REAL ESTATE PURCHASE AND SALE AGREEMENT THIS AGREEMENT made by and between Fredrick D. Ringel and Gloria J. Ringel, husband and wife, of P. O. Box 742, Cascade, Idaho 83611 hereinafter called "Sellers", and ___________________________________________________________ _________________________________, whose address is __________________
_________________________________, hereinafter called "Buyer".
W I T N E S S E T H: That the Sellers, for and in consideration of the covenants and agreements on the part of the Buyer herein contained, agree to sell, assign and transfer unto Buyer, and Buyer agrees to purchase from the Sellers, the following described real property, to-wit: Lot # _____, Hidden Trails Estates Subdivision, being a portion of Section 16, Township 12 North, Range 4 East, Boise Meridian, Valley County, Idaho, according to the official plat thereof on file and of record in the office of the Valley County Recorder, Valley County, Idaho under instrument #323964. EARNEST MONEY: Buyer has paid to Sellers the sum of
_________________________________________Dollars ($0000.00) as earnest money at the time of the execution of this agreement. In the event the closing of this transaction occurs as scheduled, said earnest money shall be paid to Sellers as a part of the purchase price. In the event the closing does not occur through no fault of the Buyer, the earnest money shall be returned to Buyer no later than thirty (30) days from the last scheduled closing date. In the event closing does not occur as a result of Buyer's election not to close the transaction for any reason during the Buyer’s inspection period, One Thousand Dollars ($1,000.00) of said earnest money shall be deemed non-refundable and shall be retained by Sellers, and the balance shall be refunded to Buyers.
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PURCHASE PRICE: It is understood and agreed that the total purchase price is the sum of _______________________________________________ & No/100 Dollars ($ _________________ ) lawful money of the United States of America, to be paid in cash in full, including the above-stated earnest money, at the time of closing.
CLOSING:
The parties hereby designate Amerititle, of P. O. Box 798,
Cascade, Idaho 83611 as the closing agent for this transaction. Said closing agent shall collect the purchase price from Buyer, pay any existing encumbrances against the property, prorate the taxes, disburse net proceeds to Sellers, and perform all other tasks associated with closing as it may be instructed by the parties. Upon payment in full of the purchase price said closing agent shall issue a title insurance policy for the benefit of the Buyer in the amount of the total purchase price, free of all liens and encumbrances except current taxes and assessments, restrictive covenants, building and use restrictions, building and zoning regulations and ordinances of any governmental unit, standard title policy exceptions, and easements of record or appearing on the land as set forth and contained therein. Buyer shall have ten (10) days from the receipt of a preliminary title insurance policy within which to have the same examined. If there are objections, Sellers shall have a reasonable time, according to the nature thereof, within which to correct the same, provided that said objections shall be made in writing and shall specify in what particulars and by what legal authority said title is not marketable. If no objections are made within ten (10) days, then Buyer shall be presumed to have accepted title as merchantable. Closing shall occur no later than ____________ (______) days from the date hereof, but may be sooner at the option of Buyer, if Buyer has examined the property and has reviewed the preliminary title report and is satisfied therewith.
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Sellers shall deposit a Warranty Deed to the property with the escrowholder at the time of closing, which deed shall be subject to current taxes and assessments, restrictive covenants, building and use restrictions, building and zoning regulations and ordinances of any governmental unit, standard title policy exceptions, and easements of record or appearing on the land, which deed shall be delivered to Buyer upon payment in full of the purchase price.
EXPENSES: The expenses of this transaction shall be paid by the parties as follows: Sellers shall pay one-half of the closing costs and the entire premium cost for an owner's title insurance policy. Buyer shall pay one-half of the closing costs and all costs associated with obtaining Buyer’s financing. Each party shall be responsible for their own attorney's fees.
CONTINGENCY:
The closing of this transaction is contingent upon
________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________
In the event above contingency is not satisfied, Buyer shall be released from all obligation in law or equity to purchase the property, and Sellers shall refund all but One Thousand Dollars of the Earnest Money previously deposited with Sellers. The sums retained by Sellers are agreed to be reasonable compensation for Sellers’ administrative costs of the transaction and for holding the subject property off the market during the inspection period.
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POSSESSION: closing.
The Buyer shall take possession of the subject property upon
TAXES AND ASSESSMENTS: The real property taxes and assessments shall be prorated between the Sellers and the Buyer as of the date of closing.
REMEDIES: Except as provided above, in the event Buyer should fail to pay the purchase price on or before the due date, Sellers shall be entitled to keep the earnest money previously deposited with Sellers, and shall be free to exercise any and all remedies available in law or in equity. In the event Sellers shall refuse to complete the sale to Buyer after Buyer has tendered the purchase price in full, Buyer shall be entitled to return of the earnest money previously deposited with Sellers and shall be free to exercise any and all remedies available in law or in equity.
PERSONAL PROPERTY: The parties agree that no personal property is included in this sale.
ATTORNEYS FEES:
If either party hereto defaults in any manner or fails to
fulfill any and all provisions of this Contract and the non-defaulting party places this Contract with an attorney to exercise any of the rights of the non-defaulting party upon such default or failure, then the non-defaulting party shall be entitled to recover reasonable attorney's fees which shall have been paid or incurred on account of the default, in addition to any other amounts required to clear the default.
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TOTAL AGREEMENT:
This Contract contains the entire agreement of the
parties and no representations, inducements, promises or agreements, oral or written, not embodied herein, shall be of any force or effect.
AMENDMENTS:
This Contract may not be amended except by a writing
signed by all of the parties hereto.
BINDING AGREEMENT:
The terms herein shall bind and the benefits hereof
inure to the parties hereto and their heirs, personal representatives, successors and assigns.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands this ____ day of _________________, 200___.
SELLERS:
_________________________ Fredrick D. Ringel
___________________________ Gloria J. Ringel
BUYER:
_________________________
____________________________
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STATE OF IDAHO ) Ss. County of Valley ) On the date as first set forth above, before me, the undersigned, a Notary Public in and for the said State, personally appeared Fredrick D. Ringel and Gloria J. Ringel, known or identified to me to be the persons who executed the foregoing instrument, and acknowledged to me that they executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal this ____ day of ____________________, 200__.
______________________________ Notary Public for Idaho Residing at ______________ My Commission Expires: ______
STATE OF _________________ County of __________________
) :Ss. )
On the date as first set forth above, before me, the undersigned, a Notary Public in and for the said State, personally appeared ___________________________________, known or identified to me to be the person(s) who executed the foregoing instrument, and acknowledged to me that he(they) executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal this ____ day of ________________, 200__.
______________________________ Notary Public for ____________ Residing at _______________ My Commission Expires: ______
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