Fillable Purchase Agreement

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Purchase agreement between purchaser and seller.

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The Purchase Agreement form is 5 pages long and contains:

  • 4 signatures
  • 45 check-boxes
  • 101 other fields

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File type: PDF

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SDREC.RESIDENTIALPURCHASEAGREEMENT.2011
PURCHASE AGREEMENT
THIS IS A LEGALLY BINDING CONTRACT BETWEEN
PURCHASER AND SELLER.
IF YOU DO NOT UNDERSTAND IT, SEEK LEGAL ADVICE.
1. PARTIES TO CONTRACT - PROPERTY. Purchaser and Seller acknowledge that Broker is_______
is not______ the limited agent of both parties to this transaction as outlined in Section III of the Agency
Agreement Addendum as authorized by Purchaser and Seller.
________________________________________________________________, hereinafter referred to as
Purchaser, offers and agrees to purchase from ________________________________________________,
hereinafter referred to as Seller, upon the terms and conditions set forth, the property legally described as:
______________________________________________________________________________________
______________________________________________________________________________________
also known as___________________________________________________________________________
2. EARNEST MONEY DEPOSIT. Earnest Money in the amount of ($______________)
_______________________________________________________DOLLARS Cash_____ Check_____,
unless otherwise noted herein, shall be deposited into the trust account of the listing _____ selling _____
broker on the next legal banking day after acceptance of this offer.
Other earnest money provisions: ___________________________________________________________
______________________________________________________________________________________
3. PURCHASE PRICE. The total purchase price is to be ($_____________________)
_____________________________________________________________________________DOLLARS
After earnest money herein is credited, the remaining balance is to be paid by Purchaser at closing.
4. F INANCING.
□ New Mortgage. This offer is contingent upon Purchaser obtaining a new
□ VA, □ FHA, □ SDHDA, □ Conventional, or□____________________________ type of loan.
A letter of Purchaser’s loan status from __________________________________________________
□ is attached or □ will be delivered by _____________________________(date).
Within ____ legal banking days after acceptance of this Agreement, Purchaser will make application
for and diligently and in good faith endeavor to secure a new loan, pay all application fees, and to sign
all financing documents without delay. Purchaser reserves the right to obtain alternative financing as
long as there are no increased costs to Seller.
□ Assumption. See attached Addendum.
□ Contract for Deed/Private Mortgage. See attached Addendum.
□ Cash. This is a cash offer. The remaining balance of $______________ will be paid at closing by
certified check. A letter of verification from
________________________________________________________________________
regarding the availability of funds
□ is attached □will be delivered by _______________ (date) or
this agreement, at the option of Seller without notice to Purchaser may be voided.
INITIALS: PURCHASER________/________SELLER________/_________
Page 1 of 5
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SDREC.RESIDENTIALPURCHASEAGREEMENT.2011
5. APPRAISAL. This offer is _______ is not________ subject to the property appraising for at least the
purchase price. If the appraisal reveals repairs, which must be made, Purchaser and Seller will negotiate
which party will complete those repairs for any re-inspection fees. If the appraisal is less than the agreed
purchase price, Purchaser and Seller may renegotiate the purchase price.
Appraisal
□ will / □ will not be ordered prior to removal of home inspection contingency.
6. SALE OF PURCHASER'S PROPERTY
A.
□ This offer is not contingent upon the sale or close of property owned by Purchaser.
B.
□ This offer is contingent upon the sale and close of Purchaser’s property located at
(address, including city & state)_____________________________________________________
_______________________________________________________________________________
□ within ________ days or □ within the time specified for closing the Seller’s property. Seller
shall have the right to continue to offer the property for sale and accept any offers subject to the
rights of Purchaser. If Seller accepts another offer, Seller will give Purchaser written notice of that
fact. Within ________ days of receipt of the notice, Purchaser will provide a written waiver of the
contingency on the sale and close of Purchaser’s property or this agreement will terminate without
further notice and deposits will be returned according to paragraph 15 of this agreement. Upon
waiver of this contingency, Purchaser warrants and will provide proof that the funds needed for
closing will be available and Purchaser’s ability to obtain financing is not contingent upon the sale
and/or close of any property.
7. SELLER'S PROPERTY DISCLOSURE. Purchaser acknowledges receipt of Seller's property condition
disclosure statement dated ____________________ as required by SDCL 43-4-38 through 43-4-57 prior to
signing this agreement. (initials)_________/___________
Purchaser acknowledges that no disclosure statement is required by reason of the following:
______________________________________________________________________________________
8. LEAD-BASED PAINT DISCLOSURE. Purchaser acknowledges receipt of the pamphlet "Protect Your
Family From Lead In Your Home" and the Seller's lead-based paint and lead-based paint hazards form
according to the Residential Lead-Base Hazard Reduction Act of 1992. This applies only to properties built
prior to 1978. (initials)_________/___________
9. INSPECTION OF PHYSICAL CONDITION OF PROPERTY. Purchaser acknowledges that it has
been recommended that Purchaser engage, at Purchaser’s expense, the services of a professional inspector
acting within the scope of the inspector’s professional license to inspect the property
(initials)__________/__________.
Purchaser and Seller understand the purpose of a property inspection is to inform and educate Purchaser
of conditions and future maintenance of property and is not designed to be a point of renegotiation of the
purchase price.
This offer □ is / □ is not contingent upon Purchaser, at Purchaser’s expense, obtaining a property
inspection(s) and report(s) which may include, but not be limited to the physical, structural, mechanical,
pest, geological and environmental contamination conditions relating to the property. These inspection
options will be completed and written notice of the results given to Seller or Seller’s agent within ____
business days of acceptance of this agreement. If the inspection(s) has not been completed within the
specified time, Purchaser’s option to have the inspection(s) shall expire and all other terms of this Purchase
Agreement will continue unaffected.
INITIALS: PURCHASER________/________SELLER________/_________
Page 2 of 5
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SDREC.RESIDENTIALPURCHASEAGREEMENT.2011
9. INSPECTION OF PHYSICAL CONDITION OF PROPERTY (continued from page 2)
If any inspection(s) reveals conditions unsatisfactory to Purchaser or unknown to Seller, the parties to this
Agreement will have the following options: Purchaser will accept the existing condition; Seller will correct
the existing condition and provide certification from an inspector that the condition has been remedied; or
Purchaser and Seller will negotiate a settlement. If no written agreement can be reached on the results of
the Inspection Report(s) within _____ business days of the date and time Seller is notified of the results of
the inspection(s), this Agreement may be deemed null and void in its entirety at the option of Buyer within
_____ hours after the negotiation deadline.
□ Purchaser hereby waives the option to have an independent home inspector assess the condition of the
property. _____________(Purchaser’s initials)
10. HOME PROTECTION PLAN: Seller _____ has / ______ has not provided a home protection plan.
By initialing, Purchaser elects ________ to purchase _________ to not purchase a home protection plan.
Purchaser and Seller acknowledge that Broker selling the home protection plan will receive compensation
from the home protection plan provider.
11. SURVEY. Purchaser acknowledges that it has been recommended to obtain a survey by initialing one of
the following:
______ new location survey depicting all improvements on the property.
______ existing location survey depicting all improvements on the property.
______ new boundary survey marking all property corners before closing.
______ other __________________________________________________________________________.
Cost of survey, if any, will be paid as follows: ______Seller _______Purchaser
Purchaser waives survey (Initial, if applicable) _____________
12. TAXES/PRORATIONS. Purchaser is aware that property taxes may or may not be based upon “Owner
Occupied Status”. Any and all Special Assessments are to be paid by Seller unless otherwise specified in
this agreement.
Taxes, rents, road maintenance, water, sewer, and homeowner’s association fees, if any are:
□ To be prorated to _____________________________
□ Not to be prorated
Tax proration will be based upon the:
□ previous year’s taxes / □ agreed upon amount of ___________ /
□ most current county information / □ new construction estimate □ other __________________________
______________________________________________________________________________________
13. TITLE. Merchantable title shall be conveyed by Warranty Deed or other sufficient conveyance instrument,
acceptable to Purchaser, subject to conditions, zoning, restrictions, and easements of record, if any, which
do not interfere with or restrict the existing use of the property. An owner's policy of Title Insurance in the
amount of the purchase price will be furnished with cost to be distributed: Purchaser______ Seller______.
INITIALS: PURCHASER________/________SELLER________/_________
Page 3 of 5
SDREC.RESIDENTIALPURCHASEAGREEMENT.2011
14. CLOSING/POSSESSION. Closing date will be on or before ____________________ with possession to
be given Purchaser at time of closing. Seller agrees to maintain the property in a condition comparable to
its present condition and agrees that Purchaser will have the opportunity for a personal inspection prior
to closing. Seller agrees to maintain all existing insurance coverage on property until time of closing.
Closing service fees, if any, cost to be distributed as follows: Purchaser_________ Seller___________.
All personal property, including refuse, not included in the purchase price, shall be removed by Seller prior
to closing.
15. EARNEST MONEY/DEPOSITS. The broker, as specified in Section 2, shall deposit and hold all earnest
money and other deposits until sale is closed. If an accepted offer and agreement to purchase does not
close, regardless of the circumstances, both Purchaser and Seller must agree in writing prior to release of
earnest money or in the alternative, pursuant to court order in accordance with SDCL 36-21A-81.
16. AGREEMENT TO MEDIATE. Any dispute or claim arising out of or relating to this contract will be
submitted to mediation, if available, in accordance with the rules and procedures of the Sellers/Purchasers
Dispute Resolution System. Otherwise, mediation will be submitted to a private mediation service. Any
costs of mediation will be shared equally between Purchaser and Seller.
Yes______ No______ Purchaser________/_________ (initials)
17. PERSONAL PROPERTY. Any personal property, free of liens and without warranty of condition, shall
be transferred to Purchaser by a separate bill of sale. Purchaser
□ will / □ will not compensate seller for
fuel oil/propane remaining on date of closing.
18. OTHER PROVISIONS: _________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
18. ADDENDA TO THIS AGREEMENT. The following documents are addenda to this contract and are
attached and become part of this contract by reference. If none, so state.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
19. This agreement is void if not accepted by Seller by the ____________ day of ______________________ ,
________ by _________ a.m./p.m.
20. The laws of South Dakota govern this transaction.
INITIALS: PURCHASER________/________SELLER________/_________
Page 4 of 5
dd mmm yyyy
SDREC.RESIDENTIALPURCHASEAGREEMENT.2011
21. TIME IS OF THE ESSENCE OF THIS CONTRACT.
Dated this ______day of__________________, _________at________a.m./p.m.
___________________________________ ____________________________________
Purchaser Purchaser
On this _______day of____________________________, _________ the foregoing offer is:
(Initial) ACCEPTED_________/__________
NOT ACCEPTED_________/__________
COUNTERED_________/__________
__________________________________________ ___________________________________________
Seller Seller
******************************************************************************************
THE FOLLOWING IS FOR INFORMATION PURPOSES ONLY:
_____________________________________________________ ___________________________________
Selling Company Selling Licensee
_____________________________________________________ ___________________________________
Listing Company Listing Licensee
Page 5 of 5
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Purchase Agreement

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Completed 16 December 2018

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