Fillable ContraCt for Sale of real eState (Foundation Title)

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ContraCt for Sale of real eState (Foundation Title)

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ContraCt for Sale of real eState
New Jersey
This Contract for Sale is made on _________________, 20____.
BETWEEN
whose address is
referred to as the “Seller”,
AND
whose address is
referred to as the “Buyer”.
The words "Buyer" and "Seller" include all buyers and all Sellers listed above.
1. Purchase Agreement. The Seller agrees to sell and the Buyer agrees to buy the property described in
this contract.
2. Property. The property to be sold consists of (a) the land and all the buildings, other improvements and
fixtures on the land; (b) all of the Seller's rights relating to the land; and (c) all personal property
specifically included in this contract.
The real property to be sold is commonly known as ___________________________________________
in the Municipality of _______________________________ in the County of ______________________
and State of New Jersey. It is shown on the municipal tax map as lot ________ in block ____________.
This property is more fully described in the attached Schedule A.
3. Purchase Price. The purchase price is
$____________
4. Payment of Purchase Price. The Buyer will pay the purchase price as follows:
Previously paid by the Buyer (initial deposit)
$____________
Upon signing of this contract (balance of deposit)
$____________
Amount of mortgage (paragraph 6)
$____________
By assuming the obligation to pay the present mortgage according to its
terms, this mortgage shall be in good standing at the closing. Either party
may cancel this contract if the Lender does not permit the Buyer to assume
the mortgage (estimated balance due).
$____________
By the Seller taking back a note and mortgage for ____________ years at
____________% interest with monthly payments based on a ____________
payment schedule. The Buyer will pay the Seller's attorney $____________
for the preparation of the necessary documents. The Buyer will also pay all
recording costs and provide the Seller with an adequate affidavit of title.
$____________
Balance to be paid at closing of title, in cash or by certified or bank cashier's
check (subject to adjustment at closing)
$____________
5. Deposit Moneys. All deposit moneys will be held in trust by __________________________________
until closing of title.
6. Mortgage Contingency. The Buyer agrees to make a good faith effort to obtain a first mortgage loan
upon the terms listed below. The Buyer has until ____________, 20____________, to obtain a
commitment from a lender for this mortgage loan or to agree to buy the property without this loan. If this
is not done before this deadline, and any agreed upon extensions, either party may cancel this contract.
Type of Mortgage: conventional, FHA, VA, other ____________
Amount of Loan: $____________ Interest Rate:____________%
Length of Mortgage:____________ years with monthly payments based on a ____________ year
payment schedule.
Points: The Buyer agrees to pay ____________ points for a total of $____________
The Seller agrees to pay ____________ points for a total of $____________
7. Time and Place of Closing. The closing date cannot be made final at this time. The Buyer and Seller
agree to make the estimated date for the closing. Both parties willfully cooperate so the closing can take
place on or before the estimated date. The closing will be held at ________________________________.
8. Transfer of Ownership. At the closing, the Seller will transfer ownership of the property to the Buyer.
The Seller will give the Buyer a properly executed deed and an adequate affidavit of title. If the Seller is a
corporation, it will also deliver a corporate resolution authorizing the sale.
9. Type of Deed. A deed is a written document used to transfer ownership of property. In this sale, the
Seller agrees to provide and the Buyer agrees to accept a deed known as Bargain and Sale w/ covenants
vs. grantors acts.
10. Personal Property and Fixtures. Many items of property become so attached to a building or other real
property that they become a part of it. These items are called fixtures. They include such items as
fireplaces, patios and built-in shelving. All fixtures are INCLUDED in this sale unless they are listed
below as being EXCLUDED.
(a) The following items are INCLUDED in this sale: gas and electric fixtures, chandeliers, wall-to-wall
carpeting, linoleum, mats and matting in halls, screens, shades, awnings, trash cans, storm windows and
doors, T. V. antenna, water pump, sump pump, water softeners,
(b) The following items are EXCLUDED from this sale: _____________________________________
___________________________________________________________________________________
11. Physical Condition of the Property. This property is being sold "as is". The Seller does not make any
claims or promises about the condition or value of any of the property included in this sale. The Buyer has
inspected the property and relies on this inspection and any rights which may be provided for elsewhere
in this contract. The Seller agrees to maintain the grounds, buildings and improvements subject to
ordinary wear and tear.
12. Inspection of the Property. The Seller agrees to permit the Buyer to inspect the property at any
reasonable time before the closing. The Seller will permit access for all inspections provided for in this
contract.
13. Building and Zoning laws. The Buyer intends to use the property as a _______________family home.
The Seller states that this use does not violate any applicable zoning ordinance, building code or other
law. The Seller will obtain and pay for all inspections required by law. This includes any municipal
"certificate of occupancy". If the Seller fails to correct any violations of law, at the Seller's own expense,
the Buyer may cancel this contract.
14. Flood Area. The federal and state governments have designated certain areas as "flood areas". This
means they are more likely to have floods than other areas. If this property is in a flood area the Buyer
may cancel this contract within 30 days of the signing of this contract by all parties.
15. Property Lines. The Seller states that all buildings, driveways and other improvements on the property
are within its boundary lines. Also, no improvements on adjoining properties extend across the boundary
lines of this property.
16. Ownership. The Seller agrees to transfer and the Buyer agrees to accept ownership of the property
free of all claims and rights of others. Except for:
(a) the rights of utility companies to maintain pipes, poles, cables and wires over, on and under the street,
the part of the property next to the street or running to any house or other improvement on the property,
(b) recorded agreements which limit the use of the property, unless the agreements: (1) are presently
violated; (2) provide that the property would be forfeited if they were violated; or (3) unreasonably limit
the normal use of the property, and
(c) all items included in Schedule A as part of the description of the property.
In addition to the above, the ownership of the Buyer must be insurable at regular rates by any title
insurance company authorized to do business in New Jersey subject only to the above exceptions.
17. Correcting Defects. If the property does not comply with paragraphs 15 or 16 of this contract the
Seller will be notified and given 30 days to make it comply. If the property still does not comply after that
date the Buyer may cancel this contract or give the Seller more time to comply.
18. Termite Inspection. The Buyer is permitted to have the property inspected by a reputable termite
inspection company to determine if there is any damage or infestation caused by termites or other wood-
destroying insects. If the Buyer chooses to have this inspection, the inspection must be completed and the
Seller notified of the results within 10 days of the signing of this contract by all parties. The
__________________ will pay for this inspection. If infestation or damage is found, the Seller will be
given 10 days to agree to exterminate all infestation and repair all damage before the closing. If the Seller
refuses or fails (within the 10-day period) to agree to exterminate all infestation and repair all damage
before the closing, the Buyer may cancel this contract.
19. Risk of Loss. The Seller is responsible for any damage to the property, except for normal wear and
tear until the closing. If there is damage, the Buyer can proceed with the closing and either:
(a) require that the Seller repair the damage before the closing; or
(b) deduct from the purchase price a fair and reasonable estimate of the cost to repair the property. In
addition the Buyer may cancel this contract if the estimated cost of repair is more than
$_______________.
20. Cancellation of Contract. If this contract is legally and rightfully cancelled, the Buyer can get back the
deposit and the parties will be free of liability to each other. However, if the contract is cancelled in
accordance with paragraph 13, 14, 17, 18 or 19 of this Contract, the Seller will pay the Buyer for all title
and survey costs.
21. Assessments for Municipal Improvements. Certain municipal improvements such as sidewalks and
sewers may result in the municipality charging property owners to pay for the improvement. All unpaid
charges (assessments) against the property for work completed before the closing will be paid by the
Seller at or before the closing. If the improvement is not completed before the closing, then only the
Buyer will be responsible. If the improvement is completed, but the amount of the charge (assessment) is
not determined, the Seller will pay an estimated amount at the closing. When the amount of the charge is
finally determined, the Seller will pay any deficiency to the Buyer (if the estimate proves to have been too
low), or the Buyer will return any excess to the Seller (if the estimate proves to have been too high).
22. Adjustments at Closing. The Buyer and Seller agree to adjust the following expenses as of the closing
date: rents, municipal water charges, sewer charges, taxes, interest on any mortgage to be assumed and
insurance premiums. If the property is heated by fuel oil, the Buyer will buy the fuel oil in the tank at the
closing date. The price will be the current price at that time as calculated by the supplier. The Buyer or the
Seller may require that any person with a claim or right affecting the property be paid off from the
proceeds of this sale.
23. Possession. At the closing the Buyer will be given possession of the property. No tenant will have any
right to the property unless otherwise agreed in this contract.
24. Complete Agreement. This contract is the entire and only agreement between the Buyer and the
Seller. This contract replaces and cancels any previous agreements between the Buyer and the Seller. This
contract can only be changed by an agreement in writing signed by both Buyer and Seller. The Seller
states that the Seller has not made any other contract to sell the property to anyone else. The Seller's
agreement to pay the Broker (if any) is contained on the next page.
25. Parties Liable. This contract is binding upon all parties who sign it and all who succeed to their rights
and responsibilities.
26. Notices. All notices under this contract must be in writing. The notices must be delivered personally
or mailed by certified mail, return receipt requested, to the other party at the address written in this
contract, or to that party's attorney.
SIGNED AND AGREED TO BY:
Witnessed or Attested by:
Date Signed: ____________
_____________________
_______________________
As to Buyers
__________________________________________
________ , Buyer
___________________
_______________________
________ , Buyer
____________________________________________
As to Sellers
__________________________________________
________ , Seller
__________________________________________
________ , Seller
STATE OF ________________, COUNTY OF __________________________
I CERTIFY that on ________________, ________ personally came before me and acknowledged under oath, to my
satisfaction, that this person (or if more than one, each person):
(a) is named in and personally signed this document; and
(b) signed, sealed and delivered this document as his or her act and deed.
________________________________________________
STATE OF ________________, COUNTY OF ________________
I CERTIFY that on ________________ 20____,
personally came before me, and this person acknowledged under oath, to my satisfaction, that:
(a) this person is the ________________ secretary of ________________ the corporation named in this document;
(b) this person is the attesting witness to the signing of this document by the
proper corporate officer who is the President of the corporation;
(c) this document was signed and delivered by the corporation as its voluntary
act duly authorized by proper resolution of its Board of Directors;
(d) this person knows the proper seal of the corporation which was affixed to this document; and
(e) this person signed this proof to attest to the truth of these facts.
________________________________________________
(Print name of attesting witness below signature)
Signed and sworn to me on
______________ 20____
CONTRACT
FOR SALE OF REAL ESTATE
DATED:
Between
Seller(s)
And
Buyer(s)
Record and Return to:
Broker's Commission The Seller agrees to pay _________________________________ a commission
(fee) of ________% of the purchase price. This commission is not earned until the title is transferred and
the purchase price is paid. This commission will be paid at the closing. This agreement takes the place of
any prior agreement regarding the payment of commissions.
Dated: __________________
_______________________________ _________________________________
Broker Seller
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ContraCt for Sale of real eState (Foundation Title)

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Completed 23 September 2021

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