Hi,
I was wondering if I could get some opinions on this contract? This was wrote up
By a Realestate attorney. The only thing I see that is concerning is the nonrefundable escrow money. What do you guys think?
Thanks
AGREEMENT FOR PURCHASE & SALE OF REAL ESTATE
Agreement dated this _________________ day of __________________by and between
_________________________________________
hereinafter "Seller" whose address is
__________________________________________
__________________________________________
hereinafter "Buyer" (and/or assigns or nominees) whose address is
__________________________________________
__________________________________________
1. The Property.
The parties hereby agree that Seller will sell and Buyer or Buyer’s Assignee will buy the following property, located in and situate in the County of _____________, state of _____________,
Commonly known as _________________________________________________________. _____________________
PIN
The sale shall also include all personal property and fixtures, unless specifically excluded; all other items will be included, whether or not affixed to
the property or structures. Seller expressly warrants that property, improvements, building or structures, the appliances, roof, plumbing, heating and/or ventilation systems are in good and working order. This clause shall survive closing of title.
2. Purchase Price.
The total purchase price to be paid by buyer will be $____________________ payable as follows:
Non-refundable earnest money deposit $____________________
Balance due at closing $____________________
Sale price is subject to approval by Buyer and Partners of Buyer as well and conditioned on the property appraising at or above the above referenced Purchase Price.
3. Earnest Money
The Buyer's earnest money shall be held in escrow by an agent of Buyer's choice.
4. Title and Closing
At Seller’s expense, Buyer shall procure a title commitment for an ALTA title insurance policy in the amount of the purchase price with extended coverage by a title company licensed to operate in the State of Illinois, issued on or subsequent to the Date of Acceptance. Closing will be held be on or about ____________, 20_________, at a time and place designed by buyer. Buyer shall choose the escrow, title and/or closing agent. Seller agrees to convey title by a general warranty deed.
5. The Deed: Seller shall convey or cause to be conveyed to Buyer or Buyer’s designated grantee good and merchantable title to the Real Estate by recordable general Warranty Deed, with release of homestead rights, (or the appropriate deed if the title is in trust or in an estate), and with real estate transfer stamps to be paid Seller, unless otherwise designated by local ordinance. Seller further warrants that should the property be located in a Homeowners Association or Condominium Association that all past due assessments and or special assessments shall be brought current and evidenced via a Paid in Full Assessment Letter prior to closing. Copies of any Governing Documents and Budgets shall be provided prior to closing.;
6. Possession
Seller shall surrender possession to the property at closing, buyer shall withhold proceeds from the sale in the amount of
$______________ as security. Seller shall be liable for damages in the amount of $_______ per day for each day the property is occupied beyond the possession date. This paragraph shall survive the closing of title.
6. Execution In Counterparts
This agreement may be executed in counterparts and by facsimile signatures. This agreement shall become effective as of the date of the last signature.
7. Inspection
Buyer may conduct at Buyer’s expense, a radon, environmental, lead based paint, wood and destroying insect infestation inspection of the real estate by one or more licensed or certified inspection services. Buyer shall serve Notice upon Seller or Seller’s attorney of any defects disclosed by any inspection for which Buyer request resolution by the Seller, along with a copy of an pertinent section of the applicable inspection report. Any and all defects discovered must be presented to the Seller along with the accompanying report on or before _______________, 20___ .
8. Access
Buyer shall be entitled a key and be entitled to access to show partners, lenders, inspectors and/or contractors and/or contractors prior to closing. Buyer may place an appropriate sign on the property prior to closing for prospective tenants and/or assigns.
_____________________________ ________________________
Seller ?Date
_____________________________ _________________________
Seller ?Date
_____________________________ __________________________
Buyer ?Date
_____________________________ ___________________________
Buyer ?Date
