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California e ------------------ Date ------------------ Seller ------------------ Purchaser ------------------ Agent ------------------ Date ------------------ Date ------------------ Date knowledge, that the information they have provided is true and accurate. ------------------ Seller ------------------ Purchaser ------------------ Agent ------------------ Date ------------------ Datunder 42 U.S.C. 4852d and is aware of his/her responsibility to ensure compliance. Certification of Accuracy The following parties have reviewed the information above and certify, to the best of theirisk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards. Agent's Acknowledgment (initial) (e)------ Agent has informed the Seller of the Seller's obligations ty (or mutually agreed upon period) to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards; or (ii) _____ waived the opportunity to conduct a rl information listed above. (d) _____ Purchaser has received the pamphlet Protect Your Family From Lead In Your Home. (e) Purchaser has (check (i) or (ii) below): (i) _____ received a 10-day opportuni)____ Seller has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in the housing. Purchaser's Acknowledgment (initial) (c) _____ Purchaser has received copies of alvided the Buyer with all available records and reports pertaining to lead-based paint and/or leadbased paint hazards in the housing (list documents): ______________________________________________ (iiii) ____ Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing. (b) Records and reports available to the Seller (Check (i) or (ii) below): (i) _____ Seller has prod-based paint hazards (Check (i) or (ii) below): (i) _____ Known lead-based paint and/or lead-based paint hazards are present in the housing (explain): ______________________________________________ ( known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase. Seller's Disclosure (a) Presence of lead-based paint and/or lea residential real property is required to provide the Buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the Buyer of any, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest inoperty may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damaged Paint and/or Lead-Based Paint Hazards Lead Warning Statement Every Buyer of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such pr_____________________ City _______________________________ State and Zip ________________________ 19 Initials Seller _________________ Buyer _________________ Disclosure of Information on Lead-Basek. Failure of clearance of funds shall not excuse performance by the Buyer. By:_________________________________ (Earnest Money Holder Signature) Name: ______________________________ Address: _______s of Contract. The receipt of the Earnest Money under the Contract and the terms of the Contract are acknowledged. If payment was made by check, this acknowledgment is subject to clearance of the checr receiving funds is authorized and agrees by acceptance thereof to promptly deposit and to hold same in escrow and to disburse same subject to clearance thereof in accordance with terms and condition_______________ City _______________________________ State and Zip _______________________ 18 Initials Seller _________________ Buyer _________________ EARNEST MONEY RECEIPT Any Earnest Money Holde______________________________ State and Zip _______________________ Signature __________________________ Buyer _____________________________ Date ______________________________ Address: ____________ller _________________ Buyer _________________ Signature __________________________ Buyer _____________________________ Date ______________________________ Address: ___________________________ City _Seller __ ___________________________ Date ______________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ 17 Initials Se______________ Date ______________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ Signature __________________________ CONSULT AN ATTORNEY AND A TAX PROFESSIONAL BEFORE SIGNING IT, TO MAKE SURE YOU UNDERSTAND ALL OF THE TERMS AND LEGAL AND TAX CONSEQUENCES. Signature __________________________ Seller __ _____________e specific information about individuals they are checking. Information regarding neighborhoods is not available through the "900" telephone service. THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.any neighborhood. The Department of Justice also maintains a Sex Offender Identification Line through which inquiries about individuals may be made. This is a "900" telephone service. Callers must havr pursuant to paragraph (1) of subdivision (a) of Section 290.4 of the Penal Code. The data base is updated on a quarterly basis and a source of information about the presence of these individuals in nts, police departments serving jurisdictions of 200,000 or more and many other local law enforcement authorities maintain for public access a data base of the locations of persons required to registettached hereto as Addenda shall control all printed provisions in conflict therewith. REAL PROPERTY DISCLOSURE (Megan's Law Disclosure Notice: The California Department of Justice, sheriff's departmes under this contract, that party retains the right to enforce that term or provision at a later time. TYPEWRITTEN OR HANDWRITTEN PROVISIONS Typewritten or handwritten provisions inserted herein or ae, that waiver will only be effective for the specific instance and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedie and such provision shall be modified, amended or limited only to the extent necessary to render it valid and enforceable. WAIVER If one party waives any term or provision of this contract at any timovision of this contract is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this contract invalid or unenforceablee plural, the male gender shall include the female gender and the neuter, and vice versa. 16 Initials Seller _________________ Buyer _________________ SEVERABILITY If any court determines that any prrts, each constituting a duplicate original, but all such counterparts constituting one and the same Agreement. INTERPRETATION Whenever the context hereof shall require, the singular shall include thING EFFECT This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns. COUNTERPARTS This Agreement may be executed in several counterpa_____. ASSIGNABILITY (select one and initial) [ _______ / _______ ] Buyer is prohibited from assigning all or any part of this agreement OR [ _______ / _______ ] Buyer may assign this Contract. BIND not be used to construe the meaning or intent of any term. GOVERNING LAW This contract will be governed by and construed in accordance with the laws of the state of _________________________________ted by any investigation, verification or approval by any party hereto or by anyone on behalf of any party hereto. HEADINGS Headings used in this Agreement are provided for convenience only and shalle true and correct on and as of the closing date with the same force and effect as if made at that time, and all of such representations and warranties shall survive the closing and shall not be affec 15 Initials Seller _________________ Buyer _________________ SURVIVAL OF REPRESENTATIONS AND WARRANTIES The representations and warranties set forth in this Contract shall be continuing and shall bar proceedings affecting the Property or any portion thereof, nor has Seller knowledge that any such action is presently contemplated which might or does affect the conveyance contemplated hereunder. gned this offer. PENDING LITIGATION Seller warrants and represents that there are no legal actions, suits or other legal or administrative proceedings, including cases, pending or threatened or similefore acceptance by written notice to the other party before acceptance. EFFECTIVE DATE The date of the Agreement ("Effective Date") shall be the date when the last one of the Seller and Buyer has si offering party. If both parties don't sign this Agreement before the expiration date, then any deposits or Earnest Money shall be returned to Buyer. The offer may be withdrawn by the offering party bther, it shall (before signed by the receiving party) constitute an offer that expires on _____________ ("Expiration Date") at _______ (time) unless earlier accepted by signing and returning it to the______________________ City _______________________________ State and Zip _______________________ EXPIRATION OF OFFER If this Contract is first prepared and signed by one party and delivered to the o Buyer _____________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ Seller _____________________________ Address: _____ate and Zip _______________________ and if to Buyer: Buyer _____________________________ Address: ___________________________ City _______________________________ State and Zip _______________________n person; (2) by certified mail; or (3) by overnight courier as follows: If to Seller: Seller _____________________________ Address: ___________________________ City _______________________________ St_____ must be in writing, A notice may be delivered to a party at the address that follows a party's signature or to a new address that a party designates in writing. A notice may be delivered: (1) i______________________________________ NOTICES Any notice to be given or to be served upon any party hereto, in connection with this Agreement, 14 Initials Seller _________________ Buyer __________________________________ _______________________________________________________________________ _______________________________________________________________________ _________________________________ly to the extent set forth in such instrument. ADDITIONAL AGREEMENTS Seller and Buyer additionally agree that: ______________________________________ _________________________________________________ discharged, or terminated except by an instrument in writing signed by the party against which the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then oned herein.. It replaces and supersedes any and all oral agreements between the parties, as well as any prior writings. Neither this Agreement nor any provision hereof may be waived, modified, amended,l estate professional, escrow agent or closing agent is a party to this Contract. ENTIRE AGREEMENT This Contract is the entire agreement between the parties with respect to the transaction contemplatonstitutes two or more persons, the terms "Seller" or "Buyer" shall be construed to read "Sellers" or "Buyers" whenever the sense of the Contract requires. Unless identified as Seller or Buyer, no rea with any litigation including appellate proceedings arising out of this Contract, the prevailing party shall be entitled to recover reasonable attorney's fees and costs. PARTIES If Seller or Buyer ction award may be entered in any court that has jurisdiction over the matter. Costs of arbitration, including lawyers' fees, will be allocated by the arbitrator. ATTORNEY FEES AND COSTS In connection If the dispute is not resolved within 30 days after it is referred to the mediator, it will be arbitrated by o ______________________. o an arbitrator to be mutually selected. Judgment on the arbitrated. The parties will share the costs of the mediator equally. Each party will cooperate fully and fairly with the mediator and will attempt to reach a mutually satisfactory compromise to the dispute.the parties will try in good faith to settle it through mediation conducted by 13 Initials Seller _________________ Buyer _________________ o ______________________. o a mediator to be mutually selec the dispute. If the dispute is not resolved within 30 days after it is referred to the mediator, either party may take the matter to court. o Mediation and Possible Arbitration. If a dispute arises, utually selected. The parties will share the costs of the mediator equally. Each party will cooperate fully and fairly with the mediator and will attempt to reach a mutually satisfactory compromise tomatter to court. o Mediation and Possible Litigation. If a dispute arises, the parties will try in good faith to settle it through mediation conducted by o ______________________. o a mediator to be mation of this contract, in which case and this shall be the sole remedy of Buyer under this Agreement. DISPUTES (select appropriate ones) o Litigation. If a dispute arises, either party may take the n of this Agreement If Seller defaults, Buyer may (1) enforce specific performance of the Contract and pursue any other available legal remedies or both or (2) demand a refund of the deposit in terminagree that said sum shall constitute liquidated damages since both Buyer and Seller agree that actual damages for default or breach of contract could not readily be ascertained at the date of executiocel this contract and claim the deposit as liquidated damages and Seller agrees to accept and take said deposit as Seller's total damages and relief hereunder in such event. In such event the parties s, powers, options or remedies allowed herein or by law. If Buyer defaults, Seller may (1) enforce specific performance of the Contract and pursue any other available legal remedies or both or (2) caners, options or remedies afforded to Buyer or Seller either hereunder or by law shall be cumulative and not alternative and the exercise of one right, power, option or remedy shall not bar other right Contract shall constitute a material default. Following a material default by either Buyer or Seller, the other party may pursue any remedies or damages available at law or in equity. All rights, powall extend to 5:00 p.m. of the next business day. DEFAULTS AND REMEDIES. Failure of either party to comply with any material covenant, agreement, or obligation within the time limits required by thisess than six (6) days shall in the computation thereof, exclude Saturdays, Sundays and legal holidays, and any time period provided for herein which shall end on a Saturday, Sunday or legal holiday shll pay any _____________________________________ 12 Initials Seller _________________ Buyer _________________ TIME Time is of the essence of this Contract. Any reference herein to time periods of lny recording any corrective instruments Both will pay any loan origination fees. Both will pay any _____________________________________ Both will pay any _____________________________________ Both willer o Seller o Seller o Seller o Buyer o Buyer o Buyer o Buyer o Buyer o Buyer o Buyer o Both will pay any Survey work. Both will pay any recording of purchase money mortgage (if any) Both will pay ae commitment. o Seller o Buyer o Both will pay any premium payable for the title commitment and title policy (i.e. title insurance) issued pursuant thereto. o o o o o o o Seller o Seller o Seller o Se required by law on the mortgage. o Seller o Buyer o Both will pay any All recording costs, including recording of the deed, mortgage, and any documents required in connection with the title insuranc any transfer tax when title passes. o Seller o Buyer o Both will pay any Documentary stamps which are required to be affixed to the Warranty Deed; o Seller o Buyer o Both will pay any intangible taxn with the Closing shall be paid as follows (select whichever applies. Check both if cost is split 50/50 between buyer and seller. Delete the one(s) that don't apply): o Seller o Buyer o Both will pay____________________________________________________________________ _________________________________________________________________ (Other or none) CLOSING COSTS The costs and expenses in connectioement and any required mortgage, mortgage note, security agreement and financing statement and _______________ ______________________________________________________________________________ __________et forth in the Contract, Buyer shall deliver to Seller, cashier check or 11 Initials Seller _________________ Buyer _________________ other immediate local funds in the amount set forth in this Agrein connection with perfecting the title. PURCHASER'S OBLIGATIONS AT CLOSING Subject to the terms, conditions and provisions hereof, and concurrently with the performance by Seller of its obligations s the Property to Buyer subject to any limitations set forth above : b. Furnish closing statement, mechanic's lien affidavit, assignments of leases, and any corrective instruments that may be required ___________________________________ SELLER'S OBLIGATION AT CLOSING At Closing, Seller shall do the following: a. Execute, acknowledge, and deliver to Buyer a Warranty Deed or ______________ conveying________________________________________ ______________________________________________________________________ ______________________________________________________________________ _________________the amount of said mortgage from the amount stated herein shall be added to or deducted from either the cash payment or the second mortgage as the Seller may elect. (iii) (iv) (v) Other: ___________ther requirements imposed by governmental authority, if any; public utility easements of record, if any; Mortgage to be assumed or purchase money mortgages as described above, if any; Any variance in taxes and assessments for year of closing and subsequent years; Restrictions and matters appearing on the plat or otherwise common to the subdivision, easements and zoning ordinances of record, and ouch intervening defect except as may be available to Buyer by virtue of warranties, if any, contained in deed. RESTRICTIONS, EASEMENTS, LIMITATIONS The Buyer shall take title subject only to: (i) (ii)e the Property and reconvey same to the Seller by special warranty deed. In the event Buyer fails to make timely demand for refund, he shall take title as is, waiving all rights against Seller as to sly cure said defect, all monies paid hereunder shall, upon written demand therefore and within five (5) days thereafter, be returned to Buyer and, simultaneously with such repayment, Buyer shall vacatsaid five (5) day period, notify Seller in writing of the defect and Seller shall have thirty (30) days from date of receipt of such notification to cure said defect. In the event Seller fails to timeitials Seller _________________ Buyer _________________ upon for a period of not longer than five (5) days from and after closing date. If Seller's title is rendered unmarketable, Buyer shall within Seller's title unmarketable from the date of the last evidence, and the cash proceeds of sale shall be held in escrow by Seller's attorney or by such other escrow agent as may be mutually agreed 10 Ins and furnishings. The deed shall be recorded upon clearance of funds and evidence of title continued at Buyer's expense, to show title in Buyer, without any encumbrances or change which would render this contract to the contrary notwithstanding. Unless otherwise agreed by the parties, Buyer shall have possession of the Property immediately following the closing, free and clear of all trash, debrie derived from an institutional mortgagee, the requirements of said mortgagee as to time of day, place and procedures for closing, and for disbursement of mortgage process, shall control, anything in ded by other provisions of Contract, or by written agreement of the Parties. The "Closing" shall take place at a mutually convenient place and time. However, if a portion of the purchase price is to bproperty after the date of closing. CLOSING AND POSSESSION This transaction shall be closed ("Closing") and the deed and other closing papers delivered on the ______ day of ______ 20 __, unless extensed (exclusive of rebates and penalties) that are a lien on the Property shall be prorated between the parties as of the Closing Date. Buyer will pay any special assessments that become a lien on the rvive closing. OR [_____ / _____ ] Unless the parties agree otherwise, all prorations shall be final. SPECIAL ASSESSMENTS Any special assessments for the year in which the sale of the Property is cloclosing occurs, Seller and Buyer agree to adjust the proration of taxes and, if necessary, to refund or pay, as the case may be, an amount necessary to effect such adjustments. This provision shall suy occurs prior to closing, unless otherwise provided for herein. ADJUSTMENTS (select and initial one) [_____ / _____ ] Subsequent to the closing, when the tax rate is fixed for the year in which the The cash at closing shall be increased or decreased as may be required by said prorations. All references in Contract to prorations as of date of closing will be deemed "date of occupancy" if occupanc the information available on the Closing Date. Buyer shall have the option of taking over any existing policies of insurance on the Property, if assumable, in which event premiums shall be prorated. the actual taxes based on the new value are not available, they will 9 Initials Seller _________________ Buyer _________________ agree to a reasonable estimation of the current year's taxes based onat the more current assessed value, if ascertainable, and the estimated amount prorated. The parties also agree that if the Property has been reappraised or reclassified within the preceding year and ver, if the Property was materially improved following the determination of the assessed value upon which the prior year's taxes were based, taxes will be estimated based on the preceding year's levy ll occur before the tax rate is fixed for the then current year, the apportionment of taxes shall be upon the basis of the tax rate of the preceding year applied to the latest assessed valuation. Howebe prorated as to the date of closing for the year of closing (on a 30-day-month, 360-day-year basis) and thereafter shall be the responsibility of Buyer, subject to applicable law. If the closing shaty of title, subject to such liens as may be otherwise provided for herein. TAX AND OTHER PRORATIONS Taxes, assessments, rent, interest, insurance and other expenses and revenue of the Property shall to the Property free and clear of all liens and encumbrances, except as provided in this Contract. Personal property shall, at the request of Buyer, be conveyed by an absolute bill of sale with warranrketable title to the property to Buyer by a warranty deed and take all other steps reasonably necessary to complete the closing. The warranty deed shall convey to Buyer a marketable fee simple title turned to Seller together with any information that Buyer may have compiled with respect to the Property. DELIVERY OF DEED On or before the Closing Date, Seller shall execute, transfer and deliver maormation may be used by Buyer in such manner as it desires; provided that in the event Buyer fails to purchase the Property for any reason other than Seller's default, all such information shall be reeof, Seller shall furnish to Buyer all engineering plans, drawings, surveys, artist's renderings and economic and financial studies which Seller has, if any, relating to the Property, and all such infr shall terminate, or Buyer may close this transaction in the same manner as if no defects had been found without reduction in the Purchase Price. ENGINEERING PLANS AND STUDIES Upon the execution heritle. If the Seller shall fail to remove or cure said encroachments within the period of time, then the deposit this day paid shall be returned to Buyer and all rights and liabilities arising hereundeher lands, written notice of that effect shall be given to the Seller and Seller shall have the same time to remove such encroachments as is allowed under this Agreement for the curing of defects of t be made of the Property prior to the closing date. If the survey shows encroachments on the Property herein described, or that the improvements located on the Property herein described encroach on othich could serve as a basis for a mechanic's lien have been paid or will be paid at closing. 8 Initials Seller _________________ Buyer _________________ PROFESSIONAL SURVEY A survey oshall oshall not to Seller's lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and material men and further reciting that, in fact, all bills for work to the Property wproperty has been improved within said time, Seller shall deliver releases or waivers of all mechanic's liens, executed by general contractors, subcontractors, suppliers, and material men, in additionown to Seller with respect to, the Property, and further attesting that there have been no improvements to the Property for one hundred twenty (120) days immediately prior to the Closing Date. If the redited to Seller. LIEN AFFIDAVIT Seller shall furnish to Buyer at closing an affidavit attesting to the absence of any security interest in, or financing statement, claim, lien, or potential lien kner may rescind the Contract unless Seller elects to pay such increase or excess. Buyer shall use reasonable diligence to obtain approval. The amount of any escrow deposits held by mortgagee shall be cay rescind the contract (and any earnest money will be returned to Buyer), or b) the mortgagee requires an increase in the interest rate or charges a fee for any reason in excess of $________, the Buy If a mortgage requires approval of the Buyer by the mortgagee in order to avoid default, or for assumption by the Buyer of said mortgage, and: a) the mortgagee does not approve the Buyer, the Buyer mhin twenty (20) days from execution hereof a statement from all mortgagee(s) (if any) setting forth principal balance, method of payment, interest rate and whether the mortgage(s) is in good standing. Unless otherwise agreed or if not available for reasons other than any act of Seller, Buyer's title policy will include mechanic's lien coverage. EXISTING MORTGAGES Seller shall furnish to Buyer wit, labor or material imposed by law and not shown by the public records. Seller agrees to cooperate with, and comply with the requirements of, the title insurance company for issuance of this coverage.ns permitted according to this Contract. The policy shall also insure Buyer as of the date of recording of the deed or other instrument of conveyance against any lien, or right to a lien, for servicesce insuring marketable fee simple title in Buyer from and after the Closing Date, subject only to exceptions for any liens, encumbrances or other matters created or brought about by Buyer and exceptioescribed herein shall be returned to Buyer and this Agreement shall be of no further force and effect. oSeller oBuyer shall pay for an owner's title insurance policy in the amount of the Purchase Prions raised by Buyer, without an adjustment in the purchase price, in which event said objections shall be deemed to be waived for all purposes, or (iii) rescind this Agreement, whereupon the deposit dtion), Buyer may, at its option: (i) 7 Initials Seller _________________ Buyer _________________ extend the time period for Seller to satisfy said objections, (ii) accept title subject to the objectiy all unacceptable matters to the reasonable satisfaction of Buyer. If Seller does not remedy any title defects before the Closing Date (or reasonably later date if extended by Buyer in Buyer's discreot acceptable, Buyer shall state which exceptions to the Title Commitment are unacceptable. Seller shall, at its sole cost and expense promptly undertake and use its best efforts to eliminate or modifeceipt of the title commitment, if the condition of title as set forth in such Title Commitment and survey is not satisfactory in Buyer's sole discretion. In the event that the condition of title is ntle insurance commitment shall be delivered to Buyer as soon as practicable, but at least fifteen (15) days before the Closing Date. Buyer shall give Seller written notice within ten (10) days after rng the Property, and which constitute exceptions to the Title Commitment. The title commitment shall commit to insure a marketable fee simple title in the Buyer upon the recording of the deed. This tise a title insurance company mutually acceptable to the Parties ("Title Company") to issue and deliver to Buyer a title commitment ("Title Commitment") accompanied by one copy of all documents affectifrom the Closing Date. The warranty plan cost shall not exceed $_________________. The charge for the warranty plan will be paid at closing. TITLE Seller, at Seller's sole cost and expense, shall cau to a per claim deductible not to exceed $____________. This warranty plan will be a limited service contract covering repair or replacement of the working components of the Property for one (1) year Contract and receive return of any Earnest Money deposit(s) made hereunder. WARRANTY PLAN oSeller oBuyer agrees to pay for a homebuyer's warranty plan from a reputable warranty plan provider, subjectr the said ____% or any insurance proceeds payable by virtue of such loss or damage or an assignment of the right to Seller's insurance proceeds for the loss or damage, or (b) Buyer may of cancel the t of repair or restoration exceeds ____% of the assessed valuation of the improvements so damaged, Buyer shall have the option of either (a) taking the Property as is, together with either a credit foovements so damaged, cost of restoration shall be an obligation of the Seller and closing shall proceed pursuant to the terms of Contract with costs therefore escrowed at closing. In the event the cosinsurance) is assumed by Seller. If the improvements are damaged by fire or other casualty prior to closing, and the costs of restoring same does not exceed ____% of the assessed valuation of the imprered to Purchaser, the risk of loss by fire, windstorm, earthquake, flood or other casualty (including those causes that could be covered by what is commonly referred to as fire and extended coverage _________________ CASUALTY LOSS Seller agrees to keep the improvements on the Property fully insured until delivery of Seller's deed to Buyer. Until the purchase is closed and the warranty deed delivsanitary or sewer service, if such charges have been incurred before the date of closing. Buyer will pay for the charges incurred after the date of closing. 6 Initials Seller _________________ Buyer uyer oSeller will pay the utility bills until closing. UTILITY CHARGES Seller will pay any other charges made against the property by any government authority for installation or extension of water, 78 and so Seller makes no statement about the existence of any lead-based paint. UTILITIES Seller owill owill not leave all utilities on until the date of possession. If the utilities are left on, oBned a separate Lead Paint Disclosure form, attached to this Contract and made a part hereof. OR [ _______ / _______ ] Seller represents that the house that is a part of the Property was built after 19le to Buyer, then Buyer may cancel this Contract and the Earnest Money shall be refunded to Buyer. LEAD PAINT DISCLOSURE (initial the one that applies) [ _______ / _______ ] Buyer and Seller have sigjurisdiction where the Property is located. If the level of Radon gas exceeds four picocuries per liter (4pCi/L) and Seller refuses to pay for the cost of installing Radon reduction equipment acceptabRadon gas in the Property and provide the report to Buyer at least fifteen (15) days prior to closing. The report shall be made by a reputable inspector, complying with federal law and the law of the and Radon testing may be obtained from the state or county public health officer. (Initial if this applies) [ ________ / _________ ] Seller shall arrange and pay for a report concerning the level of ho are exposed to it over time. Levels of Radon that exceed federal and state guidelines may have been found in buildings in the state where the Property is located. Additional information about Radonal to _____% of said Purchase Price. RADON TESTING Radon is a natural occurring radioactive gas that, when it accumulates in a building in sufficient quantities, may present health risks to persons wnded to Buyer, or Buyer may elect to 5 Initials Seller _________________ Buyer _________________ proceed with the transaction, in which event Buyer shall receive a credit at closing of an amount equthat amount, Buyer shall have the option of canceling Contract within five (5) days after receipt of contractor's repair estimate by giving written notice to Seller and the Earnest Money shall be refuualified inspector(s) is given to Seller as set forth in this section, Seller shall pay valid costs for treatment and repair of all damage up to _____% of the Purchase Price. Should such costs exceed rs will be done within thirty (30) days before closing. If written notice of any unsatisfactory condition (other than active pest infestation) signed by Buyer and supported by the written opinion of qselected by Seller. Seller will provide Buyer with a certificate evidencing such treatment and Buyer agrees to accept that certificate. If Buyer is obtaining financing, inspection, treatment and repaithe event that an inspection reveals that there is active pest infestation, Seller agrees to pay to have the Property treated for control of the infestation by a reputable, licensed pest control firm ion upon reasonable notice. Buyer shall pay for any damage to the Property resulting from any inspection. A copy of a pest inspector's written report (if any) shall be provided by Buyer to Seller. In ve given in this Contract as to failures not reported. Valid reported failures shall be corrected at Seller's cost with funds therefore escrowed at closing. Seller agrees to provide access for inspectking of possession thereof, or six (6) days prior to closing, whichever is first. Unless Buyer reports failures within said period, Buyer shall be deemed to have waived any warranty that Seller may hapair and maintenance thereof. Buyer shall give written notice to Seller, together with a copy of the written report(s) by the inspector(s) of any items found not to be in working condition prior to taoof, attic, structural components, environmental hazards, and pest infestation or damage and all other physical matters which may affect the value of the Property by licensed persons dealing in the re This may include, but not be limited to, inspections of appliances, plumbing, electrical and mechanical systems, central heating, ventilation and air conditioning, foundation, basement, crawlspace, rhange in the condition of the Property before closing, Seller shall promptly notify Buyer. MECHANICAL, PEST AND OTHER INSPECTIONS Buyer may, at Buyer's expense, have inspections made of the Property. Seller shall maintain the Property (including any lawn, shrubbery and/or pool) in its present condition through the date of possession, ordinary wear and tear excepted. In the event of any material c________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________, heating, cooling, electrical, plumbing systems, and machinery are in working condition as of six (6) days prior to closing,), except for the following: __________________ ___________________________al inspection of the Property. To the best of Seller's knowledge, there are no physical problems with the property that would not be apparent upon inspection. Seller warrants that all major appliances Initials Seller _________________ Buyer _________________ PHYSICAL CONDITION OF PROPERTY AND EQUIPMENT Buyer acknowledges that Buyer or Buyer's Agent(s) or Representative(s) has made at least a casu Buyer, returned to him and this offer shall thereafter be null and void. The date of Contract ("Effective Date") shall be the date when the last one of the Seller and Buyer has signed this offer. 4 st Money holder, to do so. TIME FOR ACCEPTANCE AND EFFECTIVE DATE If this offer is not executed by both of the parties hereto on or before __________, the Earnest Money shall be, at the option of theand until the contingency is removed, either party may cancel this contract by written notice to the other. In that case, Seller will return the deposit to Buyer or authorize the escrow agent or Earnewithout selling Buyer's property. REMOVAL OF CONTINGENCIES If any contingency in this contract is not removed in writing by the required date, this contract becomes voidable. After the required date er's financing for the purchase of the Property is approved by Buyer's lender subject only to the sale of Buyer's property; or (ii.) Buyer is financially able to complete the purchase of the Property ). Buyer shall not exercise the option to continue this Contract and complete the purchase of the Property unless: (i.) Buyer has entered into a bona fide contract for sale of Buyer's property and Buyo be applied to the Purchase Price at closing) and agree in writing to remove both the contingency respecting the sale of Buyer's property and any financing contingency of this Contract (as applicableeceipt of Seller's written notice about the other offer to exercise the option of continuing this Contract. To exercise this option, Buyer must pay to Seller a non-refundable fee of $______________ (tto offer the Property for sale. If Seller accepts another bona fide offer before the sale and closing of Buyer's property, Seller shall notify Buyer. Buyer shall have _____________________ days from re sale and closing of Buyer's property located at _______________ ____________________________________________________________________________ on or before ______________________. Seller may continue e commitment is received by Purchaser. [ _______ / _______ ] Buyer obtaining and acquiring all the necessary approvals and permits to use the property for ___________________. [ _______ / _______ ] Thved by ___________________________. [ _______ / _______ ] Approval of the title insurance commitment by Purchaser's lawyer. This contingency is to be removed within _____ days after the title insuranco be removed by __________________________. [ _______ / _______ ] A stake survey or survey report at Purchaser's expense resulting in findings satisfactory to Purchaser. This contingency is to be remo [ _______ / _______ ] A review of public and private building and use requirements affecting the property at Purchaser's expense resulting in findings satisfactory to Purchaser. This contingency is tPurchaser's expense resulting in findings satisfactory to Purchaser. This contingency is to be removed by _______________________________. 3 Initials Seller _________________ Buyer _________________ at Purchaser's expense resulting in a report satisfactory to Purchaser. This contingency is to be removed by ___________________. [ _______ / _______ ] An environmental inspection of the property at operty at Purchaser's expense resulting in a report satisfactory to Purchaser. This contingency is to be removed by ___________________. [ _______ / _______ ] An architect's inspection of the property__. ADDITIONAL CONTINGENCIES This contract is also contingent upon satisfactory completion of the following items (initial those that apply): [ _______ / _______ ] A contractor's inspection of the pro obtain said loan. Should Buyer fail to obtain same or to waive Buyer's rights hereunder within said time, Buyer may cancel Contract. This financing contingency is to be removed by __________________of, at an interest rate not to exceed _______ percent (____%); of _______ years; and in the principal amount of $______________. Buyer agrees to make application for, and to use reasonable diligence turchase price or any part thereof is to be financed by a third party loan, this Contract, is conditioned upon the Buyer obtaining a firm commitment for said loan within _______ days from the date heren notice of cancellation of this Contract (as the case may be), then such failure shall constitute consent to disbursement of the Earnest Money as provided in such notice. SALE CONTINGENCIES If the py certified or registered mail from the third party Earnest Money holder, if any, or (ii) make written demand for return or forfeiture of the Earnest Money within ___________ days of receipt of writteursement of the Earnest Money nor a written consent to distribution and either party fails to: (i) respond in writing within ________ days of receipt of a written notice of pending disbursement sent b to pay the funds to the Clerk of the Court where the Property is located for disposition according to the order of the Court. Buyer and Seller agree that, if there is neither a dispute regarding disbf Buyer and Seller are unable to agree in writing upon the disbursement of the Earnest Money or any other funds, the third party holder may commence an interpleader or similar action and is authorizedother amount paid pursuant to this Contract before closing) will be directed not to disburse those funds without the written consent of Buyer and Seller, unless permitted to do so by applicable law. I_________________ Buyer _________________ Notwithstanding other provisions in this Contract regarding the refund or forfeiture of the Earnest Money, any third party holding the Earnest Money (or any accrued interest shall be accrued for the benefit of Buyer and either applied toward the purchase price at closing or returned to Buyer in the event the transaction does not close. 2 Initials Seller someone other than Seller, that holder shall be instructed to deposit the funds in an insured escrow account. Unless, the Earnest Money is somehow forfeited by Buyer pursuant to any terms of this, anyustments and prorations. TOTAL (earnest money + amount financed + loan assumption + cash balance at closing) $________________ EARNEST MONEY AND OTHER DEPOSITS If the holder of the Earnest Money is ney shall be returned to Buyer. 4. [ _________ / __________ ] Buyer will pay the balance of $______________ on or before the "Closing Date" (defined below) in cash or by cashier's check subject to adj lender's response to request for assumption by Buyer, cancel this Contract, or Buyer may elect to complete the purchase with alternate financing. In the event of cancellation by Buyer, any Earnest Moerms of the Mortgage Loan and without any fee. If any required consent cannot be obtained as set forth herein, then Buyer may, at Buyer's option by notice to Seller, within ten (10) days following theay the Mortgage Loan according to its terms. If the lender's consent to the assumption of the Mortgage Loan is required, this Contract is contingent upon obtaining such consent without change in the tper month, having an approximate present principal balance of $______________________, now of record in the offices of the county where the Property is located (the "Mortgage Loan"). Buyer agrees to p a first mortgage or deed of trust on the Property in favor of ____________________________________________ bearing interest at _______% per annum and payable as to principal and interest $__________ ny) is $____________ ("Finance Amount"). 3. [ _________ / __________ ]Buyer also assumes and agrees to pay, as a part of the Purchase Price, the balance owing upon a certain promissory note secured bydeposit is to be credited against the Purchase Price. 2. [ _________ / __________ ] The total amount to be financed by Buyer (not including financed mortgage insurance premiums, or closing costs, if a_________ / __________ ] Buyer shall pay an earnest money deposit ("Earnest Money") in the amount of $______________ to _____________________ ("Earnest Money Holder") upon signing this Contract. This ____________________________ (Excluded Items) PURCHASE PRICE The Purchase Price for the Property is: $___________________ (Purchase Price). PAYMENT (initial and fill out the one(s) that apply) 1. [ __________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________ (Included Items). The following items are specifically excluded from this contract and shall not be transferred to Buyer as a part of the Property: ________________________ilt-in kitchen appliances; and: __________________________________________________________________ _______________________________________________________________________ _____________________________; awnings; automated garage door openers and remote control units; keys; attached humidifiers; attached outside cooking units; attached fireplace screens and/or glass doors; attic and ceiling fans; bughting and light fixtures; plumbing equipment and fixtures; attached mirrors; linoleum; wall-to-wall carpet; window and porch shades; blinds; storm windows and doors; screens; curtain and drapery rodsumbrances, including: gas heaters; propane tanks (including propane if owned); central heating, ventilation and air conditioning equipment and fixtures; sump pumps; attached TV antennas and cables; liso include the following fixtures and personal property associated with the Property (unless specifically excluded below), all of which (if any) are owned by Seller free and clear of all liens and enc shall include all buildings and improvements on the property and all right, title and interest of Seller in and to adjacent streets, roads, alleys and rights-of-way. The sale of the Property shall al_______________________________________ __________________________________________________________________ o The legal description of the property is given in Attachment 1. The sale of the Property__________________________ (Common Description). o The legal description of the property is as follows: __________________________________________________________________ ___________________________monly known as: ____________________________ __________________________________________________________________ __________________________________________________________________ _____________________l be the date of signature by the later party to sign this Contract. PROPERTY TO BE SOLD Seller shall sell and Buyer shall buy the following property and the improvements thereon (the "Property") comract PARTIES This Residential Real Estate Sale Contract (the "Contract") is made by and between __________________________, ("Seller"), and ________________________, ("Buyer"). The Effective Date shald tax consequences of this Contract are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party. 2 Residential Real Estate Sale Contot be used or signed without consulting an attorney first to make sure it fits your particular situation. You should also consult with an attorney and a tax professional to make sure that all legal anion and these forms are not intended as and are not a substitute for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for you and should nmation can also be found on the EPA site at: http://www.epa.gov. Please note that the state where the property is located may also have its own laws and regulations regarding lead paint. This informatitled "Protect Your Family From Lead In Your Home." can be found at: http://www.epa.gov/opptintr/lead/pyfcameraeng.pdf and at http://www.hud.gov/offices/lead/outreach/leapame.pdf and. Additional inford-based paint and/or lead-based paint hazards in the dwelling. Buyers must also receive a federally approved pamphlet on lead poisoning 1 prevention. An Environmental Protection Agency's pamphlet ent pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before selling pre-1978 housing, Sellers must disclose the presence of known lea you may want to check with a local agent or lender if the use of another form will create a problem. Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can approved forms that can be used to make the disclosure. Since this Contract may be a little different than the types of Real Estate Sale Contracts your local agents and lenders may be used to seeing, any mandatory disclosure laws, you can check with a local real estate broker or attorney, or call your state's attorney general's office. Most states with mandatory disclosure laws have created stateto make the disclosure, even if the property is sold "as is" If not required by law, a Buyer may still request the disclosures and try to make them part of the contract.. To find out if your state hasproblems. Check with a real estate agent or attorney in your area to determine what additional disclosures, if any, are required in your state. In some of these states, a seller may still be required act must be signed and returned before it expires. The law in some states require a seller to make additional written disclosures, including disclosures about the condition of the house and any known d presented as a formal offer. However, the seller may initiate the preparation of the contract as well. The contract allows the person making the offer to designate a time and date by which the contris agreement is for transactions that do not involve a Broker and where the Buyer is obtaining a new loan and/or assuming an existing loan. Generally, this type of contract is prepared by the buyer an owned by someone else). The Agreement provides for the traditional terms between a seller and buyer, including financing contingencies, surveys, pest and other inspections, title matters and more. Thess water rights (which may be important for oceanfront or lakefront property) or easements and rights of "ingress and egress" (i.e. when the property used to access the house (which is being sold) iser of a free-standing residential home. Another type of form is required for the sale of condominiums, cooperative apartments, farmland and other special kinds of property. This contract does not addritten agreement should be used to document the transaction and to set forth the terms between the Seller and the Buyer. The Residential Real Estate Sale Contract form can be used by a buyer and a selland use of these forms is subject to the Disclaimers and Terms of Use found at findlegalforms.com 2 Information Residential Real Estate Sale Contract Whenever any real estate property is sold, a wrre that all legal and tax consequences of this Contract are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party. [_] The purchase ld not be used or signed without consulting an attorney first to make sure it fits your particular situation. The Buyer and the Seller should consult with an attorney and a tax professional to make suontract. 1 [_]These forms are not intended and are not a substitute for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for you and shouyour area to determine what additional disclosures, if any, are required in your state or locality. If not required by law, a Buyer may still request the disclosures and try to make them part of the c disclosures and any other known problems. Some cities and other municipalities may also have specific disclosure requirements that need to be included.. Check with a real estate agent or attorney in included in similar agreements. The law in some states require a seller to make additional written disclosures, including disclosures about the condition of the house, the neighborhood, environmentalce under "Megan's Law" regarding the availability of a registered sex offenders database. This notice is included in this Agreement. [_] These forms contain the basic terms and language that should betion 2079.10a requires that every lease or rental agreement for residential real property and every contract for sale of residential real property comprising one to four dwelling units, contain a notiears as proof of compliance with the rules. A copy of the "Disclosure Of Information On Lead-Based Paint and/or LeadBased Paint Hazards" form is included in this package. [_] California Civil Code secnt and/or Lead-Based Paint Hazards". Federal law requires Seller to keep the signed copy of the "Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards" for a minimum of three y etc.) [_] If the property is built before 1978 property (i.e. pre-1978 property), federal law requires that Sellers and Buyers (and their Agents) sign the "Disclosure Of Information On Lead-Based Painatures of all parties. [_] The parties to the Contract must be aware of the various deadlines contained in the Contract, relating to various acts (i.e. obtaining financing, inspections, title mattersth parties, it creates a binding obligation to purchase the property. [_] Each party should sign two copies of the final draft of the contract. Each party should receive one copy with the original sigutes a formal offer. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires. Once the Contract is signed by boThis agreement is for transactions that do not involve a Broker and where the Buyer is obtaining a new loan and/or assuming an existing loan. [_] When signed by one party, this signed contract constitidential Real Estate Sale Contract; (3) Residential Real Estate Sale Contract (including Earnest Money Receipt); (4) Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards. [_] Instructions & Checklist California Residential Real Estate Sale Contract [_] This package contains (1) Instructions and Checklist for Residential Real Estate Sale Contract; (2) Information about Res CaliforniaCalifornia ------------ Purchaser ------------------ Agent ------------------ Date ------------------ Date ------------------ Date e and accurate. ------------------ Seller ------------------ Purchaser ------------------ Agent ------------------ Date ------------------ Date ------------------ Date ------------------ Seller ------ty to ensure compliance. Certification of Accuracy The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is trud paint and/or lead-based paint hazards. Agent's Acknowledgment (initial) (e)------ Agent has informed the Seller of the Seller's obligations under 42 U.S.C. 4852d and is aware of his/her responsibilissment or inspection for the presence of lead-based paint and/or lead-based paint hazards; or (ii) _____ waived the opportunity to conduct a risk assessment or inspection for the presence of lead-baseed the pamphlet Protect Your Family From Lead In Your Home. (e) Purchaser has (check (i) or (ii) below): (i) _____ received a 10-day opportunity (or mutually agreed upon period) to conduct a risk assebased paint and/or lead-based paint hazards in the housing. Purchaser's Acknowledgment (initial) (c) _____ Purchaser has received copies of all information listed above. (d) _____ Purchaser has receivtaining to lead-based paint and/or leadbased paint hazards in the housing (list documents): ______________________________________________ (ii)____ Seller has no reports or records pertaining to lead-r lead-based paint hazards in the housing. (b) Records and reports available to the Seller (Check (i) or (ii) below): (i) _____ Seller has provided the Buyer with all available records and reports per Known lead-based paint and/or lead-based paint hazards are present in the housing (explain): ______________________________________________ (ii) ____ Seller has no knowledge of lead-based paint and/oection for possible lead-based paint hazards is recommended prior to purchase. Seller's Disclosure (a) Presence of lead-based paint and/or lead-based paint hazards (Check (i) or (ii) below): (i) _____r with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the Buyer of any known lead-based paint hazards. A risk assessment or inspotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the Buyethat may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence qument Every Buyer of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint State and Zip ________________________ 18 Initials Seller _________________ Buyer _________________ Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards Lead Warning Statence by the Buyer. By:_________________________________ (Earnest Money Holder Signature) Name: ______________________________ Address: ____________________________ City _______________________________Contract and the terms of the Contract are acknowledged. If payment was made by check, this acknowledgment is subject to clearance of the check. Failure of clearance of funds shall not excuse performahereof to promptly deposit and to hold same in escrow and to disburse same subject to clearance thereof in accordance with terms and conditions of Contract. The receipt of the Earnest Money under the and Zip _______________________ 17 Initials Seller _________________ Buyer _________________ EARNEST MONEY RECEIPT Any Earnest Money Holder receiving funds is authorized and agrees by acceptance t__________ Signature __________________________ Buyer _____________________________ Date ______________________________ Address: ___________________________ City _______________________________ State__________________________ Buyer _____________________________ Date ______________________________ Address: ___________________________ City _______________________________ State and Zip _______________ Seller __ ___________________________ Date ______________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ Signature ________________ Date ______________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ Signature ________________________. CONSULT AN ATTORNEY AND A TAX PROFESSIONAL BEFORE SIGNING IT, TO MAKE SURE YOU UNDERSTAND ALL OF THE TERMS AND LEGAL AND TAX CONSEQUENCES. Signature __________________________ Seller __ ___________ve specific information about individuals they are checking. Information regarding neighborhoods is not available through the "900" telephone service. THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT any neighborhood. The Department of Justice also maintains a Sex Offender Identification Line through which inquiries about individuals may be made. This is a "900" telephone service. Callers must haer pursuant to paragraph (1) of subdivision (a) of Section 290.4 of the Penal Code. The data base is updated on a quarterly basis and a source of information about the presence of these individuals inents, police departments serving jurisdictions of 200,000 or more and many other local law enforcement authorities maintain for public access a data base of the locations of persons required to registattached hereto as Addenda shall control all printed provisions in conflict therewith. REAL PROPERTY DISCLOSURE (Megan's Law Disclosure Notice: The California Department of Justice, sheriff's departm that term or provision at a later time. 16 Initials Seller _________________ Buyer _________________ TYPEWRITTEN OR HANDWRITTEN PROVISIONS Typewritten or handwritten provisions inserted herein or e and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedies under this contract, that party retains the right to enforce to the extent necessary to render it valid and enforceable. WAIVER If one party waives any term or provision of this contract at any time, that waiver will only be effective for the specific instanclidity or unenforceability will affect only that provision and will not make any other provision of this contract invalid or unenforceable and such provision shall be modified, amended or limited only plural, the male gender shall include the female gender and the neuter, and vice versa. SEVERABILITY If any court determines that any provision of this contract is invalid or unenforceable, any invats, each constituting a duplicate original, but all such counterparts constituting one and the same Agreement. INTERPRETATION Whenever the context hereof shall require, the singular shall include theNG EFFECT This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns. COUNTERPARTS This Agreement may be executed in several counterpar____. ASSIGNABILITY (select one and initial) [ _______ / _______ ] Buyer is prohibited from assigning all or any part of this agreement OR [ _______ / _______ ] Buyer may assign this Contract. BINDIERNING LAW 15 Initials Seller _________________ Buyer _________________ This contract will be governed by and construed in accordance with the laws of the state of __________________________________hereto or by anyone on behalf of any party hereto. HEADINGS Headings used in this Agreement are provided for convenience only and shall not be used to construe the meaning or intent of any term. GOVorce and effect as if made at that time, and all of such representations and warranties shall survive the closing and shall not be affected by any investigation, verification or approval by any party SURVIVAL OF REPRESENTATIONS AND WARRANTIES The representations and warranties set forth in this Contract shall be continuing and shall be true and correct on and as of the closing date with the same fr proceedings affecting the Property or any portion thereof, nor has Seller knowledge that any such action is presently contemplated which might or does affect the conveyance contemplated hereunder. ned this offer. PENDING LITIGATION Seller warrants and represents that there are no legal actions, suits or other legal or administrative proceedings, including cases, pending or threatened or similafore acceptance by written notice to the other party before acceptance. EFFECTIVE DATE The date of the Agreement ("Effective Date") shall be the date when the last one of the Seller and Buyer has sigoffering party. If both parties don't sign this Agreement before the expiration date, then any deposits or Earnest Money shall be returned to Buyer. The offer may be withdrawn by the offering party beher, it shall (before signed by the receiving party) constitute an offer that expires on _____________ ("Expiration Date") at _______ (time) unless earlier accepted by signing and returning it to the _____________________ City _______________________________ State and Zip _______________________ EXPIRATION OF OFFER If this Contract is first prepared and signed by one party and delivered to the otBuyer _____________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ Buyer _____________________________ Address: _____________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ 14 Initials Seller _________________ Buyer _________________ llows: If to Seller: Seller _____________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ and if to Buyer: Seller ______ the address that follows a party's signature or to a new address that a party designates in writing. A notice may be delivered: (1) in person; (2) by certified mail; or (3) by overnight courier as fo___________________________________ NOTICES Any notice to be given or to be served upon any party hereto, in connection with this Agreement, must be in writing, A notice may be delivered to a party at__________________ _______________________________________________________________________ _______________________________________________________________________ ______________________________________ _______________________________________________________________________ _______________________________________________________________________ _____________________________________________________ent, discharge or termination is sought, and then only to the extent set forth in such instrument. ADDITIONAL AGREEMENTS Seller and Buyer additionally agree that: ____________________________________y provision hereof may be waived, modified, amended, discharged, or terminated except by an instrument in writing signed by the party against which the enforcement of such waiver, modification, amendme parties with respect to the transaction contemplated herein.. It replaces and supersedes any and all oral agreements between the parties, as well as any prior writings. Neither this Agreement nor anquires. Unless identified as Seller or Buyer, no real estate professional, escrow agent or closing agent is a party to this Contract. ENTIRE AGREEMENT This Contract is the entire agreement between thrney's fees and costs. PARTIES If Seller or Buyer constitutes two or more persons, the terms "Seller" or "Buyer" shall be construed to read "Sellers" or "Buyers" whenever the sense of the Contract re_____________ ATTORNEY FEES AND COSTS In connection with any litigation including appellate proceedings arising out of this Contract, the prevailing party shall be entitled to recover reasonable attomay be entered in any court that has jurisdiction over the matter. Costs of arbitration, including lawyers' fees, will be allocated by the arbitrator. 13 Initials Seller _________________ Buyer ____pute is not resolved within 30 days after it is referred to the mediator, it will be arbitrated by o ______________________. o an arbitrator to be mutually selected. Judgment on the arbitration award rties will share the costs of the mediator equally. Each party will cooperate fully and fairly with the mediator and will attempt to reach a mutually satisfactory compromise to the dispute. If the dision and Possible Arbitration. If a dispute arises, the parties will try in good faith to settle it through mediation conducted by o ______________________. o a mediator to be mutually selected. The paempt to reach a mutually satisfactory compromise to the dispute. If the dispute is not resolved within 30 days after it is referred to the mediator, either party may take the matter to court. o Mediatd by o ______________________. o a mediator to be mutually selected. The parties will share the costs of the mediator equally. Each party will cooperate fully and fairly with the mediator and will atton. If a dispute arises, either party may take the matter to court. o Mediation and Possible Litigation. If a dispute arises, the parties will try in good faith to settle it through mediation conducteoth or (2) demand a refund of the deposit in termination of this contract, in which case and this shall be the sole remedy of Buyer under this Agreement. DISPUTES (select appropriate ones) o Litigati not readily be ascertained at the date of execution of this Agreement If Seller defaults, Buyer may (1) enforce specific performance of the Contract and pursue any other available legal remedies or bhereunder in such event. In such event the parties agree that said sum shall constitute liquidated damages since both Buyer and Seller agree that actual damages for default or breach of contract couldy other available legal remedies or both or (2) cancel this contract and claim the deposit as liquidated damages and Seller agrees to accept and take said deposit as Seller's total damages and relief , power, option or remedy shall not bar other rights, powers, options or remedies allowed herein or by law. If Buyer defaults, Seller may (1) enforce specific performance of the Contract and pursue anages available at law or in equity. All rights, powers, options or remedies afforded to Buyer or Seller either hereunder or by law shall be cumulative and not alternative and the exercise of one righthall constitute a material default. Following a material 12 Initials Seller _________________ Buyer _________________ default by either Buyer or Seller, the other party may pursue any remedies or damto 5:00 p.m. of the next business day. DEFAULTS AND REMEDIES. Failure of either party to comply with any material covenant, agreement, or obligation within the time limits required by this Contract sx (6) days shall in the computation thereof, exclude Saturdays, Sundays and legal holidays, and any time period provided for herein which shall end on a Saturday, Sunday or legal holiday shall extend ay any _____________________________________ Both will pay any _____________________________________ TIME Time is of the essence of this Contract. Any reference herein to time periods of less than si of purchase money mortgage (if any) Both will pay any recording any corrective instruments Both will pay any loan origination fees. Both will pay any _____________________________________ Both will pthereto. o o o o o o o Seller o Seller o Seller o Seller o Seller o Seller o Seller o Buyer o Buyer o Buyer o Buyer o Buyer o Buyer o Buyer o Both will pay any Survey work. Both will pay any recordingments required in connection with the title insurance commitment. o Seller o Buyer o Both will pay any premium payable for the title commitment and title policy (i.e. title insurance) issued pursuant o Seller o Buyer o Both will pay any intangible tax required by law on the mortgage. o Seller o Buyer o Both will pay any All recording costs, including recording of the deed, mortgage, and any docu that don't apply): o Seller o Buyer o Both will pay any transfer tax when title passes. o Seller o Buyer o Both will pay any Documentary stamps which are required to be affixed to the Warranty Deed;_ CLOSING COSTS The costs and expenses in connection with the Closing shall be paid as follows (select whichever applies. Check both if cost is split 50/50 between buyer and seller. Delete the one(s)_________________________________________________________ _________________________________________________________________ (Other or none) 11 Initials Seller _________________ Buyer ________________ny required mortgage, mortgage note, security agreement and financing statement and _______________ ______________________________________________________________________________ _____________________with the performance by Seller of its obligations set forth in the Contract, Buyer shall deliver to Seller, cashier check or other immediate local funds in the amount set forth in this Agreement and and any corrective instruments that may be required in connection with perfecting the title. PURCHASER'S OBLIGATIONS AT CLOSING Subject to the terms, conditions and provisions hereof, and concurrently o Buyer a Warranty Deed or ______________ conveying the Property to Buyer subject to any limitations set forth above : b. Furnish closing statement, mechanic's lien affidavit, assignments of leases, a_________________________________ ____________________________________________________ SELLER'S OBLIGATION AT CLOSING At Closing, Seller shall do the following: a. Execute, acknowledge, and deliver tller may elect. (iii) (iv) (v) Other: ___________________________________________________ ______________________________________________________________________ _____________________________________tgages as described above, if any; Any variance in the amount of said mortgage from the amount stated herein shall be added to or deducted from either the cash payment or the second mortgage as the Sen, easements and zoning ordinances of record, and other requirements imposed by governmental authority, if any; public utility easements of record, if any; Mortgage to be assumed or purchase money morhe Buyer shall take title subject only to: (i) (ii) taxes and assessments for year of closing and subsequent years; Restrictions and matters appearing on the plat or otherwise common to the subdivisiole as is, waiving all rights against Seller as to such intervening defect except as may be available to Buyer by virtue of warranties, if any, contained in deed. RESTRICTIONS, EASEMENTS, LIMITATIONS Trty and reconvey same to the 10 Initials Seller _________________ Buyer _________________ Seller by special warranty deed. In the event Buyer fails to make timely demand for refund, he shall take titd defect, all monies paid hereunder shall, upon written demand therefore and within five (5) days thereafter, be returned to Buyer and, simultaneously with such repayment, Buyer shall vacate the Prope5) day period, notify Seller in writing of the defect and Seller shall have thirty (30) days from date of receipt of such notification to cure said defect. In the event Seller fails to timely cure sai other escrow agent as may be mutually agreed upon for a period of not longer than five (5) days from and after closing date. If Seller's title is rendered unmarketable, Buyer shall within said five (hout any encumbrances or change which would render Seller's title unmarketable from the date of the last evidence, and the cash proceeds of sale shall be held in escrow by Seller's attorney or by suching the closing, free and clear of all trash, debris and furnishings. The deed shall be recorded upon clearance of funds and evidence of title continued at Buyer's expense, to show title in Buyer, witnt of mortgage process, shall control, anything in this contract to the contrary notwithstanding. Unless otherwise agreed by the parties, Buyer shall have possession of the Property immediately followHowever, if a portion of the purchase price is to be derived from an institutional mortgagee, the requirements of said mortgagee as to time of day, place and procedures for closing, and for disbursemeered on the ______ day of ______ 20__, unless extended by other provisions of Contract, or by written agreement of the Parties. The "Closing" shall take place at a mutually convenient place and time. y any special assessments that become a lien on the property after the date of closing. CLOSING AND POSSESSION This transaction shall be closed ("Closing") and the deed and other closing papers delivor the year in which the sale of the Property is closed (exclusive of rebates and penalties) that are a lien on the Property shall be prorated between the parties as of the Closing Date. Buyer will pa to effect such adjustments. This provision shall survive closing. OR [_____ / _____ ] Unless the parties agree otherwise, all prorations shall be final. SPECIAL ASSESSMENTS Any special assessments fhen the tax rate is fixed for the year in which the closing occurs, Seller and Buyer agree to adjust the proration of taxes and, if necessary, to refund or pay, as the case may be, an amount necessaryosing will be deemed "date of occupancy" if occupancy occurs prior to closing, unless otherwise provided for herein. ADJUSTMENTS (select and initial one) [_____ / _____ ] Subsequent to the closing, wat closing shall be increased or decreased as may be required by said prorations. All references in Contract to 9 Initials Seller _________________ Buyer _________________ prorations as of date of clrmation available on the Closing Date. Buyer shall have the option of taking over any existing policies of insurance on the Property, if assumable, in which event premiums shall be prorated. The cash raised or reclassified within the preceding year and the actual taxes based on the new value are not available, they will agree to a reasonable estimation of the current year's taxes based on the infowill be estimated based on the preceding year's levy at the more current assessed value, if ascertainable, and the estimated amount prorated. The parties also agree that if the Property has been reappg year applied to the latest assessed valuation. However, if the Property was materially improved following the determination of the assessed value upon which the prior year's taxes were based, taxes Buyer, subject to applicable law. If the closing shall occur before the tax rate is fixed for the then current year, the apportionment of taxes shall be upon the basis of the tax rate of the precedinand other expenses and revenue of the Property shall be prorated as to the date of closing for the year of closing (on a 30-day-month, 360-day-year basis) and thereafter shall be the responsibility of, be conveyed by an absolute bill of sale with warranty of title, subject to such liens as may be otherwise provided for herein. TAX AND OTHER PRORATIONS Taxes, assessments, rent, interest, insurance shall convey to Buyer a marketable fee simple title to the Property free and clear of all liens and encumbrances, except as provided in this Contract. Personal property shall, at the request of Buyerg Date, Seller shall execute, transfer and deliver marketable title to the property to Buyer by a warranty deed and take all other steps reasonably necessary to complete the closing. The warranty deedan Seller's default, all such information shall be returned to Seller together with any information that Buyer may have compiled with respect to the Property. DELIVERY OF DEED On or before the Closins, if any, relating to the Property, and all such information may be used by Buyer in such manner as it desires; provided that in the event Buyer fails to purchase the Property for any reason other th ENGINEERING PLANS AND STUDIES Upon the execution hereof, Seller shall furnish to Buyer all engineering plans, drawings, surveys, artist's renderings and economic and financial studies which Seller haBuyer and all rights and liabilities arising hereunder shall terminate, or Buyer may close this transaction in the same manner as if no defects had been found without reduction in the Purchase Price. d under this Agreement for the curing of defects of title. If the Seller shall fail to remove or cure said encroachments within the period of time, then the deposit this day paid shall be returned to cated on the Property herein described encroach on other lands, written notice of that effect shall be given to the Seller and Seller shall have the same time to remove such encroachments as is allowe of the Property prior to the closing date. 8 Initials Seller _________________ Buyer _________________ If the survey shows encroachments on the Property herein described, or that the improvements lo that, in fact, all bills for work to the Property which could serve as a basis for a mechanic's lien have been paid or will be paid at closing. PROFESSIONAL SURVEY A survey oshall oshall not be madeontractors, suppliers, and material men, in addition to Seller's lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and material men and further reciting days immediately prior to the Closing Date. If the property has been improved within said time, Seller shall deliver releases or waivers of all mechanic's liens, executed by general contractors, subcnancing statement, claim, lien, or potential lien known to Seller with respect to, the Property, and further attesting that there have been no improvements to the Property for one hundred twenty (120) of any escrow deposits held by mortgagee shall be credited to Seller. LIEN AFFIDAVIT Seller shall furnish to Buyer at closing an affidavit attesting to the absence of any security interest in, or fia fee for any reason in excess of $________, the Buyer may rescind the Contract unless Seller elects to pay such increase or excess. Buyer shall use reasonable diligence to obtain approval. The amounthe mortgagee does not approve the Buyer, the Buyer may rescind the contract (and any earnest money will be returned to Buyer), or b) the mortgagee requires an increase in the interest rate or charges ate and whether the mortgage(s) is in good standing. If a mortgage requires approval of the Buyer by the mortgagee in order to avoid default, or for assumption by the Buyer of said mortgage, and: a) tEXISTING MORTGAGES Seller shall furnish to Buyer within twenty (20) days from execution hereof a statement from all mortgagee(s) (if any) setting forth principal balance, method of payment, interest rtle insurance company for issuance of this coverage. Unless otherwise agreed or if not available for reasons other than any act of Seller, Buyer's title policy will include mechanic's lien coverage. e against any lien, or right to a lien, for services, labor or material imposed by law and not shown by the public records. Seller agrees to cooperate with, and comply with the requirements of, the titters created or brought about by Buyer and exceptions permitted according to this Contract. The policy shall also insure Buyer as of the date of recording of the deed or other instrument of conveyance insurance policy in the amount of the Purchase Price insuring marketable fee simple title in Buyer from and after the Closing Date, subject only to exceptions for any liens, encumbrances or other ma___ Buyer _________________ whereupon the deposit described herein shall be returned to Buyer and this Agreement shall be of no further force and effect. oSeller oBuyer shall pay for an owner's titld by Buyer, without an adjustment in the purchase price, in which event said objections shall be deemed to be waived for all purposes, or (iii) rescind this Agreement, 7 Initials Seller ______________ly later date if extended by Buyer in Buyer's discretion), Buyer may, at its option: (i) extend the time period for Seller to satisfy said objections, (ii) accept title subject to the objections raisertake and use its best efforts to eliminate or modify all unacceptable matters to the reasonable satisfaction of Buyer. If Seller does not remedy any title defects before the Closing Date (or reasonabetion. In the event that the condition of title is not acceptable, Buyer shall state which exceptions to the Title Commitment are unacceptable. Seller shall, at its sole cost and expense promptly undee Seller written notice within ten (10) days after receipt of the title commitment, if the condition of title as set forth in such Title Commitment and survey is not satisfactory in Buyer's sole discrin the Buyer upon the recording of the deed. This title insurance commitment shall be delivered to Buyer as soon as practicable, but at least fifteen (15) days before the Closing Date. Buyer shall givt") accompanied by one copy of all documents affecting the Property, and which constitute exceptions to the Title Commitment. The title commitment shall commit to insure a marketable fee simple title Seller, at Seller's sole cost and expense, shall cause a title insurance company mutually acceptable to the Parties ("Title Company") to issue and deliver to Buyer a title commitment ("Title Commitmenworking components of the Property for one (1) year from the Closing Date. The warranty plan cost shall not exceed $_________________. The charge for the warranty plan will be paid at closing. TITLE lan from a reputable warranty plan provider, subject to a per claim deductible not to exceed $____________. This warranty plan will be a limited service contract covering repair or replacement of the the loss or damage, or (b) Buyer may of cancel the Contract and receive return of any Earnest Money deposit(s) made hereunder. WARRANTY PLAN oSeller oBuyer agrees to pay for a homebuyer's warranty pthe Property as is, together with either a credit for the said ____% or any insurance proceeds payable by virtue of such loss or damage or an assignment of the right to Seller's insurance proceeds for therefore escrowed at closing. In the event the cost of repair or restoration exceeds ____% of the assessed valuation of the improvements so damaged, Buyer shall have the option of either (a) taking t exceed ____% of the assessed valuation of the improvements so damaged, cost of restoration shall be an obligation of the Seller and closing shall proceed pursuant to the terms of Contract with costs commonly referred to as fire and extended coverage insurance) is assumed by Seller. If the improvements are damaged by fire or other casualty prior to closing, and the costs of restoring same does nol the purchase is closed and the warranty deed delivered to Purchaser, the risk of loss by fire, windstorm, earthquake, flood or other casualty (including those causes that could be covered by what isclosing. CASUALTY LOSS 6 Initials Seller _________________ Buyer _________________ Seller agrees to keep the improvements on the Property fully insured until delivery of Seller's deed to Buyer. Untit authority for installation or extension of water, sanitary or sewer service, if such charges have been incurred before the date of closing. Buyer will pay for the charges incurred after the date of date of possession. If the utilities are left on, oBuyer oSeller will pay the utility bills until closing. UTILITY CHARGES Seller will pay any other charges made against the property by any governmense that is a part of the Property was built after 1978 and so Seller makes no statement about the existence of any lead-based paint. UTILITIES Seller owill owill not leave all utilities on until the ies) [ _______ / _______ ] Buyer and Seller have signed a separate Lead Paint Disclosure form, attached to this Contract and made a part hereof. OR [ _______ / _______ ] Seller represents that the houost of installing Radon reduction equipment acceptable to Buyer, then Buyer may cancel this Contract and the Earnest Money shall be refunded to Buyer. LEAD PAINT DISCLOSURE (initial the one that applctor, complying with federal law and the law of the jurisdiction where the Property is located. If the level of Radon gas exceeds four picocuries per liter (4pCi/L) and Seller refuses to pay for the crrange and pay for a report concerning the level of Radon gas in the Property and provide the report to Buyer at least fifteen (15) days prior to closing. The report shall be made by a reputable inspeperty is located. Additional information about Radon and Radon testing may be obtained from the state or county public health officer. (Initial if this applies) [ ________ / _________ ] Seller shall ant quantities, may present health risks to persons who are exposed to it over time. Levels of Radon that exceed federal and state guidelines may have been found in buildings in the state where the Pro___% of said Purchase Price. 5 Initials Seller _________________ Buyer _________________ RADON TESTING Radon is a natural occurring radioactive gas that, when it accumulates in a building in sufficien notice to Seller and the Earnest Money shall be refunded to Buyer, or Buyer may elect to proceed with the transaction, in which event Buyer shall receive a credit at closing of an amount equal to ______% of the Purchase Price. Should such costs exceed that amount, Buyer shall have the option of canceling Contract within five (5) days after receipt of contractor's repair estimate by giving writtened by Buyer and supported by the written opinion of qualified inspector(s) is given to Seller as set forth in this section, Seller shall pay valid costs for treatment and repair of all damage up to _s obtaining financing, inspection, treatment and repairs will be done within thirty (30) days before closing. If written notice of any unsatisfactory condition (other than active pest infestation) signfestation by a reputable, licensed pest control firm selected by Seller. Seller will provide Buyer with a certificate evidencing such treatment and Buyer agrees to accept that certificate. If Buyer iort (if any) shall be provided by Buyer to Seller. In the event that an inspection reveals that there is active pest infestation, Seller agrees to pay to have the Property treated for control of the it closing. Seller agrees to provide access for inspection upon reasonable notice. Buyer shall pay for any damage to the Property resulting from any inspection. A copy of a pest inspector's written rep deemed to have waived any warranty that Seller may have given in this Contract as to failures not reported. Valid reported failures shall be corrected at Seller's cost with funds therefore escrowed aitems found not to be in working condition prior to taking of possession thereof, or six (6) days prior to closing, whichever is first. Unless Buyer reports failures within said period, Buyer shall be of the Property by licensed persons dealing in the repair and maintenance thereof. Buyer shall give written notice to Seller, together with a copy of the written report(s) by the inspector(s) of any air conditioning, foundation, basement, crawlspace, roof, attic, structural components, environmental hazards, and pest infestation or damage and all other physical matters which may affect the valueuyer's expense, have inspections made of the Property. This may include, but not be limited to, inspections of appliances, plumbing, electrical and mechanical systems, central heating, ventilation andwear and tear excepted. In the event of any material change in the condition of the Property before closing, Seller shall promptly notify Buyer. MECHANICAL, PEST AND OTHER INSPECTIONS Buyer may, at B______________________________________________________ Seller shall maintain the Property (including any lawn, shrubbery and/or pool) in its present condition through the date of possession, ordinary lowing: __________________ ___________________________________________________________________________ ___________________________________________________________________________ _____________________ inspection. Seller warrants that all major appliances, heating, cooling, electrical, plumbing systems, and machinery are in working condition as of six (6) days prior to closing,), except for the folAgent(s) or Representative(s) has made at least a casual inspection of the Property. To the best of Seller's knowledge, there are no physical problems with the property that would not be apparent uponone of the Seller and Buyer has signed this offer. 4 Initials Seller _________________ Buyer _________________ PHYSICAL CONDITION OF PROPERTY AND EQUIPMENT Buyer acknowledges that Buyer or Buyer's ____, the Earnest Money shall be, at the option of the Buyer, returned to him and this offer shall thereafter be null and void. The date of Contract ("Effective Date") shall be the date when the last eposit to Buyer or authorize the escrow agent or Earnest Money holder, to do so. TIME FOR ACCEPTANCE AND EFFECTIVE DATE If this offer is not executed by both of the parties hereto on or before ______is contract becomes voidable. After the required date and until the contingency is removed, either party may cancel this contract by written notice to the other. In that case, Seller will return the dncially able to complete the purchase of the Property without selling Buyer's property. REMOVAL OF CONTINGENCIES If any contingency in this contract is not removed in writing by the required date, thona fide contract for sale of Buyer's property and Buyer's financing for the purchase of the Property is approved by Buyer's lender subject only to the sale of Buyer's property; or (ii.) Buyer is fina financing contingency of this Contract (as applicable). Buyer shall not exercise the option to continue this Contract and complete the purchase of the Property unless: (i.) Buyer has entered into a by to Seller a non-refundable fee of $______________ (to be applied to the Purchase Price at closing) and agree in writing to remove both the contingency respecting the sale of Buyer's property and anyer. Buyer shall have _____________________ days from receipt of Seller's written notice about the other offer to exercise the option of continuing this Contract. To exercise this option, Buyer must paor before ______________________. Seller may continue to offer the Property for sale. If Seller accepts another bona fide offer before the sale and closing of Buyer's property, Seller shall notify Buyerty for ___________________. [ _______ / _______ ] The sale and closing of Buyer's property located at _______________ ____________________________________________________________________________ on be removed within _____ days after the title insurance commitment is received by Purchaser. [ _______ / _______ ] Buyer obtaining and acquiring all the necessary approvals and permits to use the propisfactory to Purchaser. This contingency is to be removed by ___________________________. [ _______ / _______ ] Approval of the title insurance commitment by Purchaser's lawyer. This contingency is todings satisfactory to Purchaser. This contingency is to be removed by __________________________. [ _______ / _______ ] A stake survey or survey report at Purchaser's expense resulting in findings satials Seller _________________ Buyer _________________ [ _______ / _______ ] A review of public and private building and use requirements affecting the property at Purchaser's expense resulting in fin_____ ] An environmental inspection of the property at Purchaser's expense resulting in findings satisfactory to Purchaser. This contingency is to be removed by _______________________________. 3 Init_ / _______ ] An architect's inspection of the property at Purchaser's expense resulting in a report satisfactory to Purchaser. This contingency is to be removed by ___________________. [ _______ / _________ / _______ ] A contractor's inspection of the property at Purchaser's expense resulting in a report satisfactory to Purchaser. This contingency is to be removed by ___________________. [ ______cing contingency is to be removed by ____________________. ADDITIONAL CONTINGENCIES This contract is also contingent upon satisfactory completion of the following items (initial those that apply): [ make application for, and to use reasonable diligence to obtain said loan. Should Buyer fail to obtain same or to waive Buyer's rights hereunder within said time, Buyer may cancel Contract. This finannt for said loan within _______ days from the date hereof, at an interest rate not to exceed _______ percent (____%); of _______ years; and in the principal amount of $______________. Buyer agrees to s provided in such notice. SALE CONTINGENCIES If the purchase price or any part thereof is to be financed by a third party loan, this Contract, is conditioned upon the Buyer obtaining a firm commitmenest Money within ___________ days of receipt of written notice of cancellation of this Contract (as the case may be), then such failure shall constitute consent to disbursement of the Earnest Money aeipt of a written notice of pending disbursement sent by certified or registered mail from the third party Earnest Money holder, if any, or (ii) make written demand for return or forfeiture of the Eargree that, if there is neither a dispute regarding disbursement of the Earnest Money nor a written consent to distribution and either party fails to: (i) respond in writing within ________ days of recnce an interpleader or similar action and is authorized to pay the funds to the Clerk of the Court where the Property is located for disposition according to the order of the Court. Buyer and Seller a Seller, unless permitted to do so by applicable law. If Buyer and Seller are unable to agree in writing upon the disbursement of the Earnest Money or any other funds, the third party holder may commeney, any third party holding the Earnest Money (or any other amount paid pursuant to this Contract before closing) will be directed not to disburse those funds without the written consent of Buyer andd the purchase price at closing or returned to Buyer in the event the transaction does not close. Notwithstanding other provisions in this Contract regarding the refund or forfeiture of the Earnest Mow forfeited by Buyer pursuant to any terms of this, any accrued interest shall be accrued for the benefit of 2 Initials Seller _________________ Buyer _________________ Buyer and either applied towarD OTHER DEPOSITS If the holder of the Earnest Money is someone other than Seller, that holder shall be instructed to deposit the funds in an insured escrow account. Unless, the Earnest Money is someho's approval shall be solely at Seller's absolute discretion. Seller shall notify Buyer by _____________ (date) if Seller is unable to approve Buyer or Buyer shall be deemed approved. EARNEST MONEY ANrform a credit check on Buyer and to contact any references and to verify the information provided, including banking and personal references and employment information . Buyer understands that Sellerl information, including information relating to credit, credit-worthiness, income, employment and banking to Seller by __________ (date). Buyer also understands, agrees to and authorizes Seller to peuyer must first be approved by Seller as to Buyer's ability to meet the financial obligations under any promissory note, first mortgage or deed of trust. Buyer agrees to provide all necessary financiacheck subject to adjustments and prorations. TOTAL (earnest money + Seller financing + cash balance at closing) $________________ CREDIT CHECK If Seller provides any financing under this Agreement, Bthis note and all accrued interest is paid in full. 3. [ _________ / __________ ] Buyer will pay the balance of $______________ on or before the "Closing Date" (defined below) in cash or by cashier's thly installments of $___________, with the first payment beginning on __________________ and continuing every month thereafter with a like amount on the same date each month until the full amount of d through a promissory note, secured by deed of trust or a first mortgage on the Property, from Buyer to Seller for $__________________ , bearing ___% interest per year (Interest Rate), payable in monsit is to be credited against the Purchase Price. 2. [ _________ / __________ ] Seller agrees to provide financing in the amount of $ ______________________. Seller financing, if any, shall be provide_____ / __________ ] Buyer shall pay an earnest money deposit ("Earnest Money") in the amount of $______________ to _____________________ ("Earnest Money Holder") upon signing this Contract. This depo_________________ Buyer _________________ PURCHASE PRICE The Purchase Price for the Property is: $___________________ (Purchase Price). PAYMENT (initial and fill out the one(s) that apply) 1. [ _________________________________________________ __________________________________________________________________ ___________________________________________________ (Excluded Items) 1 Initials Seller s are specifically excluded from this contract and shall not be transferred to Buyer as a part of the Property: __________________________________________________________________ _______________________________________________________ _______________________________________________________________________ ________________________________________________________ (Included Items). The following items; keys; attached humidifiers; attached outside cooking units; attached fireplace screens and/or glass doors; attic and ceiling fans; built-in kitchen appliances; and: ________________________________ched mirrors; linoleum; wall-to-wall carpet; window and porch shades; blinds; storm windows and doors; screens; curtain and drapery rods; awnings; automated garage door openers and remote control unitane if owned); central heating, ventilation and air conditioning equipment and fixtures; sump pumps; attached TV antennas and cables; lighting and light fixtures; plumbing equipment and fixtures; attaed with the Property (unless specifically excluded below), all of which (if any) are owned by Seller free and clear of all liens and encumbrances, including: gas heaters; propane tanks (including propd all right, title and interest of Seller in and to adjacent streets, roads, alleys and rights-of-way. The sale of the Property shall also include the following fixtures and personal property associat__________________________________________ o The legal description of the property is given in Attachment 1. The sale of the Property shall include all buildings and improvements on the property anescription of the property is as follows: __________________________________________________________________ __________________________________________________________________ _______________________________________________________________________ __________________________________________________________________ _______________________________________________ (Common Description). o The legal dact. PROPERTY TO BE SOLD Seller shall sell and Buyer shall buy the following property and the improvements thereon (the "Property") commonly known as: ____________________________ ___________________ntract") is made by and between __________________________, ("Seller"), and ________________________, ("Buyer"). The Effective Date shall be the date of signature by the later party to sign this Contrrstood. An attorney should also be consulted whenever a document is negotiated with another party. 2 Residential Real Estate Sale Contract PARTIES This Residential Real Estate Sale Contract (the "Coe sure it fits your particular situation. You should also consult with an attorney and a tax professional to make sure that all legal and tax consequences of this Contract are fully explained and unde for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for you and should not be used or signed without consulting an attorney first to mak Please note that the state where the property is located may also have its own laws and regulations regarding lead paint. This information and these forms are not intended as and are not a substitute at: http://www.epa.gov/opptintr/lead/pyfcameraeng.pdf and at http://www.hud.gov/offices/lead/outreach/leapame.pdf and. Additional information can also be found on the EPA site at: http://www.epa.gov.. Buyers must also receive a federally approved pamphlet on lead poisoning prevention. An Environmental Protection Agency's pamphlet entitled "Protect Your Family From Lead In Your Home." can be foundspecially harmful to young children and pregnant women. Before selling pre-1978 housing, Sellers 1 must disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwellingf another form will create a problem. Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not managed properly. Lead exposure is ehis Contract may be a little different than the types of Real Estate Sale Contracts your local agents and lenders may be used to seeing, you may want to check with a local agent or lender if the use oestate broker or attorney, or call your state's attorney general's office. Most states with mandatory disclosure laws have created state approved forms that can be used to make the disclosure. Since tnot required by law, a Buyer may still request the disclosures and try to make them part of the contract.. To find out if your state has any mandatory disclosure laws, you can check with a local real a to determine what additional disclosures, if any, are required in your state. In some of these states, a seller may still be required to make the disclosure, even if the property is sold "as is" If me states require a seller to make additional written disclosures, including disclosures about the condition of the house and any known problems. Check with a real estate agent or attorney in your arethe preparation of the contract as well. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires. The law in sochase with a promissory note, secured by deed of trust or a first mortgage. Generally, this type of contract is prepared by the buyer and presented as a formal offer. However, the seller may initiate urveys, pest and other inspections, title matters and more. This agreement is for transactions that do not involve a Broker and where the Buyer is either paying cash or the Seller is financing the purthe property used to access the house (which is being sold) is owned by someone else). The Agreement provides for the traditional terms between a seller and buyer, including financing contingencies, sd other special kinds of property. This contract does not address water rights (which may be important for oceanfront or lakefront property) or easements and rights of "ingress and egress" (i.e. when al Estate Sale Contract form can be used by a buyer and a seller of a free-standing residential home. Another type of form is required for the sale of condominiums, cooperative apartments, farmland anng Whenever any real estate property is sold, a written agreement should be used to document the transaction and to set forth the terms between the Seller and the Buyer. The California Residential Re purchase and use of these forms is subject to the Disclaimers and Terms of Use found at findlegalforms.com 2 Information California Residential Real Estate Sale Contract Cash Sale or Seller Financito make sure that all legal and tax consequences of this Contract are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party. [_] Theu and should not be used or signed without consulting an attorney first to make sure it fits your particular situation. The Buyer and the Seller should consult with an attorney and a tax professional part of the contract. [_]These forms are not intended and are not a substitute for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for yo attorney in your area to determine what additional disclosures, if any, are required in your state or locality. If not required by law, a Buyer may still request the disclosures and try to make them ironmental disclosures and any other known problems. Some cities and other municipalities may also have specific disclosure requirements that need to be included.. 1 Check with a real estate agent or should be included in similar agreements. The law in some states require a seller to make additional written disclosures, including disclosures about the condition of the house, the neighborhood, envain a notice under "Megan's Law" regarding the availability of a registered sex offenders database. This notice is included in this Agreement. [_] These forms contain the basic terms and language thatl Code section 2079.10a requires that every lease or rental agreement for residential real property and every contract for sale of residential real property comprising one to four dwelling units, contof three years as proof of compliance with the rules. A copy of the "Disclosure Of Information On Lead-Based Paint and/or LeadBased Paint Hazards" form is included in this package. [_] California Civi-Based Paint and/or Lead-Based Paint Hazards". Federal law requires Seller to keep the signed copy of the "Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards" for a minimum le matters etc.) [_] If the property is built before 1978 property (i.e. pre-1978 property), federal law requires that Sellers and Buyers (and their Agents) sign the "Disclosure Of Information On Leadiginal signatures of all parties. [_] The parties to the Contract must be aware of the various deadlines contained in the Contract, relating to various acts (i.e. obtaining financing, inspections, titgned by both parties, it creates a binding obligation to purchase the property. [_] Each party should sign two copies of the final draft of the contract. Each party should receive one copy with the orct constitutes a formal offer. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires. Once the Contract is si and where the Buyer is either paying cash or the Seller is financing the purchase with a promissory note, secured by deed of trust or a first mortgage [_] When signed by one party, this signed contra Sale Contract (including Earnest Money Receipt); (4) Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards. [_] This agreement is for transactions that do not involve a Broker Sale Contract (with cash sale or seller financing); (2) Information about California Residential Real Estate Sale Contract (with cash sale or seller financing); (3) California Residential Real EstateInstructions & Checklist California Residential Real Estate Sale Contract Cash Sale or Seller Financing [_] This package contains (1) Instructions and Checklist for California Residential Real Estate CaliforniaCalifornia _______ State and Zip ________________________ 14 Initials Seller _________________ Buyer _________________ Blank Page erformance by the Buyer. By:_________________________________ (Earnest Money Holder Signature) Name: ______________________________ Address: ____________________________ City ________________________er the Contract and the terms of the Contract are acknowledged. If payment was made by check, this acknowledgment is subject to clearance of the check. Failure of clearance of funds shall not excuse pe thereof to promptly deposit and to hold same in escrow and to disburse same subject to clearance thereof in accordance with terms and conditions of the Contract. The receipt of the Earnest Money undate and Zip _______________________ 13 Initials Seller _________________ Buyer _________________ EARNEST MONEY RECEIPT Any Earnest Money Holder receiving funds is authorized and agrees by acceptanc_____________ Signature __________________________ Buyer _____________________________ Date ______________________________ Address: ___________________________ City _______________________________ Stre __________________________ Buyer _____________________________ Date ______________________________ Address: ___________________________ City _______________________________ State and Zip ________________ Seller _____________________________ Date ______________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ Signatu____________________ Date ______________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ Signature ____________________G IT, TO MAKE SURE YOU UNDERSTAND ALL OF THE TERMS AND LEGAL AND TAX CONSEQUENCES. 12 Initials Seller _________________ Buyer _________________ Signature __________________________ Seller _________ of the Property or suitability, fitness or proper zoning for any particular use or purpose. THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. CONSULT AN ATTORNEY AND A TAX PROFESSIONAL BEFORE SIGNINisions in conflict therewith. 46. Representations Regarding Use. Buyer acknowledges that no representations, other than the ones contained in this Contract, have been made by Seller, regarding the usece that term or provision at a later time. 45. Typewritten or Handwritten Provisions. Typewritten or handwritten provisions inserted herein or attached hereto as Addenda shall control all printed provnce and specific purpose for which the waiver was given. If either Party fails to exercise or delays exercising any of its rights or remedies under this Contract, that Party retains the right to enforo the extent necessary to render it valid and enforceable. 44. Waiver. If one Party waives any term or provision of this Contract at any time, that waiver will only be effective for the specific instadity or unenforceability will affect only that provision and will not make any other provision of this Contract invalid or unenforceable and such provision shall be modified, amended or limited only tl, the male gender shall include the female gender and the neuter, and vice versa. 43. Severability. If any court determines that any provision of this Contract is invalid or unenforceable, any invaliconstituting a duplicate original, but all such counterparts constituting one and the same Contract. 42. Interpretation. Whenever the context hereof shall require, the singular shall include the plurahis Contract shall be binding upon and shall inure to the benefit of the Parties hereto and their successors and assigns. 41. Counterparts. This Contract may be executed in several counterparts, each Delete the unused provision.) [ _______ / _______ ] Buyer is prohibited from assigning all or any part of this Contract. or [ _______ / _______ ] Buyer may assign this Contract. 40. Binding Effect. Tny term. 38. Governing Law. This Contract will be governed by and construed in accordance with the laws of the state of ______________________________________. 39. Assignment. (Select one and initial. Initials Seller _________________ Buyer _________________ 37. Headings. Headings used in this Contract are provided for convenience only and shall not be used to construe the meaning or intent of auch representations and warranties shall survive the closing and shall not be affected by any investigation, verification or approval by any party hereto or by anyone on behalf of any party hereto. 11epresentations and warranties set forth in this Contract shall be continuing and shall be true and correct on and as of the Closing with the same force and effect as if made at that time, and all of sthereof, nor has Seller knowledge that any such action is presently contemplated which might or does affect the conveyance contemplated hereunder. 36. Survival of Representations and Warranties. The rand represents that there are no legal actions, suits or other legal or administrative proceedings, including cases, pending or threatened or similar proceedings affecting the Property or any portion st Money shall be returned to Buyer. The offer may be withdrawn by the offering Party before acceptance by written notice to the other Party before acceptance. 35. Pending Litigation. Seller warrants ion Date") at _______ (time) unless earlier accepted by signing and returning it to the offering party. If both Parties do not sign this Contract before the Expiration Date, then any deposits or Earneffer. If this Contract is first prepared and signed by one party and delivered to the other, it shall (before signed by the receiving party) constitute an offer that expires on _____________ ("Expiratnd Zip _______________________ Buyer _____________________________ Address: ___________________________ City _______________________________ State and Zip _______________________ 34. Expiration of O_____ City _______________________________ State and Zip _______________________ Seller _____________________________ Address: ___________________________ City _______________________________ State a___ Address: ___________________________ City _______________________________ State and Zip _______________________ and if to Buyer: Buyer _____________________________ Address: ______________________ address that such party designates in writing. A notice may be delivered: (1) in person; (2) by certified mail; or (3) by overnight courier as follows: If to Seller: Seller __________________________given or to be served upon any party hereto, in connection with this Contract, must be in writing. A notice may be delivered to any party at the address that follows that party's signature or to a newnt, discharge or termination is sought, and then only to the extent set forth in such instrument. 32. Additional Agreements. Seller and Buyer additionally agree that: . 33. Notices. Any notice to be or terminated except by an instrument in writing 10 Initials Seller _________________ Buyer _________________ signed by the party against which the enforcement of such waiver, modification, amendme It replaces and supersedes any and all oral agreements between the Parties, as well as any prior writings. Neither this Contract nor any provision hereof may be waived, modified, amended, discharged,ssional, escrow agent or closing agent is a party to this Contract. 31. Entire Agreement. This Contract is the entire agreement between the Parties with respect to the transaction contemplated herein. or more persons, the terms "Seller" or "Buyer" shall be construed to read "Sellers" or "Buyers" whenever the sense of the Contract requires. Unless identified as Seller or Buyer, no real estate profeon including appellate proceedings arising out of this Contract, the prevailing party shall be entitled to recover reasonable attorney's fees and costs. 30. Parties. If Seller or Buyer constitutes twod in any court that has jurisdiction over the matter. Costs of arbitration, including lawyers' fees, will be allocated by the arbitrator. 29. Attorneys' Fees and Costs. In connection with any litigatiot resolved within 30 days after it is referred to the mediator, it will be arbitrated by ______________________. an arbitrator to be mutually selected. Judgment on the arbitration award may be enterel share the costs of the mediator equally. Each Party will cooperate fully and fairly with the mediator and will attempt to reach a mutually satisfactory compromise to the dispute. If the dispute is nnd Possible Arbitration. If a dispute arises, the Parties will try in good faith to settle it through mediation conducted by ______________________. a mediator to be mutually selected. The Parties wilt to reach a mutually satisfactory compromise to the dispute. If the dispute is not resolved within 30 days after it is referred to the mediator, either party may take the matter to court. Mediation aed by ______________________. a mediator to be mutually selected. The Parties will share the costs of the mediator equally. Each Party will cooperate fully and fairly with the mediator and will attempation. If a dispute arises, either Party may take the matter to court. Mediation and Possible Litigation. If a dispute arises, the Parties will try in good faith to settle it through mediation conductdeposit in termination of this contract, in which case and this shall be the sole remedy of Buyer under this Contract. 28. Disputes. (select the appropriate provision; Delete unused provisions.) Litig___________ Buyer _________________ If Seller defaults, Buyer may (1) enforce specific performance of the Contract and pursue any other available legal remedies or both or (2) demand a refund of the d damages since both Buyer and Seller agree that actual damages for default or breach of contract could not readily be ascertained at the date of execution of this Contract. 9 Initials Seller ______uidated damages and Seller agrees to accept and take said deposit as Seller's total damages and relief hereunder in such event. In such event the parties agree that said sum shall constitute liquidateor by law. If Buyer defaults, Seller may (1) enforce specific performance of the Contract and pursue any other available legal remedies or both or (2) cancel this Contract and claim the deposit as liqSeller either hereunder or by law shall be cumulative and not alternative and the exercise of one right, power, option or remedy shall not bar other rights, powers, options or remedies allowed herein Following a material default by either Buyer or Seller, the other Party may pursue any remedies or damages available at law or in equity. All rights, powers, options or remedies afforded to Buyer or 27. Defaults and Remedies. Failure of either Party to comply with any material covenant, agreement, or obligation within the time limits required by this Contract shall constitute a material default.ereof, exclude Saturdays, Sundays and legal holidays, and any time period provided for herein which shall end on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next business day.ation fees. Both] will pay any other costs, as follows: . 26. Time. Time is of the essence of this Contract. Any reference herein to time periods of less than six (6) days shall in the computation thr Both] will pay any survey work. Both] will pay any recording of purchase money mortgage (if Buyer Buyer Buyer Both] will pay any recording any corrective instruments Both] will pay any loan origin will pay any premium payable for the Title Commitment and title policy (i.e. title insurance) issued pursuant thereto. __. [ Seller __. [ Seller any) __. [ Seller __. [ Seller __. [ Seller Buyer Buyeler Buyer Both] will pay all recording costs, including recording of the Warranty Deed, mortgage, and any documents required in connection with the title insurance commitment. __. [ Seller Buyer Both]ller Buyer Both] will pay any Documentary stamps which are required to be affixed to the Warranty Deed; __. [ Seller mortgage. Buyer Both] will pay any intangible tax required by law on the __. [ Selenumber remaining provisions beginning at subsection (a)): __. [ Seller Buyer Both] will pay any transfer tax when title passes. 8 Initials Seller _________________ Buyer _________________ __. [ See costs and expenses in connection with the Closing shall be paid as follows (select whichever applies. Check both if cost is split 50/50 between Buyer and Seller. Delete those that don't apply, and r____________________ ______________________________________________________________________________ _____________________________________________________________. (Other or none) 25. Closing Costs. Thy required mortgage, mortgage note, security agreement and financing statement and __________________________________________________________ __________________________________________________________h the performance by Seller of its obligations set forth in this Contract, Buyer shall deliver to Seller, a cashier check or other immediate local funds in the amount set forth in this Contract and anny corrective instruments that may be required in connection with perfecting the title. 24. Buyer's Obligations at Closing. Subject to the terms, conditions and provisions hereof, and concurrently witer the Warranty Deed or ______________ conveying the Property to Buyer subject to any limitations set forth above: b. Furnish closing statement, mechanic's lien affidavit, assignments of leases, and a_____ _____________________________________________________________________. 23. Seller's Obligations at Closing. At Closing, Seller shall do the following: a. Execute, acknowledge, and deliver to Buye cash payment or the second mortgage as the Seller may elect. e. Other: _____________________________________________________________ _________________________________________________________________d. Mortgage to be assumed or purchase money mortgages as described above, if any; Any variance in the amount of said mortgage from the amount stated herein shall be added to or deducted from either thlat or otherwise common to the subdivision, easements and zoning ordinances of record, and other requirements imposed by governmental authority, if any; c. Public utility easements of record, if any; . Restrictions, Easements and Limitations. The Buyer shall take title subject only to: a. Taxes and assessments for year of closing and subsequent years; b. Restrictions and matters appearing on the pdemand for refund, he shall take title as is, waiving all rights against Seller as to such intervening defect except as may be available to Buyer by virtue of warranties, if any, contained in deed. 22ayment, Buyer shall vacate the Property and 7 Initials Seller _________________ Buyer _________________ reconvey same to the Seller by special warranty deed. In the event Buyer fails to make timely vent Seller fails to timely cure said defect, all monies paid hereunder shall, upon written demand therefore and within five (5) days thereafter, be returned to Buyer and, simultaneously with such repable, Buyer shall within said five (5) day period, notify Seller in writing of the defect and Seller shall have thirty (30) days from date of receipt of such notification to cure said defect. In the eler's attorney or by such other escrow agent as may be mutually agreed upon for a period of not longer than five (5) days from and after the date of the Closing. If Seller's title is rendered unmarket show title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the last evidence, and the cash proceeds of sale shall be held in escrow by Selby the parties, Buyer shall have possession of the Property immediately following the Closing. The deed shall be recorded upon clearance of funds and evidence of title continued at Buyer's expense, totgagee as to time of day, place and procedures for closing, and for disbursement of mortgage process, shall control, anything in this Contract to the contrary notwithstanding. Unless otherwise agreed arties. The Closing shall take place at a mutually convenient place and time. However, if a portion of the Purchase Price is to be derived from an institutional mortgagee, the requirements of said morshall be closed (the "Closing") and the deed and other closing papers delivered on the ______ day of ______ 20__, unless extended by other provisions of this Contract, or by written agreement of the Perty shall be prorated between the parties as of the Closing. Buyer will pay any special assessments that become a lien on the property after the Closing. 21. Closing and Possession. This transaction ll prorations shall be final. 20. Special Assessments. Any special assessments for the year in which the sale of the Property is closed (exclusive of rebates and penalties) that are a lien on the Propif necessary, to refund or pay, as the case may be, an amount necessary to effect such adjustments. This provision shall survive the Closing. or [ _____ / _____ ] Unless the parties agree otherwise, a(select and initial one) [ _____ / _____ ] Subsequent to the closing, when the tax rate is fixed for the year in which the Closing occurs, Seller and Buyer agree to adjust the proration of taxes and, ns. All references in this Contract to prorations as of the Closing will be deemed "Date of Occupancy" if occupancy occurs prior to the Closing, unless otherwise provided for herein. 19. Adjustments. any existing policies of insurance on the Property, if assumable, in which event premiums shall be prorated. The cash at the Closing shall be increased or decreased as may be required by said proration the new value are not available, they will agree to a reasonable estimation of the current year's taxes based on the information available on the Closing. Buyer shall have the option of taking over ____ Buyer _________________ and the estimated amount prorated. The parties also agree that if the Property has been reappraised or reclassified within the preceding year and the actual taxes based osed value upon which the prior year's taxes were based, taxes will be estimated based on the preceding year's levy at the more current assessed value, if ascertainable, 6 Initials Seller _____________ taxes shall be upon the basis of the tax rate of the preceding year applied to the latest assessed valuation. However, if the Property was materially improved following the determination of the asses-day-year basis) and thereafter shall be the responsibility of Buyer, subject to applicable law. If the closing shall occur before the tax rate is fixed for the then current year, the apportionment ofher Prorations. Taxes, assessments, rent, interest, insurance and other expenses and revenue of the Property shall be prorated as to the date of closing for the year of closing (on a 30-day-month, 360e the closing. The Warranty Deed shall convey to Buyer a marketable fee simple title to the Property free and clear of all liens and encumbrances, except as provided in this Contract. 18. Taxes and Otfore the Closing, Seller shall execute, transfer and deliver marketable title to the property to Buyer by a warranty deed (the "Warranty Deed") and take all other steps reasonably necessary to completlities arising hereunder shall terminate, or Buyer may close this transaction in the same manner as if no defects had been found without reduction in the Purchase Price. 17. Delivery of Deed. On or be curing of defects of title. If the Seller shall fail to remove or cure said encroachments within the period of time, then the deposit this day paid shall be returned to Buyer and all rights and liabidescribed encroach on other lands, written notice of that effect shall be given to the Seller and Seller shall have the same time to remove such encroachments as is allowed under this Contract for thea survey is required pursuant to this Section 16, then such survey shall be If the survey shows encroachments on the Property herein described, or that any improvements located on the Property herein no improvements to the Property for one hundred twenty (120) days immediately prior to the Closing. 16. Professional Survey. A survey shall shall not be made of the Property prior to the Closing. If it attesting to the absence of any security interest in, or financing statement, claim, lien, or potential lien known to Seller with respect to the Property, and further attesting that there have beenll use reasonable diligence to obtain approval. The amount of any escrow deposits held by mortgagee shall be credited to Seller. 15. Lien Affidavit. Seller shall furnish to Buyer at closing an affidavagee requires an increase in the interest rate or charges a fee for any reason in excess of $________, the Buyer may rescind the Contract unless Seller elects to pay such increase or excess. Buyer shaor for assumption by the Buyer of said mortgage, and: a. the mortgagee does not approve the Buyer, the Buyer may rescind the contract (and the Earnest Money will be returned to Buyer), or b. the mortging forth principal balance, method of payment, interest rate and whether the mortgage(s) is in good standing. If a mortgage requires approval by the mortgagee of the Buyer in order to avoid default, ls Seller _________________ Buyer _________________ 14. Existing Mortgages. Seller shall furnish to Buyer within twenty (20) days from execution hereof a statement from all mortgagee(s) (if any) setturance company for issuance of this coverage. Unless otherwise agreed or if not available for reasons other than any act of Seller, Buyer's title policy will include mechanic's lien coverage. 5 Initiast any lien, or right to a lien, for services, labor or material imposed by law and not shown by the public records. Seller agrees to cooperate with, and comply with the requirements of, the title insreated or brought about by Buyer and exceptions permitted according to this Contract. The policy shall also insure Buyer as of the date of recording of the deed or other instrument of conveyance againinsurance policy in the amount of the Purchase Price insuring marketable fee simple title in Buyer from and after the Closing, subject only to exceptions for any liens, encumbrances or other matters cr (iii) rescind this Contract, whereupon the deposit described herein shall be returned to Buyer and this Contract shall be of no further force and effect. Seller Buyer shall pay for an owner's title id objections, (ii) accept title subject to the objections raised by Buyer, without an adjustment to the Purchase Price, in which event said objections shall be deemed to be waived for all purposes, ooes not remedy any title defects before the Closing (or reasonably later date if extended by Buyer in Buyer's discretion), Buyer may, at its option: (i) extend the time period for Seller to satisfy saacceptable. Seller shall, at its sole cost and expense, promptly undertake and use its best efforts to eliminate or modify all unacceptable matters to the reasonable satisfaction of Buyer. If Seller ditle Commitment and survey is not satisfactory in Buyer's sole discretion. In the event that the condition of title is not acceptable, Buyer shall state which exceptions to the Title Commitment are un, but at least fifteen (15) days before the Closing. Buyer shall give Seller written notice within ten (10) days after receipt of the Title Commitment, if the condition of title as set forth in such Tmmitment. The Title Commitment shall commit to insure a marketable fee simple title in the Buyer upon the recording of the deed. The Title Commitment shall be delivered to Buyer as soon as practicabletle Company") to issue and deliver to Buyer a title commitment (the "Title Commitment") accompanied by one copy of all documents affecting the Property, and which constitute exceptions to the Title Coyer will pay for the charges incurred after the date of closing. 13. Title. Seller shall, at Seller's sole cost and expense, cause a title insurance company mutually acceptable to the Parties (the "Tiother charges made against the property by any government authority for installation or extension of water, sanitary or sewer service, if such charges have been incurred before the date of closing. Bulosing of an amount equal to _____% of said Purchase Price. 12. Utilities. The following utilities are provided to the Property as specified below: Water: Sewer: Gas: Electricity: Seller will pay any epair estimate by giving written notice to Seller and the Earnest Money shall be refunded to Buyer, or Buyer may elect to proceed with the transaction, in which event Buyer shall receive a credit at cd such costs exceed that amount, Buyer shall have the 4 Initials Seller _________________ Buyer _________________ option of canceling the Contract within five (5) days after receipt of contractor's rtten opinion of qualified inspector(s) is given to Seller as set forth in this Section 11, Seller shall pay valid costs for treatment and repair of all damage up to _____% of the Purchase Price. Shoul shall pay for any damage to the Property resulting from any inspection. If written notice of any unsatisfactory condition (other than active pest infestation) signed by Buyer and supported by the wriailures not reported. Valid reported failures shall be corrected at Seller's cost with funds therefore escrowed at closing. Seller agrees to provide access for inspection upon reasonable notice. Buyerx (6) days prior to closing, whichever is first. Unless Buyer reports failures within said period, Buyer shall be deemed to have waived any warranty that Seller may have given in this Contract as to fe Property by licensed persons. Buyer shall give written notice to Seller, together with a copy of the written report(s) by the inspector(s) of any problem prior to taking of possession thereof, or siade of the Property. This may include, but not be limited to, inspections of the land, environmental hazards, pest infestation or damage and all other physical matters which may affect the value of thar excepted. In the event of any material change in the condition of the Property before closing, Seller shall promptly notify Buyer. 11. Inspections. Buyer may, at Buyer's expense, have inspections m property that would not be apparent upon inspection. Seller shall maintain the Property (including any lawn or shrubbery) in its present condition through the date of possession, ordinary wear and teBuyer acknowledges that Buyer or Buyer's Agent(s) or Representative(s) has made at least a casual inspection of the Property. To the best of Seller's knowledge, there are no physical problems with ther shall thereafter be null and void. The date of the Contract ("Effective Date") shall be the date when the last one of the Seller and Buyer has signed this offer. 10. Physical Condition of Property. e for Acceptance and Effective Date. If this offer is not executed by both Parties hereto on or before __________, the Earnest Money shall be, at the option of the Buyer, returned to him and this offeved, either Party may cancel this Contract by written notice to the other. In that case, Seller will return the deposit to Buyer or authorize the escrow agent or Earnest Money Holder, to do so. 9. Tim Removal of Contingencies. If any contingency in this Contract is not removed in writing by the required date, this Contract becomes voidable. After the required date and until the contingency is remohe Property is approved by Buyer's lender subject only to the sale of Buyer's property; or (ii.) Buyer is financially able to complete the purchase of the Property without selling Buyer's property. 8.on to continue this Contract and complete the purchase of the Property unless: (i.) Buyer has entered into a bona fide contract for sale of Buyer's property and Buyer's financing for the purchase of te Closing) and agree in writing to remove both the contingency respecting the sale of Buyer's property and any financing contingency of this Contract (as applicable). Buyer shall not exercise the optithe other offer to exercise the option of continuing this Contract. To exercise this option, Buyer must pay to Seller a non-refundable fee of $______________ (to be applied to the Purchase Price at thle and closing of Buyer's 3 Initials Seller _________________ Buyer _________________ property, Seller shall notify Buyer. Buyer shall have _______ days from receipt of Seller's written notice about __________________________________________________ ____ on or before ______________________. Seller may continue to offer the Property for sale. If Seller accepts another bona fide offer before the sairing all the necessary approvals and permits to use the property for ___________________. g. [ _______ / _______ ] The sale and closing of Buyer's property located at _________ ______________________insurance commitment by Buyer's lawyer. This contingency is to be removed within _____ days after the title insurance commitment is received by Buyer. f. [ _______ / _______ ] Buyer obtaining and acquurvey or survey report at Buyer's expense resulting in findings satisfactory to Buyer. This contingency is to be removed by ___________________________. e. [ _______ / _______ ] Approval of the title requirements affecting the property at Buyer's expense resulting in findings satisfactory to Buyer. This contingency is to be removed by __________________________. d. [ _______ / _______ ] A stake ser's expense resulting in findings satisfactory to Buyer. This contingency is to be removed by _______________________________. c. [ _______ / _______ ] A review of public and private building and usety at Buyer's expense resulting in a report satisfactory to Buyer. This contingency is to be removed by ___________________. b. [ _______ / _______ ] An environmental inspection of the property at Buyitional Contingencies. This contract is also contingent upon satisfactory completion of the following items (initial those that apply): a. [ _______ / _______ ] A contractor's inspection of the properaid loan. Should Buyer fail to obtain same or to waive Buyer's rights hereunder within said time, Buyer may cancel Contract. This financing contingency is to be removed by ____________________. 7. Addinterest rate not to exceed _______ percent (____%); of _______ years, and in the principal amount of $______________. Buyer agrees to make application for, and to use reasonable diligence to obtain srice or any part thereof is to be financed by a third party loan, this Contract is conditioned upon the Buyer obtaining a firm commitment for said loan within _______ days from the date hereof, at an cancellation of this Contract (as the case may be), then such failure shall constitute consent to disbursement of the Earnest Money as provided in such notice. 6. Sale Contingencies. If the purchase por registered mail from the third party Earnest Money Holder, if any, or (ii) make written demand for return or forfeiture of the Earnest Money within ___________ days of receipt of written notice of the Earnest Money nor a written consent to distribution and either party fails to: (i) respond in writing within ________ days of receipt of a written notice of pending disbursement sent by certified for disposition according to the order of the court. 2 Initials Seller _________________ Buyer _________________ Buyer and Seller agree that, if there is neither a dispute regarding disbursement of the Earnest Money or any other funds, the Earnest Money Holder may commence an interpleader or similar action and is authorized to pay the funds to the Clerk of the Court where the Property is locatedd not to disburse those funds without the written consent of Buyer and Seller, unless permitted to do so by applicable law. If Buyer and Seller are unable to agree in writing upon the disbursement of ons in this Contract regarding the refund or forfeiture of the Earnest Money, any Earnest Money Holder (or holder of any other amount paid pursuant to this Contract before the Closing) will be directeterest shall be accrued for the benefit of Buyer and either applied toward the purchase price at closing or returned to Buyer in the event the transaction does not close. Notwithstanding other provisier than Seller, that holder shall be instructed to deposit the funds in an insured escrow account. Unless, the Earnest Money is somehow forfeited by Buyer pursuant to any terms of this, any accrued inolute discretion. Seller shall notify Buyer by _____________ (date) if Seller is unable to approve Buyer or Buyer shall be deemed approved. 5. Earnest Money. If the Earnest Money Holder is someone othct any references and to verify the information provided, including banking and personal references and employment information. Buyer understands that Seller's approval shall be solely at Seller's absting to credit, creditworthiness, income, employment and banking to Seller by __________ (date). Buyer also understands, agrees to and authorizes Seller to perform a credit check on Buyer and to contander this Contract, Buyer must first be approved by Seller as to Buyer's financial ability and creditworthiness. Buyer agrees to provide all necessary financial information, including information relaount to be paid by Buyer (Earnest Money + Finance Amount + Seller Financed Amount + loan assumption + cash balance at closing) is $________________. 4. Credit Check. If Seller provides any financing u. e. [ _________ / __________ ] Buyer will pay the balance of $______________ on or before the Closing (defined below) in cash or by cashier's check subject to adjustments and prorations. The total ampayment beginning on __________________ and continuing every month thereafter with a like amount on the same date each month until the full amount of this note and all accrued interest is paid in full a first mortgage on the Property, from Buyer to Seller for $__________________ , bearing ___% interest per year (the "Interest Rate"), payable in monthly installments of $___________, with the first agrees to provide financing in the amount of $______________________ (the "Seller Financed Amount"). Seller financing, if any, shall be provided through a promissory note, secured by deed of trust orontract, or Buyer may elect to complete the purchase with alternate financing. In the event of cancellation by Buyer, the Earnest Money shall be returned to Buyer. d. [ _________ / __________ ] Sellernt cannot be obtained as set forth herein, then Buyer may, at Buyer's option by notice to Seller, within ten (10) days following the lender's response to request for assumption by Buyer, cancel this C_________________ Buyer _________________ required, this Contract is contingent upon obtaining such consent without change in the terms of the Mortgage Loan and without any fee. If any required conse where the Property is located (the "Mortgage Loan"). Buyer agrees to pay the Mortgage Loan according to its terms. If the lender's consent to the assumption of the Mortgage Loan is 1 Initials Seller ______% per annum and payable as to principal and interest $__________ per month, having an approximate present principal balance of $______________________, now of record in the offices of the countypart of the Purchase Price, the balance owing upon a certain promissory note secured by a first mortgage or deed of trust on the Property in favor of ____________________________ bearing interest at _ Buyer (not including financed mortgage insurance premiums, or closing costs, if any) is $____________ (the "Finance Amount"). c. [ _________ / __________ ] Buyer also assumes and agrees to pay, as a ___________________ (the "Earnest Money Holder") upon signing this Contract. This deposit is to be credited against the Purchase Price. b. [ _________ / __________ ] The total amount to be financed bye"). 3. Payment. (initial and completet the applicable provision(s)) a. [ _________ / __________ ] Buyer shall pay an earnest money deposit (the "Earnest Money") in the amount of $______________ to ______________________________________ The legal description of the property is given in Attachment 1. 2. Purchase Price. The purchase price for the Property is: $___________________ (the "Purchase Pric______________________________________________________________________________ ______________________________________________________________________________ __________________________________________all buy the following property and the improvements thereon (the "Property") commonly known as: (Common Description). (check the appropriate box) The legal description of the property is as follows: _______, ("Seller"), and ______________________________________, ("Buyer," and collectively, the "Parties"). The Parties hereby agree as follows: 1. Property to be Sold. Seller shall sell and Buyer shulted whenever a document is negotiated with another party. 1 Real Estate Sale Contract This Real Estate Sale Contract (the "Contract") is made by and between ___________________ ___________________n. You should also consult with an attorney and a tax professional to make sure that all legal and tax consequences of this Contract are fully explained and understood. An attorney should also be consto time and from state to state. These forms should only be a starting point for you and should not be used or signed without consulting an attorney first to make sure it fits your particular situatioheck with a local agent or lender if the use of another form will create a problem. This information and these forms are not intended as and are not a substitute for legal advice. Laws vary from time at can be used to make the disclosure. Since this contract may be a little different than the types of Real Estate Sale Contracts your local agents and lenders may be used to seeing, you may want to cclosure laws, you can check with a local real estate broker or attorney, or call your state's attorney general's office. Most states with mandatory disclosure laws have created state approved forms thsure, even if the property is sold "as is." If not required by law, a Buyer may still request the disclosures and try to make them part of the contract. To find out if your state has any mandatory disth a real estate agent or attorney in your area to determine what additional disclosures, if any, are required in your state. In some of these states, a seller may still be required to make the disclo date by which the contract must be signed and returned before it expires. The law in some states requires a seller to make additional written disclosures about the condition of the property. Check wiprepared by the buyer and presented as a formal offer. However, the seller may initiate the preparation of the contract as well. The contract allows the person making the offer to designate a time and(i.e. land only) that do not involve a Broker and where the Buyer is paying cash, obtaining a new loan, assuming an existing loan and/or obtaining Seller financing Generally, this type of contract is traditional terms between a seller and buyer, including financing contingencies, surveys, pest and other inspections, title matters and more. This agreement is for transactions involving vacant land or lakefront property) or easements and rights of "ingress and egress" (i.e. when the property used to access the house (which is being sold) is owned by someone else). The Agreement provides for the the sale of free standing homes, condominiums, cooperative apartments, farmland and other special kinds of property. This contract does not address water rights (which may be important for oceanfronttransaction and to set forth the terms between the Seller and the Buyer. The Real Estate Sale Contract form can be used by a Buyer and a Seller of any vacant land. Another type of form is required for and Terms of Use found at www.findlegalforms.com . 1 Information Real Estate Sale Contract (Land Only) Whenever any real estate property is sold, a written agreement should be used to document the ontract are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party. The purchase and use of these forms is subject to the Disclaimersttorney first to make sure it fits your particular situation. The Buyer and the Seller should consult with an attorney and a tax professional to make sure that all legal and tax consequences of this Care not a substitute for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for you and should not be used or signed without consulting an aclosures, if any, are required in your state or locality. If not required by law, a Buyer may still request the disclosures and try to make them part of the contract. These forms are not intended and . Some cities and other municipalities may also have specific disclosure requirements that need to be included. Check with a real estate agent or attorney in your area to determine what additional dislanguage that should be included in similar agreements. The law in some states require a seller to make additional written disclosures, including environmental disclosures and any other known problemscontract must be aware of the various deadlines contained in the contract, relating to various acts (i.e. obtaining financing, inspections, title matters etc.) These forms contain the basic terms and tion to purchase the property. Each party should sign two copies of the final draft of the contract. Each party should receive one copy with the original signatures of all parties. The parties to the s the person making the offer to designate a time and date by which the contract must be signed and returned before it expires. Once the contract is signed by both parties, it creates a binding obligae Buyer is paying cash, obtaining a new loan, assuming an existing loan and/or obtaining Seller financing. When signed by one party, this signed contract constitutes a formal offer. The contract allowntract (Land Only); (3) Real Estate Sale Contract (including Earnest Money Receipt). This agreement is for transactions involving vacant land (i.e. land only) that do not involve a Broker and where thInstructions & Checklist Real Estate Sale Contract (Land Only) This package contains (1) Instructions and Checklist for Real Estate Sale Contract (Land Only); (2) Information about Real Estate Sale Co CaliforniaCalifornia __ Buyer's Printed Name ________________________ Date signed ________________________ Owner's Signature ________________________ Owner's Printed Name ________________________ Date Signed -2- ________________, 20___ . If not accepted by the Owner by this time, this Offer is rescinded and the deposit money shall be returned. ________________________ Buyer's Signature ______________________ ___________________________ , at ________________________, __.m. , City of ______________ , State of ___________ . 6. Other terms: 7. This Offer shall remain open until _____________, ___.m. , on __ title. 4. The parties agree to execute a standard Agreement to Sell Real Estate within ninety (90) days of acceptance of this Offer by the Owner. 5. The closing for this sale shall occur on or beforeisfactory inspection of the property by Buyer within ninety (90) days of acceptance of this Offer by the Owner. 3. Property will be sold free and clear of all encumbrances and with good and marketable rate of Mortgage: $_________________ _____________ monthly payments _____________ percent per annum 2. This offer is conditional upon the Buyer obtaining a satisfactory termite report and upon a satuyer being able to arrange a firm commitment for suitable financing on the following terms within ninety (90) days of acceptance of this Offer by the Owner: Mortgage amount: Term of Mortgage: Interestal purchase price: This Offer is conditioned on the following terms: $ _______________ $ _______________ $ _______________ $ _______________ $ _______________ 1. This Offer is conditional upon the Bt description) The following price is offered for the property: Escrow deposit paid to the Owner with this Offer: Further deposit to Owner upon signing of Sales Agreement: Balance due at closing: Tot________________ , State of ________________________ , the following described real estate, located at _________ __________________________ , City of _________________ , State of ____________ : (inseryer, of ____________________ , City of ___________________________ , State of _______________________ , who offers to purchase from _______________________ , Owner, of ____________________ , City of _e use of these materials. An attorney should be consulted for all serious legal matters. Offer To Purchase Real Estate This OFFER is made on ___________________, 20 ___ , by ____________________ , Buta, or profits; or business interruption) however caused and on any theory of liability, whether in contract, strict liability, or tort (including negligence or otherwise) arising in any way out of thbe responsible or liable for any direct, indirect, incidental, special, exemplary, or consequential damages (including, but not limited to, procurement of substitute goods or services; loss of use, daour particular needs. The materials are used at your own risk. In no event will: i) FindLegalForms, Inc, its agents, partners, or affiliates, or ii) the providers, authors or publishers of the forms, Use" found at findlegalforms.com. These materials are provided "AS-IS." We do not give any express or implied warranties of merchantability, suitability or completeness for any of the materials for ytorney-Client relationship is created by use of these materials. FindLegalForms, Inc. does not provide legal advice. The purchase and use of these materials is subject to the "Disclaimers and Terms of is set forth in the Offer. Any other terms that the buyer would like should be included. The Offer is only open for acceptance by the Owner until the time and date set in the Offer. Disclaimer No Atort. The property to be purchased will be transferred to the buyer free of any debts or liabilities. The parties agree to sign a standard Agreement for the Sale of Real Estate. The date of the closingons. The conditions that must be met are as follows: · · · · · · The buyer must be able to arrange for suitable financing prior to closing. The buyer must receive a satisfactory termite inspection reppurchase the property. It is not a contract or agreement for the purchase of the real estate. It is an offer to pay a certain price for a parcel of real estate, based on the meeting of certain conditiInformation Offer to Purchase Real Estate Provided under agreement with copyright holder, © Nova Publishing Company 2004 This document is used by a potential buyer of real estate to make an offer to California