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.
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: © Docstoc®, Inc. 2013 – All Rights Reserved (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 © Docstoc®, Inc. 2013 – All Rights Reserved 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 © Docstoc®, Inc. 2013 – All Rights Reserved 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 © Docstoc®, Inc. 2013 – All Rights Reserved 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 © Docstoc®, Inc. 2013 – All Rights Reserved 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. © Docstoc®, Inc. 2013 – All Rights Reserved 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] © Docstoc®, Inc. 2013 – All Rights Reserved 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) © Docstoc®, Inc. 2013 – All Rights Reserved EXHIBIT A Description of the Property © Docstoc®, Inc. 2013 – All Rights Reserved
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