Cash or Seller Financing Real Estate Sale Contract

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Used in residential real estate transactions that do not involve a broker and in which the Buyer is either paying cash or the Seller is financing the purchase with a promissory note.

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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 Residential Real Estate Sale Contract form can be used by a buyer and a seller of a free-standing residential home. The Agreement provides for the traditional terms between a seller and buyer, including financing contingencies, surveys, 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 purchase with a promissory note, secured by deed of trust or a first mortgage.

This attorney-prepared packet contains:
  1. Instructions and Checklist for all statesResidential Real Estate Sale Contract (with cash sale or seller financing)
  2. Information about all states Residential Real Estate Sale Contract (with cash sale or seller financing)
  3. all states Residential Real Estate Sale Contract (including Earnest Money Receipt)
  4. Required Megan's Law Notice
  5. Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards
State Law Compliance: This form complies with the laws of all states
Number of Pages23
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#18464
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.












Residential Real Estate Sale Contract
Cash Sale or Seller Financing










This Packet Includes:
1. Instructions and Checklist;
2. General Information
3. Residential Real Estate Sale Contract Cash Sale 
    or Seller Financing





Instructions and Checklist
Residential Real Estate Sale Contract
Cash Sale or Seller Financing


   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 purchase with a promissory note, secured by deed of trust or a first mortgage

   When signed by one party, this signed contract 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 agreement is signed by both parties, it creates a binding obligation to purchase the property.

   Each party should sign two copies of the final draft of the agreement. Each party should receive one copy with the original signatures of all parties.

   The parties to the agreement must be aware of the various deadlines contained in the agreement, relating to various acts (i.e. obtaining financing, inspections, title 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 Lead-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 of three years as proof of compliance with the rules.  A copy of the Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards form is included in this package.

   These forms contain the basic terms and language that should be included in similar agreements. The law in some states requires a seller to make additional written disclosures, including disclosures about the condition of the house, the neighborhood, environmental 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 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 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 you 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 to make sure that all legal and tax consequences of this agreement 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 Disclaimers and Terms of Use found at www.findlegalforms.com




General Information


Residential Real Estate Sale Contract
Cash Sale or Seller Financing

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 Residential Real 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 and 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 the 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, surveys, 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 purchase with a promissory note, secured by deed of trust or a first mortgage

Generally, this type of agreement is prepared 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 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, including disclosures about the condition of the house and any known problems. 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 to 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 has any mandatory disclosure laws, you can check with a local real estate broker or attorney, or call your states attorney generals office. Most states with mandatory disclosure laws have created state approved forms that can be used to make the disclosure.



Since this agreement 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 of 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 especially harmful to young children and pregnant women. Before selling pre-1978 housing, Sellers must disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwelling. 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 found 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. 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 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 make 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 agreement are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party.






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Residential Real Estate Sale Contract


PARTIES

This Residential Real Estate Sale Contract (the “Contract”) is made by and between  __________________________, (“Seller”), and ________________________, (“Buyer”) (Buyer and Seller may be collectively referred to as the “Parties”).    


PROPERTY TO BE SOLD

Seller shall sell and Buyer shall buy the following property and the improvements thereon (the “Property”) commonly known as:  ______________________________________
__________________________________________________________________
__________________________________________________________________
_______________________________________________ (Common Description).

[ ] The legal description of the Property is as follows: __________________________________________________________________
__________________________________________________________________
__________________________________________________________________

[ ]  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 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 also 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 encumbrances, 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; lighting 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 rods; 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; built-in kitchen appliances; and:  _______________________________________________________________
___________________________________________________________________
________________________________________________________ (Included Items).

The following items are specifically excluded from this contract and shall not be transferred to Buyer as a part of the Property:  
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
_____________________________________________________ (Excluded Items)
 
PURCHASE PRICE

The Purchase Price for the Property is: $___________________ (the “Purchase Price”).  


PAYMENT
(initial and fill out the one(s) that apply)

1. [ _________ / __________ ] Buyer shall pay an earnest money deposit ("Earnest Money") in the amount of $______________ to _____________________ (“Earnest Money Holder”) upon signing this Contract. This deposit is to be credited against the Purchase Price.

2. [ _________ / __________ ] Seller agrees to provide financing in the amount of $ ______________________. Seller financing, if any, shall be provided 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 monthly 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 this note and all accrued interest is paid in full.

3. [ _________ / __________ ] 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.

TOTAL
(Earnest Money + Seller financing + cash balance at Closing)

$________________


CREDIT CHECK

If Seller provides any financing under this Contract, Buyer must first be approved by Seller as to Buyers ability to meet the financial obligations under any promissory note, first mortgage or deed of trust. Buyer agrees to provide all necessary financial 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 perform 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 Sellers approval shall be solely at Sellers absolute discretion. Seller shall notify Buyer by _____________ (date) if Seller is unable to approve Buyer or Buyer shall be deemed approved.


EARNEST MONEY AND 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 somehow forfeited by Buyer pursuant to any terms of this, 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.

Notwithstanding other provisions in this Contract regarding the refund or forfeiture of the Earnest Money, 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 and 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 commence 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 agree 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 receipt 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 Earnest 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 as 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 commitment 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 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 the Contract.  This financing contingency is to be removed by ____________________.


ADDITIONAL CONTINGENCIES

This Contract is also contingent upon satisfactory completion of the following items (initial those that apply):

[ _______ / _______ ]  A contractor's inspection of the property at Buyer's expense resulting in a report satisfactory to Buyer. This contingency is to be removed by ___________________.

[ _______ / _______ ]  An architect's inspection of the property at Buyer's expense resulting in a report satisfactory to Buyer. This contingency is to be removed by ___________________.

[ _______ / _______ ]  An environmental inspection of the property at Buyer's expense resulting in findings satisfactory to Buyer. This contingency is to be removed by ____________________.

[ _______ / _______ ]  A review of public and private building and use requirements affecting the property at Buyer's expense resulting in findings satisfactory to Buyer. This contingency is to be removed by __________________________.

[ _______ / _______ ]  A stake survey or survey report at Buyer's expense resulting in findings satisfactory to Buyer. This contingency is to be removed by ___________________________.

[ _______ / _______ ]  Approval of the title insurance commitment by Buyer's attorney. This contingency is to be removed within _____ days after the title insurance commitment is received by Buyer.

[ _______ / _______ ]  Buyer obtaining and acquiring all the necessary approvals and permits to use the property for ___________________.  

[ _______ / _______ ]  The sale and closing of Buyer's property located at _______________
____________________________________________________________________________  on or 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 Buyer.  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 pay 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 any 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 bona 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 financially 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, this 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 deposit 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 __________, 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 the Contract (“Effective Date”) shall be the date when the last one of the Seller and Buyer has signed this offer.



Physical Condition of Property and EQUIPMENT

Buyer acknowledges that Buyer or Buyers 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 the property that would not be apparent upon 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 following: __________________ ___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

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 change in the condition of the Property before the Closing, Seller shall promptly notify Buyer.


Mechanical, Pest and Other Inspections

Buyer may, at Buyer'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 and 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 value 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 items found not to be in working condition prior to taking of possession thereof, or six (6) days prior to the 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 failures not reported. Valid reported failures shall be corrected at Seller's cost with funds therefore escrowed at the 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 report (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 infestation 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 is obtaining financing, inspection, treatment and repairs will be done within thirty (30) days before the Closing.

If written notice of any unsatisfactory condition (other than active pest infestation) signed 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 _____% of the Purchase Price. Should such costs exceed that amount, Buyer shall have the option of canceling the Contract within five (5) days after receipt of contractor's repair 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 the Closing of an amount equal 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 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 Property 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 arrange 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 inspector, 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 cost 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 applies)

[ _______ / _______ ]  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 house 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  [ ]will   [ ]will not   leave all utilities on until the date of possession.  If the utilities are left on,  [ ]Buyer   [ ]Seller  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, sanitary or sewer service, if such charges have been incurred before the Closing. Buyer will pay for the charges incurred after the date of closing.


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 delivered to Buyer, 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 insurance) is assumed by Seller.

If the improvements are damaged by fire or other casualty prior to the Closing, and the costs of restoring same does not exceed ____% of the assessed valuation of the improvements so damaged, cost of restoration shall be an obligation of the Seller and the Closing shall proceed pursuant to the terms of this Contract with costs therefore escrowed at the 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 the 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 Sellers insurance proceeds for 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

[ ]Seller  [ ]Buyer  agrees to pay for a homebuyer's warranty plan 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 working 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

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 Commitment”) 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 in the Buyer upon the recording of the deed.  This Title Commitment shall be delivered to Buyer as soon as practicable, 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 Title 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 unacceptable. 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 does 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 said objections, (ii) accept title subject to the objections 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 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 owners title insurance 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 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 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 Title Company for issuance of this coverage.  Unless otherwise agreed or if not available for reasons other than any act of Seller, Buyers title policy will include mechanics lien coverage.


EXISTING 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 rate 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)   the 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 a 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 amount 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 financing 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) 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, subcontractors, 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 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 the Closing.  



Professional Survey

A survey  [ ]shall   [ ]shall not   be made of the Property prior to the Closing.

If the survey shows encroachments on the Property herein described, or that the improvements located 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 allowed under this Contract 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 Buyer 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.


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 has, 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 than 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 Closing, 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 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. Personal property shall, at the request of Buyer, 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 and other expenses and revenue of the Property shall be prorated as to the date of Closing for the year of the 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 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 preceding 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 will 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 reappraised 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 years taxes based on the information available on the Closing.

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 at the Closing shall be increased or decreased as may be required by said prorations. All references in the Contract to prorations as of date of closing 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, 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, if 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, all prorations shall be final.

 
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 Property 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.


Closing and Possession

This transaction shall be closed (the “Closing”) and the deed and other closing papers delivered on the ______ day of  ______ 20__, unless extended by other provisions of the 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 be 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 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, 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, 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 Seller'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 closing date. If Seller's title is rendered unmarketable, 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 event 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 repayment, Buyer shall vacate 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 such 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)   taxes and assessments for year of the Closing and subsequent years;  

(ii)   Restrictions and matters appearing on the plat or otherwise common to the subdivision, easements and zoning ordinances of record, and other requirements imposed by governmental authority,  if any;  

(iii)   public utility easements of record, if any;  

(iv)   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 the cash payment or the second mortgage as the Seller may elect.

(v)   Other:  ___________________________________________________
   ________________________________________________________________________________________________________________________________________________________________________________________________

 
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 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 in connection with perfecting the title.

Buyer's Obligations at Closing
 
Subject to the terms, conditions and provisions hereof, and concurrently 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 Contract and any required mortgage, mortgage note, security agreement and financing statement and  _______________
______________________________________________________________________________
_______________________________________________________________________________________________________________________________________________ (Other or none)


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) that dont 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;  

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 recording costs, including recording of the deed, mortgage, and any documents 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 thereto.  

o Seller   o Buyer  o Both  will pay any survey work.

o Seller   o Buyer  o Both  will pay any recording of purchase money mortgage (if any)

o Seller   o Buyer  o Both  will pay any recording any corrective instruments

o Seller   o Buyer  o Both  will pay any loan origination fees.  

o Seller   o Buyer  o Both  will pay any _____________________________________

o Seller   o Buyer  o Both  will pay any _____________________________________

o Seller   o Buyer  o Both  will pay any _____________________________________



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 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 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 this 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, 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 right, 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 any 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 hereunder 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 could not readily be ascertained at the date of execution of this Contract

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 termination of this contract, in which case and this shall be the sole remedy of Buyer under this Contract.


Disputes
(select appropriate ones)

[ ]  Litigation. 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 conducted 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 attempt 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 and 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 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 dispute is not 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 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 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 constitutes 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 real 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 contemplated herein. 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, 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 only to the extent set forth in such instrument.  


Additional Agreements

Seller and Buyer additionally agree that: ______________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________

Notices

Any notice to be given or to be served upon any party hereto, in connection with this Contract, 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) in person; (2) by certified mail; or (3) by overnight courier as follows:



If to Seller:

Seller _____________________________
Address: ___________________________
City _______________________________
State and Zip _______________________

Seller _____________________________
Address: ___________________________
City _______________________________
State and Zip _______________________

and if to Buyer:

Buyer _____________________________
Address: ___________________________
City _______________________________
State and Zip _______________________

Buyer _____________________________
Address: ___________________________
City _______________________________
State and Zip _______________________


Expiration of Offer

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 _____________ (“Expiration Date”) at _______  (time) unless earlier accepted by signing and returning it to the offering party. If both parties dont sign this Contract before the expiration date, then any deposits or Earnest 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.


EFFECTIVE DATE

The date of the Contract (“Effective Date") shall be the date when the last one of the Seller and Buyer has signed 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 similar 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.


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 force 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 hereto or by anyone on behalf of any party hereto.  


Headings

Headings used in this Contract are provided for convenience only and shall 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 ______________________________________.


ASSIGNABILITY
(select one and initial)

[ _______ / _______ ] Buyer is prohibited from assigning all or any part of this Contract

or

[ _______ / _______ ] Buyer may assign this Contract.  


Binding Effect

This Contract shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns.  


Counterparts

This Contract may be executed in several counterparts, each constituting a duplicate original, but all such counterparts constituting one and the same Contract.  


Interpretation

Whenever the context hereof shall require, the singular shall include the 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 invalidity 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 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 instance 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 that term or provision at a later time.


Typewritten Or Handwritten Provisions

Typewritten or handwritten provisions inserted herein or attached hereto as Addenda shall control all printed provisions in conflict therewith.


THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.  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 __ ___________________________
Date ______________________________
Address: ___________________________
City _______________________________
State and Zip _______________________


Signature __________________________
Seller __ ___________________________
Date ______________________________
Address: ___________________________
City _______________________________
State and Zip _______________________



Signature __________________________
Buyer _____________________________
Date ______________________________
Address: ___________________________
City _______________________________
State and Zip _______________________

Signature __________________________
Buyer _____________________________
Date ______________________________
Address: ___________________________
City _______________________________
State and Zip _______________________

EARNEST MONEY RECEIPT

Any Earnest Money Holder 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 conditions of the 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 check.

Failure of clearance of funds shall not excuse performance by the Buyer.  

   
By:_________________________________  
   (Earnest Money Holder Signature)  
Name: ______________________________
Address: ____________________________
City _______________________________
State and Zip ________________________







Disclosure of Information on Lead-Based 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 property 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 damage, 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 in residential real property is required to provide the Buyer with any information on lead-based paint hazards from risk assessments or inspections in the sellers possession and notify the Buyer of any 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 lead-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):  ______________________________________________

(ii) ____ 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 provided the Buyer with all available records and reports pertaining to lead-based paint and/or lead-based paint hazards in the housing (list documents): ______________________________________________  

(ii)____ Seller has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in the housing.

Buyer's Acknowledgment (initial)

(c) _____ Buyer has received copies of all information listed above.

(d) _____ Buyer has received the pamphlet Protect Your Family From Lead In Your Home.

(e) Buyer has (check (i) or (ii) below):

(i) _____ received a 10-day opportunity (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 risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards.

Agents Acknowledgment (initial)

(e)——— Agent has informed the Seller of the Sellers obligations under 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 their knowledge, that the information they have provided is true and accurate.

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     —————————    —————————    —————————
Seller            Date             Seller            Date

—————————
     —————————    —————————    —————————
Buyer             Date            Buyer             Date

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     —————————    —————————    —————————
Agent             Date             Agent             Date
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