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South Dakota Date ------------------ Date ------------------ Seller ------------------ Buyer ------------------ Agent ------------------ Date ------------------ Date ------------------ Date f their knowledge, that the information they have provided is true and accurate. ------------------ Seller ------------------ Buyer ------------------ Agent ------------------ Date ------------------ ations 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 ouct a risk 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 obligportunity (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 conded 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 op___________________ (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 receivi) _____ Seller has provided the Buyer with all available records and reports pertaining to lead-based paint and/or leadbased paint hazards in the housing (list documents): ________________________________________________ (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): (-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): _________________________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 leadller 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 seller's possession and ent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The ses 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 permannformation 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 i______ Address: ____________________________ City _______________________________ State and Zip ________________________ 18 Initials Seller _________________ Buyer _________________ Disclosure of Io clearance of the check. Failure of clearance of funds shall not excuse performance by the Buyer. By:_________________________________ (Earnest Money Holder Signature) Name: ________________________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 tEarnest 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 dress: ___________________________ City _______________________________ State and Zip _______________________ 17 Initials Seller _________________ Buyer _________________ EARNEST MONEY RECEIPT Any ____________ City _______________________________ State and Zip _______________________ Signature __________________________ Buyer _____________________________ Date ______________________________ Ad___________________________ State and Zip _______________________ Signature __________________________ Buyer _____________________________ Date ______________________________ Address: __________________ State and Zip _______________________ Signature __________________________ Seller __ ___________________________ Date ______________________________ Address: ___________________________ City ____TAX CONSEQUENCES. Signature __________________________ Seller __ ___________________________ Date ______________________________ Address: ___________________________ City ____________________________ons 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 r _________________ Buyer _________________ TYPEWRITTEN OR HANDWRITTEN PROVISIONS Typewritten or handwritten provisions inserted herein or attached hereto as Addenda shall control all printed provisieither 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. 16 Initials Sellee. 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 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 enforceablnd 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 provisioncounterparts 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 a 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 _ / _______ ] 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____ GOVERNING LAW This Contract will be governed by and construed in accordance with the laws of the state of ______________________________________. ASSIGNABILITY (select one and initial) [ ______EADINGS Headings used in this Contract are provided for convenience only and shall not be used to construe the meaning or intent of any term. 15 Initials Seller _________________ Buyer _____________uch 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. Hentations 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 shereof, 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 represnd 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 t 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 atract 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) 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 don't sign this Con_______ 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______________________ City _______________________________ State and Zip _______________________ Buyer _____________________________ Address: ___________________________ City ________________________ _______________________________ State and Zip _______________________ 14 Initials Seller _________________ Buyer _________________ and if to Buyer: Buyer _____________________________ Address: ______________ Address: ___________________________ City _______________________________ State and Zip _______________________ Seller _____________________________ Address: ___________________________ City 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 ____________________ 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___________________________________________ _______________________________________________________________________ _______________________________________________________________________ NOTICES Any___________________________ _______________________________________________________________________ _______________________________________________________________________ ____________________________en only to the extent set forth in such instrument. ADDITIONAL AGREEMENTS Seller and Buyer additionally agree that: ______________________________________ ____________________________________________nded, 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 thtemplated 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, ame 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 conBuyer 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,nection 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 iction over the matter. Costs of arbitration, including lawyers' fees, will be allocated by the arbitrator. 13 Initials Seller _________________ Buyer _________________ ATTORNEY FEES AND COSTS In coner 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 jurisdtor 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 aftdispute 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 mediatory 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 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 satisfacther 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 ______________________. nd 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, eiined 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 refu. 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 ascerta 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 eventdy 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 legalr 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 remetime 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 obusiness day. DEFAULTS AND REMEDIES. 12 Initials Seller _________________ Buyer _________________ Failure of either party to comply with any material covenant, agreement, or obligation within the omputation 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 ___________________ 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 cge (if any) Both will pay any recording any corrective instruments Both will pay any loan origination fees. Both will pay any _____________________________________ Both will pay any __________________ issued pursuant thereto. Seller Seller Seller Seller Seller Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Both will pay any survey work. Both will pay any recording of purchase money mortga mortgage, and any documents required in connection with the title insurance commitment. Seller Buyer Both will pay any premium payable for the title commitment and title policy (i.e. title insurance)red to be affixed to the warranty deed; Seller Buyer Both will pay any intangible tax required by law on the mortgage. Seller Buyer Both will pay any recording costs, including recording of the deed,t 50/50 between buyer and seller. Delete the one(s) that don't apply): Seller Buyer Both will pay any transfer tax when title passes. Seller Buyer Both will pay any documentary stamps which are requials Seller _________________ Buyer _________________ CLOSING COSTS The costs and expenses in connection with the Closing shall be paid as follows (select whichever applies. Check both if cost is spli______________________________ ______________________________________________________________________________ _________________________________________________________________ (Other or none) 11 Initifunds in the amount set forth in this Contract and any required mortgage, mortgage note, security agreement and financing statement and _______________ ________________________________________________, 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 ment, 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 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 state___________________ ______________________________________________________________________ ____________________________________________________ SELLER'S OBLIGATION AT CLOSING At Closing, Seller shall either the cash payment or the second mortgage as the Seller may elect. (iii) (iv) (v) Other: ___________________________________________________ ___________________________________________________ord, if any; 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 frompearing on the plat or otherwise common to the subdivision, easements and zoning ordinances of record, and other requirements imposed by governmental authority, if any; public utility easements of recained in deed. RESTRICTIONS, EASEMENTS, LIMITATIONS The Buyer shall take title subject only to: (i) (ii) taxes and assessments for year of the Closing and subsequent years; Restrictions and matters aps 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, contsly with such repayment, Buyer shall vacate the Property and reconvey same to the 10 Initials Seller _________________ Buyer _________________ Seller by special warranty deed. In the event Buyer fail 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, simultaneourendered 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 saidall 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 inued 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 shll 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 cont 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 sha 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,osing") 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 shalled 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 "Clall 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 prorato 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 shitial 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, t Buyer _________________ 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 inhich 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 9 Initials Seller _________________imation of the current year's 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 warties 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 est 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 pall 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 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 shONS 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-dayyear. 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 PRORATIcessary 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 Contractthe 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 ne 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 ings 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 Buyerad 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 rendere, 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 h 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 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 havesing. PROFESSIONAL SURVEY A survey shall shall not be made of the Property prior to the Closing. 8 Initials Seller _________________ Buyer _________________ If the survey shows encroachments on thtractors, 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 Clol 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, subconimprovements 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 altesting 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 l 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 atgee 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 shalr 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 mortgang 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's title policy will include mechanic's lien coverage. EXISTING MORTGAGES Seller shall furnish to Buyer within twenty (20) days from execution hereof a statement from all mortgagee(s) (if any) settirees 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, Buye 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 ag 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____ Buyer _________________ Seller Buyer shall pay for an owner's title insurance policy in the amount of the Purchase Price insuring marketable fee simple title in Buyer from and after the Closing,l 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. 7 Initials 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 al. 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 mitment 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 Buyerorth 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 Comas 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 f 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 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 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___. 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 shalldeposit(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 $_________e 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 Contract and receive return of any Earnest Money ssessed 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 payabln 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 ay 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 obligatio, 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 bler's deed to Buyer. 6 Initials Seller _________________ Buyer _________________ Until the purchase is closed and the warranty deed delivered to Buyer, the risk of loss by fire, windstorm, earthquakencurred 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 Sel 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 itence of any lead-based paint. UTILITIES Seller will on, Buyer will not leave all utilities on until the date of possession. If the utilities are left Seller will pay the utility bills until closing.d 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 exisnd 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, attache 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 ao 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 theor 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 tat 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 G 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 thtransaction, in which event Buyer shall receive a credit at the Closing of an amount equal to _____% of said Purchase Price. 5 Initials Seller _________________ Buyer _________________ RADON TESTINContract 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 his 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 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 tte 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 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 certificathe 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 pestted 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 hever 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 reporr, 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, whicestation 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 Sellelumbing, electrical and mechanical systems, central heating, ventilation and air conditioning, foundation, basement, crawlspace, roof, attic, structural components, environmental hazards, and pest infomptly 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, ppool) 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 pr__________________________________________________ ___________________________________________________________________________ Seller shall maintain the Property (including any lawn, shrubbery and/or king condition as of six (6) days prior to closing,), except for the following: __________________ ___________________________________________________________________________ _________________________e 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 wor_____ Buyer _________________ Buyer 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 ar 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 4 Initials Seller ____________fer 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. They 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 ofy 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 b 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 contingenc 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 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 completen 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 removeore 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 optio_________________________________________________________________ on or before ______________________. Seller may continue to offer the Property for sale. If Seller accepts another bona fide offer befand acquiring all the necessary approvals and permits to use the property for ___________________. [ _______ / _______ ] The sale and closing of Buyer's property located at _______________ ___________he 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 ] 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 tuilding and use requirements affecting the property at Buyer's expense resulting in findings satisfactory to Buyer. This contingency is to be removed by __________________________. [ _______ / _______ satisfactory to Buyer. This contingency is to be removed by ____________________. 3 Initials Seller _________________ Buyer _________________ [ _______ / _______ ] A review of public and private b 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 findingsense 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 resultingNGENCIES 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 expd 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 CONTIot 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. Shoul 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 nof 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 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 oney 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 registeredClerk 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 Mable 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 t 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 unn 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 pursuane accrued for the benefit of 2 Initials Seller _________________ Buyer _________________ Buyer and either applied toward the purchase price at closing or returned to Buyer in the event the transactio, 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 b 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 Sellernformation provided, including banking and personal references and employment information. Buyer understands that Seller's approval shall be solely at Seller's absolute discretion. Seller shall notifyome, 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 ial 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, incancing + cash balance at Closing) $________________ CREDIT CHECK If Seller provides any financing under this Contract, Buyer must first be approved by Seller as to Buyer's ability to meet the financi______ ] 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 fin________________ 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. [ _________ / ____ 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 ______ ] 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 mortgageoney") in the amount of $______________ to _____________________ ("Earnest Money Holder") upon signing this Contract. This deposit is to be credited against the Purchase Price. 2. [ _________ / ______r 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 M_______________________________ _____________________________________________________ (Excluded Items) 1 Initials Seller _________________ Buyer _________________ PURCHASE PRICE The Purchase Price fo as a part of the Property: ___________________________________________________________________ ___________________________________________________________________ __________________________________________________________ ________________________________________________________ (Included Items). The following items are specifically excluded from this contract and shall not be transferred to Buyerlace screens and/or glass doors; attic and ceiling fans; built-in kitchen appliances; and: _______________________________________________________________ _____________________________________________ 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 firepd 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;ny) 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 analleys 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 aProperty 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, ____________________________________ __________________________________________________________________ __________________________________________________________________ The legal description of the ______________________________________________ _______________________________________________ (Common Description). The legal description of the Property is as follows: ______________________________property and the improvements thereon (the "Property") commonly known as: ______________________________________ __________________________________________________________________ ________________________, ("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 a document is negotiated with another party. 2 Residential Real Estate Sale Contract PARTIES This Residential Real Estate Sale Contract (the "Contract") is made by and between ______________________so 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 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 aled 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 fromand 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 locatt 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 Before selling pre-1978 housing, Sellers 1 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 pamphleore 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.f 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 bef general's 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 olosures 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 state's attorney 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 discisclosures, 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, arelows 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 dr 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 alre. 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 old) 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 mot 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 soa 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 no, 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 s subject to the Disclaimers and Terms of Use found at findlegalforms.com 2 Information Residential Real Estate Sale Contract Cash Sale or Seller Financing Whenever any real estate property is sold 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 ined 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 andforms 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 sigine what additional disclosures, if any, are required in your state or 1 locality. If not required by law, a Buyer may still request the disclosures and try to make them part of the contract. These ny 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 determr 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 athe "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 similares 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 ty (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 requiment 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 propero 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 agreeerson 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 tller 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 p; (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 and where the Buyer is either paying cash or the Sesale or seller financing); (2) Information about Residential Real Estate Sale Contract (with cash sale or seller financing); (3) Residential Real Estate Sale Contract (including Earnest Money Receipt)Instructions & Checklist Residential Real Estate Sale Contract Cash Sale or Seller Financing This package contains (1) Instructions and Checklist for Residential Real Estate Sale Contract (with cash South DakotaSouth Dakota ---------------- Buyer ------------------ Date ------------------ Seller ------------------ Date ------------------ Agent ------------------ Date ------------------ ------------------ Date o the best of their knowledge, that the information they have provided is true and accurate. ------------------ Seller ------------------ Buyer Date ------------------ Agent ------------------ Date --ller's 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, tnity to conduct a risk 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 Se 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 opportur 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_______________________________ (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) _____ Buyei) below): (i) _____ Seller has provided the Buyer with all available records and reports pertaining to lead-based paint and/or leadbased paint hazards in the housing (list documents): ________________________________________________ (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 (ience 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): _____________session 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) Presomen. 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 seller's posoduce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant wor 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 prclosure 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 pri__________________ Address: ____________________________ City _______________________________ State and Zip ________________________ 18 Initials Seller _________________ Buyer _________________ Disis subject to clearance of the check. Failure of clearance of funds shall not excuse performance by the Buyer. By:_________________________________ (Earnest Money Holder Signature) Name: ____________ordance with terms and conditions of Agreement. The receipt of the Earnest Money under the Agreement and the terms of the Agreement are acknowledged. If payment was made by check, this acknowledgment 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 acc__________ Address: ___________________________ City _______________________________ State and Zip _______________________ 17 Initials Seller _________________ Buyer _________________ EARNEST MONEY_________________________ City _______________________________ State and Zip _______________________ Signature __________________________ Buyer _____________________________ Date _______________________ City _______________________________ State and Zip _______________________ Signature __________________________ Buyer _____________________________ Date ______________________________ Address: __________________ State and Zip _______________________ Signature __________________________ Seller __ ___________________________ Date ______________________________ Address: ________________________ND LEGAL AND TAX CONSEQUENCES. Signature __________________________ Seller __ ___________________________ Date ______________________________ Address: ___________________________ City _______________nted provisions in conflict therewith. THIS IS INTENDED TO BE A LEGALLY BINDING AGREEMENT. CONSULT AN ATTORNEY AND A TAX PROFESSIONAL BEFORE SIGNING IT, TO MAKE SURE YOU UNDERSTAND ALL OF THE TERMS Aight 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 priiven. If either 16 Initials Seller _________________ Buyer _________________ party fails to exercise or delays exercising any of its rights or remedies under this Agreement, that party retains the rforceable. WAIVER If one party waives any term or provision of this Agreement at any time, that waiver will only be effective for the specific instance and specific purpose for which the waiver was govision and will not make any other provision of this Agreement invalid or unenforceable and such provision shall be modified, amended or limited only to the extent necessary to render it valid and ennder and the neuter, and vice versa. SEVERABILITY If any court determines that any provision of this Agreement is invalid or unenforceable, any invalidity or unenforceability will affect only that prsuch counterparts constituting one and the same Agreement. INTERPRETATION Whenever the context hereof shall require, the singular shall include the plural, the male gender shall include the female gehall inure to the benefit of the parties hereto and their successors and assigns. COUNTERPARTS This Agreement may be executed in several counterparts, each constituting a duplicate original, but all __ / _______ ] Buyer is prohibited from assigning all or any part of this agreement OR [ _______ / _______ ] Buyer may assign this Agreement. BINDING EFFECT This Agreement shall be binding upon and s____ GOVERNING LAW This Agreement will be governed by and construed in accordance with the laws of the state of ______________________________________. ASSIGNABILITY (select one and initial) [ _____ADINGS Headings used in this Agreement are provided for convenience only and shall not be used to construe the meaning or intent of any term. 15 Initials Seller _________________ Buyer _____________ch 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. HEresentations and warranties set forth in this Agreement 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 sun 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 reps 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 portioty 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 signed this offer. PENDING LITIGATION Seller warrantreement 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 pary) 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 don't sign this Ag_______ State and Zip _______________________ EXPIRATION OF OFFER If this Agreement is first prepared and signed by one party and delivered to the other, it shall (before signed by the receiving part______________________ City _______________________________ State and Zip _______________________ Buyer _____________________________ Address: ___________________________ City _______________________________________________________ State and Zip _______________________ 14 Initials Seller _________________ Buyer _________________ and if to Buyer: Buyer _____________________________ Address: _____________ Address: ___________________________ City _______________________________ State and Zip _______________________ Seller _____________________________ Address: ___________________________ City 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 _____________________otice 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 the address that follows a party's signature or _________________________________________ _______________________________________________________________________ _______________________________________________________________________ NOTICES Any n_________________________ _______________________________________________________________________ _______________________________________________________________________ ______________________________ only to the extent set forth in such instrument. ADDITIONAL AGREEMENTS Seller and Buyer additionally agree that: ______________________________________ ______________________________________________ed, 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 thenplated 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, amendeal estate professional, escrow agent or closing agent is a party to this Agreement. ENTIRE AGREEMENT This Agreement is the entire agreement between the parties with respect to the transaction contemconstitutes two or more persons, the terms "Seller" or "Buyer" shall be construed to read "Sellers" or "Buyers" whenever the sense of the Agreement requires. Unless identified as Seller or Buyer, no r with any litigation including appellate proceedings arising out of this Agreement, the prevailing party shall be entitled to recover reasonable attorney's fees and costs. PARTIES If Seller or Buyer over the matter. Costs of arbitration, including lawyers' fees, will be allocated by the arbitrator. 13 Initials Seller _________________ Buyer _________________ ATTORNEY FEES AND COSTS In connections 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 ally. 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 i 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 equmpromise 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 disputetor 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 corty 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 ______________________. a media deposit in termination of this Agreement, in which case and this shall be the sole remedy of Buyer under this Agreement. DISPUTES (select appropriate ones) Litigation. If a dispute arises, either pa date of execution of this Agreement If Seller defaults, Buyer may (1) enforce specific performance of the Agreement and pursue any other available legal remedies or both or (2) demand a refund of theent the parties agree that said sum shall constitute liquidated damages since both Buyer and Seller agree that actual damages for default or breach of Agreement could not readily be ascertained at theboth or (2) cancel this Agreement 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 evar other rights, powers, options or remedies allowed herein or by law. If Buyer defaults, Seller may (1) enforce specific performance of the Agreement and pursue any other available legal remedies or ll 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 buired by this Agreement 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. ADEFAULTS AND REMEDIES. 12 Initials Seller _________________ Buyer _________________ Failure of either party to comply with any material covenant, agreement, or obligation within the time limits reqeof, 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. ___ Both will pay any _____________________________________ TIME Time is of the essence of this Agreement. Any reference herein to time periods of less than six (6) days shall in the computation ther will pay any recording any corrective instruments Both will pay any loan origination fees. Both will pay any _____________________________________ Both will pay any __________________________________ thereto. Seller Seller Seller Seller Seller Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Both will pay any survey work. Both will pay any recording of purchase money mortgage (if any) Bothny documents required in connection with the title insurance commitment. Seller Buyer Both will pay any premium payable for the title commitment and title policy (i.e. title insurance) issued pursuantd to the warranty deed; Seller Buyer Both will pay any intangible tax required by law on the mortgage. Seller Buyer Both will pay any recording costs, including recording of the deed, mortgage, and abuyer and seller. Delete the one(s) that don't apply): Seller Buyer Both will pay any transfer tax when title passes. Seller Buyer Both will pay any documentary stamps which are required to be affixe____________ Buyer _________________ 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 ______________ ______________________________________________________________________________ _________________________________________________________________ (Other or none) 11 Initials Seller _____nt set forth in this Agreement and any required mortgage, mortgage note, security agreement and financing statement and _______________ ________________________________________________________________rovisions hereof, and concurrently with the performance by Seller of its obligations set forth in the Agreement, Buyer shall deliver to Seller, cashier check or other immediate local funds in the amouien 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 p 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 l_ ______________________________________________________________________ ____________________________________________________ SELLER'S OBLIGATION AT CLOSING At Closing, Seller shall do the following:ayment or the second mortgage as the Seller may elect. (iii) (iv) (v) Other: ___________________________________________________ _____________________________________________________________________age 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 pt or otherwise common to the subdivision, easements and zoning ordinances of record, and other requirements imposed by governmental authority, if any; public utility easements of record, if any; MortgTRICTIONS, EASEMENTS, LIMITATIONS The Buyer shall take title subject only to: (i) (ii) taxes and assessments for year of the Closing and subsequent years; Restrictions and matters appearing on the plaemand 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. RESyment, Buyer shall vacate the Property and reconvey same to the 10 Initials Seller _________________ Buyer _________________ Seller by special warranty deed. In the event Buyer fails to make timely dent 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 evn 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. If Seller's title is rendered unmarketar'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 ission 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 Buyecedures for closing, and for disbursement of mortgage process, shall control, anything in this Agreement to the contrary notwithstanding. Unless otherwise agreed by the parties, Buyer shall have posse 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 prothe deed and other closing papers delivered on the ______ day of ______ 20 __, unless extended by other provisions of Agreement, or by written agreement of the Parties. The Closing shall take place athe 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 . 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 tpay, 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_____ / _____ ] 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 __ Agreement to prorations as of the Closing will be deemed "date of occupancy" if occupancy occurs prior to the Closing, unless otherwise provided for herein. ADJUSTMENTS (select and initial one) [emiums shall be prorated. The cash at the Closing shall be increased or decreased as may be required by said prorations. All references in the 9 Initials Seller _________________ Buyer _______________e current year's 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 prgree 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 thhe 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 ahe 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 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 t 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, 360-day-year basis) and t 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,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 Agreement. Personaly. 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 urchase 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 Propertonomic 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 pnd 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 ec 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 foume to remove such encroachments as is allowed 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 theerein 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 tiFESSIONAL SURVEY A survey shall shall not be made of the Property prior to the Closing. 8 Initials Seller _________________ Buyer _________________ If the survey shows encroachments on the Property hsuppliers 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. PRO'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, vements to the Property for one hundred twenty (120) days immediately prior to the Closing. If the Property has been improved within said time, Seller shall deliver releases or waivers of all mechanicng 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 impro 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 attestiquires an increase in the interest rate or charges a fee for any reason in excess of $________, the Buyer may rescind the Agreement unless Seller elects to pay such increase or excess. Buyer shall usessumption by the Buyer of said mortgage, and: a) the mortgagee does not approve the Buyer, the Buyer may rescind the Agreement (and any Earnest Money will be returned to Buyer), or b) the mortgagee reh 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 ale policy will include mechanic's 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 fort 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, Buyer's titte 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 only to exceptions for any liens, encumbrances or other matters created or brought about by Buyer and exceptions permitted according to this Agreement. The policy shall also insure Buyer as of the daer _________________ Seller Buyer shall pay for an owner's title insurance policy in the amount of the Purchase Price insuring marketable fee simple title in Buyer from and after the Closing, subject, or (iii) rescind this Agreement, whereupon the deposit described herein shall be returned to Buyer and this Agreement shall be of no further force and effect. 7 Initials Seller _________________ Buy 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 purposesr 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 satisfye 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 Sellech 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 arable, 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 su 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 practices ("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 Titled $_________________. 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 PartiThis 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. The warranty plan cost shall not exceeit(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 $____________. y 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 cancel the Agreement and receive return of any Earnest Money deposssed 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 b the Seller and the Closing shall proceed pursuant to the terms of this Agreement with costs therefore escrowed at the Closing. In the event the cost of repair or restoration exceeds ____% of the assere 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 ofood 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 fi deed to Buyer. 6 Initials Seller _________________ Buyer _________________ Until the purchase is closed and the warranty deed delivered to Buyer, the risk of loss by fire, windstorm, earthquake, fln incurred before the Closing. Buyer will pay for the charges incurred after the Closing. CASUALTY LOSS Seller agrees to keep the improvements on the Property fully insured until delivery of Seller'sng. 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 beexistence of any lead-based paint. UTILITIES Seller will on, Buyer will not leave all utilities on until the date of possession. If the utilities are left Seller will pay the utility bills until Closihed to this Agreement 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 et 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 attache 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 Agreemen 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 te 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 reportthat 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 stat__ 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 e transaction, in which event Buyer shall receive a credit at the Closing of an amount equal to _____% of said Purchase Price. RADON TESTING 5 Initials Seller _________________ Buyer _______________ Agreement 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 ththis 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 thef 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 ate 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. It 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 certific 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 pesrted 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 tohever 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 Agreement as to failures not reported. Valid repor, 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, whicestation 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 Sellelumbing, electrical and mechanical systems, central heating, ventilation and air conditioning, foundation, basement, crawlspace, roof, attic, structural components, environmental hazards, and pest infomptly 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, ppool) 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 pr__________________________________________________ ___________________________________________________________________________ Seller shall maintain the Property (including any lawn, shrubbery and/or king condition as of six (6) days prior to closing,), except for the following: __________________ ___________________________________________________________________________ _________________________parent upon inspection. Seller warrants that all 4 Initials Seller _________________ Buyer _________________ major appliances, heating, cooling, electrical, plumbing systems, and machinery are in woror 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 the property that would not be apThe date of Agreement ("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 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. t 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 thisy in this Agreement is not removed in writing by the required date, this Agreement becomes voidable. After the required date and until the contingency is removed, either party may cancel this Agreemen 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 contingenc 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 lenderoth the contingency respecting the sale of Buyer's property and any financing contingency of this Agreement (as applicable). Buyer shall not exercise the option to continue this Agreement and completef continuing this Agreement. 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 b 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 o______________________________________________________________ on or before ______________________. Seller may continue to offer the Property for sale. If Seller accepts another bona fide offer before acquiring all the necessary approvals and permits to use the property for ___________________. [ _______ / _______ ] The sale and closing of Buyer's property located at _______________ ______________e title insurance commitment by Buyer's lawyer. This contingency is to be removed within _____ days after the title insurance commitment is received by Buyer. [ _______ / _______ ] Buyer obtaining and] 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 thexpense resulting in findings satisfactory to Buyer. This contingency is to be removed by __________________________. 3 Initials Seller _________________ Buyer _________________ [ _______ / _______ s 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 g 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 findingpense 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 resultinNGENCIES This Agreement is also contingent upon satisfactory completion of the following items (initial those that apply): [ _______ / _______ ] A contractor's inspection of the property at Buyer's ex Buyer fail to obtain same or to waive Buyer's rights hereunder within said time, Buyer may cancel the Agreement. This financing contingency is to be removed by ____________________. ADDITIONAL CONTIt 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. Shouldhereof is to be financed by a third party loan, this Agreement, is conditioned upon the Buyer obtaining a firm commitment for said loan within _______ days from the date hereof, at an interest rate nothis Agreement (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 til 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 y 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 mark 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 Monee 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 cle this Agreement 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 unabl___________ Notwithstanding other provisions in this Agreement regarding the refund or forfeiture of the Earnest Money, any third party holding the Earnest Money (or any other amount paid pursuant toued 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 _________________ Buyer ______ 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 accr (Earnest Money + amount financed + loan assumption + cash balance at Closing) $________________ EARNEST MONEY AND OTHER DEPOSITS If the holder of the Earnest Money is someone other than Seller, thatuyer. 4. [ _________ / __________ ] 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. TOTALst for assumption by Buyer, cancel this Agreement, or Buyer may elect to complete the purchase with alternate financing. In the event of cancellation by Buyer, any Earnest Money shall be returned to Bnd 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 the lender's response to requeng to its terms. If the lender's consent to the assumption of the Mortgage Loan is required, this Agreement is contingent upon obtaining such consent without change in the terms of the Mortgage Loan amate present principal balance of $______________________, now of record in the offices of the county where the Property is located (the "Mortgage Loan"). Buyer agrees to pay the Mortgage Loan accordi trust on the Property in favor of ____________________________________________ bearing interest at _______% per annum and payable as to principal and interest $__________ per month, having an approxice 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 by a first mortgage or deed ofainst the Purchase Price. 2. [ _________ / __________ ] The total amount to be financed by Buyer (not including financed mortgage insurance premiums, or closing costs, if any) is $____________ ("Finanr shall pay an earnest money deposit ("Earnest Money") in the amount of $______________ to _____________________ ("Earnest Money Holder") upon signing this Agreement. This deposit is to be credited agcluded Items") PURCHASE PRICE The Purchase Price for the Property is: $___________________ ("Purchase Price"). PAYMENT (initial and complete applicable provisions) 1. [ _________ / __________ ] Buye_________ __________________________________________________________________ __________________________________________________________________ ___________________________________________________ ("Exed Items"). The following items are specifically excluded from this Agreement and shall not be transferred to Buyer as a part of the Property: _______________________________________________________________________________________________________________________ _______________________________________________________________________ ________________________________________________________ ("Includners 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: ____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 operopane 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 d 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; provements 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 an________ __________________________________________________________________ The legal description of the Property is given in Attachment 1. The sale of the Property shall include all buildings and imp(Common Description). The legal description of the Property is as follows: __________________________________________________________________ ___________________________________________________________________________ __________________________________________________________________ __________________________________________________________________ _______________________________________________ llectively 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: ___________ PARTIES This Residential Real Estate Sale Contract (the "Agreement") is made by and between __________________________, ("Seller"), and ________________________, ("Buyer") (Buyer and Seller may be co consequences of this agreement are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party. 2 Residential Real Estate Sale Contract 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 taxnd 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 ben 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 a "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 informatioed 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 entitled 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-basmay 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 poseved 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 andatory 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 state approe 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 mms. 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 makt 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 probleted as a formal offer. However, the seller may initiate the preparation of the contract as well. The agreement allows the person making the offer to designate a time and date by which the contract musment 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 and preseny 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 agreer 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 bfree-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 watereement 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 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 written aghat 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 and use ot 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 tntract. 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 should nour 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 codisclosures 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 yincluded 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, environmental 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 . Federal law requires Seller to keep the signed copy of the "Disclosure Of Information On LeadBased Paint and/or Lead-Based Paint Hazards" for a minimum of three years as proof of compliance with the 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" 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 matters etc.) If the property is builta 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 signatures of all parties. Thee 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 both parties, it creates or 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 constitutes a formal offer. Thstate 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. This agreement is fInstructions & Checklist Residential Real Estate Sale Contract This package contains (1) Instructions and Checklist for Residential Real Estate Sale Contract; (2) Information about Residential Real E South DakotaSouth Dakota _______ 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 South DakotaSouth Dakota __ 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 South Dakota