"For Sale by Owner Contracts"
PURCHASE AND SALE CONTRACT Page 1 of 5 THIS AGREEMENT OF SALE, made this 2nd day of June, 2007 by and between THE ESTATE OF NELSON BOWMAN, SELLER and ___________________________________________________BUYER. Witness that the said Seller does hereby bargain and sell unto the said Buyer and the latter does hereby purchase from the former at Public Auction, in accordance with the terms and conditions as set out in this agreement, the property, in fee simple, which deed reference is recorded among the land records of Harford County in Liber 709, Folio 360 and further described as Lots #2 and #3 on a plat entitled “Section A Webster Village” and recorded among the land records of Harford County in Liber 4, folio 39. 1 - THE PROPERTY: Being all that Lot or Parcel of land containing 0.91 acres more or less, in fee simple, with improvements known as 4131 Webster Road, Havre de Grace, Harford County, MD 21078 2 - SALE PRICE: THIS SALE IS CONSUMMATED at and for the price of ___________________________________________________________ and 00/100 DOLLARS ($_______________________). 3 - CONTRACT DEPOSIT: TEN THOUSAND and 00/100 DOLLARS ($10,000.00) have been paid prior to the signing hereof. The balance of the purchase price to be paid at Settlement in cash or guaranteed funds. It is understood, acknowledged and agreed that the Contract Deposit paid hereunder shall be credited to the purchase price and buyer’s costs at Settlement. 4 - INCLUDED IN THE PURCHASE: all appliances in “as is” condition, without guaranty or warranty; all existing window treatments; shelving and workbenches in basement; any and all items of personal property remaining in the garage and basement as of the date of settlement, at the Seller’s sole option. 5 - EXCLUDED FROM THE PURCHASE: all items of personal property 6 - SETTLEMENT: Settlement shall take place on or before August 3, 2007 7 – POSSESSION and OCCUPANCY AGREEMENT: Seller agrees to give possession and occupancy at time of Settlement with the property left in substantially the same condition as of the date of signing, broom clean and free of trash and debris except as contained herein. The Buyer shall have the right, within 24 hours prior to settlement, to inspect the property. 8 - PROPERTY CONDITION: The property is purchased "AS IS" and there are no guarantees or warranties expressed or implied as to the condition of the improvements, fixtures, utilities service, and/or metropolitan services, where applicable, included in the purchase. O’NEILLS AUCTION COMPANY PURCHASE AND SALE CONTRACT Page 2 of 5 CONTRACT DATE: June 2, 2007 BUYERS: _____________________________________________ SELLER: The Estate of Nelson Bowman PROPERTY: 4131 Webster Road, Havre de Grace, MD 21078 9 – BUYER ACKNOWLEDGES NOTICE THAT THE PROPERTY IS SERVED BY AN ON-SITE WELL AND SEPTIC SYSTEM WHICH ARE SOLD IN “AS IS” CONDITION. Buyer further acknowledges notice that the well water test results indicate coliform bacteria in the well water. This Contract is expressly contingent upon the Seller, at its expense prior to settlement, either (a) treating and/or otherwise repairing the existing well on the Property to satisfy all applicable local and State laws and regulations or (b) installing a new well on the Property that satisfies all applicable local and State laws and regulations. If Seller is unable to supply by settlement such a well on the Property by settlement, the settlement date shall be automatically extended for sixty (60) days to allow Seller to supply such a well. If the Seller is unable, after reasonable efforts, to supply such a well by the extended settlement date, the Buyer’s deposit hereunder shall be promptly refunded to the Buyer, this Contract shall be and become null and void, and the parties shall have no further obligation or liability one to the other. 10 - LEAD BASED PAINT HAZARD DISCLOSURE: Buyer is hereby notified that the property was built prior to 1978 and may contain lead-based paint. Addendum # 1 is attached hereto and made a part hereof, incorporated herein by reference, which addendum contains the Lead Based Paint disclosure information. Buyer understands, acknowledges and agrees that the lead-based paint inspection is hereby waived. 11 - DEFAULT: Time being of the essence, any default in final settlement shall cause the forfeiture of the within Contract Deposit to the Seller. In addition to the forfeiture of the Contract Deposit, if the Buyer defaults under this Contract, the Seller shall have the option of suing for specific performance of this Contract or of terminating the Contract and reselling the Property, and, in such event, shall be entitled to recover from Buyer a sum of money equal to the difference between the Sales Price herein and the price obtained on resale, if the resale price is lower than the Contract Price, plus all costs, fees, and expenses of resale, whether resale be by public auction or private sale, including but not limited to advertisement, auctioneer’s fees, sales commissions, costs of readying the property for sale. The failure of either party to comply with the terms of this Contract will obligate the breaching party to pay all expenses, including a reasonable attorney’s fee, incurred by the other party in enforcing its rights under the Contract as a result of that failure. 12 - INSPECTIONS NOTIFICATION: Both Buyer and Seller agree that any inspections that have been performed prior to this date are merely for the purpose of information regarding the condition of the dwelling; and there are no warranties or guarantees, expressed or implied, with regard to the inspections or the condition of the dwelling. The Buyer is hereby notified that additional inspections, as a requirement of the Buyer's lender or for any other purpose, will be the responsibility of the Buyer, at the O’NEILLS AUCTION COMPANY PURCHASE AND SALE CONTRACT Page 3 of 5 CONTRACT DATE: June 2, 2007 BUYERS: _____________________________________________________ SELLER: The Estate of Nelson Bowman PROPERTY: 4131 Webster Road, Havre de Grace, MD 21078 Buyer's risk and expense. Buyer acknowledges receipt of the following inspection reports: A) Wood Destroying Insect Inspection Report from Fidelity Exterminating Specialists, Inc., dated April 20, 2007. B) Well Water Inspection Reports from Water Testing Laboratories, dated April 23, 2007 and May 17, 2007 C) Septic System Inspection Report from Hall’s Septic Services, Inc., dated April 20, 2007. 13 - ADJUSTMENTS and DOCUMENTARY STAMPS AND TRANSFER TAXES: Real Estate Taxes, Public Charges and Assessments, Utilities’ service charges, if any, to be adjusted for the current year, to the date of Settlement and assumed thereafter by the Buyer. The cost of all documentary stamps and transfer taxes, if any, to be paid by the Buyer. All other costs incidental to Settlement to be paid by the Buyer with the exception of the auctioneer's commission and expenses of sale as contained herein. 14 - INSURANCE: The Insurance policies on the property shall be endorsed so as to protect all parties as their interests may appear, and shall continue, in force, during the life of the Contract. 15 - TITLE: Upon receipt of the balance of the unpaid purchase money, the Seller agrees to execute, at the Buyer's expense, a deed which shall convey the property by a good and merchantable title to the Buyer, free of liens and encumbrances, except as specified herein, but subject, however, to all applicable restrictions, laws, ordinances, regulations, charges, taxes, and assessments, if any. In the event that Seller is unable to give good and merchantable title, Seller, at Seller's expense shall have the option of curing any defect as to enable Seller to give good and merchantable title. In the event Seller elects to cure any defects in title, this Contract shall continue to remain in full force and effect and the date of settlement shall be extended for a period not to exceed sixty (60) additional days. In the event Seller is unable to cure such title defects within a sixty (60) day period, Buyer shall have the option of taking such title as Seller can give, or being reimbursed in full, without interest, all monies paid by buyer to Seller. In the latter event, there shall be no further liability or obligation on either of the parties hereto and this Contract shall become null and void and of no further effect and all deposits paid hereunder shall be returned immediately to Buyer. O’NEILLS AUCTION COMPANY PURCHASE AND SALE CONTRACT Page 4 of 5 CONTRACT DATE: June 2, 2007 BUYERS: SELLERS: The Estate of Nelson Bowman PROPERTY: 4131 Webster Road, Havre de Grace, MD 21078 16 - HAZARDOUS MATERIAL: It is understood and agreed that the Seller has no knowledge of any Hazardous Material at, upon, under or within the premises, or to the best of its knowledge, within any contiguous real estate. 17 - AGENCY: The Seller and Buyer recognize O'NEILLS AUCTION COMPANY as the Seller’s agent negotiating this Contract and the Seller agrees to pay said Auctioneer a fee for services in the amount as set forth in a statement of Auctioneer's Fees and Commissions which has been provided to the Seller by the Auctioneer. The Seller further authorizes party making settlement to deduct the fee from the proceeds of sale and pay same to the Auctioneer at time of Settlement. 18 - DISPOSITION OF DEPOSIT: Buyer and Seller acknowledge notice that the deposit monies submitted herewith shall be held in a non-interest bearing escrow account by O'NEILLS AUCTION COMPANY pending settlement. 19 - HOMEOWNER'S ASSOCIATION: Notice is hereby given that there is no mandatory homeowner's association to which the property is subject. 20 - GENDER: It is understood and agreed that with respect to the herein contract of sale that the use of the singular shall include the plural and the masculine gender shall include the feminine where applicable. 21 - MERGER: This Contract shall merge with the Deed transferring the Property and all terms and obligations set forth in this Contract shall be extinguished at settlement. 22 - ENTIRE AGREEMENT: This contract contains the final and entire agreement between the parties hereto, and is binding upon them, their heirs, personal representatives, assigns and successors for the faithful performance hereof. 23 - NOTICE: Buyer and Seller acknowledge notice that this is a legally binding agreement and competent advice should be obtained if this is not understood. Although information provided is believed to be correct, there is no representation or warranty given by the Seller or Auctioneer as to the development potential of the property. O’NEILLS AUCTION COMPANY PURCHASE AND SALE CONTRACT Page 5 of 5 CONTRACT DATE: June 2, 2007 BUYERS: SELLERS: The Estate of Nelson Bowman PROPERTY: 4131 Webster Road, Havre de Grace, MD 21078 NOW WITNESS, in duplicate, the hands and seals of the parties hereto, the day and year first written above. WITNESS ____________________________ (seal) Buyer ____________________________ (seal) Buyer ____________________________ (seal) Seller – The Estate of Nelson Bowman By Lenora Monteith, PR BUYER'S MAILING ADDRESS, PHONE, FAX, EMAIL O'NEILLS AUCTION COMPANY 19 NEWPORT DRIVE * P. O. BOX 394 * FOREST HILL, MARYLAND 21050 410-838-6980 * FAX - 410-836-0772 * www.oneillauctions.comADDENDUM TO RESIDENTIAL CONTRACT OF SALE LEAD BASED PAINT DISCLOSURE FORM ADDENDUM NUMBER: One (1) CONTRACT DATE: June 2, 2007 BUYERS: _______________________________________________________ SELLER(S): The Estate of Nelson Bowman PROPERTY: 4131 Webster Road, Havre de Grace, MD 21078 Notice to Buyer regarding Lead-Based Paint and Lead-Based Paint Hazards Every Purchaser of any interest in residential Real Property on which a residential dwelling was built prior to 1978 is notified that such Property may present exposure to Lead from Lead-Based Paint that may place young Children at risk of developing Lead poisoning. Lead poisoning in young Children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems and impaired memory. Lead poisoning also poses a particular risk to pregnant Women. The Seller of any interest in residential Real Property is required to provide the Buyer with any information on Lead-Based Paint Hazards from risk assessments or inspections in the Seller(s) possession and fully notify the Buyer of any Lead-Based Paint Hazards. A risk assessment or inspection for possible Lead-Based Paint Hazards is recommended prior to purchase. SELLER'S DISCLOSURE (A) Presence of Lead-Based Paint and/or Lead-Based Hazards (initial one selection): Known Lead-Based Paint and/or Lead-Based Hazards are present in the housing (explain) X Seller has no knowledge of Lead-Based Paint and/or Lead-Based Hazards that are present in the housing (explain): (B) Records and reports available to Buyer (check one below): X The Seller has no reports or records pertaining to Lead-Based Paint and/or Lead-Based Paint Hazards in the house The Seller has provided the Purchaser with all available records and reports pertaining to Lead-Based Paint and/or Lead-Based Paint Hazards in the house (list documents): (C) Purchaser's acknowledgment (initial all that apply): Purchaser has received copies of all reports and records listed above X Purchaser has received the pamphlet "Protect your family from Lead in your home." Lead-Based paint contingency addendum is attached: or X Purchaser waives opportunity to conduct a Lead-Based Paint inspection Agent's acknowledgment (Listing Agent to initial): ACO’N Agent has informed the Seller of the Seller's obligations under 42 U.S.C. 4852 d and is aware of his/her responsibility to ensure compliance. NOTICE TO PARTIES: In the event the Property is currently owner-occupied and the Buyer intends to convert is to rental use, or if the Buyer intends to occupy the Property but converts it to rental use in the future, Buyer is advised that Buyer must register the Property with the Maryland Department of the Environment within thirty (30) days following the conversion and will be subject to all the requirements of the law at the time of conversion. If the Property currently being sold is a rental Property, an additional Addendum and Seller disclosure regarding Maryland Lead-Based Paint legislation must be included as part of the Contract. Certification of Accuracy: The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate. (seal) (seal) __________ Agent Date Seller – The Estate of Nelson Bowman By Lenora Monteith, PR (seal) (seal) __________ Buyer Date Buyer Date MARYLAND RESIDENTIAL PROPERTY DISCLOSURE AND DISCLAIMER STATEMENT ADDENDUM NUMBER: Two (2) page 1 CONTRACT DATE: June 2, 2007 BUYERS: ____________________________________________________________________ SELLER(S): The Estate of Nelson Bowman PROPERTY: 4131 Webster Road, Havre de Grace, Maryland 21078 NOTICE TO SELLER AND PURCHASER Section 10-702 of the Real Property Article, Annotated Code of Maryland, requires the owner of certain residential real properties to furnish to the purchaser either (a) a RESIDENTIAL PROPERTY DISCLAIMER STATEMENT stating that the owner is selling the property "as is" and makes no representations or warranties as to the condition of the property or any improvements on the property, except as otherwise provided in the contract of sale, or (b) a RESIDENTIAL PROPERTY DISCLOSURE STATEMENT disclosing defects or other information about the condition of the real property actually known by the owner. Certain transferred residential property are excluded from this requirement (see the exemptions listed below). 10-702. EXEMPTIONS - The following are specifically excluded from the provisions of Sections 10-702: 1. The initial sale of single family residential real property: A. that has never been occupied, or B. for which a certificate of occupancy has been issued within 1 year before the seller and buyer enter into a contract of sale 2. A transfer that is exempt from the transfer tax under 13-207 of the Tax-Property Article, except land installment contracts of sale under 13-207(11) of the Tax-Property Article and options to purchase real property under 13-207 (12) of the Tax-Property Article. 3. A sale by a lender, or an affiliate or subsidiary of a lender, that acquired the real property by foreclosure or deed in lieu of foreclosure 4. A sheriff's sale, tax sale, or sale by foreclosure, partition, or by court appointed trustee 5. A transfer by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; or 6. A transfer of single family Residential Real Property to be converted by the buyer into use other than residential use or to be demolished 7. A sale of unimproved real property MARYLAND RESIDENTIAL PROPERTY DISCLOSURE AND DISCLAIMER STATEMENT ADDENDUM NUMBER: Two (2) page 2 CONTRACT DATE: June 2, 2007 BUYERS: ____________________________________________________________________ SELLER(S): The Estate of Nelson Bowman PROPERTY: 4131 Webster Road, Havre de Grace, Maryland 21078 MARYLAND RESIDENTIAL PROPERTY DISCLAIMER STATEMENT NOTICE TO OWNER(S): Sign this statement only if you elect to sell the property without representation and warranties as to the condition, except as otherwise provided in the contract of sale; otherwise, complete and sign the RESIDENTIAL PROPERTY DISCLOSURE STATEMENT. The undersigned owner(s) of the real property described above make no representations or warranties as the condition of the real property or any improvements thereon, and the purchaser will be receiving the real property "as is", with all defects which now exist, except as otherwise provided in the real estate contract of sale. The owner(s) acknowledge having carefully examined the statement and further acknowledge that they have been informed of their rights and obligations under Section 10-702 of the Maryland Real Property Article. Date The Estate of Nelson Bowman, Seller By Lenora Monteith, PR The purchaser(s) acknowledge receipt of a copy of this disclaimer statement and further acknowledge that they have been informed of their rights and obligations under Section 10-702 of the Maryland Real Property Article. Date Buyer Date Buyer