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California Residential Purchase Agreement


California Residential Purchase Agreement document sample

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									                       FONG REAL ESTATE

Property Address: _______________________________________________________________



California Residential Purchase Agreement and Joint Escrow Instructions: (date) ____________

Both the Buyer(s) and Seller(s) acknowledge that the terms and conditions of the California
Residential Purchase Agreement referenced above stipulate a payment or credit given to the
Buyer(s) at close of escrow. This payment or credit will benefit the Buyer(s).

a) Payment or Credit in the amount of $______________________ will be given to the Buyer(s)

__________________________________________________________________________ for

________ Recurring Closing Costs              ________ Non-Recurring Closing Costs

________ In Lieu of Repairs Requested         ________ Other (specify):___________________

b) All references for the payment or credit shall be in documents which are being provided to the
mortgage broker, mortgage banker and/or actual lending institution that will be funding the loan.
c) Buyer shall obtain written approval for receiving the payment or credit from their lending
institution’s underwriting department prior to removing any type of contingency including their
loan contingency. If Buyer is unable to receive written approval for the payment or credit from
their lending institution, the Seller may cancel this purchase agreement in writing.
d) All payments or credits shall be identified, referenced and labeled on the final HUD-1 closing
statement that is prepared and certified by the title/escrow company.
e) Both Buyer(s) and Seller(s) agree to indemnify and hold all brokers and their agents harmless
for any negative or adverse financial aspects resulting from this transaction because of the
payment or credit given to the Buyer(s), including but not limited to; the loss of property through
foreclosure, alienation or acceleration clause implemented by the buyer’s lending institution after
close of escrow, property tax or any governmental tax liability, any fines, fees or charges placed
against the subject property or against both Buyer(s) and Seller(s).

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