HomeMy WebLinkAboutProof of Ownership 0602219-7s7f-
Real Estate Contract Copyright
r., 2a2a
(Lots and Acreage) COLDWELL BANKER �.. Arkansas
Pagel of 11 RPM GROUP RF 'r Rq o po ,,T"Y REALTORS"
Association
Form Serial Number: D11466-GDD161-5995513
1. PARTIES: Alan Mafhenv
y•�..y #V41W411we,y G{YLLI pr %r (individually, or collectively, the "Buyer")
offers to purchase, subject to the terms and co ditions s ' forth herein, from the undersigned (individually
or collectively, the "Seller") the real property described in Paragraph 2 of this Real Estate Contract (the
"Property").
2. ADDRESS AND LEGAL DESCRIPTION: Buyer is not relying on Seller, L€sting Firm or Selling Firm
regarding location of the Property, Buyer having sole responsibility to engage surveyors, engineers,
attorneys or other professionals to determine the location, size, slope and boundaries of the Property. If
Buyer is dissatisfied with the results of such: determination, Buyer, without further obligation, may declare
this Real Estate Contract terminated with both parties agreeing to sign a Termination of Contract Addendum
and Buyer to recover Earnest Money.
A. ADDRESS: 2-38 acers, lot 15 Kanis Road, Little lock, AR 72223
D. FULL LEGAL DESCRIPTION: Sachs Suburban Addition, Pulaski Countyparcel
#44iRa7600D4600
3- PURCHASE PRICE: Subject to the following conditions Buyer shall pay the following to Seller for the
' x Property (the "Purchase Price"): (select one of the following four options)
J total purchase price__ ..........
or; $-
El price per acre, ...................
or; $�
❑ price per square foot ...........
or;
❑ price per front foot ..............
❑ A. PURCHASE PURSUANT TO NEW FINANCING: Subject to Buyer's ability to obtain financing on the terms and
conditions set forth herein and the Property appraising for not less than the Purchase Price,
Down payment, loan amount, interest rate and other terms of financing to be negotiated between Buyer and creditor.
❑ OTHER: Subject to Buyer's ability to obtain financing as follows:
❑ B. PURCHASE PURSUANT TO CASH:
Buyer and Seller will each independently verify quantities as set forth above and agree neither are relying upon
a representation from Selling Firm or Listing Firm concerning quantities of land or front feet.
Page 1 of 11
Sedalff; 011466-500161.5915513 �f
Real Estate Contract Copyright
(Lots and ► creage) 2 Ar2021
kansas
Page 2 of 11 RF4Lr cotmj T u IAssociation
REALTORS'
Form Serial Number: 011466-600161-5915513
4. LOAN AND CLOSING COSTS: Unless otherwise specified, all Buyer's Closing costs, including origination
Pee, assumption fees, loan costs, prepaid items and loan discount points, closing fee, and all other financing
fees and costs charged by Buyer's creditor or any additional fee charged by Closing Agent(s) are to be paid
by Buyer- Seller to pay Seller's Closing costs.
Each arr a Their own
S. APPLICATKIIN FOR FINANCING: If applicable, Buyer agrees to make a complete application for new loan
or for loan assumption within five (5) business days from the acceptance date of this Real Estate Contract.
In order to make a complete application as required by this Paragraph 5, Buyer agrees to provide creditor
with any requested information and pay for any credit report(s) and appraisal(s) required, upon request.
Unless otherwise specified, if said loan is not consummated or assumed, Buyer agrees to pay for loan costs
incurred, including appraisal(s) and credit report(s), unless breach of this Real Estate Contract, in which failure to consummate is solely the result of Seller's
case such expenses will be paid by Seller. Buyer understands
that failure to make a complete loan application as defined above may constitute a breach of this Real Estate
Contract.
6. EARNEST MONEY:
❑ A. Yes, see Earnest Money Addendum.
®B.No.
7. NON-REFUNDA13LE [DEPOSIT: The Non -Refundable Deposit (hereinafter referred to as the "Deposit') is
funds tendered by Buyer to Seller to compensate Seller for liquidated damages that may be incurred by Seller
resulting from Buyer failing to close on this Real Estate Contract. The liquidated damages shall include, but
not be limited to, Seller's time, efforts, expenses and potential loss of marketing due to Seller's removal of
Property from the market.
The Deposit is not refundable to Buyer unless failure to close is exclusively the fault of Seiler or if Seller cannot
deliver marketable title to the Property. The Deposit will be credited to Buyer at Closing. Buyer shall hold
Listing Firm and Selling Firm harmless of any dispute regarding the Deposit. Buyer expressly acknowledges
the Deposit is not to be hold by either Listing Firm or Selling Firm. The Deposit may be co -mingled with other
monies of Seller, such sum not being held in an escrow, trust or similar account.
Buyer will pay to Seller the Deposit in the amount of:
® A. The Deposit is not applicable.
❑ B. Buyer will pay to Seller the Deposit in the amount of $ _
T` D 1. Within __ _ - days following the date this Real Estate Contract has been signed by Buyer
and Seller.
❑ H. Other:
Page 2 of 11
Serial#: 011465-000161.5915513 �- T _ _•- _.. _.-�
Real Estate Contract Copyright
2021
(Lots and (acreage) 2 Arkansas
Page 3 of 11 R ALtORb EQUA,OPPOTUNITT REALTORS®
Association
Form Serial Number: 011466-600161-5915513
S. CONVEYANCE: Unless otherwise specified, conveyance of the Property shall be made to Buyer by
general warranty deed, in fee simple absolute, except it shall be subject to recorded instruments and
easements, if any, which do not materially affect the value of the Property_ Unless expressly reserved
herein, SUCH CONVEYANCE SHALL INCLUDE ALL MINERAL RIGHTS OWNED BY SELLER
CONCERNING AND LOCATED ON THE PROPERTY, IF ANY, UNLESS OTHERWISE SPECIFIED IN
PARAGRAPH 20. IT IS THE RESPONSIBILITY OF THE BUYER TO INDEPENDENTLY VERIFY AND
INVESTIGATE THE EXISTENCE OR NONEXISTENCE OF MINERAL RIGHTS AND ANY LEGAL
RAMIFICATIONS THEREOF.
Seller warrants and represents only the signatures set forth below are required to transfer Iegal title to the
Property. Seller also warrants and represents Seller has peaceable possession of the Property, including
all improvements and fixtures thereon, and the legal authority and capacity to convey the Property by a good
and sufficient general warranty deed, free from any liens, leaseholds or other interests.
9. SOIL TESTING FOR SEPTIC OR SEWAGE SYSTEM: Buyer has been given the opportunity to
obtain a soil percolation, soil morphology test or sewage system permit meeting the Arkansas Department
of Health regulations concerning septic systems or other sewage treatment systems. Should Buyer decline
to obtain any of the above, Buyer agrees to hold Seller, Listing Firm and Selling Firm involved in this Real
Estate Contract harmless of any matters relative to obtaining such test, permit or the ability to construct an
improvement on the described Property that may exist or be discovered (or occur) after Closing.
❑ A. No soil percolation or soil morphology test or septic system permit shall be provided.
i l B. A soil percolation or soil morphology test will be conducted by a Designated Representative of the
Arkansas Department of Health and certified to Buyer within 90, see Par 20 days prior to
Closing. A satisfactory soil percolation or soil morphology test does not guarantee a septic system
permit will be issued In the future. Test to be provided and paid for by;
❑ Buyer ❑ Seller.
❑ C. A septic system permit will be issued by the Arkansas Department of Health for a _
Bedroom Standard System certified within _ _ _ days prior to Closing. _ Buyer, or
Buyer's Representative, to mark location of home or be present when test is conducted. Both the
tests and permit will be provided and paid for by:
❑ Buyer ❑ Seller.
LI D. Seller will provide Buyer with a copy of the existing valid septic system permit within three (3)
business days of acceptance of this Real Estate Contract after which Buyer is to have ten (10)
business days to review and accept the permit. If permit issuance date is greater than six (6)
months or If the permit date will expire prior to Closing date, Seller shall have the permit revalidated
by the Arkansas Department of Health.
Should Buyer not be satisfied, acting with sole discretion, with any test or permit that may be required by
Paragraph 913, 9C or 9D, Buyer shall have all rights provided by Earnest Money Addendum of this Real
Estate Contract_
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Serlol#: 011466•BOo16i •5e :55� 3
Real Estate Contract copyright
(Lots and Acreage) � Arkansas
nsas
Page 4 of I I >;s atzonm a RT � REALTORSm
Association
Form Serial Number: 011466-600161-5915513
10. SURVEY: Buyer has been given the opportunity to obtain anew certified survey. Should Buyer
decline to obtain a survey as offered in Paragraph 10A of this Real Estate Contract, Buyer agrees to hold
Seller, Listing Firm and Selling Firm involved in this Real Estate Contract harmless of any
problems relative to any survey discrepancies that may exist or be discovered (or occur) after Closing.
X A. New survey satisfactory to Buyer, certified to Buyer within thirty (30) days prior to Closing
by a registered land surveyor, ❑showing property lines only ❑X showing all improvements,
easements and any encroachments will be provided and paid for by.
Buyer F�J Seller ❑ Equally split between Buyer and Seller_
B. No survey shall be provided-
C. Other:
Should Buyer agree to accept the most recent survey provided by Seller, this survey is for information
purposes only and Buyer xMil not be entitled to the legal benefits of a survey certified in Buyers name.
I'I. TITLE REQUIREMENTS: Buyer and Seiler understand Listing Firm and Selling Firm are not licensed
title insurance agents as defined by Arkansas law and do not and cannot receive direct or indirect
compensation from any Closing Agent regarding the closing process or the possible purchase of title
insurance by one or more of Buyer and Seller. An enhanced version of title insurance coverage may
be available to Buyer for this transaction. Discuss enhanced title insurance coverage with your title
insurance provider to determine availability and features_
❑ A. Seller shall furnish, at Seller's cost, a complete abstract reflecting merchantable title to Buyer or
Buyer's Attorney_
Nil B. Seller shall furnish, at Seller's cost, an owner's policy of title insurance in the amount of the
Purchase Price. If a loan is secured for the purchase of the Property, Buyer agrees to pay
mortgagee's portion of title policy. If Buyer elects to obtain enhanced title insurance coverage,
Buyer shall pay for the increase in title Insurance costs in excess of the cost of a standard
owners title policy.
❑ C. Provided Buyer and Seiler choose to close at the same Title Company, Buyer and Seller to
equally split the cost of a combination owner's and mortgagee's policy of title insurance,
either standard or enhanced (If enhanced coverage is desired by Buyer and available), in the
amount of (as to owner's) the Purchase Price and (as to mortgagee's) the loan amount (not to
exceed the Purohase Price).
❑ D. Other:
Buyer shall have the right to review and approve 8 commitment to provide title insurance prior to Closing_
If objections are made to Title, Seller shall have a reasonable time to cure the objections. Regardless of the
policy chosen, Buyer and Seller shall have the right to choose their Closing Agent(s).
Page 4 of 1-1
�enai�; o91ga560016159755�3 •
Real Estate Contract copyright
2021
(Lents and Acreage) a Arkansas
Page 5 of 11 ,�. pp EONALHOUlIN6 REALTOW
`J' 12EAiiR11{" OPPORTUNITY
---- - Association
Form Serial Number; 011466-600161-5915513
12. PRORATIONS: Taxes and special assessments due on or before Closing shall be paid by Seller. Any
deposits on rental Property are to be transferred to Buyer at Closing. Insurance, general taxes, special
assessments, rental payments and interest on any assumed loan shall be prorated as of Closing,
unless otherwise specified herein.
13. CLOSING: Closing is the date and time at which Seller delivers the executed and acknowledged deed and
Buyer's completion, signing and delivery to Seller (or Closing Agent agreed to by Buyer & Seller) of all loan,
closing documents, and Purchase Price funds required to be executed or delivered by Buyer (the "Closing").
Buyer and Seller agree the Closing date will be (month) Apr1! _ (day) 5 , (year) 2021 . The
Closing date may be changed by written agreement of Buyer and Seller. If the sale is not consummated by
the Closing date (or any written extension thereof), the parties shall have the remedies available to them in
equity or at law, including the remedies available to them in Earnest Money Addendum.
Buyer and Seller shall have the right to choose their Closing Agent(s) and are not relying on Listing Firm or
Selling Firm to choose a Closing Agent. Should Buyer or Seller choose the services of a Closing Agent(s)
other than Selling Firm or Listing Firm, then Buyer and Seller each jointly and severally agree to indemnify
and hold Listing Firm and Selling Firm harmless for all intentional misconduct and negligent acts (including
acts of omission) of the Closing Agent(s).
This Real Estate Contract shall serve as written closing instructions to the Closing Agent on behalf of the
Buyer and Seller. The Closing Agent(s) is/are authorized to provide Seller's closing disclosure .or other
settlement statement(s) to Listing Firm (in addition to Seller) and Buyer's closing disclosure or other
settlement statement(s) to Selling Firm (in addition to Buyer) so Buyer, Seller, Listing Firm and Selling Firm
shall have a reasonable opportunity to review prior to Closing.
Buyer and Seller shall each have the right to request title insurer's), if any, issue closings protection to
indemnify against loss of closing Funds because of acts of a Closing Agent, title insurer's named employee,
or title insurance agent, ilny cast for closing protection will be paid by the requesting party(ies). Listing Firm
and Selling Firm strongly advise Buyer and Seller to inquire of the Closing Agent(s) about the availability and
benefits of closing protection.
This Real Estate Contract shall, unless otherwise specified in Paragraph 20 of this Real Estate Contract,
constitute express written permission and authorization to Listing Firm and Selling Firm to disclose the terms
of this Real Estate Contract (and all Addenda), Including without limitation concessions provided by Buyer
or Seller or other non-public personal information of Buyer and Sellar regarding the purchase and sale of
the Properly, to any of the following. (i) an Arkansas licensed appraiser; (ii) multiple listing services for use
by the members thereof; and (iii) any other person or entity which Listing Firm or Selling Firm determines,
using sole discretion, may have a legitimate basis to request and obtain such information. The authorization
and permissions granted in this Paragraph 13 shall not create any obligation or duty upon Listing Flrm or
Selling Firm to make any disclosure to any person or entity.
14. FIXTURES AND ATTACHED EQUIPMENT: Unless specifically excluded herein, all fixtures and
attached equipment, if any, are included in the Purchase Price.
15. POSSESSION: Possession of the Property shall be delivered to Buyer:
U A. Upon the Closing.
D B. Delayed Possession. (See Delayed Occupancy Addendum attached)
C. Prior to Closing. (See Early Occupancy Addendum attached)
Page 5 of 11
Seri al#: 01146 6-600161.5915 513
?\ Form
Real Estate Contract Copyright
2021
(Lots and Acreage) 112tArkansas
Page 6 of 11 _ Rti11L70Rfl � oa ugiii REALTORV
Association
Form Serial Number: 011466-600161-5915513
16. OTHER CONTINGENCY:
0 A. No Other Contingency, (Except for those conditions listed elsewhere in this Real Estate Contract.) It is
understood and agreed that Seller has the right to enter into subordinate Real Estate Contracts and
other Real Estate Contracts shall not affect this Real Estate Contract.
❑ B. This Real Estate Contract is contingent upon:
on or before (month) (day) , (year)
During the term of this Real Estate Contract (Select one):
❑ (i) Binding with Escape Clause: Seller has the right to continue to show the Property and solicit and
enter into another Real Estate Contract on this Property_ However, all Real Estate Contracts shall
be subject to termination of this Real Estate Contract. Should Seller elect to provide written notice
of an additional Real Estate Contract being accepted by Seiler, Seller shall utilize the Seller's
Contingency Notice Addendum, (the "Notice") and Buyer shall have hours to remove this
contingency. Buyer shall be deemed in receipt of the Notice upon the earlier of (a) actual receipt
of the Notice or (b) two (2) business days after Seller or Listing Firm deposits the Notice in the
United States mail, certified for delivery to Buyer at
with sufficient postage to
ensUre delivery. Removal of this contingency shall occur only by delivery of the Notice, in a manner
ensuring actual receipt, to Seller or Listing Firm. Time is of the essence. In the event Buyer
removes this contingency and does not perform on this Real Estate Contract for any reason
concerning this contingency, Seller may assert; all legal or equitable rights that may exist as a result
of Buyer breaching this Real Estate Contract. Alternatively, Seller, at his sole and exclusive option,
may retain the Eamest Money, as liquidated damages. If this contingency is removed, a Closing
date shall be agreed upon by the parties. If a Closing date is not agreed upon, Closing shall occur
calendar days from removal. Should Buyer not remove this contingency as specified, then
this Real Estate Contract shall be terminated with Buyer and Seller both agreeing to sign a
Termination of Contract Addendum with Buyer to recover Earnest. Money. All time constraints in
this Real Estate Contract referred to in Paragraphs 5, 9, 10, 18, and 218 refer to the time Buyer
removes the contingency-
Ll (ii) Binding without Escape Clause: It is understood and agreed Seller has the right to enter into
subordinate Real Estate Contracts, and other Real Estate Contracts shall not affect this Real
Estate Contract,
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SWaW; 011466-600161-5915613
Prery rerl by Arlo— Rl— 1 rmei lwll Rn4�ri PAd r:mnn I,VI o I ohlenn/.lrnmnci n�f i l �; Form
Real Estate Contract Copyright
2021
(Lots and Acreage) Arkansas
Page 7 of.1 REALTORm o o �; Y REALTORS®
Association
Farm Serial Number: 011466-600161-5915513
17. BUYER'S DISCLAIMER OF RELIANCE:
A. BUYER CERTIFIES BUYER WILL PERSONALLY INSPECT OR HAVE A REPRESENTATIVE INSPECT THE
PROPERTY AS FULLY AS DESIRED PRIOR TO CLOSING. BUYER CERTIFIES BUYER HAS NOT AND WILL
NOT RELY ON ANY WARRANTIES, REPRESENTATIONS, OR STATEMENTS OF SELLER, LiSTING FIRM,
SELLING FIRM, OR ANY AGENT, INDEPENDENT CONTRACTOR, OR EMPLOYEE ASSOCIATED WITH
THOSE ENTITIES, OR INFORMATION FROM MULTIPLE LISTING SERVICES OR OTHER WEBSiTES
REGARDING MINERAL RIGHTS, YEAR BUILT, SIZE (INCLUDING WITHOUT LIMITATION THE SQUARE
FEET iN IMPROVEMENTS LOCATED ON THE PROPERTY), QUALITY, VALUE OR CONDITION OF THE
PROPERTY, INCLUDING WITHOUT LIMITATION ALL IMPROVEMENTS, APPLIANCES, PLUMBING,
ELECTRICAL OR MECHANICAL SYSTEMS. HOWEVER, BUYER MAY RELY UPON ANY WRITTEN
DISCLOSURES PROVIDED BY SELLER.
LISTING FIRM AND SELLING FIRM CANNOT GIVE LEGAL ADVICE TO 13UYER OR SELLER. LISTING FIRM
AND SELLING FIRM STRONGLY URGE STATUS OF TITLE TO THE PROPERTY, CONDITION OF PROPERTY,
SQUARE FOOTAGE OF IMPROVEMENTS, QUESTIONS OF SURVEY, AND ALL OTHER REQUIREMENTS OF
BUYER SHOULD EACH BE INDEPENDENTLY VERIFIED AND INVESTIGATED BY BUYER OR A
REPRESENTATIVE CHOSEN BY BUYER.
B. BUYER AGREES TO SIGN PAGE 4 OF THE INSPECTION, REPAIR AND SURVEY ADDENDUM PRIOR TO
CLOSING IF BUYER ACCEPTS THE CONDITION OF THE PROPERTY AND INTENDS TO CLOSE.
18. SELLER PROPERTY DISCLOSURE:
❑ A. Buyer and Seller acknowledge that upon the authorization of Seller, either Selling Firm or Listing Firm
have delivered to Buyer, prior to the execution of this Real Estate Contract, a written disclosure
prepared by Seller concerning the condition of the Property, but this fact neither limits nor restricts
Buyer's Disclaimer of Reliance set forth in Paragraph 17 of this Real Estate Contract. The written
disclosure prepared by Seller is dated (month) (day) , (year)
and is warranted by Seller to be the latest disclosure and the answers contained in the disclosure are
warranted to be true, correct, and complete to Seller's knowledge.
❑ 13. Buyer hereby requests Seiler to provide a written disclosure about the condition of the Property that
is true and correct to Seller's knowledge within three (3) business days after this Real Estate Contract
has been signed by Buyer and Seller. If Seller does not provide the disclasl.ire within the three (3)
business days, Buyer may declare this Real Estate Contract terminated with Buyer and Seller both
agreeing to sign the Termination of Contract, with Buyer to receive a refund of the Earnest Money. If
Buyer finds the disclosure unacceptable within three (3) business days after receipt of disclosure,
this Real Estate Contract may be declared terminated by Buyer, with Buyer and Seller both agreeing
to sign the Termination of Contract with Buyer to receive a refund of the Earnest Money. Receipt of
this disclosure neither limits nor restricts in any way Buyer's Disclaimer Of Reliance set forth in
Paragraph 17 of this Real Estate Contract.
❑ C. Although a disclosure form may have been completed (or can be completed) by Seller, Buyer has
neither received nor requested and does not desire from Seller a written disclosure concerning
the condition of the Property prior to the execution of this Real Estate Contract, but this fact neither
limits nor restricts in any way Buyer's Disclaimer of Reliance set forth in Paragraph 17 of this Real
Estate Contract. BUYER IS STRONGLY URGED BY SELLING FIRM AND LISTING FIRM TO
MAKE ALL INDEPENDENT INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS
REAL ESTATE CONTRACT.
®D. Buyer understands no disclosure form is available and will not be provided by Seller. This fact
neither limits nor restricts In any way the Buyer's Disclaimer of Reliance set forth in Paragraph 17 of
this Real Estate Contract. BUYER IS STRONGLY URGED BY SELLING FIRM AND LISTING FIRM
TO MAKE ALL INDEPENDENT INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS
REAL ESTATE CONTRACT.
Page 7 of 11
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Real Estate Contract Copyright
2021
(Lots and Acreage) Arkansas
Page 8 of 11 REALTds� a aR�u10 rY REALTORV
Association
Form Serial Number: 011466-600161-5915513
19. AGENCY: (check all that apply)
❑ A. LISTING FIRM AND SELLING FIRM REPRESENT SELLER: Buyer acknowledges Listing Firm and
Selling Firm and all licensees associated with those entities are the agents of seller and it is Seller
who employed them, whom they represent, and to whom they are responsible. Buyer acknowledges
that before eliciting or receiving confidential information from Buyer, Selling Firm, which may be the
same as Listing Firm, verbally disclosed Selling Firm represents Seller.
❑ B. LISTING FIRM REPRESENTS SELLER AND SELLING FIRM REPRESENTS BUYER: Buyer
and Seller acknowledge Listing Firm is employed by Seller and Selling Firm is employed by Bayer.
All licensees associated with Listing Firm are employed by, represent, and are responsible to Seller.
AI] licensees associated with Selling Firm are employed by, represent, and are responsible to Buyer.
Buyer acknowledges Selling Firm verbally disclosed Listing Firm represents Seller. Seller
acknowledges Listing Firm verbally disclosed Selling Firm represents Buyer.
❑ C. LISTING FIRM AND SELLING FIRM ARE THE SAME AND REPRESENT BOTH 13UYER AND
SELLER: Seller and Buyer hereby acknowledge and agree Listing and Selling Firm are the same
and all licensees associated with Listing and Selling Firm are representing both Buyer and Seller in
the purchase and sale of the above referenced Property and Listing/Selling Firm has been and is now
the agent of both Seller and Buyer with respect to this transaction- Seller and Buyer have both
consented to, and hereby confirm their consent to agency representation of both parties. Further, Seller
and Buyer agree:
(i) Listing/Selling Firm shall not be required to and shall not disclose to either Buyer or
Seller any personal, financial or other confidential information concerning the other party
without the express written consent of that party; however, Buyer and Seller agree
Listing/Selling Firm shall disclose to Buyer information Known to ListinglSelling Firm
related to defects in the Property and such information shall not be deemed
"confidential information." Confidential information shall include but not be limited to any
price Seller is willing to accept that is less than the offering price or any price Buyer is
willing to pay that is higher than that offered in writing.
by selecting this option 19C, Buyer and Seller acknowledge when Listing/Selling Firm
represents both parties, a possible conflict of interest exists, and Seller and Buyer further
agree to forfeit their individual right to receive the [undivided loyalty of Listing/Selling Firm.
(lily to waive any claim now or hereafter arising out of any conflicts of interest from
Listing Selling Firm representing both parties_ Buyer and Seller acknowledge
Listing/Selling Firm verbally disclosed Listing/Selling Firm represents both parties in this
transaction, and Buyer and Seller have given their written consent to this representation
before entering Into this Real Estate Contract.
® D. SELLING FIRM REPRESENTS BUYER (NO LISTING FIRM): Seller acknowledges Selling Firm
and all licensees associated with Selling Firm are the agents of Buyer and it is Buyer who employed
them, whom they represent. and to whom they are responsible. Seiler acknowledges that at first
contact Selling Firm verbally disclosed that Selling Firm represents Buyer. Any reference to "Listing
Firm" in this Real Estate Contract will be considered to mean Selling Firm, both Buyer and Seller
acknowledging that all real estate agents (uniess Seller is a licensed Real Estate Agent) involved In this
Real Estate Contract only represent Buyer.
❑ E. NON -REPRESENTATION: See attached Non -Representation Disclosure Addendum. If item E is
checked it should be accompanied by a corresponding entry to Paragraph 31 B or C.
Page 8 of 11
Serla1#:01146G•G00164-5975513
Preoared bV: Mene RInnn I r➢nleftnil RnnkPr RPIM r;rn n_WI R I :h!ann2lrnm A oof I f,'4 Form
Real Estate Contract Copyright
2021
(Lots and ,Acreage) 121
Arkansas
Page 9 of 11 ReaLT4R� M.Mi unUIly Association REALTORS"
Form Serial Number: 011466-600161f-5915513
20. OTHER:
Seiler to pay 3% of the Durchase nrien to Coldwell Banker RPM Group at closing for the agent
corn ertsation fee.
Buyer and Seller a ree to a ua11 split the cost of a erc test. Bu er has an estimate of total
cost to he $500. Seller a reel to a $25D which is half.
21. LEAD -BASED PAINT RISK ASSESSMENTIINSPECTION:
® A. Buyer understands and agrees that, according to the best information available, improvements on this
Property were not constructed prior to 1978 and should not contain lead -based paint hazards.
B. Buyer has been informed that the Property, including without limitation garages, tool sheds, other
outbuildings, fences, signs and mechanical equipment on the Property that were constructed prior to
1978, may contain lead -based paint. Seller will provide the Lead -Based Paint Disclosure (pre-1978
construction) within three (3) business days after acceptance of this Real Estate Contract. The
obligation of Buyer under this Real Estate Contract is contingent upon Buyer's acceptance of the
Lead -Based Paint Disclosure provided by Seller and an Inspection and/or Risk Assessment of the
Property for the presence of lead -based paint and/or lead -based paint hazards obtained at Buyer's
expense. If Buyer finds either the Lead -Based Paint Disclosure or the Inspection and/or Risk
Assessment unsatisfactory, in the sole discretion of Buyer, within ten (10) calendar days after receipt
by Buyer of the Lead -Based Paint Disclosure, Buyer shall have the absolute option to unilaterally
terminate this Real Estate Contract with all Earnest Money returned to Buyer and, neither Buyer nor
Seller having further obligation to the other thereafter_ Buyer may remove this contingency and
waive the unilateral termination right at any time without cause by written General Addendum signed by
Buyer and delivered to Seller. If Buyer does not deliver to Seller or Listing Firm a Termination of Real
Estate Contract Addendum terminating this Real Estate Contract within the ten (1 Q) calendar days after
receipt by Buyer of the Lead -Based Paint Disclosure, this contingency shall be deemed waived and
Buyer's performance under this Real Estate Contract shall thereafter not be conditioned on Buyer's
satisfaction with tho Lead -Based Paint Inspection and/or Risk Assessment of the Property.
Buyer has been advised of Buyer's rights under this Paragraph 21.
22. RISK OF LOSS: Risk of loss or damage to the Property by fire or other casualty occurring prior to the time
Seller delivers an executed and acknowledged dead to Buyer is expressly assumed by Seller. Buyer shall
have the right prior to Closing to Inspect the Property to ascertain any damage that may have occurred due
to fire, flood, hail, windstorm or other acts of nature, vandalism or theft.
23. GOVERNING LAW: This Real Estate Contract shall be governed by the laws of the State of Arkansas.
24. SEVERABILITY: The invalidity or unenforceability of any provisions of this Real Estate Contract shall not
affect the validity or enforceability of any other provision of this Real Estate Contract, which shall remain in full
force and effect.
Page 9 of 11
serialp: 011466.600161.sg15513
P(e0ar6d bV: Arlene Fllann 1 Caldwell Banker RNA srnnn WI R I ahlann Gi nnm %1 net I
syFol•m
Real Estate Contract Copyright
2021
(Lots and Acreage) Arkansas
Page 10 of 11 ReA ;gR$ Isms 4Iww, REALTORS®
Association
Form Serial Number: 011466-600161-5915513
26. MERGER CLAUSE: This Real Estate Contract, when executed by berth Buyer and Seller, shall contain the
entire understanding and agreement between Buyer and Seller with respect to all matters referred to herein
and shall supersede ail prior or contemporaneous agreements, representations, discussions and
understandings, oral or written, with respect to such matters. This Real Estate Contract shall not supersede
any agency agreements entered into by Buyer or Seller and Listing Firm or Selling Firm.
26. ASSIGNMENT: This Real Estate Contract may not be assigned by Buyer unless written consent of Seller is
obtained, such consent not to be unreasonably withheld- It shall not be unreasonable for Seller to
withhold consent if Seller is to provide financing for Buyer in any amount.
27. TIME: Buyer and Seller agree time is of the essence with regard to all times and dates set forth in this Real
Estate Contract. Unless otherwise specified, days as it appears in this Real Estate Contract shall mean
calendar days. Further, all times and dates set forth in this Real Estate Contract refer to Arkansas Central
time and date.
28. ATTORNEY'S FEES: Should Buyer or Seller initiate any type of administrative proceeding, arbitration,
mediation or litigation against the other (or against an agent for the initiating party or agent for the non -
initiating party), it is agreed by Buyer and Seller (aforementioned agents being third -party beneficiaries of this
Paragraph 28) that all prevailing party (or parties if more than one) shall be entitled to an award of all costs
and attorney's teas incurred in prosecution or defense of such initiated action against the non -prevailing party
(or parties if more than one).
29. COUNTERPARTS: This Real Estate Contract may be executed in multiple counterparts each of which
shall be regarded as an original hereof but all of which together shall constitute one in the same. Electronic
signatures shall be deemed original signatures and shall be binding upon the parties.
30. FIRPTA COMPLIANCE, TAX REPORTING: Buyer and Seller agree to disclose on or before Closing, to the
person or company acting as Closing Agent for this transaction, their United States citizenship status, solely
for the purpose of compliance with the Foreign Investment in Real Property Taxation Act (FIRPTA). In
addition, Buyer and Seller shall execute all documents required by such Closing Agent to document
compliance with FIRPTA and al! other applicable laws, Buyer and Seller agree that nothing in this Real
Estate Contract is intended to limit the responsibility of the Closing .Agent as defined pursuant to United
States Treasury Regulation 1_6045.4 to; (i) be the "reporting person" Linder state and federal laws
(including without limitation 26 USC Section 6045(e)), and (ii) file all n0scessary forms regarding the Closing,
including without limitation form 1099, 828E or 8288A. By accepting the role as Closing Agent, this Real
Estate Contract shall obligate the Closing Agent to fulfill their responsibilities as set forth above and as
defined by the above statutes. Seller will execute an affidavit confirming compliance with FIRPTA, as
prepared by the Closing Agent.
31. LICENSEE DISCLOSURE: Check all that apply.
n A. Not Applicable.
❑ B. One or more parties to this Real Estate Contract acting as aE]Buyer❑Seller hold a valid Arkansas Real
Estate License.
❑ C. One or more owners of any entity acting as❑Buyer❑Seller hold a valid Arkansas Real Estate License.
32. EXPIRA T ION: This Real Estate Contract expires if not accepted on or before (month) _ March
(day) _ 17 (year)2027 at 5:o0
Page 10 of 11
SerialN: 011466-600i61-5915513
Prepared bv: Arlene Blinn I Caldwell Banker rIPM Crniin!NI R I il,lRnnarn-1 net 1
t.r Form
Real Estate Contract Copyright
(Lots and Acreage) � 2021
Arkansas
Page 11 of 11 ftERL7QR$ ZMALHOUING REALTORS®
orroaruxrry Association
THIS IS A LEGALLY BINDING REAL ESTATE CONTRACT WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY. YOU MAY EMPLOY AN ATTORNEY
TO DRAFT THIS FORM FOR YOU. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ESTATE
AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE
AUTHORIZED THE REAL ESTATE AGENT(S) TO FILL IN THE BLANKS ON THIS FORM.
THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTOR56 ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT
USED ON ANY OTHER FORME. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE THE FORM MAY
HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF IT WAS PREPARED AFTER DECEMBER 31, 2021.
FORM SERIAL NUMBER: 011466-600161-5915513
The above Real Estate Contract is executed on:
(month) March (day) 16 , (year) 2021 , at 1:00
Coldwell Banker RPM Group
Selling Firm —
Signature: Signature: @a,�
Printed Name: — _ ` Carolyn Cobb Printed Name: _ Alan Matheny
Principal or Executive Broker (AREC License # EB00045619 Enter
wS
(Broker email: +rcobb Cbr m.cotn
Signature: Signature: Uo-ken
Printed Name: Arlene Blann Printed Name: Shelly Matheny
Selling Agent (AREC License # AB00055221 Buyer
I
(Agent email: ablann c@cbrpm.com ,)
(Agent cell number: 601-912-4434
The above Read Estate Contract is executed on:
(month) March (day) 16 , (Year) 2021 , at 1:00 (a m) X (P.m.).
Listing Firm `-- —
Signature: Signature: Vikkf L.
Printed Name: Printed Name; Vlkkl L Morgan Irrevocable Trust
Principal or Executive Broker (AREC License # Se er
(Broker email:
f
Signature; -
- Signature:
Printed Name: Printed Name:
Listing Agent (AREC License # ) der
(Agent email: )
(Agent cell number:
The above offer was J J rejected ❑ counterofFered (Form Serial Number •TM
[] Buyer informed of Notification of Existing Deal FState Contract Addendum
(Form Serial Number
on (month) - — (day) —,__-., (Year) ❑ ❑ (p.m.) -
Seller's Initials Seller's Initials
Page 11 of 11
Serlal#: 011466.600151-59t5s13
Praf,araA hV• Arl=no 0.L-nn ! C:nlrl.,:oll R—*., QMA !]---%IVI P 1 —1 I ` �'�'� Form