Model: _______________ Community: _______________ Lot #: _____
AGREEMENT OF SALE
BUYER(S): Name(s): Address:
SELLER: Glencoe L.L.C., Managed by HAMLET HOMES, CORPORATION 470 East 3900 South, Suite 200; Salt Lake City, Utah 84107
This agreement is between you and us for the sale of land and a home. You are the Buyer(s) who sign below. We (“Us” “Our”) are Glencoe L.L.C., managed by
Hamlet Homes, sometimes referred to as Hamlet Homes.
1. PROPERTY TO BE PURCHASED
Subject to the terms of this Agreement, we agree to sell and convey, and you agree to purchase certain land and a home. The land is the lot known as
Lot # _________________________________________________ in Murray City, Salt Lake County, State of Utah. The home will be constructed on the lot by
us. The plans and specifications for the home are our Glencoe Town-home plan ______________________________. You have reviewed and approved the
plans and specifications, including all options available at the time of purchase. The land and home is called the Property. We reserve the right to:
Make changes in plans and specifications due to mechanical installations, building code requirements, and normal architectural design improvements.
Substitute materials similar in pattern, design and quality to those in the plans and specifications.
Determine the location and ground elevation of the home and lot.
Select all exterior colors.
Remove trees, plants and shrubbery from the lot, as we deem necessary. We will not be liable for any damage to remaining trees, plants and shrubbery.
MARKETING AND UPGRADED FRATURES IN AND AROUND THE MODELS, SUCH AS FURNISHINGS, DECORATIONS, AND ADDITIONAL SHRUBBERY,
ARE FOR DISPLAY AND MARKETING PURPOSES ONLY AND ARE NOT A PART OF THIS AGREEMENT.
2. SALES PRICE AND SCHEDULE OF PAYMENTS
The sales price for the property, which includes options listed on Exhibit A attached, is $_____________________.
This sales price may be adjusted only by a separate Rider signed by you and us. The sales price is payable by you to us according to the following schedule:
$_____________ as an earnest money due to us when this Agreement is signed, and to be deposited within 3 business days.
$ _____________ as additional earnest money to be paid on or before _______________________________.
All earnest monies as described above provided directly by Buyer under this Agreement shall be deposited, to Glencoe L.L.C. You agree that the earnest
money may be used by us for construction purposes and other costs related to the Property you are buying. The use of such earnest monies shall be
limited to purchase of the building lot and/or construction of the residence described in the Agreement.
$_____________ as the balance due in cash at Settlement.
3. EVIDENCE OF YOUR ABILITY TO PAY
Within __________ days from the date of this Agreement, you will submit evidence satisfactory to us of your ability to complete payment at settlement. Failure
to do so may result in default of this contract.
The evidence can be in the form of a written commitment from a lender recognized by Hamlet Homes for a first Deed of Trust mortgage loan to be secured by
the property. This evidence is called the mortgage commitment. We will not be liable, because of construction delays or for any other reason, for a lender’s
refusal to give a mortgage commitment or to make a loan or for any changes in loan interest rates.
Construction of the home is estimated to be substantially completed on or about __________ days after date of this Agreement. Substantial completion may
occur before, on or after that date. We will not be liable for any delay in construction and Settlement caused by any reason beyond our control, including, but not
limited to governmental order of action, theft, lack of supply of labor or material, labor trouble, acts of neglect by you, the land developer or others, adverse
weather, or other casualty, disaster or act of God. All construction will be in a workmanlike manner and substantially according to plans and specifications.
I/we acknowledge that our Sales Representative has reviewed with us a full selection of all options that are available at this time. All selectioins made by us are
final at time of construction. Any request to change options may be subject to a $250.00 Change Order charge. Hamlet Homes has the right to deny our
Change Order request.
Settlement is when you pay the balance of the sales price and all Settlement costs and other obligations, and we then convey the property to you by delivery of a
warranty deed, upon substantial completion of construction, which will be on or about _______________________. Settlement will take place at a date and
location to be selected by us. The date will be at least 5 days after notice to you but no later than 10 days. Settlement will proceed on the date scheduled even
if some items are not completed, as long as the home is habitable according to the City Building Department. Items which may not be completed include, but
are not limited to, landscaping, exterior concrete, final grading and sod, and exterior painting.
BUYER’S INITIALS ________________.
We will finish all incomplete exterior work as soon as weather conditions permit. Items requiring correction or repair will be finished as soon as possible after
Settlement. The title to the property will be good and marketable subject to:
Use and occupancy restrictions and reservations.
Publicly recorded easements.
Taxes, charges and other assessments.
All Schedule B items as set forth in the title policy issued upon purchase.
Owners’ Association documents and other similar covenants, agreements, easements, liens, charges and restrictions contained or provided in recorded
instruments. The Title may also be subject to any similar provisions contained in instruments that are recorded in land records before legal title is
transferred under this Agreement.
This Agreement and any Riders.
Model: _______________ Community: _______________ Lot #: _____
6. SETTLEMENT COSTS AND OTHER OBLIGATIONS
You will, at Settlement, pay all Settlement costs and prepaid items. These include, but are not limited to:
* Lender fees, conveyancing, recording fees and attorney’s fees.
* Title examination, title insurance and fees.
* Mortgage insurance and fire and hazard insurance.
* Real estate taxes, and
* Mortgage interest.
Certain taxes and charges against the property that are or may be payable on an annual basis will be apportioned between you and us as of the date of
settlement. These include, but are not limited to: real estate taxes, government ad valorem taxes; Owner’s Association assessments; and charges for other
public or private improvements.
Hamlet Homes will not be responsible to pay any lender related settlement costs charged by the mortgage company. These items are the responsibility of the
If using a lender not recognized by us, Hamlet Homes may charge you carrying costs if settlement is delayed beyond scheduled dates.
You may take possession of the property after Settlement funding. You have no right to enter or occupy the property before settlement. Keys to your home will
not be disbursed until lender funding has occurred.
8. IF YOU DEFAULT
You will be in default if you:
Fail to make payment on or before the dates scheduled in this Agreement, or
Fail to accept good and marketable title at Settlement, or
Fail to complete and deliver to us interior color selections within 10 days from the date of this Agreement,
Fail to comply with any of the terms and conditions of this Agreement, including any Riders.
If your lender withdraws or cancels the loan commitment.
File a voluntary petition in bankruptcy or seek recognition under the Bankruptcy Code.
If you default, we may elect to do one or more of the following:
Cancel this agreement and retain, as liquidated damages all sums paid before the default;
Seek specific performance of this Agreement or any part of it in a Salt Lake City court jurisdiction;
Terminate this Agreement;
Pursue any legal or equitable right to remedy; and
Ask you to sign a mutual release.
All right and remedies are cumulative and not exclusive. In addition, if you default and we elect any remedy other than termination of this Agreement, you agree
to also pay all costs and attorney’s fees we incur in enforcing our rights, with our without a formal lawsuit.
9. IF YOU TERMINATE
If you, without fault, are unable to obtain a mortgage commitment (i.e. you apply and are denied a loan) you may terminate this Agreement by written notice to us
within the time scheduled in section 3. All sums paid by you to us will be returned. We will have no further liability.
10. IF WE TERMINATE
We may terminate this Agreement at any time if any of the following occur:
You default, under paragraph 8.
You do not submit evidence satisfactory to us of your ability to complete payment at Settlement within the time scheduled in section 3.
We determine that your mortgage commitment does not meet the requirements of this Agreement or that it was not obtained within the time scheduled in
section 3 or that it is conditional or non-binding.
We are unable to obtain all necessary public, and private, and government approvals and permits.
We determine that, for reasons beyond our control, the home cannot be completed and made habitable before the time estimated for construction
scheduled in section 4, or within a reasonable time as we determine, or in any event, within 210 days from the date of this Agreement.
We are unable to deliver good and marketable title to the property.
We will notify you if we choose to terminate. If we terminate or default for any reason, all sums paid by you to us will be returned. You will not be entitled to any
further damages beyond the return of the sums paid by you to us. There will be no further liability on the part of either you or us.
11. COMMUNITY DISCLOSURES
You acknowledge that neither we nor your representatives have made any claims or representations in regard to any adjacent or nearby property. This includes
any representations relative to views that may be available from the property. If there are designated open spaces, lakes, golf courses or other recreational
areas within the subdivision of the master plan, we make no representation, including any representations as to views, other than what may be contained in the
applicable recorded covenants, conditions and restrictions.
12. AGENCY DISCLOSURE
This disclosure is intended for use by representatives of Hamlet Homes Corp. in disclosing their Agency relationship with you as Buyer(s).
When you enter into a discussion with a Hamlet representative regarding a real estate transaction, you should from the outset understand whom Hamlet’s
representative is representing in the transaction and how the agency relationship impacts your business relationship with that Hamlet representative.
Duties of Hamlet Representative
The Hamlet sales representative acts as the agent for Hamlet only, and has a fiduciary duty of loyalty to Hamlet. In practical terms, Hamlet has hired the
representative to sell the property, and that representative should attempt to obtain for Hamlet the most favorable sales price and terms. The sales
representative has a duty of loyalty to Hamlet. Although Hamlet’s representative has this fiduciary duty to Hamlet, the representative also, by law, has the duty
to all prospective Buyers; (a) to treat them honestly, with fair dealing, and with good faith; (b) to exercise reasonable care, skills and diligence in performance of
his or her duties; and (c) to disclose all facts known to that representative which materially affect the property that are not known to, or within the diligent
attention and observation of the Buyers.
Model: _______________ Community: _______________ Lot #: _____
Duties of Buyer
The above duties of a Hamlet representative in a real estate transaction do not relieve Buyers from the responsibility to exercise good business judgement in
protecting their own interests. YOU SHOULD CAREFULLY READ ALL AGREEMENTS TO ASSURE THAT THEY ADEQUATELY EXPRESS YOUR
UNDERSTANDING OF THE TRANSACTION. IF LEGAL OR TAX ADVICE IS DESIRED, CONSULT A COMPETENT PROFESSIONAL ATTORNEY OR
I/ we acknowledge this agency disclosure, and understand and agree with the agency relationship disclosed herein.
Buyer’s initials _____________________ date ____________________.
13. HOMEOWNERS ASSOCIATION ACKNOWLEDGEMNET
Upon “Settlement” on this property you automatically become a member of the Glencoe Homeowners Association. You acknowledge your receipt of the
Glencoe Homeowners Association Documents which include the “Articles of Incorporation”, “The By-Laws”, “The Declaration of Covenants, Conditions and
Restrictions”, and “The Budget”. You are requested to read these documents. There is a Sixty-Six Dollar and Twenty-Five Cent ($66.25) monthly fee for the
association and the Budget explains the purpose of these fees. The first month fee along with any pro-rated portion will be collected at the time of settlement,
then the fees are due the first of each month. The check is made out to “Glencoe HOA” and is to be sent to 470 East 3900 South, Suite 200; Salt Lake City,
Buyer’s initials ___________________.
14. ASSIGNMENT AND BINDING EFFECT
Your interest and obligations under this Agreement cannot be assigned by you without our written consent. We may assign our rights and obligations under this
Agreement. This agreement will bind and inure to the benefit of you and us and to your and our permitted successors and assigns. In the event of your death or
incapacity your deposit will be refunded upon delivery of a signed release by your executor or personal representative.
All required notices shall be in writing and sent by certified mail, return receipt requested, postage prepaid, to the addresses shown in this Agreement. Notice is
deemed given five (5) business days after the mailing.
The headings in the Agreement are for convenience only and do not affect the meanings or interpretations of the terms and conditions.
The riders signed by both you and us are a part of this Agreement.
18. ENTIRE AGREEMENT
THIS IS THE COMPLETE AGREEMENT BETWEEN YOU AND US. THERE ARE NO ORAL AND OTHER WRITTEN AGREEMENTS OR
REPRESENTATIONS DIRECTLY OR INDIRECTLY CONNECTED WITH THIS AGREEMENT.
19. MODIFICATIONS AND WAIVER
This agreement may be changed, modified or amended only by a written instrument signed by both you and us. No requirements, obligations, remedy or
provisions of this Agreement (including the right to delay construction or terminate this Agreement) should be deemed waived unless expressly waived in writing.
The start of any activity by us in connection with the property is not to be deemed a waiver of any of our rights under this Agreement.
20. SCHEDULE DATES
Time of schedule dates is of the essence of this Agreement.
THIS IS A LEGALLY BINDING CONTRACT. PLEASE MAKE SURE THAT ALL PROVISIONS ARE READ AND UNDERSTOOD BEFORE SIGNING. LEGAL
OR OTHER COMPETENT ADVICE SHOULD BE SOUGHT IF ANY PART IS NOT UNDERSTOOD.
In witness whereof, the parties, intending to be legally bound, have executed this Agreement as of __________________, 20____ which is the date of
Approved and Accepted: Glencoe L.L.C., by its manager, Hamlet Homes Corporation