PARTIES: ____________________(1)_____________________________, as "Seller", of ________(2)____________, Phone: _____(3)________,
and
______________(4)___________________ as "Buyer" of
_______________(5)_______________, Phone: _______(6)__________,
hereby agree that the Seller shall sell and Buyer shall buy the following property upon the following
terms and conditions:
I. DESCRIPTION:
a) Legal description of real estate ("Property") located in _______(7)________ County,
_______(8)_________:
b) Street address, if any, of the Property being conveyed is:
c) Personal property including all buildings and improvements on the property and all right, title and interest of Seller in and to adjacent streets, roads, alleys and rights-of-way,
and:
II. PURCHASE PRICE _______(9)______
PAYMENT:
a) Cash Deposit(s) to be held in escrow by _____________(10)________________ in the
amount of ______(11)______ and promissory note to be held in same escrow as
additional earnest Buyer's default in the amount of ______(12)______
b) Assumption of bond in favor of _____________(13)_________________ bearing
interest at ___(14)____% per annum and payable as to principal and interest
_____(15)______ per month, having an approximate present principal balance of
______(16)______
c) Purchase money mortgage and note bearing interest at ___(17)___% on terms set
forth herein below, in the principal amount of ______(18)______
d) Other: ______(19)______
e) Balance to close, (U.S. Cash, certified or cashier's check) subject to adjustments and
prorations ______(20)______
TOTAL _______(9)______
III. SURVEY & TITLE COMMITMENT; PERMITTED EXCEPTIONS.
a) Preliminary Title Report.
Within twenty (20) days from the date hereof, Seller, at
Purchaser's sole cost and expense, shall cause a title insurance company ("Title
Company") to issue and deliver to Purchaser an ALTA Form B title commitment ("Title
Commitment") in the full amount of the Purchase Price of the real estate. Purchaser shall
pay the premium for the policy at or before the closing as set forth herein. In the event
title is found to be unmerchantable because of title defects, Purchaser or his attorney
shall notify the Seller or its attorney in writing within five (5) days of the date of receipt
of said Title et forth herein. In the event title is found to be unmerchantable title to the
property and Seller shall have a period of one hundred twenty (120) days after receipt of
such written notice within which to cure said defects in title and this sale shall be closed
within ten (10) days after written notice of such curing Upon Seller's failure to cure
defects of which written notice has Upon Seller's failure to cure defects of which written
notice has been given, within the time limit aforesaid, the deposit this day paid shall be
returned and all rights and liabilities arising hereunder shall terminate, or Purchaser may
close this transaction in the same manner as if no title defects had been found.
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