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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-23
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OFFER TO PURCHASE REAL ESTATE
To: ____________, ______________, _____________, ________________
_________________, referred to herein as BUYER, offers to purchase
the following described real estate from ____________, referred to
herein as SELLER, upon the terms and conditions stated herein.
This offer shall expire unless accepted by 5:00 p.m. on ____
________. SELLER shall signify acceptance by executing the
attached form of acceptance.
The gross purchase price shall be $ ________ ( _______________
________________________ &___/100 dollars). The legal description
of the property is:
_________________________________________________________________
To be paid upon the following terms:
$ _____(______________ &___/100 Dollars), to be paid at closing.
The buyer shall assume and agree to pay the following
existing mortgages upon the property. The unpaid principal balance
of these mortgages shall be a credit towards the purchase price:
_____________________________________________________________
At least 5 business days before closing, SELLER shall provide to
BUYER estoppel letters providing the balance, assumability and
current good standing of the above stated mortgage(s).
The BUYER shall execute a new purchase money mortgage to
SELLER, in the principal amount of $________, ( ______________
________________________ &___/100 dollars) payable as follows:
Interest at the rate of: __ percent Payment schedule: _______
Said mortgage shall have the following priority:
_____________________________________________________________
This offer is conditioned upon BUYER obtaining loan approval at
least __ days prior to closing of this transaction, of a mortgage
loan as follows:
Principal amount: $________ ( _________________________________
&___/100 Dollars)
Loan term: ____________
Maximum interest rate as APR under regulation Z: ____ percent
Maximum points to be paid by BUYER: ____
Maximum application fee: $____
BUYER shall make a mortgage loan application within 3 working
days of the acceptance of this offer, and should the BUYER's loan
application be denied, the BUYER shall have the option, within 2
business days to rescind this transaction. If BUYER elects to
rescind the transaction, BUYER shall receive any deposits made
from SELLER.
The closing will be held within ____ days of the acceptance
of this offer to the SELLER, but in no event in less than 20 days
days from the notice. The SELLER shall convey to the owner by
warranty deed the property herein, and the title thereto shall be
merchantable. Within 30 days of acceptance, the SELLER shall
provide a binder for title insurance in the principal amount of
the purchase price. The title shall be free and clear of any
encumbrances other than those, if any, to be assumed by the BUYER
at closing. Should any defects in the title, the SELLER shall
have 60 days to clear the same. If the SELLER is unable to do so,
BUYER shall have the option of closing or rescinding this
contract. Should BUYER rescind the contract, then the SELLER
shall refund as liquidated damages, and not a penalty, the funds
paid for the option to BUYER.
The BUYER may at its expense obtain a current survey of the
property. Should the survey indicate encroachments, then the
SELLER shall remedy the same within 60 days. Should SELLER fail
to clear such encroachments, then the BUYER shall have the option
of closing or rescinding this contract. Should BUYER rescind the
contract, then the SELLER shall refund as liquidated damages, and
not a penalty, the funds paid for the option to BUYER.
The SELLER shall maintain the property and all improvements
in the same condition as that which exists on the date of
acceptance of this agreement, and shall deliver the same to the
BUYER in the same condition, ordinary wear and tear excepted.
At closing, SELLER shall provide a report from a licensed
entomologist certifying the absence of termites and other wood
destroying organisms. Should the report show the active presence
of any wood destroying organisms, and the BUYER shall have the
following options:
a) if the damage and cost of treatment is less than 10% of the
purchase price, the BUYER may withhold this sum and close, and
the same shall be a credit on the sums due at closing;
b) if the damage exceeds 10% the BUYER may agree to an extension
of closing for 90 days to allow SELLER to repair the same at its
expense, or, the BUYER may refuse to close, and shall have the
sums paid for the option fully refunded by SELLER.
During the period between exercise of the option by the buyer and
the closing the premises shall be adequately insured for fire and
other perils.
The following closing costs will be paid by SELLER:
________________________________________________________________
The following closing costs will be paid by BUYER:
________________________________________________________________
The parties hereto acknowledge that ___________, a licensed
real estate broker/salesman was the procuring broker herein.
Should the premises or any portion thereof be leased, SELLER
shall provide to the BUYER either a copy of and any all leases in
effect, or, should there be any tenants in possession without
current written leases, the SELLER shall provide estoppel letters
at least 5 days prior to closing stating that there is no lease
and the duration of any verbal lease, and the terms of the verbal
lease.
All taxes for the current year, escrows on mortgages assumed
by the BUYER, prepaid insurance on policies assumed by BUYER,
homeowners association dues, shall be prorated between the
parties as of the date of closing.
At the time of closing SELLER shall provide an affidavit to
BUYER that either:
a) there have been no improvements made which would subject the
property to the filing of mechanic's, materialman, labor or other
such liens; or
b) that there were improvements made to the subject property and
all persons having the right under law to lien the property were
paid or lien waivers obtained.
The SELLER represents to the BUYER that the present use of
the property is lawful and complies with all zoning, governmental
regulations and restrictive covenants and other similar contracts
in effect.
Dated: _____________________
___________________________________________
_______________, BUYER/OFFEROR
ACCEPTANCE OF OFFER
I hereby accept the offer set forth above.
Dated: ____________________________
________________________________________
____________, SELLER/OFFEREE
Witnesses as to Seller's acceptance:
________________________________________
________________________________________