XXX Xxxxxxx Real Estate COMMERCIAL REAL ESTATE SERVICES, WORLDWIDE
New America International
REAL ESTATE SALES AGREEMENT
1. GENERAL TERM: ABC Beverage Seller, agrees to sell to Xxxxxx X. Xxxxx Buyer,
who agrees to buy, for the sum of ($595,000.00) real estate located at 000
Xxxxxxx Xxxx, Xxxxx, Xxxx 00000 which sale is prcured by NAL/ XXX XXXXXXX REAL
ESTATE Broker, including the following: N/A
2. Co-brokerage: This sales is co-brokered with Colliers International Broker,
on a basis.
3. Payment: The buyer agrees to place in escrow payable to the order
of NAI/ XXX XXXXXXX REAL ESTATE, TRUST ACCOUNT.
$ CASH CHECK When buyer signs this Agreement.
$ 5,000.00 CASH CHECK X When Seller signs this Agreeement.
$ To be deposited with NAI/ Xxx Xxxxxxx Real Estate [ILLEGIBLE] upon
acceptance of the Offer.
$ 590,000.00 Balance by: at Closing.
4. DEPOSIT: Pursuant to the Ohio Revised Code, in the event of a dispute, a
Mutual Release shall be executed by all parties prior to the release of any
monies deposited. In the event of a dispute over the disposition of the
deposit, the Broker shall retain said deposit until: (1) Buyer and Seller
have settled the dispute; (2) Disposition has been ordered by a final court
order or (3) Replace deposits said amount with a court pursuant to
applicable court procedures.
5. SPECIAL CONDITIONS: Buyer has the right to make physical, mechanical and
environmental inspections at his expense and to his satisfaction. Buyer
will occupy property at closing or if Seller desires to stay as a Tenant
will lease to Seller for a period of one year at a lease rate of $5,000.00
per month absolute net.
6. MORTGAGE: Buyer has 60 days to obtain a mortgage commitment and if not
obtained this Contract is void. All money and notes in escrow shall be
promptly returned to Buyer, without further liability by, between and among
Seller, Buyer, and Broker pursuant to Paragraph 4 above.
7. GENERAL WARRANTY DEED: The General Warranty Deed will be in the name of
Xxxxxx X. Xxxxx. Seller shall convey title by General Warranty Deed, which
shall accept reservations, restrictions, [ILLEGIBLE], conditions, zoning
ordinances, legal highways, if any, of record, and taxes and assessments
not yet due and payable.
8. ESCROW/CLOSING: Chicago Title Iinsurance Company of its assigns, shall be
the Escrow/Closing Agent. Closing of the sale under this Agreement shall
take place on or before September 1, 1999; or such other time and place as
is mutually agreeable to the parties. Authority is given to the
Escrow/Closing Agent to make payment of the selling expenses.
9. POSSESSION: Buyer shall be given possession of the property (to be
negotiated) the Deed is filed.
10. TITLE POLICY: Seller shall provide and pay for the expense of a Guaranteed
Title in the amount of the purchase price. The additional cost for Title
Insurance coverage, if required, shall be paid for by Buyer.
11. SELLER'S EXPENSES: Seller shall pay a brokerage fee as set forth by
agreement between the Seller and the Broker, expenses of preparing deed,
county transfer taxes, cost of guaranteed title, a tax promotion and
one-half the escrow fee.
12. BUYER'S EXPENSES: The buyer shall pay the cost of filing the deed and shall
pay for any additional cost of Title Insurance coverage, if required, and
any other expenses of the mortgage and one-half the escrow fee.
13. TAXES AND ASSESSMENTS: Taxes and Certified assessments shall be prorated as
of the date the deed is filed. If new construction or a tax xxxx is not yet
available, the Escrow/Closing Agent shall estimate the taxes, hold 1.5
times the estimated amount in escrow, and pay the actual xxxx when
available and refund the difference to Seller.
14. RISK OF LOSS: Any risk of loss to the property shall be borne by Seller
until title has been conveyed to Purchaser.
15. TENANTS: If this is rental property, rent shall be prorated to the date the
deed is filed. Sellers shall pay Buyer the amount of the proration and the
amount of any security Deposits.
16. VACANT LAND: If this is vacant land for which there is no County approved
sewer, Buyer has 45 days to obtain septic approval. If the approval is
denied, this Contract is void.
17. CONDITION OF PROPERTY: Buyer has inspected the property and is buying the
property in its present "AS IS" condition, except as written, and
acknowledges that he has examined the same, including underground petroleum
storage. EPA requirements, costs and/or income and expense and signed this
agreement as a result of examination and not upon representation made by
SELLER, BROKER, or any Agent or Salesperson. (BROKER shall not be liable
for anydefaults arising from any acts or omissions by or upon the part of
SELLER or BUYER). Buyer and his agent shall havae reasonable access to the
property to inspect the condition of the premises including the plumbing,
heating and electrical systems, and if applicable, well and septic systems,
and conduct Environmental Phase I Audit. THE SELLER HEREBY AFFIRMS THERE
ARE NO EXISTING OR PENDING COMPLIANCE ORDERS BY ANY GOVERNMENT AGENCY OR
AUTHORITY.
18. ARBITRATION: Any dispute as a result of this transaction shall be settled
by binding arbitration by the American Arbitration Association and its
rules.
19. USE OF PROPERTY: It is Buyer's duty to determine zoning and any regulations
restricting the use of the property. Buyer accepts the property based on
its independent duty to determine zoning and is not relying upon any
statements or actions of Seller, the Broker or any person representing
either.
20. ORAL STATEMENTS: Are you relying on any oral statement that is not in this
agreement? (Please initial your answer). Yes [ ] No [X] If yes, please
write the oral statement:
21. EXPIRATION: This offer shall expire unless a copy hereof with Seller's
written acceptance is delivered to Buyer or his Representatives within 7
days from date.
22. TIME: This is of the essence of this Agreement.
23. ADDENDUMS: THIS CONTRACT IS SUBJECT TO THE AGENCY DISCLOSURE. FORMS
PROVIDED BY SELLER, AND THE FOLLOWING ADDENDUM:
24. All data about the property, its condition, [ILLEGIBLE], income and
expense, buildings, dimensions, or environmental disclosure has been
provided by Seller. NAI/Xxx Xxxxxxx Real Estate and its agents or sales
persons do not guarantee any of the information. If you have any doubts,
you should contact your legal counsel, your accountant, or any of your
advisors so that you can determine the accuracy of any of this information
independently.
BUYER: /s/ Date: 6/23/98 SELLER: Date: 6/23/99
BUYER: Date: SELLER: Date:
ADDRESS: ADDRESS:
TELEPHONE: TELEPHONE:
WITNESS: WITNESS:
