Fillable CONTRACT FOR THE SALE AND PURCHASE OF REAL

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CONTRACT FOR THE SALE AND PURCHASE OF REAL

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CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE
DEVELOPED CONDOMINIUM UNIT
In consideration of the mutual promises contained herein, the undersigned Seller agrees
to sell, to the undersigned Buyer, who agrees to buy, the herein described property on the terms
and conditions stated below.
1. PROPERTY DESCRIPTION: Condominium Unit # _______ and improvements
attached to said unit except the following:
_______________________________________________________________________
2. PRICE: The purchase price of the property is
___________________________________ ($_________________) dollars payable as
follows:
(a) Earnest Money deposit $________________
(b) Balance due at closing $_________________
SALE IS/IS NOT CONTINGENT ON FINANCING. If contingent on financing, Buyer
agrees to use reasonable diligence to obtain said financing.
Buyer is/is not assuming indebtedness of Seller to _____________________ in the
amount of __________________ to be applied to the purchase price.
3. CLOSING COSTS: Seller will pay for the preparation of the Deed of Conveyance and
other closing closes up to ________________. Buyer will pay all other closing costs.
4. DEPOSIT: Buyer has deposited with Seller the sum of $____________ cash/check as
earnest money. The same is to be applied to the cash down payment on closing of this
transaction.
5.
(a) CLOSING DATE: _________________________________________________
(b) POSSESSION DATE: ______________________________________________
6. CONVEY TITLE TO ____________________________________________________
7. INSURANCE: Insurance is the responsibility of Buyer at closing.
8. PRORATION:
(a) Property taxes shall be prorated at closing.
(b) Fees and assessments shall be prorated at closing.
9. SPECIAL PROVISIONS:
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(a) Seller acknowledges that construction is complete of the Condo to be sold and
that the condominium is exempt from the Interstate Land Sales Procedure Act, or
if subject to said act that all required registrations have been met. If Seller is the
developer and the Condo is subject to the Interstate Land Sales procedure Act,
Seller agrees to provide Buyer with the Report of the development as required by
said act.
(b) Common area ownership is vested in the Condominium Cooperative.
(c) Buyer will be provided by Seller, the Condominium by-laws, rules and
regulations, operating budget and any other documents applicable to the
condominium ownership and Cooperative desired by Buyer, not privileged.
(d) Buyer acknowledges that Buyer is aware of the assessment fees for upkeep of the
Condo common areas.
(e) Termite inspection report will be provided by Seller.
10. TITLE AND CONVEYANCE: Seller is to convey Title by Warranty Deed or other
instrument (as appropriate) and provide Buyer with a Certificate of Title prepared by an
attorney or title company which will allow Buyer to obtain title insurance from a title
company qualified to do and doing business in the state of ____________. Seller shall,
prior to or at closing, satisfy all outstanding mortgages, deeds of trust and special liens
affecting the subject property which are not specifically assumed by Buyer herein. Title
shall be good and marketable, subject only to the following items recorded in the County
recorder's office of said County; easements without encroachments, applicable zoning
ordinances, protective covenants, condominium restrictions and declaration and prior
mineral reservations; otherwise Buyer, at his option, may either (a) if defects cannot be
cured by designated closing date, cancel this contract, in which case all earnest money
deposited shall be returned, (b) accept title as is, or (c) if the defects are of such character
that they can be remedied by legal action within a reasonable time, permit Seller such
reasonable time to perform his curative work at Seller's expense. In the event that the
curative work is performed by Seller, at the time specified herein for closing of this sale
shall be extended for a reasonable period necessary for such action. Seller represents that
the property may be legally used as zoned and that no government agency has served any
notice to Seller requiring repairs, alterations or corrections of any existing condition
except as stated herein.
11. BREACH OF CONTRACT: Specific performance is the essence of this contract,
except as otherwise specifically provided:
(a) In the event of breach of this contract by Buyer, Seller at his option may either:
(1) accept the earnest money deposit as liquidated damages and this contract shall
then be null and void, or (2) enter suit in any court of competent jurisdiction for
damages, giving credit on said damages for the said earnest money deposit, or (3)
enter suit in any court of competent jurisdiction for specific performance.
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(b) In the event of breach of contract by Seller, Buyer at his option may either: (1)
accept the return of the earnest money deposit and cancel the contract, or (2) enter
suit for damages in any court of competent jurisdiction, or (3) enter suit in any
court of competent jurisdiction for specific performance.
(c) If it becomes necessary to insure the performance of the conditions of this
contract for either party to initiate litigation, then the losing party agrees to pay
reasonable attorney's fees and court costs in connection therewith.
12. SURVIVAL OF CONTRACT: All prior negotiations shall terminate with the closing
and this contract shall terminate.
13. MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment
is sold as is without warranty.
14. CONDITION OF PROPERTY AND ACCEPTANCE: Buyer hereby represents that
he has personally inspected and examined the above mentioned premises and all
improvements thereon and accepts the property in its "as is" and present condition.
Buyer hereby acknowledges that unless otherwise set forth in writing elsewhere in this
contract neither nor Seller nor their representatives have made any representations
concerning the present or past structural condition of the slab or foundation of this
property. Buyer also hereby agrees that he will not hold Seller or its representatives
responsible or liable for any present or future structural problems or damage to the
foundation or slab of said property.
15. DAMAGE BY FIRE, ETC.: This contract is further conditioned upon delivery of the
improvements in their present condition and in the event of material damage by fire or
otherwise, before closing this contract shall be void and Buyer will be refunded his
earnest money. Seller agrees to keep the subject property insured against fire and
extended coverage risks until closing.
16. AGREEMENT OF PARTIES: This contract incorporates all prior agreements between
the parties, contains the entire and final agreement of the parties, and cannot be changed
except by their written consent. Neither party has relied upon any statement or
representation made by the other party or any sales representative bringing the parties
together. Neither party shall be bound by any terms, conditions, oral statements,
warranties, or representations not herein contained. Each party acknowledges that he has
read and understands this contract. The provisions of this contract shall apply to and bind
the heirs, executors, administrators, successors and assigns of the respective parties
hereto. When herein used, the singular includes the plural and the masculine includes the
feminine as the context may require.
17. SELLER'S STATEMENT: The offer stated herein is hereby accepted and Seller agrees
to sell the herein described property on the terms and conditions set forth herein.
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18. ASSIGNMENT: This agreement may not be assigned without the consent of the other
party except for purposes of a tax free exchange, if desired.
19. BROKER: The parties agree that no broker or broker fees is involved in this transaction.
20. APPLICABLE LAW: This agreement shall be construed according to the laws of the
State of ___________________.
CITY ______________ STATE ______________ DATE ______________ TIME ___________
BUYER __________________________________________
BUYER __________________________________________
CITY ______________ STATE ______________ DATE ______________ TIME ___________
SELLER __________________________________________
SELLER __________________________________________
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CONTRACT FOR THE SALE AND PURCHASE OF REAL

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Completed 21 January 2021

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