REAL ESTATE PURCHASE AGREEMENT

REAL ESTATE PURCHASE AGREEMENT

 

THIS AGREEMENT MADE and entered into on [ENTER DATE] by and between  [ENTER NAME] of [ENTER ADDRESS] (the ‘Seller), and [ENTER NAME] of [ENTER ADDRESS] (the ‘Buyer”), (collectively, “Parties”).

WHEREAS the seller is the absolute owner of the property;

WHEREAS, the seller has agreed and now grants the offer to sell the homes to the buyer, and the buyer accepts to buy the property per the following terms and conditions;

WHEREAS, the property is located on [ENTER ADDRESS OF HOMES].

Now, Therefore, in consideration of the foregoing premises, and of the mutual promises and covenants herein contained, the parties, intending to be legally bound, do hereby agree as follows:

 

  • PURCHASE PRICE
  1.  The Sale consideration of the Property is fixed at [ENTER CONSIDERATION AMOUNT], receipt of which is hereby acknowledged by the seller upon execution of this document. 
  2.  The purchase price is [ENTER PURCHASE PRICE]. The [CONSIDERATION AMOUNT] fee is deductible from the purchase price. 

 

  1. CLOSE OF ESCROW
  1.  For the purpose of this Agreement, “Close of Escrow” shall be the date the Grant Deed, that conveys the real property to the buyer, is recorded in the Official Records of [ENTER COUNTY/STATE]. Unless extended by writing, the Close of Escrow shall be on [ENTER DATE] (“Closing Date”).

 

  1.  Upon completion of the sale the seller shall transfer the property with full title guarantee, free from financial encumbrances and provide vacant possession. 
  1. TITLE COMPANY
  1.  The Parties hereby employ [ENTER NAME OF COMPANY] of [ENTER ADDRESS] as the Escrow Agent (“Hereinafter, “Title Company”). 

 

  1.  This Agreement shall be used as instructions to the Title Company which may provide its standard conditions of acceptance of escrow provided, however, that in the event of a conflict between such standard conditions and the terms of this Agreement, the terms of this Agreement shall prevail. 

 

  1.  The Title Company’s receipt of this Agreement and the opening of an escrow pursuant to this Agreement shall constitute conclusive evidence of the Title Company’s agreement to be bound by the terms of this Agreement. 

 

  1.  The Title Company shall not be liable for its acts done in good faith. It shall only be liable for its willful default or action, and gross negligence. 

 

  1. AS IS
  1.  Buyer acknowledges that the conveyance of the property is made “as is “ and “where is “ without any representations or warranties, express or implied (except as to title as limited by special warranty or any express representations and warranties set forth in this contract), including, without limitation, implied warrants of fitness for any particular purpose or merchantability or any other warranties contained in or created by the uniform commercial code or otherwise. 

 

  1.  Buyer acknowledges that, except as expressly provided in this contract, seller has not made any representations, warranties, covenants, agreements, or guarantees of any kind or character, whether express or implied, oral or written, concerning (1) the value, nature quality, or condition of the property, (2) the suitability of the property for any uses which may be conducted thereon, (3) the compliance of the property with any laws, rules, ordinances, regulations of any applicable governmental authority, (4) any other matter with respect to the property, and that seller has made (except for the representations or warranties expressly set forth in this contract) , any representations or warranties regarding compliance of the property with any environmental requirements. 

 

  1.  Buyer shall rely solely on its own investigation of the property and not on any information provided or to be provided by seller or its agents, except as expressly set forth in this contract. Except as set forth in this contract, seller shall not be liable in any manner by any verbal or written statements, representations or information pertaining to the property or the operation thereof, furnished by any party purporting to act on behalf of seller.  
  1. WHAT CONVEYS WITH THE PURCHASE?
  1.  Included, if present, as part of the property sale: all real estate, buildings, improvements, appurtenances (rights and privileges), and fixtures. 

 

  1.  Fixtures include all things which are attached to the structure(s) by nails, screws, or other permanent fasteners, including, but not limited to all of the following, if present: attached light fixtures and bulbs, ceiling fans, attached mirrors; heating and cooling equipment and thermostats; plumbing fixtures and equipment; all doors and storm doors; all windows, screens, and storm windows; all window treatments (draperies, curtains, blinds, shades, etc.) and hardware; all wall-to-wall carpet; all built-in kitchen appliances and stove; all bathroom fixtures; gas logs, fireplace doors and attached screens; all security system components and controls; garage door openers and all remote controls; swimming pool and its equipment; awnings; permanently installed outdoor cooking grills; all fencing, landscaping and outdoor lighting; and mail boxes. 

 

  1.  Other items included in the sale: 

 

  1.  Items that are not included in the sale: 

 

  1. INSPECTION PERIOD
  •  This Agreement is contingent on Buyer’s satisfaction with all property inspections and investigations. 


  •  Buyer may use any inspectors of Buyer’s choice, at Buyer’s expense. 


  •  Seller must permit Buyer, and Buyer’s representatives and inspectors, reasonable access for inspections. Buyer assumes all liability for any damage or loss caused by Buyer’s or Buyer representatives’ inspections or investigations of the property. 

 

  •  Due Diligence Period: All inspections and investigations must be completed with response to Seller no later than ten (10) calendar days after the Acceptance Date. During this due diligence period Buyer is strongly advised to: 

 

  1. have a professional home inspection conducted by a licensed home inspector (at Buyer’s expense), AND  
  2. have a conducted by a licensed pest inspector (at Buyer’s expense), AND perform any additional inspections and investigations desired, and verify any other matters of concern to the Buyer, AND

 

  •  Inspection Contingency Resolution: 

If Buyer is satisfied with all inspections and investigations, Buyer may deliver to Seller a Notice of Release of inspection contingency. If for any reason Buyer is not satisfied with the results of any inspection or investigation, the Buyer must, within the Due Diligence Period, deliver to Seller either: 

 

  1. a written Notice of Cancellation, cancelling this Agreement, and all Consideration amount must be refunded to Buyer, OR 
  2. a written Inspection Contingency Removal Proposal. If Seller rejects Buyer’s Proposal (or Counterproposal) by delivering a Notice of Rejection to Buyer, or if any Counterproposal is rejected by either party, this Agreement will cancel and all Consideration amount must be refunded to Buyer. 
  •  Any Proposal, Counterproposal, Notice of Rejection, or Notice of Release of inspection contingency must be in writing.   
  •  Any Proposal or Counterproposal must contain a time limit for responding (that is, an expiration date & time).  
  •  If it is discovered during the Due Diligence Period that any permanent structure on the property has an active wood destroying insect infestation, the Seller, upon Buyer’s request, must professionally treat infestation before closing at Seller’s expense. Repair of any damage from wood destroying insects must be negotiated in the Inspection Contingency Removal Proposal. 

 

  1.  CAUTION TO BUYER: 

Failure to deliver to the Seller either a written Notice of Release or Notice of Cancellation, or a written Inspection Contingency Removal Proposal within the Due Diligence Period will be considered to be an acceptance of the property “as is,” and the Inspection Contingency will be satisfied and no longer a part of this Agreement.

 

  1. Applicable Law

This Agreement shall be governed, interpreted, and construed in accordance with the laws of [ENTER STATE].

 

[SIGNATURE PAGE FOLLOWS]

In witness whereof, the parties hereto have executed this Agreement the day and year first above written.

 

Sign—————————————–           Sign—————————————-

 

Print Name……………………….….           Print name……………………………

 

Signed as a deed on behalf of the Seller      Signed as a deed on behalf of the Buyer

 

Date………………………………….…        Date………………………….…………

 

In the presence of Witness                             In the presence of Witness

 

Name…………………………………..          Name……………………………………

 

Address……………………………..…          Address………………………….……

 

Occupation……………………………           Occupation…………………………

 

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