REAL ESTATE PURCHASE CONTRACT
This is a legally binding Contract. Utah State Law requires that licensed real
estate agents use this form, but the Buyer and the Seller may legally agree in
writing to alter or delete provisions of this form. If you desire legal or tax
advice, consult your attorney or tax advisor.
XXXXXXX MONEY RECEIPT
The Buyer Xxxxxxx X. Xxxxxx offers to purchase the Property described below
and delivers to Brokerage, as Xxxxxxx Money Deposit $ 0 In the form of N/A to be
deposited within three business days after Acceptance of this Offer to Purchase
by all parties.
______________________________ Received by: _______ _____________________
Brokerage Phone Number
OFFER TO PURCHASE
1. PROPERTY: The New Xxxxxxx Building, 2402 Wall Ave.#303
City: Ogden County: Xxxxx , Utah
1.1 INCLUDED ITEMS: Unless excluded herein, this sale shall include all
fixtures presently attached to the Property: plumbing, heating, air-conditioning
and venting fixtures and equipment, water heater, built-in appliances, light
fixtures and bulbs, bathroom fixtures, curtains and draperies and rods, window
and door screens, storm doors, window blinds, awnings, installed television
antenna, satellite dishes and system, wall-to-wall carpets, automatic garage
door opener and transmitter(s), fencing, trees and shrubs. The following
personal property shall also be included in this sale and conveyed under
separate Xxxx of Sale with warranties as to title: N/A
1.2 EXCLUDED ITEMS: These items are excluded from this sale:
2. PURCHASE PRICE AND FINANCING. Buyer agrees to pay for the Property as
follows:
$ 0 Xxxxxxx Money Deposit
$ 0 Existing Loan : Buyer agrees to assume and pay an existing
loan in this approximate amount presently payable at $ ___________ per
month including principal, interest, (presently at ___ % per annum), [
] real estate taxes, [ ] property insurance premium and [ ] mortgage
insurance premium. Buyer agrees to pay any transfer and assumption
fees. Seller [ ] shall [ ] shall not be released from liability on
said loan. Any net differences between the approximate balance of the
loan shown above and the actual balance at Closing shall be adjusted
in [ ] Cash [ ] Other ____________________________ .
$ 56,000 Proceeds form New Loan: Buyer reserves the right to
apply for any of the following loans under the terms described below.
[ ] Conventional [ ] FHA [ ] VA [ ] Other _____________________ .
Seller agrees to pay $ - 0 - Toward Discount Points and Buyer's other
loan and closing costs, to be allocated at Buyer's discretion. [ ] For
a fixed rate loan: Amortized and payable over _______ years, interest
shall not exceed _____ % per annum; monthly principal and interest
payment shall not exceed $ ___________ , or [ ] For an Adjustable Rate
Mortgage (ARM): Amortized and payable over ______ years; initial
interest rate shall not exceed _____ % per annum; initial monthly
principal and interest payments shall not exceed $ _______________ .
Maximum Life Term interest shall not exceed ________ % per annum.
$ 14,000 Seller Financing: (See attached Seller Financing Addendum)
$ 0 Other:________________________________
$ 0 Balance of Purchase Price in cash at closing.
$ 70,000 TOTAL PURCHASE PRICE
2.1 Existing/New Loan Application. Buyer agrees to make
application for a loan specified above within 20 Calendar days
(Application Date) after Acceptance. Buyer will have made Loan
Application only when Buyer has: (a) completed, signed, and delivered
to the Lender the initial loan application and documentation required
by the Lender; and (b) paid all loan application fees as required by
the Lender. Buyer will continue to provide the Lender with any
additional documentation as required by the Lender. If, within seven
calendar days after receipt of written request from Seller, Buyer
fails to provide to Seller written evidence that Buyer has made Loan
Application by the Application Date, then Seller may, prior to the
Qualification Date, the Property, in its current condition and for
seller's exclusive remedy, the Xxxxxxx Money Deposit without the
requirement of any further written authorization from Buyer.
2.2 Qualification. Buyer and the Property must qualify for a loan
for which application has been made under section 2.1 within 90
calendar days (Qualification Date) after Acceptance . The Property is
deemed qualified if, on or before the Qualification Date, the
Property, in its current condition and for the Buyer's intended use,
has appraised at a value not less than the Total Purchase Price. Buyer
is deemed qualified if, on or before the Qualification Date , the
Lender verifies in writing that Buyer has been approved as of the
verification date.
2.3 Qualification Contingency. If Seller has not previously voided this
Contract as provided in Section 2.1, and either the Property or Buyer has failed
to qualify on or before the Qualification Date , either party may cancel this
Contract by providing written notice to the other party within three calendar
days after the Qualification Date, otherwise Buyer and the Property are deemed
qualified. The Brokerage, upon receipt of a copy of such written notice, shall
return to Buyer the Xxxxxxx Money Deposit without the requirement of any further
written authorization of Seller.
3. CLOSING. This transaction shall be closed on or before 30 days following
condo conversion approval . Closing shall occur when: (a) Buyer and Seller have
signed and delivered to each other (or to the escrow/title company), all
documents required by this Contract, by the Lender, by written escrow
instructions and by applicable law; (b) the monies required to be paid under
these documents have been delivered to the escrow / title company in the form of
cashier's check collected or cleared funds. Seller and Buyer shall each pay
one-half of the escrow Closing fee, unless otherwise agreed by the parties in
writing. Taxes and assessments for the current year, rents, and interest on
assumed obligations shall be prorated as set forth in this Section. Unearned
deposits on tenancies shall be transferred to Buyer at Closing. Prorations set
forth in this Section shall be made as of [x] date of Closing; [ ] date of
possession; [ ]other ____________________________________________.
4. POSSESSION. Unless otherwise agreed in writing by the parties, Seller
shall deliver possession to Buyer within 48 hours after Closing.
5. CONFIRMATION OF AGENCY DISCLOSURE. At the signing of this Contract the
Listing Agent Represents [x] Seller [ ] Buyer, and the Selling Agent Represents
[ ] Seller [x] Buyer. Buyer and Seller confirm that prior to signing this
Contract written disclosure of the agency relationship(s) was provided to
him/her.
( /s/ ) Buyer's initials ( /s/ ) Seller's initials.
6. TITLE TO PROPERTY AND TITLE INSURANCE. (a) Seller has, or shall have at
Closing, free title to the Property and agrees to convey such title to Buyer by
general warranty deed, free of financial encumbrances as warranted under Section
10.6; (b) Seller agrees to pay for, and furnish Buyer at Closing with, a current
standard form Owner's policy of title insurance in the amount of the Total
Purchase Price; (c) the title policy shall conform with Seller's obligations
under subsections (a)and(b).Unless otherwise agreed under Section 8.4, the
commitment shall conform with the title insurance commitment provided under
Section 7.
7 SELLER DISCLOSURES. No later than __________ calendar days after
Acceptance, the Seller will deliver to the Buyer the following Seller
Disclosures: (a) a Seller Property Condition Disclosure for the Property, signed
and dated by Seller; (b) a commitment for the policy of title insurance required
under Section 6, to be issued by the title insurance company chosen by Seller,
including copies of all documents listed as Exceptions on the Commitment; (c) a
copy of all loan documents relating to any loan now existing which will encumber
the Property after Closing; and, (d) a copy of all leases affecting the Property
not expiring prior to Closing. Seller agrees to pay any title commitment
cancellation charge under subsection (b).
8. CONTINGENCIES. In addition to Qualification under Section 2.2 this offer
is: (a)subject to Buyer's approval of the content of each of the items
referenced in Section 7 above; and (b) [ X ] is [ ] is not subject to Buyer's
approval of an inspection of the Property. The inspection shall be paid for by
Buyer under Section 11 and to make the Property available for the same.
8.1 Buyer shall have 90 Calendar days after Acceptance in which to
review the content of Seller Disclosures, and, if the inspection contingency
applies, to complete and evaluate the inspection of the Property, and to
determine, if, in Buyer's sole discretion, the content of all Seller Disclosures
(including the Property Inspection ) is acceptable.
8.2 If Buyer does not deliver a written objection to Seller regarding a
Seller Disclosure, or the Property Inspection within the time provided in
subsection 8.1 above, that document or inspection will be deemed approved or
waived by Buyer.
8.3 If Buyer objects, Buyer and Seller shall have seven Calendar days
after receipt of the objections to resolve Buyer's objections. Seller my, but
shall not be required to, resolve Buyer's objections. If Buyer's objections are
not resolved within the seven calendar days, Buyer may void this Contract by
providing written notice to Seller within the same seven calendar days. The
Brokerage, upon receipt of a copy of Buyer's written notice, shall return to
Buyer the Xxxxxxx Money Deposit without the requirement of any further written
authorization from Seller. If this Contract is not voided by Buyer, Buyer's
objection is deemed to have been waived. However, this waiver does not affect
warranties under Section 11.
8.4 Resolution of Buyer's objections under Section 8.3 shall be in writing
and shall be specifically enforceable as covenants of this Contract.
9. SPECIAL CONTINGENCIES. This offer is made subject to: The terms of
attached Addendum # Are incorporated into this Contract by this reference.
10. SELLER'S LIMITED WARRANTIES. Seller's warranties to Buyer regarding the
Property are limited to the following:
10.1 When Seller delivers possession of the Property to Buyer, it will
be broom-clean and free of debris and personal belongings;
10.2 Seller will deliver possession of the Property to Buyer with the
plumbing, plumbed fixtures, heating, cooling, ventilating, electrical and
sprinkler (indoor and outdoor) systems, appliances, and fireplaces in working
order;
10.3 Seller will deliver possession of the Property to Buyer with the
roof and foundation free of leaks known to Seller;
10.4 Seller will deliver possession of the Property to Buyer with any
private well or septic tank serving the Property in working order and in
compliance with governmental regulations;
10.5 Seller will be responsible for repairing any of Seller's
moving-related damage to the Property.
10.6 At Closing, Seller will bring current all financial obligations
encumbering the Property which are assumed in writing by Buyer and will
discharge all such obligations which Buyer has not so assumed;
10.7 As of Closing, Seller has no knowledge of any claim or notice of
an environmental, building, or zoning code violation regarding the Property
which has not been resolved.
11. VERIFICATION OF WARRANTED AND INCLUDED ITEMS. After all contingencies
have been removed and before Closing, the Buyer may conduct a "walk-through"
inspection of the Property to determine whether or not items warranted by Seller
in Section 10.1, 10.2, 10.3 and 10.4 are in the warranted condition and to
verify that items included in Section 1.1 are presently on the Property. If any
item is not in the warranted condition, Seller will correct, repair or replace
it as necessary or, with the consent of Buyer and (if required) Lender, escrow
an amount at Closing to provide for such repair or replacement. The Buyer's
failure to conduct a "walk-through" inspection or to claim during the
"walk-through" inspection that the Property does not include all items
referenced on Section 1.1 or is not in the condition warranted in Section 10 ,
shall constitute a waiver of Buyer's rights under Section 1.1 and of the
warranties contained in Section 10.
12. Changes during Transaction. Seller agrees that no changes in any
existing leases shall be made, no new leases entered into, and no substantial
alterations or improvements to the Property shall be undertaken without the
written consent of the Buyer.
13. AUTHORITY OF SIGNERS. If Buyer or Seller is a corporation, partnership,
trust, estate, or other entity, the person executing this Contract on its behalf
warrants his or her authority to do so and to bind Buyer or Seller.
14. COMPLETE CONTRACT. This instrument, together with its Addenda, any
attached Exhibits, and Seller Disclosures constitute the entire Contract between
the parties and supersedes all prior negotiations, warranties, understandings or
contract between the parties. This Contract cannot be changed except by written
agreement of the parties.
15. DISPUTE RESOLUTION. The parties agree that any dispute or claim
relating to this Contract, including but not limited to the disposition of the
Xxxxxxx Money Deposit and the breach or termination of this Contract, shall
first be submitted to mediation in accordance with the Utah Real Estate
Buyer/Seller Mediation Rules of the American Arbitration Association. Disputes
shall include representations made by the parties, any Broker or other person or
entity in connection with the sale, purchase, financing, condition or other
aspect of the Property to which this Contract pertains, including without
allegations of concealment, misrepresentation, negligence and/or fraud. Each
party agrees to bear its own costs of mediation. Any Agreement signed by the
parties pursuant to the mediation shall be binding. If mediation fails, the
procedures applicable and remedies available under this Contract shall apply.
Nothing in this Section 15 shall prohibit any party from seeking emergency
equitable relief pending mediation. By marking this box[ X ], and adding their
initials, the Buyer ( ), and the Seller ( ), agree that mediation under this
Section 15 is not mandatory, but is optional upon agreement of all parties.
16. DEFAULT. If Buyer defaults, Seller may elect to either retain the
Xxxxxxx Money Deposit as liquidated damages or to return the Xxxxxxx Money
Deposit and xxx Buyer to enforce Seller's rights. If Seller defaults, in
addition to return of the Xxxxxxx Money Deposit, Buyer nay elect to either
accept from Seller as liquidated damages a sum equal to the Xxxxxxx Money
Deposit or xxx Seller for specific performance and/or damages. If Buyer elects
to accept the liquidated damages, Seller agrees to pay the liquidated damages to
Buyer upon demand. Where a Section of this Contract provides a specific remedy,
the parties intend that the remedy shall be exclusive regardless of rights which
might otherwise available under common law.
17. ATTORNEY'S FEES. In any action arising out of this Contract, the
prevailing party shall be entitled to costs and reasonable attorney's fees.
18. DISPOSITION OF XXXXXXX MONEY. The Xxxxxxx Money Deposit shall not be
released unless it is authorized by: (a) Section 2, Section 8.3 or Section 15;
(b) separate written agreement of the parties; or (c) court order.
19. ABROGATION. Except for express warranties made in this Contract, the
provisions of this Contract, shall not apply after Closing.
20. RISK OF LOSS. All risk of loss or damage to the Property shall be borne
by Seller until Closing.
21. TIME IS OF THE ESSENCE. Time is of the essence regarding the dates set
forth in this transaction. Extensions must be agreed to in writing by all
parties. Performance under each Section of this Contract which references a date
shall be required absolutely by 5:00 P.M., Mountain Time on the stated date.
22. FACSIMILE (FAX) DOCUMENTS. Facsimile transmission of any singed
original document, and re-transmission of any signed facsimile transmission,
shall be the same as delivery of an original. If the transaction involves
multiple buyers or Sellers, facsimile transmissions may be executed in
counterparts.
23. ACCEPTANCE. Acceptance occurs when Seller or Buyer, responding to an
offer or counteroffer of the other; (a) signs the offer or counteroffer where
noted
to indicate acceptance; and (b) communicates to the other party or the other
party's agent that the offer or counteroffer has been signed as required.
24. OFFER AND TIME FOR ACCEPTANCE. Buyer offers to purchase the Property on
the above terms and conditions. If Seller does not accept this offer by [ ] AM [
] PM Mountain Time, , , this offer shall lapse; and the holder of the Xxxxxxx
Money Deposit shall return it to the Buyer.
/s/ Xxxxxxx Xxxxxx
(Buyer's Signature) (Offer Reference Date)
Xxxxxxx Xxxxxx
Buyer's Name (please print)
------------------------------------------------ ----------------
(Notice Address) (Phone)
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ACCEPTANCE/REJECTION/COUNTEROFFER
Acceptance of Offer to Purchase: Seller Accepts the foregoing offer on the
terms and conditions specified above.
/s/ XxxxxxXxxx Xxxxxxx 10-10-97
(Seller's Signature) Cyberstate, Inc (Date) (Time)
------------------------------------------------
Seller's Name (please print)
------------------------------------------------ ----------------
(Notice Address) (Phone)
Rejection: Seller Rejects the foregoing offer.
_________________ (Seller's initials) _______________(Date) ______________(Time)
[x] Counter Offer: Seller presents for Buyer's Acceptance the terms of
Buyer's offer subject to the exceptions or modifications as specified in the
attached Counter Offer #_____1______.
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DOCUMENT RECEIPT
State Law requires Broker to furnish Buyer and Seller with copies of this
Contract bearing all signatures. (One of the following alternatives must
therefore be completed).
A. [ ] I acknowledge receipt of a final copy of the foregoing Contract
bearing all signatures:
SIGNATURE OF SELLER SIGNATURE OF BUYER
-------------------------- ------- ----------------------------- ---------
Date Date
-------------------------- ------- ----------------------------- ---------
Date Date
B. [ ] I personally caused a final copy of the foregoing contract bearing
all signatures to be mailed on _____________, 19______ by certified Mail and
return receipt attached hereto to the [ ] Seller [ ] Buyer, Sent by
_______________
Seller's Initials ( ) Date __________ Buyer's Initials ( ) Date _______________
SELLER FINANCING ADDENDUM TO
REAL ESTATE PURCHASE CONTRACT
This is a legally binding Contract. Utah state law requires that licensed real
estate agents use this form, but the Buyer and the Seller may legally agree in
writing to alter or delete provisions of this form. If you desire legal or tax
advice, consult your attorney or tax advisor.
THIS SELLER FINANCING ADDENDUM is made a part of that REAL ESTATE PURCHASE
CONTRACT (the "REPC") with an Offer Reference Date of October 10 , 19 97 ,
between Xxxxxxx Xxxxxx as Buyer, and Cyberstate, Inc. as Seller. The terms of
this ADDENDUM are hereby incorporated as part of the REPC, and to the extent
these terms conflict with or modify any provisions of the REPC, the terms of
this Addendum shall control. All other terms of REPC not modified by this
Addendum shall remain the same:. 0.XXXXXX DOCUMENTS: Seller's extension of
credit to Buyer shall be evidenced by: (X) Note and Deed of Trust ( ) Note and
All-Inclusive Deed of Trust ( )Other:__________________________________________
2. CREDIT TERMS: The terms of the credit documents referred to in Section 1
above are as follows: $ 14,000 principle amount of the note (the "Note");
interest at 7 % per annum; payable at approximately $ $ N/A per N/A. The entire
unpaid balance of principle plus interest is dune in N/A months from date of the
Note. First payment due 30 days after close. Additional principal payments
balloon payments or other terms as follows:
Term of note shall be the same as buyers new loan term, Payments based on a 30
year amortization.
The credit documents referenced in Section 1 of the ADDENDUM will contain a
due-on-sale clause in favor of Seller. Buyer [ ] will [ ] will not provide
Seller at Closing with a lender's title policy insuring Seller in the amount of
the Note. Seller agrees to provide to Buyer at Settlement: (a) an amortization
schedule based on the above terms; (b) a written disclosure of the total
interest Buyer will pay to maturity of the Note.
3. TAXES AND ASSESSMENTS. In addition to the payments referenced in Section 2
above, Buyer shall also be responsible for: (i) property taxes; (ii) homeowners
association dues; (iii) special assessments; and (iv) hazard insurance premiums
on the Property. These obligations will be paid. ( ) directly to Seller/Escrow
Agent on a monthly basis (X ) directly to the applicable county treasurer;
association; and insurance company as required by those entities.
4.PAYMENT. Buyer's payments under Section 2 and 3 above will be made to: (X)
Seller ( ) an ESCROW AGENT. If an Escrow Agent N/A will act as Escrow Agent and
will be responsible for disbursing payments on any underlying mortgage or deed
of trust ( the "underlying mortgage") and to the Seller. Cost of setting up the
escrow account shall be paid by: ( ) Buyer ( ) Seller ( ) split evenly between
the parties.
5. LATE PAYMENT/PREPAYMENT. Any payment not made within 30 days after it is due
is subject to a late charge of $ 25.00 or --5--% of the installment due. Amounts
in default shall bear interest at a rate of 14 % per annum. All or part of the
principal balance on the Note may be paid prior to maturity without penalty.
6. DUE-ON-SALE. This transaction is subject to Buyer's approval of the terms of
any underlying loan as provided in Section 8 of the REPC. Buyer acknowledges
that any underlying loan on the Property may contain a due-on-sale clause which
requires the lender's consent to this transaction If the lender does not consent
to this transaction and calls the loan immediately due, Buyer agrees to
discharge the underlying loan as required by the lender. In such event, Seller's
remaining equity shall be paid as provided in the credit documents.
7. BUYER DISCLOSURES. Buyer has provided to Seller, as a required part of this
ADDENDUM, the attached Buyer Financial Information Sheet - Part B. Buyer ( )
WILL ( X ) WILL NOT provide Seller with copies of IRS returns for the two
preceding tax years. Buyer acknowledges that Seller may contact Buyer's current
employer for verification of employment as represented by Buyer in the Buyer
Financial Information Sheet.
8. SELLER APPROVAL. Within the time referenced in Section 7 of the REPC, Buyer
shall provide to Seller, at Buyer's expense, a current credit report on Buyer
from a consumer credit reporting agency. Seller may use the credit report and
the information contained in the credit report and the information referenced in
Section 7 of this Addendum (collectively referred to as the "Buyer Disclosures")
to evaluate the credit-worthiness of Buyer. Seller agrees to maintain
confidential all information contained in the Buyer disclosures.
8.1 Seller Review. Within the time period allowed in Section 8.1 of the REPC,
Seller shall review the credit report and Buyer Disclosures to determine if, in
Seller's sole discretion, the content of the credit report, and the Buyer
Disclosures, is acceptable. If the content of the credit report or the Buyer
Disclosures is not acceptable to Seller, Seller may elect to either: (i) provide
written objections to Buyer as provided in Section 8.2 of this Addendum; or (ii)
immediately void the REPC by providing written notice to Buyer within the time
referenced in Section 8.1 of the REPC. The Brokerage , upon receipt of a copy of
Seller's written notice of cancellation, shall return to Buyer the Xxxxxxx Money
Deposit without the requirement of any further written authorization from
Seller.
8.2 Seller Objections. If Seller does not immediately void the REPC as
provided above, Seller may within the time period allowed in Section 8.1 of the
REPC, provide Buyer with written objections. Buyer and Seller shall have seven
calendar days after Buyer's receipt of the objections to resolve Seller's
objections. Buyer may, but shall not be required to, resolve Seller's
objections. If Seller's objections are not resolved within the seven calendar
days, Seller may void the REPC by providing written notice to Buyer within the
same seven calendar days. The Brokerage, upon receipt of a copy of Seller's
written notice of cancellation, shall return to Buyer the Xxxxxxx Money Deposit
without the requirement of any further written authorization from Seller.
8.3 Failure to Object. If Seller does not deliver a written objection to
Buyer regarding the credit report or a Buyer Disclosure within the time period
allowed in Section 8.1 of the REPC, or if Seller does not void the REPC as
provided in Sections 8.1 and 8.2 of this Addendum, any objection to the credit
report and Buyer Disclosures will be deemed approved or waived by Seller. [ X ]
Seller [ ] Buyer shall have until ________ [ ] A.M. [ ] P.M. Mountain Time
_______________ , 19 ___ to accept these terms in accordance with Section 23 of
the REPC. Unless so accepted, this offer shall lapse.
/s/ Xxxxxxx Xxxxxx 10-10-97
[ X] Buyer [ ] Seller Signature Date
[ ] Buyer [ ] Seller Signature Date
ACCEPTANCE/REJECTION/COUNTEROFFER
CHECK ONE:
[ ] ACCEPTANCE: [ ] Buyer [ X ] Seller hereby accepts these terms.
/s/ XxxxxxXxxx Xxxxxxx 10-10-97
[ ] Buyer [ X ] Seller Signature Date Time
[ ] Buyer [ ] Seller Signature Date Time
[ ] REJECTION: [ ] Seller [ ] Buyer rejects these terms.
(Initials) (Date) (Time) [ ] COUNTEROFFER: [ ] Seller [ ] Buyer presents as a
counter offer the terms set forth on the attached Counter Offer # ______.
XXXXXXXX XX. 0
XX
XXXX XXXXXX XXXXXXXX XXXXXXXX
PAGE 1 OF 1
THIS IS AN [ ] ADDENDUM [ X ] COUNTEROFFER to that REAL ESTATE PURCHASE CONTRACT
(the "REPC") with and Offer Reference Date of October 10 , 19 97 , including all
prior addenda and counteroffers, between Xxxxxxx Xxxxxx as Buyer, and
Cyberstate, Inc. as Seller, regarding the Property located at 0000 Xxxx Xxxxxx,
Xxxx# 000, Xxxxx, Xxxx . The following terms are hereby incorporated as part of
the REPC:
#1 Purchase price increased to $75,000
#2 Seller carry back is $26,250 amortized over 15 years at 9%.
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/s/ Xxxxxxx Xxxxxx 3/19/98
[ X ] Buyer [ ] Seller Signature Date Time
3/18/98
[ ] Buyer [ X ] Seller Signature Date Time
