Real Estate Purchase and Sale Agreement
NOTICE: This is a legal and binding Agreement for the purchase and sale of property. It is appropriate for most, BUT NOT ALL such transactions. If this form does not appear to either Buyer or Seller to be appropriate for a particular transaction, you are urged to discuss the purchase or sale with an attorney BEFORE YOU SIGN. Most, but not all, provisions of this Agreement are subject to negotiation prior to execution.
1. THIS Agreement to buy and sell real property is made between:
SELLER: __________________________________________________________
___________________________________________________________________
BUYER: ___________________________________________________________
Company Name: __________________________________________________
Seller agrees to sell and Buyer agrees to buy for the purchase price and upon the terms and conditions stated herein the real property with all buildings and other improvements thereon and all appurtenances thereto, in the same condition as they were on the date of Buyer’s signature, reasonable wear and tear excepted.
2. REAL PROPERTY TO BE PURCHASED:
a) Street Address: _____________________________________________________
b) Described as:
APN: _____________________________________ Legal Description: __________________________________________
3. INCLUDED IN SALE PRICE: The Real Property shall include all items permanently attached to the property on the date Buyer signed this Agreement and: all electrical, mechanical, lighting, plumbing and heating/cooling fixtures, screens, storm windows, TV antenna, ceiling fans, awnings, security, fire and smoke alarms, garage door openers with controls, venetian blinds, curtain/drapery rods, wall to wall carpet, built-in appliances, pool/spa equipment, solar panels, mailbox, in ground landscaping, and shrubbery and plants. Unless mentioned below, all personal property is excluded.
ADDITIONAL PERSONAL PROPERTY, if any, to be included: ___________________________________________
There is no leased personal property except:_________________________________________________________
4. PURCHASE PRICE $____________________________, payable as follows:
a) Initial Money Deposit to be submitted within 3 business days of signing the agreement...............................$__________________________
b) By payment of Utility Lien in the amount of.........................................................................................................$__________________________
c) By Seller Financing secured by a Memorandum of Seller Interest and Promissory Note in the amount of....$__________________________
Cash to Seller at closing in the amount of................................................................................................................$__________________________
TOTAL PRICE TO BE PAID (Must equal “Purchase Price”).....................................................................................$__________________________
.
DEPOSITS:
The Deposit(s) specified above shall be made at the stated times. All Deposits shall be made to Corporatelee, LLC, the attorney/title or escrow company conducting the closing. Corporatelee, LLC shall not release the Deposit to any party without the written consent of all parties to this Agreement, except at the time of closing, when the Deposit shall be delivered to Seller or Seller’s designee. If Buyer fails to make any required Deposit, Seller may provide written notice to Buyer. If Buyer does not remit payment within 3 (three) days of such notice, Seller may be entitled to remedies for default.
Page | 1 (PSA) Seller ______ Buyer ______
5. CONDITION OF PREMISES: Buyer represents that Buyer has examined the property and is satisfied with the physical condition subject to the Inspection Contingency if applicable. Neither Seller nor any representative of the Seller or Buyer has made any representation or promise other than those expressly stated herein which Buyer has replied upon in making this Agreement.
6. INSPECTION AND APPRAISAL CONTINGENCY:
a) Buyer shall complete inspections and an appraisal and notify Seller of any concerns no later than 15 days from the date of contract signing
b) During this period, the Buyer or their representatives shall have access to the property for inspections and appraisal. If the Buyer is dissatisfied with the property’s condition or appraised value, they may terminate the Agreement by notifying the Seller in writing before the 15-day period expires. Alternatively, the Agreement may be extended for 20 days (resolution period) to address any issues and reach a mutual resolution. The Buyer may request the Seller to resolve any identified issues. If the Seller agrees, both parties may proceed under mutually acceptable terms. If unresolved or the Seller declines corrective action, the Agreement will be terminated, and any deposit refunded. If the Buyer fails to notify the Seller within the specified period, this contingency is deemed satisfied, and the Agreement remains in full force.
7. STATEMENT RE: LEAD BASED PAINT: The parties acknowledge that dwelling units constructed prior to 1978 are likely to contain lead-based paint which could create a health hazard. In the event that the real property which is the subject of this Agreement consists of or contains a residential unit built prior to 1978, the parties agree that each party has received, reviewed, signed and annexed hereto a completed Disclosure and acknowledgment Form re: Lead-Based Paint as required by federal HUD/EPA disclosure regulations.
8. OCCUPANCY, POSSESSION: CLOSING DATE: ______________________________ or before the end of the resolution period. Unless otherwise stated, Buyer shall receive exclusive possession and occupancy, along with keys, on the Closing Date. The Real Property shall be maintained by the Seller until Closing and transferred in broom-clean condition, free of debris. Buyer is entitled to a walk-through inspection of the Property within 48 hours prior to the Closing Date.
9. MARKETABLE TITLE: Seller hereby acknowledges that there are no additional liens, either from a financial institution or any contractor or vendor liens on the property. Seller further agrees to execute such documents as may be reasonably required by Buyer’s title insurance company or by Buyer’s mortgage lender.
10. ADJUSTMENTS/PRORATIONS: Unless otherwise expressly agreed upon, all fees shall be adjusted pro rata as of the Closing Date in accordance with what is normal and customary in the state where the property resides, including but not limited to, if applicable, real property taxes and assessments, interest, escrow fees, transfer tax fees, Association fees, water and sewer usage utilities, rent, Rent security deposits, if any, shall be credited to Buyer by Seller on the Closing Date and shall include any interest accrued to the tenant.
11. BUYER’S DEFAULT: If Buyer fails to comply with any Terms of this Agreement by the time set forth for compliance and Seller is not in default, Seller shall be entitled to all initial and additional deposit funds provided for in section 4, whether or not Buyer has paid the same, as liquidated damages and both parties shall be relieved of further liability under this Agreement. If legal action is brought to enforce any provision of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees.
12. RISK OF LOSS, DAMAGE: All risk of loss or damage to said property by any means shall be assumed by the Seller until delivery of the Deed, provided the Buyer did not cause the loss or damage. In the event the loss or damage exceeds $5,000.00, Buyer shall have the option to receive any insurance payment on account of said damage and take Title, or rescind this Agreement and receive back all Deposit money paid. If the Buyer rescinds the Agreement, all rights and obligations of the parties under this Agreement shall terminate.
13. COMMON INTEREST COMMUNITY: If the property is a unit in a condominium or other common interest community, Seller will deliver the resale documents in accordance with the local statutes and customs.
14. LISTING AGENT NAME: ____________________________________________________
15. LISTING AGENT COMPANY & LICENCE: _____________________________________
Page | 2 (PSA) Seller ______ Buyer ______
15. MANDATORY SELLER DISCLOSURES: Seller shall deliver to Buyer, within the time specified by statute (or if not specified, within 7 days of acceptance of the offer) all Seller disclosures as required by law in the state where the property resides. If Seller fails to deliver such disclosures in the time specified above, Buyer reserves the right to all remedies available to Buyer under applicable law.
16. EQUAL HOUSING RIGHTS: This Agreement is Subject to all local statutory laws prohibiting discrimination in commercial and residential real estate transactions.
17. ADDENDUMS AND ADVISORIES: The following attached Addenda and/or Advisories are part of this Agreement:
Addenda 1: ____Seller Financing Terms____
18. ADDITIONAL TERMS AND CONDITIONS: ______________________________________:
19. EMAIL OR FAX TRANSMISSION: The parties acknowledge that this Agreement and any addenda or modification and/or any notices due hereunder may be transmitted between them by facsimile machine, e-FAX, or via email and the parties intend that an emailed or faxed document containing either the original and/or copies of the parties’ signatures shall be binding and of full effect.
20. COMPLETE AGREEMENT: This Agreement contains the entire agreement between Buyer and Seller concerning this transaction and supersedes any and all previous written or oral agreements concerning the Property. Any extensions or modifications of this Agreement shall be in writing signed by the parties.
21. NOTICE: Any notice required or permitted under the Terms of this Agreement by Buyer or Seller shall be in writing addressed to the Party concerned using the address stated in Paragraph 1 of this Agreement or to such party’s attorney or to the party’s Listing Broker or Cooperating Broker designated in paragraph 14.
22. DISCLOSURES AND CONTRACT PROVISIONS: Seller acknowledges that the buyer has the right to market the property in any way before closing. Seller understands upon signing this agreement that buyer will possess a contractual interest in the property. Buyer acknowledges and accepts the property in “AS-IS” condition and accepts all liens on the property.
23. COUNTERPARTS: This Agreement may be signed in Counterparts. When each counterpart is put together, it shall be considered one document.
24. LICENSE ACKNOWLEDGEMENT: (N/A ) Buyer is a licensed realtor in the state of __________
( ) Seller is a licensed Realtor in the state of:____________
25. BUYER AND SELLER acknowledge that they have the power and ability to enter into this Agreement, have read and understand this Agreement, and voluntarily accept the duties and obligations set forth herein. Buyer shall deliver a copy of this Agreement to the Seller within (1) one days.
26. TIME TO ACCEPT: Seller shall have until ________________________________________ to accept this Agreement.
27. SIGNATURES:
x__________________________________________-------------------x_____________________________________
Buyer’s Signature-----------------------Date-----------------------------------Buyer’s Signature----------------------- Date
x__________________________________________-------------------x_____________________________________
Seller’s Signature-----------------------Date-----------------------------------Seller’s Signature------------------------Date
Page | 3 (PSA) Seller ______ Buyer ______
Addendum to Purchase Agreement
Seller Financing Terms
This Addendum (“Addendum”) is entered into as part of the Purchase Agreement dated _________________________________ (the “Agreement”) between
____________________________________________________________________________________(“Buyer”), and ____________________________________________________________________ (“Seller”) regarding the property located at _________________________________________________________ (the “Property”).
1. Seller Financing Terms: The parties agree to the following financing terms:
1.1. Purchase Price: The total purchase price for the Property is $____________________________
1.2. Down Payment: Buyer will pay Seller a down payment of $_______________________________ at closing.
1.3. Installment Terms: The remaining balance of $__________ will be financed by the Seller to the Buyer under the following terms:
Principal Amount: $_________________________________________
Repayment Term: __________________________ years with equal monthly payments of $_______________________________________
First Payment Due: _________________________________________
Final Payment Due: _______________________________(or sooner if prepaid).
Final Payment Balloon: $__________________________________
Prepayment Option: Buyer may prepay any portion of the financing at any time without penalty.
2. Seller Acknowledgments
2.1. Full Title Transfer: Upon closing, the title to the Property will be transferred to Buyer free of liens, claims, or encumbrances.
2.2. Documents Provided to Seller at Closing: Seller will receive the following items to document and protect their interest in the transaction:
1. Settlement Statement: A detailed breakdown of the purchase price and payment schedule.
2. Promissory Note: Outlining the terms of the seller financing arrangement.
3. Memorandum of Seller Interest: A record of the Seller’s interest in the transaction.
4. Payment Servicing Disclosure Statement: Details on how payments will be serviced and delivered.
5. Proof of Insurance (Copy): Ensuring the Property is properly insured for the duration of the financing term.
6. Acknowledgment of Receipt: Copies of all agreements and disclosures signed and acknowledged at closing.
2.3. Payment Servicing Details: All payments under the Promissory Note will be managed through Corporatelee, LLC, or a designated servicing company selected by the buyer. Sellers will receive regular statements detailing payment activity for their records.
2.4. Tax Reporting Responsibility: Seller acknowledges that they are responsible for reporting income received under this agreement to the appropriate tax authorities. Buyer will issue Form 1099-INT annually for interest payments made under the Promissory Note.
Page | 1 (Addendum) Seller ______ Buyer ______
2.5. Defaults and Remedies. It is expressly agreed by Borrower that time is of the essence hereof. In the event of: any default in the payment of any principal, interest or other sums when due hereunder that is not cured within fifteen (15) days of receiving notice (email is considered notice), cure or grace period provided therein, if any, the entire amount of principal, fees and interest then remaining unpaid hereunder or thereunder, at the option of Lender and without notice, shall become immediately due and payable. Any other default by Borrower must be cured within ten (10) days after receipt of notice (email is considered notice).
Failure to exercise any such option shall not constitute a waiver of the right to exercise the same at a later time or in the event of any subsequent default. If any Default is not cured within the allotted time, and legal procedures are instituted, Borrower will be charged for legal fees and penalties.
2.6. Insurance Disclosure: Buyer agrees to maintain adequate property insurance throughout the term of the Promissory Note, listing Seller as an additional insured party on the policy. A copy of the insurance certificate will be provided to Seller at closing and upon renewal of the policy.
2.7. No Realtor or Broker Representation (if applicable): Seller acknowledges that if they are represented by a realtor or broker in this transaction, they have independently reviewed and agreed to these terms.
2.8. Independent Advice Encouraged: The parties acknowledge that they have had the opportunity to have all documents reviewed by legal counsel and have been given adequate time to do so. If any party chose not to consult with an attorney before signing this agreement, they acknowledge that they are still bound by its terms and conditions.
3. Dispute Resolution
3.1. Default Notification: In the event of a default by Buyer, Seller agrees to provide written notice and a [30]-day cure before pursuing any remedies under the Promissory Note.
3.2. Dispute Resolution: The parties agree that any dispute or controversy arising from or related to this agreement, including any alleged breach, shall first be subject to mediation before any court action is initiated.
4. General Provisions
4.1. Entire Agreement: This Addendum, together with the Purchase Agreement, constitutes the entire understanding between the parties regarding seller financing for the Property. I understand that this financing structure uses a promissory note and a memorandum of seller interest, rather than a deed of trust or mortgage. This approach provides flexibility for the Buyer to secure additional financing, if needed, to improve or enhance the property, ultimately increasing its value. I also acknowledge that I have had the opportunity to consult with independent legal counsel before agreeing to these terms.
4.2. Governing Law: This Addendum shall be governed by and construed in accordance with the laws of the State of ___________________
4.3. Amendments: This addendum, or any other document relating to this transaction, may only be modified in writing and must be signed by both parties.
5. SIGNATURES:
x__________________________________________-------------------x_____________________________________
Buyer’s Signature-----------------------Date-----------------------------------Buyer’s Signature----------------------- Date
x__________________________________________-------------------x_____________________________________
Seller’s Signature-----------------------Date-----------------------------------Seller’s Signature------------------------Date
Page | 2 (Addendum) Seller ______ Buyer ______
Assignment of Contract
This Assignment of Contract (the "Assignment") is entered into on , by and between:
Assignor: Name: / Company:
Assignee: Name: Dylan Coon Company / Home Merrit, LLC
Original Agreement: Assignor is a party to a Real Estate Purchase and Sale Agreement dated , including all attached addenda, including but not limited to the Seller Financing Terms Addendum (the "Agreement"), for the purchase of the property located at:
Property Address: , , , /Legal Description:
Purchase Price: $
Assignment Fee: Assignee agrees to pay Assignor an assignment fee of $, which shall be due and payable at closing.
Conditions of Assignment: Assignor assigns all rights, title, and interest in the Agreement to Assignee, subject to the following conditions. Assignee assumes all obligations and responsibilities outlined in the Agreement. Assignee acknowledges that this Assignment is subject to the terms and conditions of the Agreement.
Closing Date: Assignee agrees to close the transaction per the Agreement’s terms on or before
Inspection Contingency: Assignee agrees to assume any inspection contingency rights as defined in the Agreement.
Representations: Assignor makes no representations or warranties, express or implied, regarding the property or the Agreement except as specifically provided therein. Assignee acknowledges that they have reviewed the Agreement and accept the property in its "AS-IS" condition.
Governing Law & Entire Agreement: This Assignment shall be governed by and construed in accordance with the laws of the State of . This Assignment shall be governed by and construed in accordance with the laws of the State of . This document constitutes the entire agreement between the parties regarding the assignment of the Agreement. Any modifications must be in writing and signed by both parties.
SIGNATURES:
x__________________________________________
Assignor: ----------------------Date
/
x__________________________________________
Assignee:----------------------Date
Dylan Coon / Home Merrit, LLC
Page | 1 (Assignment)
Home Merrit Purchase Agreement
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