CONTRACT OF PURCHASE THIS CONTRACT OF PURCHASE (hereinafter "Contract") is made as of ______________, between __________________________, whose address is _____________________________, owner of record of the Property sold herein (the "Seller", whether one or more), and _____________, whose address is _____________________________________________ (the "Purchaser", whether one or more). 1. Real Property. Purchaser agrees to buy and Seller agrees to sell the land and all improvements thereon and appurtenances thereto which fronts upon a public street or has a recorded access easement to a public street (the "Property"), located in the County or City of _________________, Virginia, described as: __________________, said property having a street address of _________________________________. 2. Personal Property: The following personal property, which is free of all liens and encumbrances, is included in this sale: NONE 3. Purchase Price: The purchase price (the "Purchase Price") of the Property is ______________________________ dollars ($ .00), which shall be paid to the Settlement Agent (designated below) at settlement ("Settlement") by certified or cashier's check, or wired funds, subject to the prorations described herein.
$500.00 $
Deposit: See Paragraph 4. Balance of the Purchase Price: To be paid by Purchaser with cash, certified or cashier's check, or wired funds to the Settlement Agent, at Settlement. Total Purchase Price
$ 4.
Deposit: (a) Purchaser has made a deposit with Seller, the agreed upon escrow agent (the "Escrow Agent"), of Five Hundred Dollars ($500.00) (the "Deposit") by check, receipt of which is hereby acknowledged. The Deposit shall be held in escrow by the Escrow Agent, pursuant to the terms of this Contract, until Settlement and then applied to the Purchase Price. In the event this Contract is terminated as provided herein, or in the event of a breach of this Contract by Seller, the Deposit shall be returned to Purchaser, but such return shall not affect any other remedies available to Purchaser for Seller's breach. In the event Purchaser breaches this Contract, the Deposit shall be paid to Seller, but such payment shall not preclude any other remedies available to Seller for such breach.
(b)
5.
Settlement Agent and Possession. Settlement shall be made at the offices of
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____________________________ ("Settlement Agent") located at _______________________________________ on ______________ ("Settlement Date") or soon thereafter. The Settlement Agent and Date may only be changed with the written consent of the Buyer and the Seller. Possession shall be given at Settlement, unless otherwise agreed in writing by the parties. 6. Disclosures.
(a) Residential Property Disclosure/Disclaimer. The Virginia Residential Property Disclosure Act (Virginia Code § 55-517 through § 55-525) requires Seller of certain residential property to provide Purchaser in a form provided by the Real Estate Board with either (i) a property disclaimer statement that states Seller makes no representations or warranties as to the condition of the Property or any improvements thereon, and that Purchaser will be receiving the Property "as is," that is, with all defects that may exist (if any) except as otherwise provided in this Contract, or (ii) a property disclosure statement disclosing defects and the condition of the Property based on Seller's actual knowledge. Seller has furnished Purchaser with a Residential Property Disclaimer Statement. (b) Notice of Principal Residence. Purchaser does not intend to occupy the Property as Purchaser's principal residence. 7. Expenses and Prorations. Seller shall pay all expenses of Deed Preparation, the grantor’s tax on said Deed, and all expenses, if any, for removal of title defect. Except as otherwise stated, Buyer shall pay all other closing costs. All taxes, assessments, interest, rent and mortgage insurance, if any, shall be prorated as of Settlement. 8. Title. At Settlement, Seller shall convey to Purchaser good and marketable fee simple title to the Property by deed of general warranty containing English covenants of title, free of all liens, tenancies, defects and encumbrances, except as otherwise indicated herein, and subject only to such restrictions and easements as shall then be of record which do not affect the use of the Property for residential purposes or render the title unmarketable. If a defect is found which can be remedied by legal action within a reasonable time, Seller shall, at Seller's expense, promptly take such action as is necessary to cure the defect. If Seller, acting in good faith, is unable to have such defect corrected within 60 days after notice of such defect is given to Seller, then this Contract may be terminated by either Seller or Purchaser. Purchaser may extend the date for Settlement to the extent necessary for Seller to comply with this Paragraph but not longer than 60 days. 9. Risk of Loss. All risk of loss or damage to the Property by fire, windstorm, casualty or other cause, or taking by eminent domain, is assumed by Seller until Settlement. In the event of substantial loss or damage to the Property before Settlement, Purchaser shall have the option of either (i) terminating this Contract, or (ii) affirming this Contract, with appropriate arrangements being made by Seller to repair the damage, in a manner acceptable to Purchaser, or Seller shall assign to Purchaser all of Seller's rights under any applicable policy or policies of insurance and any condemnation awards and shall pay over to Purchaser any sums received as a result of such loss or damage.
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10. Affidavits and Certificates. Seller shall deliver to Purchaser an affidavit on a form acceptable to Purchaser's lender, if applicable, signed by Seller, that no labor or materials have been furnished to the Property within the statutory period for the filing of mechanics' or materialmen's liens against the Property, or, if labor or materials have been furnished during the statutory period, that the costs thereof have been paid. Seller shall also deliver to Purchaser applicable non-foreign status and state residency certificates and applicable 1099 IRS certificates. 11. Miscellaneous. The parties to this Contract agree that it shall be binding upon them, and their respective personal representatives, successors and assigns, and that its provisions shall not survive Settlement and shall be merged into the deed delivered at Settlement. This Contract contains the final agreement between the parties hereto, and they shall not be bound by any terms, conditions, oral statements, warranties or representations not herein contained. This Contract shall be construed under the laws of the Commonwealth of Virginia. 12. Contingencies AND/OR Other Provisions: None.
__________________________ Seller –
Date: ________
__________________________ Seller -
Date: ________
________________________ Purchaser –
Date: ________
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Residential Property Disclaimer Statement
NOTE TO OWNER(S): Sign this statement only if you elect to sell the property without representations and warranties as to its condition, except as otherwise provided in the purchase contract; otherwise, complete and sign the RESIDENTIAL PROPERTY DISCLOSURE STATEMENT. Property Address/Legal Description: ___________________, said property having a street address of ________________________________. The undersigned owner(s) of the real property described above make no representations or warranties as to the condition of the real property or any improvements thereon, and the purchaser will be receiving the real property "as is," that is, with all defects which may exist, if any, except as otherwise provided in the real estate purchase contract. The owner(s) acknowledge having carefully examined this statement and further acknowledge that they have been informed of their rights and obligations under the Virginia Residential Property Disclosure Act.
__________________________ _________ ____________________________ ________ Owner Date Owner Date
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 the Virginia Residential Property Disclosure Act.
__________________________ ________ Purchaser – Date
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