Fillable Printable Purchase Contract Form - South Dakota

Purchase Contract Form - South Dakota

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 re maining 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________/_________

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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

□ This offer is not contingent upon the sale or close of property owned by Purchaser.

□ 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________/_________

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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 ackno wledges 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 As sessments 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, su bject 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________/_________

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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________/_________

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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

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