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Real Estate Purchase & Sale Agreement

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Real Estate Purchase & Sale Agreement Powered By Docstoc
					This is a purchase-sale agreement between a current owner of real estate and a buyer.
This agreement requires a full and adequate legal description of the property to be sold.
In addition, this agreement provides the purchase price, deposit amount,
encumbrances, conditions of fixtures on the property, inspection rights, and closing
date. This agreement can be used by individuals or entities that want to buy or sell an
interest in a specific piece of property.
      REAL ESTATE PURCHASE AND SALE AGREEMENT
This Real Estate Purchase and Sale Agreement (“Agreement”) hereby made on this ____ day of
___, ______ [Instruction: Insert date agreement fully executed by both parties] by and
between _____________________________ [Instruction: Insert Seller name] (“Seller”) and
_______________________ [Instruction: Insert Purchaser name] (“Purchaser”).

A.    Seller shall sell and convey and Purchaser shall purchase the real property, together with
      all buildings and improvements thereon (collectively the “Premises”) municipally known
      as _________________ [Instruction: Insert property street address] and more fully
      described as: [Instruction: Insert legal description of Premises].

      Together with Seller’s ownership and rights, if any, to land lying in the bed of any street
      or highway, opened or proposed, adjoining the Premises to the center line thereof,
      including any right of Seller to any unpaid award by reason of any taking by
      condemnation and/or for any damage to the Premises by reason of change of grade of any
      street or highway. Seller shall deliver at no additional cost to Purchaser, at Closing (as
      hereinafter defined), or thereafter, on demand, any documents that Purchaser may
      reasonably require for the conveyance of such title and assignment and collection of such
      award or damages.

B.    This sale includes all fixtures and articles of personal property now attached or
      appurtenant to the Premises, unless specifically excluded below. Seller represents and
      warrants that at Closing such fixtures and/or articles shall be paid for and owned by
      Seller, free and clear of all liens and encumbrances—except any existing mortgage to
      which this sale may be subject—including, but not limited to, plumbing, heating, lighting
      and cooking fixtures, chandeliers, bathroom and kitchen cabinets and counters, mantels,
      door mirrors, switch plates and door hardware, venetian blinds, window treatments,
      shades, screens, awnings, storm windows, storm doors, window boxes, mail box, TV
      aerials, weather vane, flagpole, pumps, shrubbery, fencing, outdoor statuary, tool shed,
      dishwasher, washing machine, clothes dryer, garbage disposal unit, range, oven, built-in
      microwave oven, refrigerator, freezer, air conditioning equipment and installations, wall
      to wall carpeting, and built-ins not specifically excluded below [Instruction: Strike out
      inapplicable items, if any]. All as presently exist on the date of this Contract in “as
      is” condition as per listing. The sale specifically excludes the following fixtures:
      [Instruction and Comment: Insert any items specifically excluded from sale. If
      nothing, write “NONE” or “N/A.” Sellers should consider whether any items it is
      not leaving are considered fixtures. Examples of items that may be considered
      fixtures include built-in cabinetry and/or shelving, landscaping (particularly shrubs,
      trees and large plants), certain outdoor awnings or fixed gazebos, ponds, statuaries,
      and/or fountains and the mechanisms to operate them, if any, and outdoor sheds]

C.    The total purchase price to be paid by Purchaser is ___________ dollars ($______)
      [Instruction: Insert purchase price] to be payable as follows:

      1.     By non-refundable earnest money deposit of _______________ dollars ($_____)
             [Instruction: Insert deposit amount] by Purchaser’s good check payable to
             escrow (as hereinafter defined), subject to collection, the receipt or which is
             hereby acknowledged, to be held in escrow pursuant to the terms of this Contract
             (the “Down Payment”);

      2.     By allowance for the principal amount unpaid on the existing mortgage on the
             date hereof, payment of which Purchaser shall assume by joinder in the deed, in
             the amount of _____________ dollars ($______) [Instruction: Insert amount of
             existing mortgage to be assumed]. Said mortgage has an interest rate of
             _______ percent (___ %) and monthly payments are _____________ dollars
             ($______) [Instruction: Insert interest rate and monthly payment amounts],
             which include principal, interest, and escrow amounts, if any. Seller hereby
             warrants it has obtained all necessary permissions, if any, to permit Purchaser to
             assume such mortgage. Seller hereby agrees and covenants that it shall continue
             to make any and all necessary and scheduled payments on such mortgage at the
             time they become due from the date of this Agreement until the Closing, and to
             the extent any such payments reduce the principal due under Seller’s mortgage,
             that amount shall be added to the purchase price to be paid by Purchaser. At
             Purchaser’s request, Seller shall provide written proof of any and all such
             payments;

      3.     By a purchase money note from Purchaser to Seller. The purchase money note
             shall be drawn by Seller’s attorney [Comment: Parties should include whether
             or not such note is subordinate to any note held by Seller]; and

      4.     The balance due at Closing is _____________ dollars ($_______). [In
				
DOCUMENT INFO
Description: This is a purchase-sale agreement between a current owner of real estate and a buyer. This agreement requires a full and adequate legal description of the property to be sold. In addition, this agreement provides the purchase price, deposit amount, encumbrances, conditions of fixtures on the property, inspection rights, and closing date. This agreement can be used by individuals or entities that want to buy or sell an interest in a specific piece of property.
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