STANDARD REAL ESTATE PURCHASE AND SALE AGREEMENT
The Parties to this Agreement are
___________________________________, as Agent, hereinafter referred to as Buyer, and
_______________________________________________________, hereinafter referred to as Seller,
which terms may be singular or plural and include the heirs, successors, personal representatives and assigns of Seller and Buyer, hereby agree
that Seller will sell and Buyer will buy the following property, with such improvements as are located thereon, and is described as follows: All that
tract of land lying and being in Land Lot _____ of the ____ District, ___ Section of ____________ County, and being more commonly known as:
Address: _______________________________________ City: _____________________________ State: ______ Zip: ___________ according to the
present system of numbering in and around this area, and being more particularly described as Lot ___, Block ____, Unit ___, Phase/Section _____
of ___________________________ Subdivision, as recorded in Plat Book _____, Page ______, ____________________ County, _____________
records together with all light fixtures, all electrical, mechanical, plumbing, air-conditioning, and any other systems or fixtures as are attached thereto;
all plants, trees, and shrubbery now a part thereof, together with all the improvements thereon; and all appurtenances thereto, all being hereinafter
collectively referred to as the “Property.” The full legal description of said Property is the same as is recorded with the Clerk of the Superior Court of
the County in which the Property is located and is made a part of this Agreement by reference.
Seller will sell and Buyer will buy upon the following terms and conditions, if completed or marked. On any conflict of terms or
conditions, that which is added will supersede that which is printed or marked. It is understood that the Property will be conveyed by
General Warranty Deed (unless otherwise specified in paragraph 17), with covenants, restrictions, and easements of record.
1. Total Purchase Price to be paid by Buyer is payable as follows:
A. Earnest money deposit check ; or promissory note , which will remain as a binder
until closing, and be held for Seller by closing agent (chosen by Buyer) for Seller until
closing, unless sooner forfeited or returned, according to the provisions of this
Agreement. $ 10.00
B. Balance due at closing (not including Buyers closing costs, prepaid items or prorations)
in U.S. cash or locally drawn certified or cashiers check. $ approximately : exactly
C. “Subject-To” existing loan balance encumbering the Property
Lender __________________________ Loan #___________________
Interest Rate ______% Fixed Rate ; Adjustable Rate ; $__________ /month
Includes Principal ; Interest ; Escrow: Taxes ; Insurance ; HOA $
D. “Subject-To” existing second loan balance encumbering the Property
Lender __________________________ Loan #___________________
Interest Rate ______% Fixed Rate ; Adjustable Rate
Payment $__________ /month - Includes Principal ; Interest $
E. Total Purchase Price: approximately ; exactly
$
2. Buyer Will Pay: Buyer will pay all closing costs to include: Recording Fees, Intangibles Tax, Document Preparation Fee, Loan Insurance Premium, Loan
Discount, Attorney's Fees, Courier Fees, Overnight Fee, Appraisal Fee, Survey, Transfer Tax, Satisfaction and Recording Fees, Wood Destroying Organism Report
and any other costs associated with the funding or closing of this Agreement. All taxes, rentals, condominium or association fees, interest on loans will be prorated
as of the date of closing and any future costs will be the responsibility of the Buyer.
3. Payment of Expenses: If Buyer fails to perform, all loan and sale processing and closing costs incurred, whether the same were to be paid by Seller or Buyer
will be the responsibility of the Buyer, with costs deducted from binder deposit. If Seller fails to perform, all loan, fee obligations, appraisal, survey, credit report,
application, sales processing and closing costs incurred whether the same were to be paid by Seller or Buyer will be the responsibility of Seller; and Buyer will be
entitled to the return of the binder deposit. This will include, but not be limited to the transaction not being closed because Seller is unwilling to complete the
transaction, or because Seller elects not to pay for the excess amount in paragraph 8 (with respect to repairs) or because Seller cannot deliver marketable title.
4. Prorations: Any accrued loan interest shall be prorated to the date of closing. Seller will assign to Buyer, at no cost to Buyer, Seller's escrow account and
property hazard insurance policy, and/or any refunds which may issue, in lieu of proration of all taxes, association fees, monthly hazard insurance premiums, and
monthly mortgage insurance premiums as of the date of closing. If this is rental property, rents are to be prorated as of the date of closing and any deposits of any
kind or nature are to be transferred to Buyer at closing.
5. Wood Destroying Organism Report: “Wood Destroying Organism” means any arthropod or plant life, which damages a structure. Seller will have property
inspected by a State Certified Pest Control Firm, within seven (7) days of this Agreement, to determine whether there is any visible active wood destroying organism
infestation or visible existing structural damage from wood destroying organisms to the improvements. Buyer will be informed of either or both of the foregoing and
Seller will have seven (7) days from receipt of written notice thereof within which to have all such wood destroying organism damages whether visible or not
inspected and estimated by a licensed building or general contractor. Seller will pay costs of treatment and repair of all structural damage up to one percent (1%) of
the purchase price. If such costs exceed the amount agreed to be paid by Seller and Seller declines to treat and repair, Buyer will have the option of (a) terminating
this Agreement, (b) proceeding with the transaction, in which event Seller will bear costs equal to one percent (1%) of the purchase price.
6. Title Examination, Place and Time for Closing: A. If title evidence and survey show Seller is vested with a good, clear and marketable title, subject to
permitted title exceptions contained in a national title insurance company commitment at its standard rates (permitted exceptions are for restrictive covenants,
leases, survey, current taxes, zoning ordinances and easements of record), the transaction will be closed and the deed and other closing papers delivered on or
before ______________________, 20____, plus any extensions necessary in order to complete paperwork, unless extended by other conditions of this Agreement
or this Agreement is canceled by the Buyer. Buyer shall select Closing Attorney or Title Company. B. If title evidence or survey reveal any defects which render
the title unclear, Buyer will have 7 days from receipt of title commitment and survey to notify Seller of such title defects and Seller agrees to use reasonable diligence
(including payment of money) to cure such defects at Seller's expense and will have 30 days to do so, in which event this transaction will be closed within 10 days
after delivery to Buyer of evidence that such defects have been cured. Seller agrees to pay for and discharge all due or delinquent taxes, liens and other
encumbrances, unless otherwise agreed. Seller herewith agrees to execute a “Notice of Purchase and Sale Agreement” so Buyer may protect Buyer’s interest as
contained in this Agreement.
7. Loss or Damage: If the property is damaged by fire or other casualty prior to closing, and cost of restoration does not exceed 3% of the insurance
cost of replacement tables for the improvements located on the Property, cost of restoration will be an obligation of the Seller and closing will proceed
pursuant to the terms of this Agreement with cost thereof escrowing at closing. In the event cost of restoration exceeds 3% of the stated valuation of the
improvements and Seller declines to repair or restore, Buyer will have the option of either taking the Property as is, together with either the said 3% or any
insurance proceeds payable by virtue of such loss or damage, with Seller paying Buyer in cash any insurance deductible, OR of canceling this Agreement.
8. Property Condition and Inspection: Seller shall deliver the Property in the same condition as they were on the date of this Agreement, normal wear and tear
excepted, and they shall be in a clean and ready to occupy condition, except as otherwise specified herein. Seller further certifies and represents that Seller knows
© 1992-2012 Trust Associates – All Rights Reserved (Rev. 04/12) - Form QTP-27302A – B
of no latent defects to the Property and knows of no facts materially affecting the value of the Property except the following: _______________________________
___________________________________________________________________________________________________________________________________
This Agreement is subject to an inspection of the Property and approval by Buyer and/or his associates after acceptance of this Agreement by Seller. If not already
on, Seller shall have all utilities on for inspection and shall notify Buyer when they are on. In the event any system, appliance, roof, foundation or structural member,
etc., shall be found defective, Buyer shall notify Seller at or prior to closing and Seller shall thereupon remedy the defect forthwith at his sole expense (in which case
the time for closing shall be extended as may reasonably be necessary) or, in the event the cost of such repairs shall exceed 5% of the “Total Purchase Price”, Seller
may elect not to make such repairs and Buyer may elect to renegotiate this Agreement, accepting such amount as Seller may agree to pay, then take the Property in
its “AS-IS' condition, OR terminate this Agreement and receive a full refund of all earnest monies hereunder. Seller guarantees that the appliances remaining with
the dwelling and the heating, air conditioning, plumbing and electrical systems, where applicable, will be in operating condition at the time of closing.
9. Occupancy: Seller represents that there are no parties in occupancy other than Seller and Buyer will be given occupancy at closing unless otherwise agreed
in a ‘Seller Post-Closing Occupancy Agreement’. Any belongings, furniture or fixtures remaining on property after closing shall be considered as abandoned and
Buyer shall have the right of disposal of same. Any tenant, if appropriate, shall be terminated and shall have vacated the Property prior to the closing of this
Agreement, unless otherwise agreed to by Buyer in writing.
10. Personal Property: Included in the purchase price are all fixed equipment including all window treatments, built-in appliances, refrigerator, floor coverings,
stove, air conditioner(s), ceiling fans, attached lighting fixtures, mailbox, fence, storage building, plants, yard ornaments and shrubbery as now installed on the
property, and these additional items which will be conveyed by Bill of Sale at the closing: ____________________________________________________________
___________________________________________________________________________________________________________________________________
Items specifically excluded from this Agreement: ____________________________________________________________________________________________
11. Default and Attorney's Fees: If Buyer defaults on this Agreement, all deposits will be retained by the Seller as full settlement of any claim, whereupon Buyer
and Seller will be relieved of all obligations under this Agreement. If Seller defaults under this Agreement, the Buyer may seek specific performance or
elect to receive the return of the Buyer's binder deposit(s) without thereby waiving any action for damages resulting from Seller's breach. If Seller
refuses to sell for any reason other than those outlined herein, Seller and Buyer herewith agree that this Agreement, and all transactions contemplated
hereby, shall be governed by, construed and enforced in accordance with applicable state law. Any and all claims, controversies or disputes arising
out of or relating to this Agreement, or the breach thereof, which remain unresolved after direct negotiations between the Parties, shall first be
submitted to confidential mediation in accordance with the rules, procedures, and protocols for mediation of disputes under applicable state law then in
effect upon ten (10) days notice via both certified and regular mail, one party unto the other. If any issues, claims or disputes remain unresolved after
mediation concludes, the Parties hereto agree to immediately submit any such issues to binding arbitration before one/three arbitrator(s) in accordance
with the rules, procedures, and protocols for arbitration of disputes under applicable state law then in effect. The parties further agree that the award of the
arbitrator(s) is binding upon the Parties and that all expenses of such mediation and/or arbitration shall be borne by the losing Party and that any judgment upon the
award rendered may be entered, after ten (10) days, into any court of competent jurisdiction.
12. Zoning and Restrictions: Seller warrants Property is zoned residential. Should Buyer discover any proposed zoning change unacceptable to Buyer, Buyer
may void this Agreement.
13. Maintenance and Access: Until title is delivered, Seller agrees to maintain all heating, sewer, plumbing and electrical systems and any appliances remaining
with the Property, and other equipment in normal working order and to keep the roof water tight and to maintain the grounds. Buyer has the right to make repairs,
show the Property to prospects, lenders, contractors or partners, and to post signs for sale, rental or rent to own before closing.
14. Survival of Agreement: This Agreement shall survive the closing, execution and delivery of the Warranty Deed, as agreed herein by the undersigned. Buyer
intends to buy, sell, rent or trade for a profit.
15. Assignment: Parties hereto agree that Buyer shall have the right to assign this Agreement and the terms and provisions hereof shall be binding upon and
inure to the benefit of the parties hereto, their successors, representatives, heirs and assigns.
16. Other Agreements, Promises or Understandings: There are no other agreements, promises or understandings between these parties except as specifically
set forth herein. This legal and binding Agreement will be construed under ____________ Law and if not understood, parties should seek competent legal advice. If
any signature is faxed or digitally produced it shall have the same legal force and effect as an original ink signature. TIME IS OF ESSENCE IN THIS AGREEMENT.
17. Additional Terms and Conditions:
A. IF FINAL BALANCE SHOWN BY LENDER’S STATEMENT OF ACCOUNT SHOWS A DIFFERENT BALANCE, THEN THE PURCHASE PRICE
SHALL BE THAT AMOUNT.
B. The following Exhibits are attached hereto and made a part hereof by reference.
‘A’ __________________________________________________;
‘B’ – Property Legal Description;
‘C’ __________________________________________________;
‘D’ __________________________________________________
Signed, sealed on the date herein stated. Show Seller’s name(s) as it appear(s) on existing deed, if available.
____________________________________ ____________
Buyer: _________________________, as Agent Date of Offer
____________________________________ ________________________________ ____________
Seller: __________________________________ Seller: ______________________________ Date of Acceptance
© 1992-2012 Trust Associates – All Rights Reserved (Rev. 04/12) - Form QTP-27302B – B
