CD School House 9/CD School House 9.0 - Wayzata Technology (1994).iso/pc/dos/misc/guide757/2700.bld

Text File | 1992-12-29 | 9.0 KB | 339 lines

#2700
@001 Please state the name of the SELLER:
@002 Please enter address of SELLER (first line):
@003 Please enter address second line:
@004 Please enter the city, state of SELLER:
@600 Please enter the name of the BUYER:
@270 Please enter the expiration date of the offer:
!271 Please enter the gross purchase price (in numerals):
@401 Please state the legal description of the property:
#2701/#2702 The purchase price will be paid:
With terms
All cash
#2703
!273 Enter the amount of cash to be paid at closing:
#2704
@274 Enter the amounts and identities of mortgages assumed:
#2705 Will a new mortgage be given to SELLER?
#if#2705
!191 Enter the principal amount of the new mortgage:
@192 Enter the rate of interest:
@193/@193/@193/@193 State the payment schedule:
Monthly
Quarterly
Yearly
KEY IN VALUE
@194/@194/@194 State the priority of the new mortgage
First lien
Second lien
KEY IN VALUE
#endif
#2706 Is the BUYER obtaining a new mortgage?
#if#2706
@196 Enter the amount of the new mortgage:
@197/@197/@197/@197 State the term of the mortgage in months:
Sixty
One Hundred twenty
Two Hundred Forty
KEY IN VALUE
@198 State the maximum rate of interest as APR:
@199 State the maximum points to be paid by BUYER:
@400 State the maximum application fee for loan:
#endif
#2707
@200/@200/@200 Enter number of days between acceptance and closing:
30 days
60 days
KEY IN VALUE
@201/@201/@201 Enter minimum number of days between acceptance and closing:
20 days
40 days
KEY IN VALUE
@202 Enter the number of days to provide title insurance binder:
#2708 Are there buildings on the property?
#2709 Will SELLER pay closing costs?
#if#2709
@204 Enter the closing costs to be paid:
#endif
#2710 Will BUYER pay closing costs?
#if#2710
@205 Enter the closings costs to be paid:
#endif
#2711 Did parties employ a realtor?
#if#2711
@207 Name the realtor:
#endif
#2712
#end control section
#2700
/*  Para. 2700: Real estate offer sheet */


                  OFFER TO PURCHASE REAL ESTATE


To: @001
@002
@003
@004


    @600, referred to herein as BUYER, offers to purchase the
following described real estate from @001, referred to herein as
SELLER, upon the terms and conditions stated herein.


    This offer shall expire unless accepted by 5:00 p.m. on @270.
SELLER shall signify acceptance by executing the attached form of
acceptance.


The gross purchase price shall be $ @271 (!271 dollars). The
legal description of the property is:


@401
#2701
/* Para. 2701: Terms */


To be paid upon the following terms:

#2702
/* Para. 2702: Cash */


Except for any credits at closing, and the amount of downpayment
if any, the purchase price shall be paid in cash at closing.

#2703
/* Para. 2703: Some cash at closing */


$ @273 (!273 Dollars), to be paid at closing.

#2704
/* Para. 2704: Mortgage assumed */


        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:


@274



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).

#2705
/* Para. 2705: Purchase price---- New Mortgage to SELLER */


    The BUYER shall execute a new purchase money mortgage to
SELLER, in the principal amount of $ @191, (!191 dollars) payable
as follows:


Interest at the rate of: @192 percent
Payment schedule: @193

Said mortgage shall have the following priority:

@194
#2706
/* Para. 2706: New mortgage contingency */


This offer is conditioned upon BUYER obtaining loan approval
at least 30 days prior to closing of this transaction, of a
mortgage loan as follows:


  Principal amount: $ @196 (!196 Dollars)

  Loan term: @197 months

  Maximum interest rate as APR under regulation Z: @198 percent

  Maximum points to be paid by BUYER: @199

  Maximum application fee: @400


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.
#2707
/* Para. 2707: When the closing will be */


    The closing will be held within @200 days of the acceptance
of this offer to the SELLER, but in no event in less than @201
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 @202 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.
#2708
/*Para. 2708: If a building */


    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.
#2709
/* Para. 2709: Closing costs */


    The following closing costs will be paid by SELLER:

@204
#2710
/* Para. 2710: Closing costs-- BUYER */


    The following closing costs will be paid by BUYER:

@205

#2711
/* Para. 2711: Realtor */


    The parties hereto acknowledge that @207, a licensed real
estate broker/salesman was the procuring broker herein.
#2712
/* Para. 2712- Close */


     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: _____________________




___________________________________________

@002, BUYER/OFFEROR



                       ACCEPTANCE OF OFFER




    I hereby accept the offer set forth above.




Dated: ____________________________







________________________________________

@001, SELLER/OFFEREE



Witnesses as to Seller's acceptance:




________________________________________





________________________________________