HomeMy WebLinkAboutReal Estate ContractREAL ESTATE CONTRACT
(Offer and Acceptance)' I _ —(Date)
I . BUYER, offers to buy, subject to the terms set forth herein, the following
property, f
2. PROPERTY DESCRIPTION ADDRESS: f I e i t� r �{ ') �rf.l(, f'�t�����Z C�d 22,
3. PURCHASE PRICE: The Bud er will pay S n CIO for the property at closing. The down payment
shall be S -4;- with the balance suhject to the 1611n« in- conditions:
a. ❑ New Loan: ❑ Conv. ❑ FHA ❑ VA
b. ❑ Loan Assumption: The Buyer's ability to assume existing loan payable to
in the approximate amount of $ . currently payable at approximately
$. per month, including Principal, Interest, existing taxes, and existing
insurance. Payments on existing loan to be current at closing.
c. ❑ Other:
4. APPLICATION FOR FINANCING: If applicable, Buyer agrees to make application for a new loan or loan assumption within
four days from date of this contract.
5. EARNEST MONEY: Buyer herewith tenders a check for 5 - - as earnest money, which shall apply on
purchase price or closing costs is this offer is accepted. This sum shall be deposited by Pulaski County Title, and if offer is not
accepted or if title requirements are not fulfilled, it shall be promptly refunded to Buyer. If, after acceptance, Buyer fails to fulfill
his obligations, the earnest money shall become liquidated damages, WHICH FACT SHALL NOT PRECLUDE SELLER OR
AGENT FROM ASSERTING OTHER LEGAL RIGHTS WHICH THEY MAY HAVE BECAUSE OF SUCH BREACH.
6. CONVEYANCE: Conveyance shall be made to Buyer, or as directed by Buyer by general warranty deed except it shall be
subject to recorded restrictions and easements, if any, which do not materially affect the value of the property.
7. ABSTRACT OR TITLE INSURANCE: The owner(s) of the above property, hereinafter called Seller, shall furnish, at Seller's
costs, a complete abstract reflecting merchantable title satisfactory to Buyer's attorney; however, Seller shall have an option to
furnish Buyer, in place of abstract, a policy of title insurance in the amount of the purchase price, and submission of an abstract
shall not constitute a waiver of this option. If objections are made to title, Seller shall have a reasonable time to meet the
objections or to furnish title insurance.
8, 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, current general taxes and special assessments, rental payments, and
any interest on assumed loans shall be prorated as of closing unless otherwise specified herein.
9. CLOSING: The closing date, which will be designated by Agent, is estimated to be on or about
10. POSSESSION: Possession shall be delivered to Buyer:
a. K Upon closing.
b. ❑ After closing, but not later than days after closing. In this event, Seller agrees to pay at closing
$ per day from closing to date possession is delivered and to leave this sum with Agent to be disbursed to
the parties entitle thereto on the date possession is delivered.
I I . FIXTURES AND ATTACHED EQUIPMENT: Unless specifically excluded herein, all fixtures and attached equipment, if
any, are included in the purchase price. Such fixtures and attadied, equipment shall include, but not be limited to the following:
window air conditioners, carpeting, indoor and outdoor ltkft fnc-uves, % wand door coverings, gas or electric grills, awnings,
mail boxes. garage door openers and remote units. water softeners, propane and butane tanks. antennas and any other items
bolted. nailed. screwed. buried or othen% ise attached to the real property in a permanent manner.
12. TERMITE AND PEST CONTROL REQUIREMENTS:
a. None.
b. ❑ Purchase price to include transfer of current termite and pest control policy issued by licensed operator.
c. ❑ Standard Letter of Clearance as approved by Arkansas State Plant Board to be furnished at Seller's expense.
13. INSPECTIONS AND REPAIRS: Buyer certifies that Buyer has inspected the property and is not relying upon any warranties,
represcntations or statements of Agent or Seller as to age or condition of improvements, other than those specified herein. 13a
and I315 do not appl} to ne►+. previously unoccupied dwellings.
a. Buyer accepts the property in it's present condition, subject only to the following: N/A
b. ❑ The following items, if any, shall be in normal working order at closing: dishwasher, disposals, trash compactors,
ranges, exhaust fans, heating and air conditioning systems, plumbing system, electrical system, and
_ Buyer shall have the right, at Buyer's expense, to inspect the above
items }prior to closing.. l i am oi' [lie above items are found not to be in normal working order, Buyer may notify Seiler in
writing prior to closing. After notice as provided herein, Seller agrees to pay the cost of repair of any such items up to
but not exceeding 5_ _ . If costs of such repairs will exceed the above amount, and Seller refuses to
pay the additional cost, Buyer may accept the property in it's condition at closing with credit on the purchase price in the
above amount; or Buyer may declare this contract null and void. If Buyer does not give notice of defects in writing prior
to closing, all subsequent repairs shall be solely at Buyer's expense.
14. RISK OF LOSS: The risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is
assumed by the Seller.
15. EXPIRATION OF OFFER: This offer expires if not accepted with one day from this date.
16. OTHER CONDITIONS:
THIS IS A LEGALL Y BINDING CONTRACT WHEN SIGNED B Y BOTH B UYER AND SELLER, IF NOT UNDERSTOOD,
SEEK LEGAL ADVICE.
Bl YER'S SIGNATURE
BUYER'S SIGNATURE
SELLER'S SIGNATURE