Fill - Instructions for Sales Contract Property Disposition Program U.S. (Web Master Pulic Affair)

ref. Handbook 4000.1 form HUD-9548 (8/2016)

Previous editions are obsolete

U.S. Department of Housing

and Urban Development

Office of Housing

Federal Housing Commissioner

Instructions for

Sales Contract

Property Disposition Program

OMB Control No. 2502-0306

(Expires 06/30/2023)

This Sales Contract, identified as form HUD-9548, must be prepared and transmitted in accordance with the following

instructions. The form provides an original for fiscal and legal review, signed copy for the Purchaser, and unsigned

information copies for the Purchaser, the selling Broker, and HUD's designated representative..

Remove this Instruction Sheet and type the HUD Case Number in the box in the upper right.

Item 1: Type Purchaser(s) name and complete property address.

Item 2: Enter name(s) and style in which title will be taken.

Item 3: Enter Bid Amount and amount of earnest money Purchaser has deposited.

Enter holder of earnest money deposit in accordance with Seller's instructions.

Item 4: Enter when appropriate, strictly in compliance with Seller’s offering. If Seller has offered the property with insured financing

available, and Purchaser is buying under such means, check the first block and the applicable type of insured financing, and

complete the down payment and mortgage information. If the insured mortgage involves a repair escrow (and has been so

offered by Seller), also check the appropriate block and insert the amount of the repair escrow.

Note: The amounts shown for “cash due at closing” and “balance by mortgage” do not include the FHA Mortgage

Insurance Premium, prepaid expenses or closing costs Seller has agreed to fund into the mortgage.

Note: If Purchaser is paying cash or applying for conventional or other financing not involving FHA, check appropriate block.

Item 5: Enter amount of financing/closing costs Seller is expected to pay.

Note: If the amount stated in Item 5 exceeds actual and typical allowable financing and/or closing costs, such excess shall

not be paid by Seller and may not be used by Purchaser to reduce amount(s) owing to Seller.

Item 6: Enter dollar amount Seller is expected to pay, including any selling bonus if offered by Seller. The commission will be

paid by Seller upon completion of closing.

Item 7: Enter net amount due Seller (purchase price [Item 3], less Items 5 and 6). Contract will be awarded on the basis of the greatest

acceptable net return to Seller.

Item 8: Enter appropriate occupancy information. If left blank, Purchaser will be considered as an investor. If purchaser qualifies for

discount, enter percent. Discount will be reduced by amounts, if any, on Line Items 5 and 6. (Do not enter discounted price

on contract.)

Item 9: Enter in accordance with HUD's instructions.

Item 10: Enter appropriate back-up offer information.

Item 11: Enter if an addendum is to be attached to and made a part of this contract.

Note: Addendum not previously approved by Seller may not be made a part of this Contract. Approved addendum must be

signed by, and in the same style as, those signing as Purchaser(s).

Item 12: Purchaser(s) must initial in appropriate space.

Other: a. Failure of the Purchaser to perform in accordance with this contract may cause the Seller to retain all or a portion of the

earnest money deposit. Broker must be certain this is fully explained to and understood by the Purchaser(s).

b. Enter Selling Broker’s Name and Address Identifier (NAID). If broker has not been issued a SAMS NAID, complete forms

SAMS-1111, Payee Name and Address, and SAMS-1111-A, Real Estate Broker Certification, along with

required documentation, and attach to this contract. Contact HUD's local designated representative.

c. The Broker is required to inform Purchaser of the Conditions of Sale on the reverse of the Sales Contract, and particularly

of Purchaser's right and responsibility for satisfying itself as to the full condition of the property prior to submitting an offer

to purchase and that Seller will provide no warranty or perform any repairs after acceptance of the Contract.

Signatures: Sign Original, leaving carbon inserts intact, making certain that the signature(s) appears on all copies.

Transmittal:Forward the Original with Copies 1 and 2 to HUD's designated representative. Copies 3 and 4 are to be retained by Broker

and Purchaser as information copies. Upon acceptance, HUD's designated representative will return the signed Copy 1 to

Broker for delivery to Purchaser(s). HUD's designated representative will retain Copy 2.

Public reporting burden for this collection of information is estimated to

average 30 minutes per response, including the time for reviewing instructions,

searching existing data sources, gathering and maintaining the data needed, and

completing and reviewing the collection of information. This information is

required to obtain benefits. HUD may not collect this information, and you are

not required to complete this form, unless it displays a currently valid OMB

control number. This information is required in order to administer the Property

Disposition Sales Program (24 CFR Part 291). The collection of information is

required in order to provide a binding contract between the property purchaser

and HUD. A real estate broker or one of its agents completes this form. If this

information were not collected, HUD would not be able to administer the

Property Disposition Sales Program properly to avoid waste, mismanagement,

and abuse. While no assurances of confidentiality are pledged to respondents,

HUD generally discloses this data only in response to a Freedom of Information

request.

Privacy Act Statement: The

Department of Housing and Urban Development is

authorized to collect this information by the National Housing Act, Section 235(b), P.L.

479, 48 Stat. 12 U.S.C. 1701 et seq. HUD is authorized to collect the Social Security

Number (SSN) by Section 165(a) of the Housing and Community Development Act of

1987, P.L. 100-242, and by Section 904 of the Stewart B. McKinney Homeless Assistance

Amendments Act of 1988, P.L. 100-628. The information is being collected to determine

the amount of assistance (if any) the applicant is entitled. The information is also used as a

tool for managing the program(s) related to this form, and for protecting the Government’s

financial interests. The information may be used to conduct computer-matching

programs to check for underreported or unreported income. The SSN is used as a

unique identifier. The information may be released to appropriate Federal, State, and local

agencies, and when relevant, to civil, criminal, or regulatory investigators and/or

prosecutors. This information will not be otherwise disclosed or released outside of HUD

except as permitted or required by law. It is mandatory that you provide all of the requested

information, including all SSN(s), for you and all other household members age six years

and older. Failure to provide SSN(s) and required documents will result in a delay or loss of

assistance payments.

ref. Handbook 4000.1 form HUD-9548 (8/2016)

Previous editions are obsolete

Broker's Business Name & Address: (for IRS reporting) (include Zip Code) Broker's EIN or SSN: (include hyphens) SAMS NAID:

Signature of Broker: Broker's Phone No:

Type or print the name and phone number of sales person:

Purchaser(s): (type or print names & sign) Purchaser(s) Address:

Purchaser(s) Social Security Number (SSN) or Employer Identification Number (EIN) (include hyphens) Phone No: Date Purchaser(s)Signed Contract:

Seller:

Secretary of Housing and Urban Development By: (type name & title, & sign) Date Contract Accepted by HUD:

U.S. Department of Housing and Urban Development

Office of Housing

Federal Housing

Commissioner

HUD Case No.

Certification of Broker: The undersigned certifies that: (1) neither he/she nor anyone authorized to act for him/her has declined to sell the property

described herein to or to make it available for inspection or consideration by a prospective purchaser because of his/her race, color, religion, sex, familial

status, national origin, or disability; (2) he/she has both provided and explained to the purchaser the notice regarding use of Seller’s closing agent; (3)

he/she has explained fully to the purchaser the entire terms of the contract, including Condition B on the reverse hereof; and (4) he/she is in compliance

with Seller’s earnest money policy as set forth on HUD forms SAMS-1111, Payee Name and Address, and SAMS-1111-A,

Real Estate Broker Certification,

which he/she has executed and filed with Seller.

This section for HUD use only. Broker notified of: Authorizing Signature & Date:

Acceptance Back-Up No. _____________________

Rejection Return Earnest Money Deposit X

Sales Contract

Property Disposition Program

1. I (We), ___________________________________________________________________________________

(Purchaser(s)) agree to purchase on the terms set forth herein, the following property, as more particularly

described in the deed conveying the property to the Secretary of Housing and Urban Development:

_______________________________________________________________________________________________________________________ .

(street number, street name, unit number, if applicable, city, county, State)

2. The Secretary of Housing and Urban Development (Seller) agrees to sell the property at the price and terms set forth herein, and to prepare a deed

containing a covenant which warrants against the acts of the Seller and all claiming by, through or under him. Title will be taken in the following

name(s) and style: _________________________________________________________________________________________________________ .

3. The agreed purchase price of the property is ...........................................................................................................

> 3. $ ________________________

Purchaser has paid $ _____________________

s earnest money to be applied on the purchase price, and agrees

to pay the balance of the purchase price, plus or minus prorations, at the time of closing, in cash to Seller. The

earnest money deposit shall be held by ___________________________________________________________ .

Purchaser is applying for FHA insured financing [ 203(b),

203(b) repair escrow, 203(k)] with a cash

down payment of $

due at closing and the balance secured by a mortgage in the amount of

for months (does not include FHA Mortgage Insurance Premium,

prepaid expenses or closing costs Seller has agreed to fund into mortgage.).

Said mortgage involves a repair escrow amounting to $ .

Purchaser is paying cash or applying for conventional or other financing not involving FHA.

5. Seller will pay reasonable and customary costs, but not more than actual costs, nor more than paid by a typical Seller

in the area, of obtaining financing and/or closing (excluding broker's commission) in an amount not to exceed ........

> 5. $ _______________________

6a. Upon sales closing, Seller agrees to pay to the broker identified below a commission (including

selling bonus, if offered by seller) of ......................................................................................................................

> 6a. $ _______________________

. If broker identified below is not the broad listing broker, broad listing broker will receive a commission of: ....

6b. $ _______________________

7. The net amount due Seller is (Purchase price [Item 3] less Items 5 and 6) ............................................................> 7. $

Purchaser is:

owner-occupant (will occupy this property as primary residence)

investor

nonprofit organization

public housing agency

other government agency. Discount at closing: %

Discount will reduced by amounts, if any, listed on Line Items 5 and 6.

9. Time is of the essence as to closing. The sale shall close not later than ____________ days from Seller’s acceptance of contract. Closing shall

be held at the office of Seller’s designated closing agent or _______________________________________________________________________ .

10. If Seller does not accept this offer, Seller

may

may not hold such offer as a back-up to accepted offer.

11. Lead based paint addendum

is not attached; Other addendum is

is not attached hereto and made part of this contract.

12. Should Purchaser refuse or otherwise fail to perform in accordance with this contract, including the time limitation, Seller may, at Seller's sole option,

retain all or a portion of the deposit as liquidated damages. The Seller reserves the right to apply the earnest money, or any portion thereof, to any sums

which may be owed by the Purchaser to the Seller for rent. Purchaser(s) Initials:_______ Seller's Initials:_______

13. This contract is subject to the Conditions of Sale on the reverse hereof, which are incorporated herein and made part of this contract.

Certification of Purchaser: The undersigned certifies that in affixing his/her/its signature to this contract he/she/it understands:

(1) all the contents thereof (including the Conditions of Sale) and is in agreement therewith without protest; (2) he/she/it is responsible for

satisfying itself as to the full condition of the property; and (3) that Seller will not perform repairs after acceptance of this contract.

0.00

Clear All

ref. Handbook 4000.1 form HUD-9548 (8/2016)

Previous editions are obsolete

Conditions of Sale

A. All assessments, including improvement assessments which are

available for payment without interest or penalty for advance pay-

ment, taxes, rent, and ground rent, if any, shall be prorated as of the

closing date.

B. Seller makes no representations or warranties concerning the

condition of the property, including but not limited to mechanical

systems, dry basement, foundation, structural, or compliance

with code, zoning or building requirements and will make no

repairs to the property after execution of this contract. Pur-

chaser understands that regardless of whether the property is

being financed with an FHA-insured mortgage, Seller does not

guarantee or warrant that the property is free of visible or hidden

structural defects, termite damage, lead-based paint, or any

other condition that may render the property uninhabitable or

otherwise unusable. Purchaser acknowledges responsibility for

taking such action as it believes necessary to satisfy itself that the

property is in a condition acceptable to it, of laws, regulations and

ordinances affecting the property, and agrees to accept the prop-

erty in the condition existing on the date of this contract. It is

important for Purchaser to have a home inspection performed on

the property in order to identify any possible defects. If FHA

insured financing is used, up to $200 of the cost to perform the

inspection may be financed into the mortgage. Names of home

inspection companies can be found in the yellow pages of your

telephone directory under the heading “Home Inspection Services.

C. If financing is involved in this transaction (Item 4), Purchaser agrees

that should he/she/it fail to provide documentation indicating that

proper loan application was made in good faith within 10 calendar

days of the date this contract was accepted by Seller, and/or

thereafter otherwise to put forth good faith efforts to obtain necessary

financing, Seller shall have the option of rescinding this contract and

retaining all or a portion of Purchaser's earnest money deposit.

D. Seller may rescind this contract and return all or a portion of

Purchaser's earnest money deposit under the following conditions:

1. Seller has not acquired the property.

2. Seller is unable or unwilling to remove valid objections to the title

prior to closing.

3. Seller determines that purchaser is not an acceptable borrower.

Tender of the deposit shall release the Seller from any and all claims

arising from this transaction.

E. Purchaser may not perform repairs nor take possession of the prop-

erty until sale is closed. Risk of loss or damage is assumed by Seller

until sale is closed, unless Purchaser takes possession of the property

prior thereto, in which case State law shall apply. (1) If sale involves

FHA insured financing and after damage the property no longer

meets the intent of Minimum Property Standards (MPS), Seller may,

at its option, perform repairs or cancel the contract and return

Purchaser’s full earnest money deposit. If, after damage, the prop-

erty still meets the intent of MPS, Purchaser has the option of

accepting the property as-is, with a purchase price adjustment at

Seller’s sole discretion, or cancelling the contract and receiving

refund of full earnest money deposit. (2) If sale does not involve

FHA insured financing, Seller will not repair damage but may, at

Seller’s sole discretion, reduce the sale price. Purchaser has option

to cancel the contract and receive refund of full earnest money

deposit. Tender of the earnest money shall release Seller from any

claims arising from this transaction.

F. If this property is being offered with FHA insured mortgage financ-

ing available, Seller's acceptance of this contract constitutes a

commitment to insure, conditioned upon Purchaser being determined

by Seller or Direct Endorsement Underwriter to be an acceptable

borrower and further conditioned upon Seller's authority to insure the

mortgage at the time the sale is closed.

G. Purchaser understands that Seller's listing price is Seller's esti-

mate of current fair market value.

H. No member of or Delegate to Congress or Resident Commissioner

shall be admitted to any share or part of this contract or to any benefit

that may arise therefrom, but this provision shall not be construed to

extend to this contract if made with a corporation for its general

benefit.

I. Purchaser and Seller agree that this contract shall be binding upon

their respective heirs, executors, administrators, successors or as-

signs but is assignable only by written consent of the Seller.

J. If this property was constructed prior to 1978, Seller has inspected for

defective paint surfaces (defined as cracking, scaling, chipping,

peeling or loose paint on all interior and exterior surfaces). Seller’s

inspection found no defective paint surfaces, or if defective paint

surfaces were found, Seller has treated or will treat such defective

surfaces in a manner prescribed by Seller prior to closing. Purchaser

understands and agrees that the Seller’s inspection and/or treat-

ment is not intended to, nor does it guarantee or warrant that all

lead-based paint and all potential lead-based paint hazards have

been eliminated from this property. Purchaser acknowledges that

he/she/it has received a copy of a pamphlet which discusses lead-

based paint hazards and has signed, on or before the date of this

contract, the Lead-Based Paint Addendum to Sales Contact - Prop-

erty Built Before 1978. Purchaser understands that the Lead-Based

Paint Addendum must be signed by all Purchasers and forwarded to

Seller with this contract. Contracts which are not in conformance

with these requirements will not be accepted by Seller.

K. The effective date of this contract is the date it is accepted (signed)

by the Seller.

L. If the amount stated in Item 5 exceeds actual and typical financing

and/or closing costs, such excess shall not be paid by Seller and may

not be used by Purchaser to reduce amount(s) due Seller.

M.Seller’s policies and requirements with regard to earnest money

(including forfeiture thereof), extensions of time in which to close

the sale, back-up offers, and allowable financing and/or closing costs

are detailed in instructions issued to selling brokers.

N. Seller makes no representations or guarantees that the property will,

in the future, be eligible for FHA insured mortgage financing,

regardless of its condition or the repairs which may be made.

O. Warning: Falsifying information on this or any other form of

the Department of Housing and Urban Development is felony.

It is punishable by a fine not to exceed $250,000 and/or a

prison sentence of not more than two years. (18 U.S.C. 1010,

3559; 3571)

P. This contract contains the final and entire agreement between Pur-

chaser and Seller and they shall not be bound by any terms, condi-

tions, statements, or representations, oral or written, not contained in

this contract.

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