SALES CONTRACT FOR REAL ESTATE (MD)

by | Jun 23, 2023 | others

SALES CONTRACT FOR REAL ESTATE (MD)

THIS AGREEMENT is made this 18th day of February, 2021, by and between           Kara Lewis hereafter called Seller(s), and Blue Bay Management LLC and/or assigns, hereafter called Buyer. Buyer is a licensed real estate agent.

  1. DESCRIPTION OF THE PREMISES. Seller(s) agrees to sell to Buyer the property located at: 5424 Old Crain Hwy Upper Marlboro, MD 20772 Description Written As Follows: AS IS Condition  [P1] 

Description is including any fixtures, window and floor coverings, built-in appliances, draperies including hardware, shades, blinds, window and door screens, awnings, outdoor plants, trees, and other permanently attached items now on premises.

  1. PURCHASE PRICE.

The Seller agrees to convey property to Buyer for the sum of                      $265,000 [P2] with earnest money in the amount of                                                             $1,000 TOTAL SALES PRICE (CASH):                                                              $265,000  

(Earnest Money is Included in Total Purchase Price)

  1. TERMS. The following terms are applicable to this contract: 
  2. Closings costs, attorney fees, title fees and other miscellaneous costs are to be paid in the following fashion — Paid in full by buyer.
  3. Transfer Taxes & Recordation Taxes to be paid in following fashion — paid in full by buyer.
  4. Any taxes (NOT Including Transfer Taxes or prorated property taxes), Liens, Encumbrances, Mortgage owed and associated payoff costs will be closed and paid in full by the Seller. [P3] 
  5. The Seller and Buyer will set closing to be as soon as possible for all parties, but no later than April 5, 2021 without written addendum to this agreement. If closing is not possible within this time due to issues with Assignment of TOPA rights, vacancy issues, or issues pertaining to proper conveyance of title, closing may be extended for 45 days, at option of Buyer.
  6. [P4] 
  7. Earnest money to be held in escrow by buyer’s closing attorney: Micasa Title
  8.  Earnest money non-refundable to buyer unless title is non-conveyable or seller not available to close within time period of this contract, or Inspection during 14 day Buyer Due Diligence Period does not Pass/Qualify according to Buyers Standards.
  9. Seller to provide buyer with permission to access property solely for purposes such as evaluation of repairs needed and for final inspection. If property is vacant, Seller shall provide Buyer with a key to access property specifically for the reasons above. Key shall be provided on date of Ratification.
  10. Any furniture, fixtures, attachments, and debris located in and around property not removed within day of closing become ownership of buyer.
  11. [P5] 
  12. The Title report and survey, if required, will be ordered promptly and, if not available on the settlement Date, then Settlement may be delayed for up to 14 business days to obtain the title report and survey after which this Contract, at the option of the Buyer, may be terminated and the Deposit will be refunded in full to the Buyer.
  13. TENANT RIGHTS: Seller shall provide to any residential tenant, subtenant, lessee, or any other person entitled to the possession or occupancy or benefits of a rental unit in the property or any group thereof (the “Tenants”), Notice of the intended sale of the property and of Tenants’ Right to purchase as required by applicable law. The obligations of Seller and Buyer to make Settlement thereunder are contingent upon the rights of Tenants to purchase the Property as provided by applicable law. Seller shall immediately notify Buyer in writing of receipt of written intent to purchase by Tenants or acceptance of a contract by Tenants. Upon receipt of such Notice, or if tenants are uncooperative in vacating the property, Buyer may, at Buyers sole discretion, declare this Contract null and void without penalty and the Deposit shall be immediately returned in full to Buyer.
  14. Any Changes to this contract must be made in writing, and mutually agreed upon.
  15. Buyer reserves the right to post property on all websites, including but not limited to, Multiple Listing Services for the purposes of pre-Marketing the property or recording the sale.
  16. Buyer reserves the right to assign/correct the buyer name of this contract to a third party without further consent from the seller. In this case, all other terms of the contract will remain in full force and effect.       

 

 [P1]This protects you as the Seller because once you have agreed on the final price, you and the Buyer will not have to negotiate further on things like the cost of repairs.

 

 [P2]Only question I have is did you have a property valuer look at the property so as to determine the market value of your property? If not then maybe you should consider it to make sure you are getting the best value of the property before you settle.

 

 [P3]This is in order…it is your responsibility to make sure that the Property has no loans, liens or unpaid taxes before it is transferred to the Buyer. In case there are unpaid taxes, or loans secured on the property, you as the Seller should pay them before the sale transaction is completed.

 

 [P4]This means you shall not, after the contract has been signed, make any more requests as about the payment.

 

 [P5]It is your responsibility to check with the relevant authorities and ensure that there are no legal issues attached to the property. This goes back to paying off all undue taxes, loans etc.

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