Purchase Agreement

CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE

DEVELOPED CONDOMINIUM UNIT

 

In consideration of the mutual promises contained herein, the undersigned Seller agrees to sell, to the undersigned Buyer, who agrees to buy, the herein described property on the terms and conditions stated below.

1.                      PROPERTY DESCRIPTION: Condominium Unit # ________ and improvements attached to said unit except the following:______________________________________

 

2.                    PRICE: The purchase price of the property is_____________________($___________________ ) dollars payable as follows:

(a) Earnest Money deposit $_____________________________

(b) Balance due at closing $_____________________________

SALE IS/IS NOT CONTINGENT ON FINANCING. If contingent on financing, Buyer agrees to use reasonable diligence to obtain said financing.

Buyer is/is not assuming indebtedness of Seller to ________________________ in

the amount of ________________________to be applied to the purchase price.

3.                   CLOSING COSTS:  Seller will pay for the preparation of the Deed of Conveyance and other closing closes up to _________________________ . Buyer will pay all other closing costs.

4.                    DEPOSIT: Buyer has deposited with Seller the sum of $__________________ cash/check as earnest money. The same is to be applied to the cash down payment on closing of this transaction.

5.                     (a) CLOSING DATE:__________________________________

(b) POSSESSION DATE:_______________________________

6.                     CONVEY TITLE TO________________________________

7.                     INSURANCE:  Insurance is the responsibility of Buyer at closing.

8.                     PRORATION: (a) Property taxes shall be prorated at closing.

(b) Fees and assessments shall be prorated at closing.

9.                     SPECIAL PROVISIONS:

(a)                Seller acknowledges that construction is complete of the Condo to be sold and that the condominium is exempt from the Interstate Land Sales Procedure Act, or if subject to said act that all required registrations have been met.  If Seller is the developer and the Condo is subject to the Interstate Land Sales procedure Act, Seller agrees to provide Buyer with the Report of the development as required by said act.

(a)                Common area ownership is vested in the Condominium Cooperative.

(a)                Buyer will be provided by Seller, the Condominium by-laws, rules and regulations, operating budget and any other documents applicable to the condominium ownership and Cooperative desired by Buyer, not privileged.

(a)                Buyer acknowledges that Buyer is aware of the assessment fees for upkeep of the Condo common areas.

(a)                Termite inspection report will be provided by Seller.

10.                   TITLE AND CONVEYANCE: Seller is to convey Title by Warranty Deed or other instrument (as appropriate) and provide Buyer with a Certificate of Title prepared by an attorney or title company which will allow Buyer to obtain title insurance from a title

company qualified to do and doing business in the state of . Seller shall, prior to or at closing, satisfy all outstanding mortgages, deeds of trust and special liens affecting the subject property which are not specifically assumed by Buyer herein.  Title shall be good and marketable, subject only to the following items recorded in the County recorder’s office of said County; easements without encroachments, applicable zoning ordinances, protective covenants, condominium restrictions and declaration and prior mineral reservations; otherwise Buyer, at his option, may either (a)if defects cannot be cured by designated closing date, cancel this contract, in which case all earnest money deposited shall be returned, (b) accept title as is, or (c) if the defects are of such character that they can be remedied by legal action within a reasonable time, permit Seller such reasonable time to perform his curative work at Seller’s expense.  In the event that the curative work is performed by Seller, the time specified herein for closing of this sale shall be extended for a reasonable period necessary for such action. Seller represents that the property may be legally used as zoned and that no government agency has served any notice to Seller requiring repairs, alterations or corrections of any existing condition except as stated herein.

11.                   BREACH OF CONTRACT: Specific performance is the essence of this contract, except as otherwise specifically provided:

(a)                In the event of breach of this contract by Buyer, Seller at his option may either: (1) accept the earnest money deposit as liquidated damages and this contract shall then be null and void, or (2) enter suit in any court of competent jurisdiction for damages, giving credit on said damages for the said earnest money deposit, or (3) enter suit in any court of competent jurisdiction for specific performance.

(b)        In the event of breach of contract by Seller, Buyer at his option may either: (1) accept the return of the earnest money deposit and cancel the contract, or (2) enter suit for damages in any court of competent jurisdiction, or (3) enter suit in any court of competent jurisdiction for specific performance.

(c)        If it becomes necessary to insure the performance of the conditions of this contract for either party to initiate litigation, then the losing party agrees to pay reasonable attorney’s fees and court costs in connection therewith.

12.                   SURVIVAL OF CONTRACT:  All prior negotiations shall terminate with the closing and this contract shall terminate.

13.                   MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold as is without warranty.

14.                   CONDITION OF PROPERTY AND ACCEPTANCE: Buyer hereby represents that he has personally inspected and examined the above mentioned premises and all improvements thereon and accepts the property in its “as is” and present condition.  Buyer hereby acknowledges that unless otherwise set forth in writing elsewhere in this contract neither nor Seller nor their representatives have made any representations concerning the present or past structural condition of the slab or foundation of this property.  Buyer also hereby agrees that he will not hold Seller or its representatives responsible or liable for any present or future structural problems or damage to the foundation or slab of said property.

15.                   DAMAGE BY FIRE, ETC.: This contract is further conditioned upon delivery of the improvements in their present condition and in the event of material damage by fire or otherwise, before closing this contract shall be void and Buyer will be refunded his earnest money.  Seller agrees to keep the subject property insured against fire and extended coverage risks until closing.

16.                   AGREEMENT OF PARTIES: This contract incorporates all prior agreements between the parties, contains the entire and final agreement of the parties, and cannot be changed except by their written consent.  Neither party has relied upon any statement or representation made by the other party or any sales representative bringing the parties together.  Neither party shall be bound by any terms, conditions, oral statements, warranties, or representations not herein contained. Each party acknowledges that he has read and understands this contract. The provisions of this contract shall apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto.  When herein used, the singular includes the plural and the masculine includes the feminine as the context may require.

17.                   SELLER’S STATEMENT: The offer stated herein is hereby accepted and Seller agrees to sell the herein described property on the terms and conditions set forth herein.

18.                   ASSIGNMENT:  This agreement may not be assigned without the consent of the other party except for purposes of a tax free exchange, if desired.

19.       BROKER:  The parties agree that no broker or broker fees is involved in this transaction.

20.   APPLICABLE LAW:  This agreement shall be construed according to the laws of the

State of ___________________________________.

CITY _____________________________STATE____________________________ DATE___________________

TIME______________________________

BUYER_____________________________

BUYER

CITY______________________________ STATE___________________________ DATE_______________

TIME_______________________________

BUYER______________________________

BUYER______________________________

State Specific Condominium Forms

—- For State Specific Condominium Forms you can download in Word format, go to

http://www.uslegalforms.com/condominiums/


Inside Purchase Agreement