Fillable Printable Earnest Money Contract Form - Washington

Earnest Money Contract Form - Washington

INITIALS: BUYER _____________ BUYER _____________ SELLER _____________ SELLER _____________

Page 1 of 4DATE ______________ DATE _______________ DATE _______________ DATE _______________

EARNEST MONEY RECEIPT AND SALES AGREEMENT

THIS CONTRACT CONTROLS THE TERMS OF THE SALE OF THE PROPERTY

(Please read carefully before signing)

_________________, Washington, ___________________, 200__

RECEIVED from theCity of ______________, hereinafter called the Buyer,the sumof

__________________________ Dollars, ($__________) in the formof: a PromissoryNote for said

$____________ due upon closing, deposited as earnest money and as part payment on the purchase price of the

following described real estate.(Agent shall deposit the earnest moneynote onlyafter Buyer and Seller have

signed this agreement) which Buyer agrees to buy and the Seller agreesto sell, located in ______________ County,

State of Washington, generally located _______________ ________________________________________, in

____________, Washington, and legally described as follows:

______________________________________________________________________________

1.PURCHASEPRICE: The total price is _________________________________ Dollars ($________), Payable

upon closing.

2. CONTINGENCIES:This agreementis contingent on Title (per the title insurance report) acceptable to the

Buyer, on the contingencies set forth herein below, and on Approval of the sale bythe ______________ City

Council.

3. TITLE: Unless otherwise noted onthis agreement, title of Seller is to be free of encumbrances or defects.

Existing reservations, existingeasements not inconsistent with Buyer’s intended use, building oruse restrictions

general to the district, and building orzoningregulations or provisions shall not be deemed encumbrances or

defects. Encumbrances to be discharged by Seller shall be paid out of purchase money at date of closing.

4. PROPERTY INFORMATION/ASSURANCES: Seller shall advise the Buyerof the existence and/or status of

the following: (1) any public/community water main well public sewerseptic tank cesspool

none of the foregoing. (2) Whether there is a Condominium of Home Owner’s fee. (3) Whether the property

contains leased or encumbered items identified as hotwater tank(s) heatingsystem other

___________________. (4) That all electricalwiring, heating, cooling, and plumbingsystems will be in

working order at the time Buyer is entitled to possession, (5) That Seller knows of no material structural defects.

(6) That Buyerwill maintain the property and yard in present or better condition until agreed possession. (7)

Shares in light and/or water companies and association, if any, shallbe includedin the sale, unless noted. (8)

That he hasno noticefromanygovernmental agency of anyviolation of laws relating to the subject property

except _______________________________________________________.

5. CLOSING COSTS AND PRO-RATIONS: The cost of escrowshall be shared equallybetweenBuyer and

Seller, except thosefees which are expresslylimited by Federal Regulation. Seller shall pay for excisetax and

revenue stamps. Taxes for the current year, rents,interest, Association, Condominiumand/or Home Owner’s

fees, water and other utility charges, if any shall be pro-rated as of date of closing.

6.COST-CLOSING ADJUSTMENTS, COLLECTIONS AND PAYMENTS: After closing, Buyer and Seller

shall reconcile the actualamountof revenues or liabilities upon receipt of payments thereof to the extent those

items were prorated or credited at closing based upon estimates. Anybills or invoices received byBuyerafter

closing which relate to services rendered or goods delivered to the Seller or the property prior to closing shall be

paid by Seller upon representation of such bill or invoice. At Buyer’s option, Buyer maypay such bill or invoice

INITIALS: BUYER _____________ BUYER _____________ SELLER _____________ SELLER _____________

Page 2 of 4DATE ______________ DATE _______________ DATE _______________ DATE _______________

and be reimbursed the amount paid plus interest at the rate of 12 percent per annum beginning fifteen (15) days

from the date of Buyer’s written demand to Seller for reimbursementuntil such reimbursed is made. Rents

collected fromeach tenant after closingshall be applied first to rentals due most recently from such tenant for

the periodafter closing, and the balance shall be applied forthe benefit of Sellerfor delinquentrentals owed for

a period prior to closing. The amounts applied for the benefit of Seller shall be turned over by buyer to Seller

promptly after receipt.

7. CLOSING OF THE SALE: WITH THE UNDERSTANDING THAT TIME ISOF THE ESSENCE OF THIS

AGREEMENT: this sale shall be closed on OR BEFORE ____________________________, 20_____ which

shall also be the termination date of this agreement. Buyer and Seller will IMMEDIATELY UPON DEMAND,

deposit in escrow with ____________________________________ all instruments and monies required to

complete the purchase in accordance with this agreement. Closing for the purpose ofthis agreement is defined

as the date that all documents are executed and the sale proceeds are available to the Seller.

8.POSSESSION: Buyer shall be entitledto possession on closing, or ____________________________.

Seller agrees to paythe Buyer the sumof $____________ for each day of possession beyond the date of agreed

possession. (Said payment shall be the sole responsibility of the Seller, due on demand.)

9.ADDITIONAL PROVISIONS: In addition to INCLUDED ITEMS, CONVEYANCE, TITLE INSURANCE,

ANDGENERAL PROVISIONS, printed on the reverse side of this agreement, the following checked items are

also included: INSPECTIONS OTHER ___________________________________________

_________________________________________________________________________________________

10. AGREEMENT TO PURCHASE: Buyer hereby acknowledges receipt of a copy of this agreement. Buyer offers

to purchase the above property on the above terms and conditions. Notice of acceptance given to Agent by

Seller shall be considered as given to Buyer.

11. TIME FOR ACCEPTANCE: Seller shall have untilmidnight of ______________________,20____ to accept

this offer by delivering a signed copy hereof to the City (City Clerk’s Office).

12. COUNTEROFFERS: In the event that by change hereon or attached hereto, the Sellershall make a counter

offer, the Buyer shall have two days within which to accept the same. Said counter offer shall be personally

delivered orsent bycertified mail to Buyer'’ address on the front of this agreement. The above numberof days

shall commence on the dayafter its delivery or, if mailed, then on the third dayfollowing its deposit into the

mail. In either case, said two days shall expire at midnight of the last day unless that day is aSaturday, Sunday

or legal holiday, in which event it shall expire at midnight of the next business day.

13.CONVEYANCE: Title shall be conveyed byWarrantyDeed free of encumbrances, except as approved by the

City.

14.TITLE INSURANCE: Seller authorizes, at Seller’s sole expense, the City or other agent to immediately apply

for a preliminarycommitment for a standard formBuyer’s policy of title insurance to be issued bysuch title

insurance company as the Buyer may designate. Said preliminarycommitment, and the titlepolicyto be issued,

shall contain no exceptions other than those provided for in such standard formand encumbrances or defects

noted in paragraph 3 hereof. Iftitle cannot be made so insurable prior to the closingdate called herein, the

earnest money shall, unless Buyerelects to waive such defects or encumbrances, be returned to the Buyer, less

any costs incurred or advances by Agent for Buyer, and this agreementshall hereupon be terminated.

15.GENERAL PROVISIONS: Seller and Buyer warrant that no representations have been made concerning the

condition of the property, boundarylines or size. TIME IS OF THE ESSENCE OF THISAGREEMENT.

INITIALS: BUYER _____________ BUYER _____________ SELLER _____________ SELLER _____________

Page 3 of 4DATE ______________ DATE _______________ DATE _______________ DATE _______________

There have been no verbalor other agreements which modify or affect this agreement. THIS AGREEMENT

CONSTITUTES THE FULL UNDERSTANDING BETWEEN THE SELLER, BUYER AND AGENT.

16.HAZARDOUS SUBSTANCES: Seller represents and warrants to buyers that to the bestof its knowledge: (i)

there are no Hazardous Substances (as defined below) currently locatedin, on or under the propertyin a manner

or qualitythat presentlyviolates any Environmental Law (asdefined below); (ii) there are no underground

storage tanks located on the property; and (iii) there is no pending or threatened investigation or remedialaction

by any governmental agency regardingthe release ofHazardous Substances or the violation ofEnvironmental

Law at the property. As used herein, the term “Hazardous Substances” shall mean anysubstance or material

now or hereafter defined or regulated as a hazardous substance,hazardous-waste, toxic substance, pollutant,or

contaminant under any federal, state or local law, regulation, or ordinance governing anysubstance that could

cause actual or suspected harm to human health or the environment (Environmental Law). The term“Hazardous

Substance” specifically includesbut is not limited to,petroleum, petroleumby-products,and asbestos. Seller

agrees to indemnify, defend and hold Buyer harmless fromand againstany and all claims, liabilities, losses,

penalties, remediationcosts and expenses (includingattorney’s and consultant’s fees and costs) that Buyermay

incur or have assessed against it as a result ofthe presence of any Hazardous Substance in, on, or underthe

property which violates anyEnvironmental Law at any time prior to closing. The provisions of this Section

shall survive closing.

17.CONDITION OF SEPTIC TANK: Seller warrants that the Septic tank, if any, serving the property is in good

working order and Seller has no knowledge of any needed repairs.

18.INSPECTIONS -MAY BE REQUIRED. Seller understands that the Buyer MAY REQUIRE THAT THE

PROPERTY COMPLY WITH APPLICABLE BUILDING CODES and other governmental requirements of the

city or county in which it is located, and require other inspections including, butnot limitedto, termite, heating,

plumbing, roof, electrical, septic tank and well water.

19.CONDEMNATION AND CASUALTY: Buyer may terminate this agreement and obtain the refund of the

earnest money, less any costs advanced or committed for Buyer, ifimprovementson the property are destroyed

or materially changed bycasualty before closing, or if condemnationproceedings commenced against all or a

portion of the property before closing.

20.COSTS OF INSPECTION: Seller agrees to pay, in advance, uponrequest of Agent, costs of any ofthe above

inspections.

21.OBLIGATION TO MAKE REPAIRS: Seller understands that as a result of any governmental or utility

inspections, Seller maybe required to make repairs to the property in order to comply with the applicable codes

whether or not a sale is completed under this Agreement.

22.ASSIGNMENT: Buyer may may not (may not assign, if not completed) assign this Agreement, or

Buyer’s rights hereunder without Seller’s prior writtenConsent, unless provided otherwise.

23.NOTICE ANDCOMPETITION TIME:Unless otherwise specified, anynotice requirement to requiredor

permitted in, or related to, this agreement must be in writingand signed by any one Buyer or Seller, including

either husband or wife. Seller appoints Listing Agent as Seller’s Agent, and Buyer appoints Seller’s Licensee as

Buyer’s agent to receive notices and other documents related to this transaction that may be delivered fromone

party to another, including but not limited to Seller’s Real Property Transfer Disclosure Statement (RCW 46.06),

and anyadditional writtennotices, responses orcommunications relatingto such documents. The partyto

whomsuch notice or anyotherdocument is directed shall be deemed to have received and to have notice ofthe

contents ofthe notice or document uponreceipt byor atthe office of the party’s appointed agent. Any time

INITIALS: BUYER _____________ BUYER _____________ SELLER _____________ SELLER _____________

Page 4 of 4DATE ______________ DATE _______________ DATE _______________ DATE _______________

limit applicable to a notice shall commence on the day followingreceipt of the notice by the appointed agentor

party, and shall expire at 5:00 p.m. on the last calendar day of the specified period of time, unless the day is a

Saturday, Sunday, or a legal holiday is defined in RCW 1.16.050, in which event the time shall expire on the end

of the next business day. Any specified periodof five (5) days or less shallinclude business days only.

SELLERANDBUYER MUST KEEP THEIR APPOINTED AGENT ADVISED OF THEIR

WHEREABOUTS TO RECEIVE PROMPT NOTIFICATION OF RECEIPT OF A NOTICE. SELLING

LICENSEE ANDLISTING AGENT HAVE NO RESPONSIBILITY TO ADVISE OF RECEIPT OF A

NOTICEBEYOND EITHER PHONING THE PARTY OR CAUSING A COPY OF THE NOTICE TOBE

DELIVERED TO THE PARTY’S ADDRESS OF THIS AGREEMENT.

24. DEFAULT AND ATTORNEY’S FEES: In the event Buyer fails, without legal excuse, to complete the

purchase ofthe property, then Seller may, at its option, bringsuit against Buyer for Sellers actual damages, or

pursue any otherrights or remedies available at law or in equity. In the event Seller fails, without legal excuse,

to complete the sale of the property, then Buyer may, atits option, bringsuitagainst the Sellers, for specific

performance of the propertysale transaction, and for its actual damages, orfor any other rights or remedies

available at law or in equity.

IfBuyer or Seller institutes suitconcerningthis Agreement, the prevailingpartyis entitled to court costs and

reasonable attorney’s fees.In the event of trial, the amountof the attorney’s fees shall be fixed by the court.

Venue of anysuit shall be in the county inwhich the property is located, and this Agreement is to be governed

by the laws of the state where the property is located.

Buyer __________________________________ Date _______________ Home Phone ___________________

Buyer __________________________________ Date _______________ Office Phone ___________________

Print Buyer’s name(s) ________________________________________________________________________

Buyer’s address _____________________________________________________ FAX ___________________

Seller’s Licensee (Company) __________________________________________________________________

Office phone _______________________________________________________ Fax ____________________

Address ___________________________________________________________________________________

By ___________________________________________________ Print name __________________________

Seller ___________________________________ Date _______________ Home Phone ___________________

Seller __________________________________ Date _______________ Office Phone ___________________

Print Seller’s name(s) ________________________________________________________________________

Seller’s address _____________________________________________________ FAX ___________________

25. BUYER’S RECEIPT: Buyer acknowledges receipt of a Seller’s signedcopy of this Agreement on

______________________ (date). Buyer ___________________ Buyer ___________________________