Real Estate Purchase Contract

1. THE PARTIES:
The Seller_________________________ hereby agrees to sell the Property to the Buyer _________________________ and the Buyer agrees to buy the Property from the Seller.
2. THE PROPERTY:
Street Address:
___________________________________________________________________________
Property Description:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. PURCHASE PRICE:
The Buyer agrees to pay the total purchase price of $ _______________ which is payable as follows:
Earnest money deposit $ _______________
Balance due at closing $ _______________
4. EARNEST MONEY:
The earnest money will be deposited in a broker's trust account and applied to the purchase price at closing. If the Buyer fails to perform, the earnest money will be paid to the Seller. If the Seller fails to perform, the earnest money will be returned to the Buyer.
5. FINANCING:
If the Buyer requires a new mortgage loan to finance this purchase, the application for this mortgage will be made with a lender acceptable to the Buyer. If the mortgage application is not approved within _____ days from the acceptance date of this contract, both Buyer and Seller has the right to terminate the contract. In this case, the earnest money will be returned to the Buyer.
6. CLOSING:
Closing will be held on or before _______________ and the title deed will be transferred to the Buyer. The Seller agrees to transfer the title free of any liens, judgment and other encumbrances.
At closing, the Buyer shall pay the following costs:
___________________________________________________________________________
___________________________________________________________________________
At closing, the Seller shall pay the following costs:
___________________________________________________________________________
___________________________________________________________________________
7. PRORATIONS:
All taxes, loan interest, insurance and rents shall be prorated between the Buyer and Seller as of the closing date.
8. PROPERTY INSPECTION:
The Seller is responsible for the operable condition of the fixtures, fittings and built-in appliances of the Property at the time of closing. This real estate purchase contract is subject to the final inspection and approval of the Buyer in writing on or before _______________.
9. ACCESS
The Buyer shall be given access to the Property to show partners, contractors, inspectors, lenders or prospective tenants before closing.
10. ADDITIONAL TERMS AND CONDITIONS:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
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Buyer Name: _________________________
Buyer Signature: _________________________
Date: _______________
Seller Name: _________________________
Seller Signature: _________________________
Date: _______________

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