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Purchase Contract

Purchase Contract

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Published by Lolita
This is a purchase contract for wholesale and sub 2 deals...
This is a purchase contract for wholesale and sub 2 deals...

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Published by: Lolita on Oct 06, 2009
Copyright:Attribution Non-commercial

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11/27/2010

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Purchase and Sale Agreement
1.
Purchase and Sale:
The parties to this Agreement are
_________ ,
hereinafter referred to as “Buyer” or “Assignee, and
 ___________________________________________________________,
hereinafter referred to as “Seller”, which terms may besingular or plural and include the heirs, successors, personal representatives and assigns of Seller. Buyer agrees to buy and Seller agrees to sellthat real property located at
 ______________________________________________________________, ____________________________ 
 
, being located in __ 
 ____________ 
 ______________ County and being more fully described in the records as they are recorded in the CountyRecords of said county (hereinafter referred to as the “Property”).
2.
Purchase Price:
Buyer agrees to pay Seller and Seller agrees to accept ($___________________________________) _ 
________________________________________ 
 _____________________ 
 
Dollars Cash at closing Terms (see attached Addendum A.)for the Property. Buyer has paid to Seller an earnest money deposit of $
50.00
, in the form of a promissory note which shall be credited toBuyer at the closing of this Agreement. This paragraph shall represent a promissory note for earnest money payable upon the successfulclosing. Seller shall pay all delinquent taxes and assessments that may hereafter become due on property at closing.
3.
Title:
Seller warrants that Seller has good, clear and marketable title to the Property, subject on to property taxes and any easements andrestrictions of record. Seller will convey title to Buyer with a General Warranty Deed. Buyer will inspect title to the Property and Seller willsatisfy any encumbrances other than the aforementioned.
4.
Closing and Possession:
This agreement shall be closed on or before thirty days after acceptance with an automatic extension as neededfor additional title work and/or paperwork and shall extend for thirty days after all paperwork and title work is completed. Time is of theessence of this Agreement. Property taxes shall be prorated as of the date of closing.
5.
Access and Advertising:
Seller agrees that Buyer may advertise property, put up signage and be given a key and have access duringreasonable hours to show property to others. Seller warrants that no notice of violation from any city, state, county, or other governmentagency in relation to said property has been received. Seller agrees to complete and sign all required property disclosure forms for said property prior to closing.
6.
Seller Acknowledgement:
Seller acknowledges that Buyer is purchasing said property for the purpose of profit through assigning of agreement, contracting, resale, rehabilitation, renovation or rental. Buyer has the right to assign this Agreement and the terms and provisionshereof shall be binding upon and inure to the benefit of the parties hereto, their successors, representatives, heirs and assigns.
7.
Closing Costs:
Buyer will have Buyer’s attorney/closing agent prepare all required documents to complete this Agreement. Buyer shall pay all standard escrow, title insurance & doc prep fees. Any additional title & curative legal fees shall be paid by Seller. This agreement shall be made a part of or be used as the escrow instructions. This Agreement shall survive the closing, execution and delivery of the GeneralWarranty Deed, as agreed herein by the undersigned.
8.
Inspection:
This Agreement is subject to an inspection of the Property and approval by Buyer and/or his associates after acceptance of thisAgreement by Seller.
Buyer will buy the Property in its present “As-Is” condition with all appliances, window treatments, blinds,ceiling fans, lighting and plumbing fixtures, all plants and shrubbery and anything attached to the property.
Seller shall remove alltrash from inside and outside property and leave property broom swept prior to closing.
9.
Defaults:
If Buyer defaults under this contract, any and all monies deposited by Buyer shall be retained by Seller as full liquidateddamages. If Seller defaults, Buyer may pursue all remedies allowed by law, including but not limited to specific performance and seller agreesto be responsible for all costs incurred by buyer as a result of seller’s default.
ADDITIONAL TERMS, CONDITIONS OR EXHIBITS:
A.
Seller represents that there are no parties in occupancy other than Seller. Buyer will be given occupancy at closing. Any personal propertyremaining after closing shall become the personal property of Buyer and Buyer shall have the right of disposal of same. Unless otherwiseagreed to by Buyer in writing, any tenant, if appropriate, shall be terminated and shall have vacated the property prior to the closing of thisAgreement. If tenant occupied, Seller shall pay all security deposits & a prorata of collected rents to Buyer at closing.
THIS OFFER SHALL EXPIRE IF NOT SIGNED, ACCEPTED & RETURNED TO BUYER UPON DELIVERY OR BY THEEXPIRATION OF 48 HOURS: ON / / 20 AT 4:59 PM.
B.Other: ___________________________________________________________________________________________ 
This being the entire Agreement between the parties, they approve this Agreement on this
_________day
of 
____________, 20_____.X________________________________________X____________________________________________Buyer:Seller: ______________________________________Phone: Fax:Phone/ Fax: _________________________________X_______________________________________X____________________________________________Buyer: ________________________________Seller: _____________________________________
 
Addendum A: Terms of Purchase and Sale Agreement
Property: _________________________________________________________________________________________________ 
Subject To - Taking Over Mortgage Payments with existing financing remaining in place as outlined below.Purchase with Seller Financing as outlined below.Purchase Option:
 
If checked & initialed this entire agreement shall be deemed an Option to Purchase for purchase terms outlined in Paragraphs A – E listed below. No payments or financing will begin on this assignable Option until Optionee has located a tenant, buyer, or assignee. Buyer /Optionee perform all marketing. Optionor/Seller shall execute all required conveyance documents to be held in escrow until option is exercised.This option shall be exercised in accordance with paragraph #4 of Purchase and Sale Agreement.Optionor/Seller Initials: _______________ Optionee/Buyer Initials: ________________ The
Total Purchase Price
$_______________________ to be paid by Buyer is payable as follows:A. 1st Mortgage: "Subject to" existing loan balance encumbering the Property 1
st
Mortgage: $_______________ Fixed Adjustable Int. Rate _______%Lender ____________________________________ Loan #________________________ Monthly Payment $________________________________ PITI PI Only Est. Taxes: $___________________ Buyer’s first payment shall begin on _____________________ or ______ days after closing.Seller shall make payments through: ______________________________ 2
nd
Mortgage: "Subject to" existing loan balance encumbering the Property 2
nd
Mortgage: $_______________ Lender ____________________________________ Loan #________________________ Fixed Adjustable Int. Rate _______%Monthly Payment $________________________________ PI Only Other: ____________________ Buyer’s first payment shall begin on _____________________ or ______ days after closing. 
after locating a tenant/buyer
Seller shall make payments through: ______________________________ B. Seller financing note payable at $ _______________ per month for __________ months. $_______________ Buyer’s first payment shall begin on _____________________ or ______ days after closing or According To these Terms:__________________________________________________________________________ C. Proceeds of a new loan to be executed by Buyer to any lender other than Seller $_______________ D. Balance due at closing (not including Buyer’s closing costs, prepaid items or pro-rations) in U.S. cash or locally drawn certified or cashiers check. exactly approximately: $_______________ E. Total Purchase Price. exactly approximately: $_______________ If principal balance of underlying loan is higher, then purchase price shall be changed by this amount and any cash due from buyer will be reduced.
 
Other:____________________________________________________________________________________________________ 
Default and Recourse:
Should seller’s mortgage(s) ever become more than 25 days delinquent, sellers will notify buyers and/or their assigns bycertified letter of the delinquency and buyers and/or assigns shall have 3 days to bring mortgage current and up to date or buyers and or assigns
will
deed ownership of the home back to seller(s) within 3 days or legal action can and will take place.
 ________ Contract Agreement and Understanding:
Seller acknowledges and understands that buyer is entering this transaction as an effort to takeover mortgage payments and this contract represents a real estate sale subject to sellers existing mortgage.This being the entire Addendum between the parties, they approve this Addendum on this
_________day
of 
____________, 20_____.
X________________________________________X____________________________________________

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