to the loan amount to the extent

209 (e) VA Loan Funding Fee: VA Loan Funding Fee is to be

210 permitted by VA

[Please Check Only One of the Following.]

(f)

211

Closing Cost shall be paid as stated in paragraph (a) above.

(g)

212

VA “0/0”: Seller to pay all of Purchaser’s closing expenses and lender required prepaid items except owner’s title insurance

213 and VA Funding Fees. There shall be no proration of taxes between the parties.

214

(h) Seller to pay Purchasers closing expenses

and lender required prepaid items except owner’s title insurance and VA Funding

215 Fee not to exceed $ ______________.

216 19. PRORATIONS: Rents, if any, all real estate taxes for the current year and homeowner or condominium fees and maintenance

217 fee, if any, are to be prorated as of closing, with the date of closing being charged to Purchaser. All prior unpaid taxes or liens,

218 including front foot assessments, are to be paid by Seller, unless otherwise specified. Seller should notify Seller's insurance agent of

219 this Contract.

220 20. CASUALTY LOSS: In the event, prior to closing, of total or partial destruction by fire, or other casualty, with damage to the

221 improvements located on Property and/or personal property described in Paragraph 4(a) hereof in excess of 10% of the above

222 purchase price, Purchaser may cancel this Contract and all of Earnest Money shall be refunded to him; otherwise, in the event

223 Purchaser does not elect to cancel this Contract or in the event such damage is equal to or less than 10% of the above purchase price,

224 Seller shall have the obligation to repair such damaged improvements and/or personal property by the closing date as stated in

225 Paragraph 14. Seller's liability shall in no event be more than the appraised value of the improvements and/or personal property

226 destroyed by fire or other casualty.

227 21. DEFECTIVE TITLE: If the title is not good and cannot be made good within a reasonable time after written notice has been

228 given that the title is defective, specifically pointing out the defects, Earnest Money shall be returned to Purchaser and the commission

229 as specified in the listing or other agreement between the Broker(s) and the Seller, plus all costs of collection, including attorney fees,

230 shall be paid by Seller to the Listing and/or Selling Broker(s).

231 22. BREACH OF CONTRACT BY PURCHASER: It is understood and agreed that the real estate firm(s) and real estate

232 licensee(s) representing or assisting the Seller or the Purchaser are not parties to this Contract and do not have or assume liability for

233 the performance or nonperformance of Seller or Purchaser. If this Contract is breached by Purchaser, or if Purchaser fails for any

234 reason to complete his purchase of Property in accordance with the terms set forth herein, Seller shall have the right to declare this

235 Contract null and void; and upon such election, Earnest Money shall be divided, with one-half (1/2) being retained by the Seller as

236 liquidated damages and one-half (1/2) being retained by the Listing and/or Selling Brokers as commission (said commission amount

237 to be divided between the Listing and Selling Brokers as agreed by separate agreement), but in no event shall the Listing and/or

238 Selling Broker's share exceed the Broker's commission as specified in the listing or other agreement between the Broker(s) and the

239 Seller. The right given Seller to make the above election shall not be Seller's exclusive remedy, as he shall have the right to elect to

240 affirm this Contract and enforce its specific performance or recover full damages for its breach. Seller's retention of Earnest Money

241 shall not be evidence of an election to declare this Contract null and void, as Seller shall have the right to retain his portion of Earnest

242 Money to be credited against damages actually sustained. In addition to any other remedies available against Purchaser by Seller

243 because of Purchaser's default or failure to close for any reasons other than those permitted by this Contract, Purchaser shall be

244 obligated to pay the commission provided for in the listing or other agreement between the Broker(s) and the Seller, plus all costs

245 of collection, including attorney fees, of which the Listing and/or Selling Broker's share of retained Earnest Money is a part.

246 Nothing herein is intended to negate any agreement which may exist between Listing Broker and any cooperating Broker or buyer's

247 Broker concerning commission splitting or other payment.

Compliments of Kirkland, Rothman-Branning & Associates, PLLC

901-758-5588

8/2001

Residential Real Estate Purchase Contract Page 3

Related Articles

Related forms

Related Categories