Purchase Contract language Question

[Ceasar Blackman]

Hey i downloaded one of the contracts from the file place and I'm in the process of going over it to change little things. I have yet to do a deal yet so getting my contract right would go a long way as far as me being confident. Some of the language is a little funny still to me. Can anyone help break it down a little more please ??

3. PURCHASE PRICE. The purchase price for the Property to be paid in cash by Buyer shall be $_________________ subject to adjustment as hereinafter provided (“Purchase Price”). Buyer shall deliver to Seller within 2 days following the Effective Date the amount of $50.00 as non-refundable consideration for this Agreement.

4. TITLE, SURVEY AND DISCLOSURES. Within four (4) days following the Effective Date, Seller at its expense shall have delivered to Buyer (i) a current commitment for an owner’s title policy, together with copies of all exceptions, in the amount of the Purchase Price (issuing company located in the county of the Property is herein the “Title Company”), (ii) the most current survey of the Property to which Seller has access and (iii) written disclosure of any and all defects and/or lease(s) affecting the Property of which Seller is or should be aware (all of the foregoing items to be delivered by Seller are herein the “Documents”). Buyer may make such inquiries of current mortgagee(s) of the Property as Buyer may determine appropriate and Seller shall cooperate therewith.

5. INSPECTION. Seller or its representative shall make available to Buyer, its inspectors, contractors and/or assigns reasonable access to the Property up to consummation of the sale. Closing of this purchase is subject for all purposes hereof to Buyer’s approval of the condition of the Property and title in Buyer’s sole discretion. Buyer shall notify Seller in writing within fifteen (15) days following Buyer’s receipt of all Documents that Buyer has approved the purchase (the “Firm Date”) or this Agreement shall automatically terminate.

6. EARNEST MONEY. On the Firm Date Buyer shall deposit with the Title Company the amount of $__________ as “Earnest Money” for Buyer’s obligations hereunder. In the event (i) Seller Fails for any reason to close this purchase and/or (ii) the Property is damaged by any peril the Earnest Money shall be immediately refunded to Buyer. Agreement may be recorded of public record.

any help would be greatly appreciated !!!!!

[Ned Carey]

Do you have a specific question about these clauses?

I find them wordy and some unnecessary.