Home Purchase Agreement

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					This Home Purchase Agreement is a contract for the purchase of a home entered into
between a buyer and seller. Important contract details contained in this document are
the purchase price; the amount of down payment; how long the offer will be open; the
date the sale will be finalized; items included in the sale; items not included in the sale;
a legal description of the property; guarantee of clear title; an inspection clause, and a
mortgage contingency provision. This agreement contains other important language and
clauses as well; however, additional language may be added by the contracting parties
to ensure their needs are met. Use this document when selling or purchasing a home.
              HOME PURCHASE & SALES AGREEMENT
This Home Purchase & Sales Agreement (herein referred to as the “Agreement”) is entered into
this ___________ day of _______________ [month], _____ [year] (“Effective Date”), by and
between ____________ [name of person selling the real estate], an individual with an address of
_____________________ [address of seller] (“Seller”), and __________ [name of person/firm
buying the property], an individual with an address of ________________ [address of buyer
(“Buyer”).

In consideration of the mutual covenants contained herein and other good and valuable
consideration received, receipt and sufficiency of which is hereby acknowledged, Seller and
Buyer agree as follows:

1. SALE OF PREMISES

Seller agrees to sell and convey to Buyer, and Buyer agrees to purchase from Seller, the
following Property:

   (a) The Property located at: _________________ [physical address of the property] more
          fully described in the attached Attachment A, annexed hereto and made a part hereof.

   (b) Improvements and fixtures: The sale shall include the house, garage, and all other
          fixtures and improvements attached to the above-described property and used in
          connection therewith, including without limitation, the following permanently
          installed and built-in items, if any: all equipment and appliances, valances, screens,
          shutters, awnings, wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes,
          television antennas and satellite dish system and equipment, heating and air-
          conditioning units, security and fire detection equipment, wiring, plumbing and
          lighting fixtures, chandeliers, water softener system, kitchen equipment, garage door
          openers, cleaning equipment, shrubbery, landscaping, outdoor cooking equipment,
          and all other property owned by Seller and attached to the above described property.
          [strike out whichever does not apply]

   (c) Accessories: The sale shall include the following described related accessories, if any:
          window air conditioning units, stove, fireplace screens, curtains and rods, blinds,
          window shades, draperies and rods, controls for satellite dish system, controls for
          garage door openers, entry gate controls, door keys, mailbox keys, above ground
          pool, swimming pool equipment and maintenance accessories, and artificial fireplace
          logs. [strike out whichever does not apply]

           (herein collectively referred to as the “Property”).

   (d) Exclusions: The sale shall not include the following: [list items excluded from sale].


2. PURCHASE PRICE
The total purchase price for the Property is ____________________ ($_________.___) dollars.
The purchase price will be paid as follows:

            Earnest money Deposit       $_________________.____

            Balance Money:              $_________________.____

            TOTAL:                      $_________________.____ (the “Purchase Price”)

The Earnest money deposit is due and payable on the execution of this agreement. The Balance
purchase price has to be paid upon Closing. All payments must be made by cash or certified
funds.

3. EARNEST MONEY DEPOSIT

Buyer hereby agrees to tender an Earnest Money Deposit in the amount of
__________________ ($___________) (the “Earnest Money Deposit”). The Earnest Money
Deposit shall be deposited with __________ [escrow agent name] of _____________ [escrow
agent’s company] (the “Escrow Agent”), upon execution of this Agreement by Seller and Buyer.
If the purchase and sale hereunder is consummated in accordance with the terms and provisions
hereof, the Earnest Money Deposit shall be applied to the Purchase Price at Closing, in all other
events, the Earnest Money Deposit shall be disposed of by Seller as herein provided.

4. CLOSING

The closing of the sale between the buyer and seller shall be on or before ___________ day of
_______________ [month], _____ [year] (“Closing” or “Closing Date”), unless extended in
writing by the parties. The closing will be held at _________________ [location the closing will
take place]. At the closing, the deed will be delivered and the balance purchase price will be
paid.

If either party fails to close this sale by the Closing Date, the non-defaulting party shall have the
right to terminate this Agreement immediately and without notice; provided, however, if Seller is
unable to close on the Closing Date because the Title Company will not issue an title policy, the
Closing Date shall be automatically extended up to thirty (30) days; and such inability of Seller
to deliver title to Buyer as required in this Agreement at or prior to the Closing Date, shall be
deemed no fault of Seller. Additionally, if Seller fails to perform within the extended time, then
Buyer may terminate this Agreement and receive the Earnest Money Deposit as its sole and
exclusive remedy.

5. TITLE

At the closing, Seller will convey the ownership of the Property by a good and sufficient
_______ [type of deed, e.g. quitclaim or warranty] deed conveying a good and marketable title,
free of all liens and encumbrances, except:


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    (a) all easements, rights of way, covenants and restrictions of record,

    (b) current and future real estate taxes and assessments,

    (c) zoning and other governmental laws and regulations provided none of the foregoing
            interfere with the continued use of the Premises for its present use.

6. TITLE INSURANCE

Seller agrees to furnish Buyer at its own expense, an Owner’s policy of title insurance (herein
referred to as the “Title Policy” from a reputable title company, in the amount of the Purchase
Price, dated as of the Closing Date.

The Title Policy to be furnished to Buyer shall insure Buyer’s title to the Property to be good and
marketable title and free and clear of all liens, encumbrances, and charges whatsoever except for
those exceptions shown in the Title Policy (“Permitted Exceptions”). Seller shall deliver to
Buyer, or have available for Buyer's review, the title report of the Title Company (“Title
Report”) and legible copies of any documents creating title exceptions at least ten (10) days prior
to Closing. Buyer may only object to any exceptions reflected in the Report other than those
Permitted Exceptions.

7. DEFECTIVE TITLE

If Seller is unable to deliver title or make conveyance as provided herein, Buyer, at its option,
may:

  (a)      terminate this Agreement whereupon the deposit shall be refunded to Buyer and all
           obligations of the parties shall cease, OR

  (b)      waive the defects and accept whatever title Seller is able to convey, without any
           reduction in the purchase price and as a full performance by Seller.

8. POSSESSION

The possession of the Property shall be delivered to Buyer at Closing and funding in its present
"AS IS - WHERE IS" CONDITION WITH ALL FAULTS. The Premises shall be free of all
occupants, tenants and personal possessions, except as may otherwise be provided herein. It is
the responsibility of the Buyer to inspect the Premises prior to the closing to determine whether
all conditions of this contract are satisfied before closing.

9. ADJUSTMENTS

Current property taxes, regular and special assessments, water and sewer charges, fuel, rents,
interest, insurance, operating expenses and other customary matters, if any, shall be prorated
between the parties on the closing. All Proration’s at Closing reflected on the settlement or


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Closing statement signed by the Seller are final including Proration’s for taxes. No adjustments
or payments will be made by the Seller after Closing.

10. RISK OF LOSS

Seller, at its sole cost, shall keep the Premises insured for the full insurable value until the
closing. Seller shall bear the risk of all loss or damage to the Premises from all causes until the
closing. Should there be any damage that is not restored by Seller to its former condition by the
closing, Buyer, at its option, may (i) terminate this Agreement and any deposit shall be refunded
to Buyer, or (ii) purchase the Premises and be entitled to all insurance proceeds upon payment of
the purchase price.

11. MORTGAGE CONTINGENCY [applicable only if the buyer is taking a loan and if the
payment of purchase price is dependent on such loan]
The obligations of Buyer under this Agreement is contingent upon Buyer obtaining a written
commitment for a mortgage loan in the amount of ___________ ($ _______) dollars [list amount
of mortgage buyer will seek to obtain] In the event if Buyer is unable to obtain such mortgage
commitment by ___________ [list deadline for buyer to obtain mortgage], Buyer shall give
written notice to the Seller and this Agreement will terminate and any deposit will be refunded to
Buyer. If Buyer fails to notify Seller in writing by such date, Buyer shall be required to perform
its obligations under this Agreement and this contingency shall lapse.

12. APPRAISAL CONTINGENCY

This Agreement is NOT CONTINGENT upon the Property appraising at no less than the
specified Purchase Price.

13. INSPECTION(S)

The obligations of Buyer under this Agreement are expressly subject to Buyer obtaining, at
Buyer's expense, a satisfactory inspection report from a qualified professional for the following:
________________________________ [list any inspections to be performed on property, e.g.
"termites" or "termites and roof" etc.]. Buyer shall furnish Seller with a copy of such inspection
report(s) by _______________ [date by which buyer must complete these inspections]. If any
such inspections reveal conditions unacceptable to Buyer, Seller may, at its option, repair such
conditions or afford Buyer a credit at the closing, or Buyer may terminate this Agreement and
any deposit will be refunded to Buyer. If Buyer fails to notify Seller in writing by such date,
Buyer shall be required to perform its obligations under this Agreement and this contingency
shall lapse.

14. RADON

Buyer may, at its cost and expense, have the property inspected for the presence of Radon Gas.
If Buyer elects to have this inspection, Seller must be given a written report of the results of this
inspection within ____ ( ) days of the date of delivery of the signed Agreement. If Radon Gas
is found to be present in the premises at levels that exceed 4.0 Picocuries per liter, Buyer shall

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have the option to terminate the Agreement. In the event of termination, all earnest monies shall
be returned forthwith to Buyer.

15. BUYER'S DEFAULT

If Buyer fails to comply with any of the provisions of this agreement, Seller, at its option, may:

   (a) Terminate this Agreement and retain the deposit as liquidated damages as its sole
          remedy, OR

   (b) enforce this Agreement and pursue any and all remedies available at law or equity,
           including an action for specific performance and damages.

16. SELLER'S DEFAULT

Upon any default by Seller of any of the provisions of this agreement, Buyer, at its option, may:

   (a) treat this Agreement as terminated and be entitled to the return of the deposit, OR

   (b) enforce this Agreement and pursue any and all remedies available at law or equity,
           including an action for specific performance and damages.

17. ESCROW

The Earnest Money Deposit to be and having been deposited with the Escrow Agent with the
understanding that:

  (a) the Escrow Agent does not assume or have any liability for performance of any party to the
           Agreement;

  (b) is not liable for interest or other charges on the funds held; and

  (c) is liable only for gross negligence or willful misconduct.

At Closing, the Earnest Money Deposit shall be applied towards the Purchase Price. Buyer and
Seller authorize Escrow Agent to accept and rely on copies by any means (including photocopy,
NCR, facsimile, and electronic) and signatures (including electronic copy of signature complying
with local state law) as originals to open Escrow and for other purposes of Escrow. The validity
of this Agreement as between Buyer and Seller is not affected by whether or when Escrow Agent
signs the Agreement.

18. SELLER’S WARRANTIES

Seller warrants that Seller has not received notification from any lawful authority regarding any
assessments, pending public improvements, repairs, replacements or alterations to said premises



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that have not been satisfactorily made. These warranties shall survive the delivery of the above
deed.

19. BROKER'S COMMISSION

Seller and Buyer agree that they have not dealt with any broker or finder in connection with this
sale. In the event of any claim by any broker or finder, the party who procured such broker or
finder will pay the claim in full.

20. ATTORNEY'S FEES

In the event of any litigation or other proceeding between the parties relating to this Agreement,
the prevailing party shall be entitled to recover all costs and expenses incurred, including
reasonable attorney's fees.

21. ASSIGNMENT

Buyer may NOT assign his right, title or interest in this Agreement. Any attempted assignment
by Buyer shall be void and shall constitute a material breach of this Agreement. The Seller may
assign the Agreement at its sole discretion without prior notice to, or consent of the Buyer.

22. FORCE MAJEURE

No Party shall be responsible for delays or failure of performance resulting from acts of
God, riots, acts of war, epidemics, power failures, earthquakes, or other disasters,
providing such delay or failure of performance could not have been prevented by
reasonable precautions and cannot reasonably be circumvented by such party through use
of alternate sources, workaround plans, or other means.

23. GOVERNING LAW

This Agreement shall be governed by and enforced in accordance with the laws of the state of
____________ [list state which laws will govern the contract].

24. MEDIATION

Any dispute between Purchaser and Seller related to this contract that is not resolved through
informal discussion will be submitted to a mutually acceptable mediation service. The parties to
the mediation shall bear the mediation costs equally. This paragraph does not preclude a party
from seeking equitable relief from a court of competent jurisdiction


25. NOTICES

All notices, demands, and requests which may be given or which are required to be given by
either party to the other, hereunder shall be in writing. Such notices shall be deemed delivered


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when personally delivered to the address of the party to receive such notice set forth below or,
whether actually received or not, five (5) days after having been deposited in any post office or
mail receptacle regularly maintained by the United States Government, certified or registered
mail, return receipt requested, postage prepaid, properly addressed as follows:

If to Buyer:

__________________________ [mailing address]

__________________________

If to Seller:

___________________________ [mailing address]

___________________________

26. ENTIRE AGREEMENT

This Agreement contains the entire agreement and understanding between the parties and is
subject to no understandings, conditions or representations that are not set forth herein. This
Agreement may only be amended in writing and signed by both parties. Time is of the essence
in the performance of this Agreement.

27. JOINT AND SEVERAL LIABILITY

Each person signing this Agreement as Seller and Buyer shall be jointly and severally liable for
the performance of every term and condition of this Agreement.

28. INVALID PROVISION SEVERABILITY

If any provision of this Agreement shall be held to be illegal, invalid or unenforceable under
present or future laws, such provisions shall be fully severable, this Agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision had never comprised
a part of this Agreement; and, the remaining provisions of this Agreement shall remain in full
force and effect.

29. SUCCESSORS & ASSIGNS

This Agreement shall be binding upon and shall inure to the benefit of the parties and their
respective heirs, legal representatives, successors and assigns.

30. CAPTIONS

The captions in this Agreement are inserted only for convenience and in no way construe or
interpret the provisions hereof or affect their scope or intent.


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31. ADDITIONAL PROVISIONS:

[list any other agreements between seller and buyer].

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the day
and year first above written.

SELLER

 ______________________________
[name of person selling the real estate]


BUYER

____________________________
 [name of person/firm buying real estate]




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                                      ATTESTATION


STATE OF _____________________



COUNTY OF ____________________

In _______________, on the _____________ day of ____________, 19___, before me, a Notary
Public in and for the above state and county, ________________________________ personally
appeared [name of person selling the real estate], known to me or proved to be the person named
in and who executed the foregoing instrument, and being first duly sworn, such person
acknowledged that he or she executed said instrument for the purposes therein contained as his
or her free and voluntary act and deed.


                 _______________________________
                 NOTARY PUBLIC



                 My Commission Expires: ________



                 (SEAL)




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                                       EXHIBIT A

                                 Description of the Property




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DOCUMENT INFO
Description: This Home Purchase Agreement is a contract for the purchase of a home entered into between a buyer and seller. Important contract details contained in this document are the purchase price; the amount of down payment; how long the offer will be open; the date the sale will be finalized; items included in the sale; items not included in the sale; a legal description of the property; guarantee of clear title; an inspection clause, and a mortgage contingency provision. This agreement contains other important language and clauses as well; however, additional language may be added by the contracting parties to ensure their needs are met. Use this document when selling or purchasing a home.