REAL ESTATE CONTRACT
DATE:
1. BUYER: _______________________________________________________ offers, to buy, subject to the terms and conditions set forth herein, the following described property:
2. LEGAL DESCRIPTION AND ADDRESS: _________________________________, per attached legal description.
3.PURCHASE PRICE: Subject to the following conditions the Buyer shall pay for the property at closing the total of: $_______________________________________________________.
CONSISTING OF:
CASH PAYMENT:
The payment shall be the sum of $__________________________
_X_ Buyer agrees to pay the balance of $________________________ in cash orCertified check at closing on or before _______. This contract is NOT subject to buyer obtaining financing.
4. CLOSING COSTS: Unless otherwise specified, all Buyers’ normal closing costs to be paid by Buyer. Seller to pay Seller’s normal closing costs.
5. DOWN PAYMENT: Buyer herewith tenders a check for $ to be deposited by Listing Broker upon acceptance as DOWN PAYMENT which shall apply on Purchase Price or closing costs. If buyer fails to fulfill his obligation to pay the remaining balance when due, the down payment will become liquidates damages.
6. CONVEYANCE: Unless otherwise specified, Conveyance shall be made to Buyer, or as directed by Buyer, by general warranty deed (or other instrument, if required by title company), except it shall be subject to recorded instruments and easements, if any. Unless expressly reserved herein, such conveyance shall include mineral rights owned by Seller.
7. TITLE REQUIREMENTS: Unless otherwise specified, the Seller shall furnish, at Seller’s cost, a policy of title insurance in the amount of the purchase price reflecting merchantable title, subject to recorded easements, restrictions and standard policy exceptions, if any.
8. SURVEY: No new survey will be provided by seller.
9. PRORATIONS: Seller shall pay Taxes and special assessments. These payments shall be due on or before closing.
10.CLOSING: Closing is the date and time at which the Seller delivers the executed deed. The closing date is designated as__________, provided there are no unforeseen delays such as clearing title. If by the date of the designated closing date the Seller is unable to meet his obligations under Paragraph 7, the closing date may be extended by the listing Agent provided both Buyer and Seller receive notice at least three business days in advance of the extended closing date. However, time is of the essences, and in no event shall closing be later than Thirty (30) calendar days after designated closing date, unless an extension is agreed upon in writing between the Buyer & Seller. If the sale is not consummated within the deadline of this paragraph, the parties shall have the remedies available to them in equity or at law.
11. POSSESSION: Possession shall be delivered to Buyer upon closing.
12. BUYERS DISCLAIMER OR RELIANCE: BUYER CERTIFIES THAT BUYER HAS PERSONALLY INSPECTED THE PROPERTY AS FULLY AS BUYER DESIRES AND IS NOT RELYING AND SHALL NOT HEREAFTER RELY UPON ANY WARRANTIES, REPRESENTATIONS OR STATEMENTS OF SELLER, AGENT NOR AUCTIONEER.
13. RISK OF LOSS: Risk of loss or damage to the property by fire or other casualty occurring up to time of closing is assumed by the Seller.
14. OTHER CONDITIONS: Buyer agrees to accept the Real Estate and the improvements, located on the property, if any, on an “AS IS, WHERE IS, WITH ALL BENEFITS AND WITH ALL FAULTS” basis. The down payment, as mentioned in paragraph 5, is non-refundable to Buyer.
15. GOVERNING LAW: the laws of the State of Arkansas shall govern This Agreement.
16. MERGER CLAUSE: This Agreement, when executed by both Buyer and Seller, shall contain the entire understanding and agreement between the Buyer and Seller and Agent with respect to the matters referred to herein and shall supersede all prior or contemporaneous agreements, representations and understanding with respect to such matters, however all terms, conditions and matters described in the forgoing “Bidders Package” are hereby incorporated into and made part of this contract, and no oral representation or statement shall be considered a part hereof.
17. EXPIRATION OF OFFER: This contract expires if not accepted on or before:
Day: ___________________________
As used in the contract, Agent shall mean collectively the Auctioneer, listing broker, selling broker and their respective agents. BUYER ACKNOWLEDGES THAT AGENT IS THE AGENT OF THE SELLER AND THAT IT IS THE SELLER TO WHOM THE AGENT IS RESPONSIBLE. THIS IS A LEGALLY BINDING CONTRACT WHEN SIGNED BY BOTH BUYER AND SELLER, READ IT CAREFULLY. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. THE AGENT CANNOT GIVE YOU LEGAL ADVICE. The Seller, the purchaser and the agent involved in this transaction each certify that the terms of the contract for purchase are true to his or her best knowledge and belief, and that any other agreement entered into by any of these parties in connection with this transaction is attached to the sales agreement.
The above offer is executed on ________________________________________
RE/MAX Partners Real Estate
Selling Agent Firm
Selling Associate / Supervising Broker
_____________________________________
____________________________________ Buyer Buyer
------------------------------------------------------------------------------------------------------------------------------------------THIS SECTION TO BE COMPLETED BY THE LISTING AGENT AND THE SELLER The above offer is accepted on . Seller agrees to pay Agent a fee of per auction contract for professional services rendered in securing this contract. If for any reason the down payment provided for herein is forfeited by Buyer, at Agents option, it may be divided equally between Seller and Agent after payment of incurred expenses.
RE/MAX Partners Real Estate
Listing Agent Firm
____________________________________
Listing Associate/ SupervisingBroker
_________________________________ _____________________________
Seller Seller
