Sellers Realty, Inc.
113 Bell Tower Court
Chagrin Falls, OH 44022
216-780-0140 – Fax 440-247-0271
Offer & Acceptance for
Purchase Agreement For Real Estate
NOTE: ALL PARTIES TO THIS INSTRUMENT UNDERSTAND AND AGREE THAT IT IS AN IMPORTANT LEGAL DOCUMENT CONTAINING IMPORTANT RIGHTS AND DUTIES. SHOULD ANY PARTY HAVE QUESTIONS CONCERNING ITS LEGAL IMPLICATIONS, HE/SHE/THEY ARE ADVISED TO CONSULT WITH THEIR OWN COUNSEL.
Discriminating in the sale, lease or rental of real property based on race, color religion sex handicap familial status or national origin is illegal. It is also illegal for anyone to coerce, intimidate, threaten or interfere with any other person who is exercising his or her right under the fair housing laws. Federal law requires that all people be treated equally, with no difference in the terms or conditions of a sale or lease. In addition ,some communities have local laws that expand upon basic protections offered by the federal law. This statement is deemed acknowledged and agreed by Buyer and Seller upon execution of this Purchase Agreement, each party agreeing that they have not and will not be a party to such discrimination.
This Offer, when executed by the parties, shall constitute a Purchase Agreement for Real Estate.
THE DATE OF THIS AGREEMENT IS DEEMED TO BE THE DATE OF THE SIGNATURE OF THE LAST PARTY TO EXECUTE THIS AGREEMENT.
For valuable consideration, Seller agrees to sell and Buyer agrees to buy the below Premises, subject to the following terms and conditions:
1. PREMISES: Seller agrees to Sell and Buyer agrees to Buy the following premises:
_______________________________________________________________.
The purchase of the premises shall include all land, buildings, and improvements, and all fixtures, landscaping, and other items, realty and personalty, as set forth herein.
2. PRICE AND EARNEST MONEY: The purchase price shall be $________________. Earnest money in the amount of $___________________ shall be deposited in escrow with Escrow Agent upon signature by both parties, to be credited toward the purchase price at closing. In the event of default by Buyer, Seller shall be entitled to retain said earnest money as liquidated damages to compensate Seller for losses incurred in taking the premises off the market prior to Buyer’s default, and for any other reason. This provision shall not state the limit of the damages which Seller may claim in the event of default. Provided Buyer complies with the provisions herein, all monies deposited shall be credited toward the purchase price. If a dispute exists, broker shall hold monies in the trust account for two (2) years from the money being deposited. If the broker is not notified within this time prior that the parties have reached a mutual agreement or legal actions to resolve the dispute has been filed, the broker will disburse the earnest money to the buyer with no further notice to the parties.
3. FINANCING:
This transaction is contingent upon Buyer successfully obtaining financing to purchase the premises. Buyer shall make loan application within ____ business days after the date of this Agreement, obtain loan approval within ______ days after the date of this Agreement, and be ready, willing and able to close this transaction on or about ___________. Buyer shall accept any loan made available to Buyer at a rate of less than 8% per annum, payable in at least 30 years, with no more than 2 points, with a downpayment of not less than 5%. If, however, the Buyer diligently applies for financing within the time frames allowed, but is declined for a loan under at least these terms, then this Agreement shall be deemed null and void and Buyer shall receive a full refund of the Earnest Money, and the parties shall be deemed to have released one another from any other liabilities herein. In the event that any of these deadlines are breached, Buyer shall be deemed to be in default of this Agreement and Seller shall be entitled to retain the earnest money.
OR
There is no financing contingency for this transaction.
4. CONTINGENCY FOR INSPECTION BY BUYER:
Buyer shall have a period of ___________ business days from the date of this Agreement to inspect the premises to Buyer’s complete satisfaction. In the event that Buyer makes no objections to such inspection report by ____________________________, then, any and all issues connected with what could have been discovered by such an inspection report shall be deemed waived. In the event that after such inspection, Buyer requests any concessions in any respect, Seller may either grant such concessions, or, either party may elect to terminate this Agreement with no further liability to one another and this Agreement shall be deemed null and void. Upon acceptance of the results of such inspection, Buyer shall be deemed to have agreed to accept the premises in their “as is, where is” condition.
Buyer further acknowledges receipt of a State of Ohio Residential Property Disclosure Form, and a Lead Based Paint Form, and accepts the disclosures set forth thereon. OR
[If the premises are being sold from an estate, or, are otherwise exempt]: Seller warrants that the premises are exempt from the Ohio Residential Property Disclosure Law.
[If the premises were built after 1978]: Seller warrants that the premises were built after 1978, and that there is no requirement for a Lead Based Paint Disclosure form.
5. “POINT OF SALE”; STATEMENT OF AUTHORIZED USE; CERTIFICATE OF OCCUPANCY.
If required by the municipality wherein the premises are situated, Seller shall obtain for a “point of sale” inspection. Any repairs as required by said municipality in order to obtain permission from such municipality to transfer the premises shall be performed by and at the expense of ____________ [SELLER] _____________ [BUYER].
6. CLOSING: This transaction shall close on or about ________________, or on such other date as later agreed by the parties. All funds and documents shall be deposited with Escrow Agent 2 days prior to closing.
7. FIXTURES: All fixtures, currently in the premises shall remain in the premises, as well as all appliances. All such fixtures and appliances shall be delivered in their as is, where is condition, with no warranties or representations whatsoever.
8. ESCROW, DEED, AND TITLE:
a. Escrow: The Escrow Agent for this transaction shall be __________________________________________________ The cost for said Escrow services shall be divided evenly between the parties.
b. Deed: Seller shall convey the said premises by General Warranty Deed, subject only to conditions and restrictions of record, encroachments which do not materially and adversely affect the use and value of the premises, easements however created, zoning, and taxes which are a lien but not yet due and payable.
c. Title: Seller shall cause the title to be examined by____________________________________. At closing, Seller shall provide Buyer with an Owner’s Policy of Title Insurance. Seller shall deliver good and marketable title to Buyer by a General Warranty Deed, with release of dower, if any, by a necessary spouse of Seller. The cost of the Title Search shall be paid by the Seller. The premium for the Owner’s Policy of Title Insurance shall be divided evenly between the parties. Buyer shall pay for a Title Commitment showing the condition of the title to the property prior to closing.
9. WATER/SEWER; TAXES; PRORATION OF REAL ESTATE TAXES: Escrow Agent shall prorate real estate taxes based upon the most recently issued Tax Duplicate. Escrow Agent shall withhold $300 from Seller’s proceeds (or such larger amount as disclosed by a “water/sewer status letter”) pending proof of payment of the final water/sewer bill.
10. POSSESSION, UTILITIES AND KEYS: Possession shall be delivered on the day of closing, or at such other date as agreed by and between the parties. The parties shall be responsible for final readings of the electric and gas services, as applicable, servicing the premises, and shall adjust any monies owed between them outside of the escrow. The Seller shall deliver keys to the premises upon closing, or at other optional time as agreed between the parties hereto.
11. INSURANCE; RISK OF LOSS: Seller shall maintain insurance on the premises, in an amount at least equal to the purchase price, through the date of closing. In the event of a destruction of the premises of less than 10% prior to closing, Buyer shall have the option to either allow Seller to repair said premises, or accept insurance proceeds in lieu thereof. In the event of destruction of the premises greater than 10%, Buyer shall have the option to either treat this contract as null and void, allow Seller a reasonable time to repair the premises, or accept insurance proceeds in lieu thereof.
12. OTHER FEES: Seller shall pay the County conveyance fee to transfer the premises, and in the recording fee to record the deed. Buyer shall pay all fees associated with recording his/her/their financing documents.
13. MERGER CLAUSE: This Agreement represents all of the terms and conditions of the agreements between the parties, and no prior document or verbal agreement shall vary, alter or contradict the terms and conditions herein.
14. “BROKERS”: Seller and Buyer hereby acknowledge and agree the following real estate agents and brokers are involved in this transaction and the commissions are as follows:
________________________________________________________________
________________________________________________________________
The said real estate brokers shall be paid pursuant to the Listing Agreement executed by the Seller, and pursuant to such agreements as made between the Listing Agent and the Buyer’s Agent.
15. MISCELLANEOUS: This Agreement may be executed in multiple identical counterparts, all of which taken together shall constitute one Agreement. The terms “Buyer” and “Seller” shall include all parties designated and their respective heirs, executors, administrators, successors and assigns, and whenever the singular is used, it shall include the plural, and wherever the masculine gender is used, it shall include the neuter and feminine as the context requires. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective assigns, heirs, personal representatives or nominees.
16. CONDOMINIUM ISSUES: (IF APPLICABLE)
A. The premises are located within a lawful Condominium. In the event that said Condominium has a “right of first refusal,” this Purchase Agreement shall be subject to the right of the Condominium Association to purchase these premises at the price stated herein. In such event, any funds deposited by Buyer shall be immediately refunded. Seller shall promptly submit such writings as are required to said Condominium Association for its consideration and review.
B. Condominium Assessments and maintenance fees, if any, shall be prorated in escrow.
C. Buyer acknowledges receipt from Seller of all applicable documents related to said Condominium, and waives further review of same.
17. ADDITIONAL TERMS: The parties agree that the following additional terms shall prevail (for example, appliances; leaseback after closing; acceptance of second note by Seller; credits towards closing costs) – use an Addendum if needed:
________________________________________________________________
IN WITNESS WHEREOF, THE PARTIES HERETO EXECUTE THIS AGREEMENT AS EVIDENCE OF THEIR INTENT TO BE BOUND BY ITS TERMS. UPON EXECUTION BY SELLER, THIS INSTRUMENT SHALL BE DEEMED TO BE A COMPLETE PURCHASE AGREEMENT BETWEEN THE PARTIES.
BUYER:
____________________________ ___________________________
(SIGNATURE) DATE & TIME
_____________________________
PRINT NAME OF ABOVE
_____________________________ __________________________
(SIGNATURE) DATE & TIME
_____________________________
PRINT NAME OF ABOVE
CURRENT PHONE # AND ADDRESS:
_________________________________
__________________________________
SELLER:
_____________________________ __________________________
(SIGNATURE) DATE & TIME
_____________________________
PRINT NAME OF ABOVE
_____________________________ __________________________
(SIGNATURE) DATE & TIME
_____________________________
PRINT NAME OF ABOVE
CURRENT PHONE # AND ADDRESS:
_________________________________
__________________________________
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___________ ___________ ______________ ____________