Fillable Printable Standard Form Contract for Purchase And Sale of Real Estate - Delaware

Standard Form Contract for Purchase And Sale of Real Estate - Delaware

STANDARD FORM CONTRACT FOR PURCHASE

AND SALE OF REAL ESTATE

OTSEGO-DELAWARE BOARD OF REALTORS, INC.

Page 1 of _____

Initials: Purchaser: __________ Seller: __________

2/11

THIS IS A LEGALLY-BINDING CONTRACT, IF NOT FULLY UNDERSTOOD, WE RECOMMEND

ALL PARTIES TO THE CONTRACT CONSULT AN ATTORNEY BEFORE SIGNING.

1. IDENTIFICATION OF PARTIES TO THE CONTRACT

A. SELLER-The Seller is _________________________________________________________________

whose address is ________________________________________________________________________

(The word "Seller" refers to each and all parties who have an ownership interest in the property.)

B. PURCHASER-The Purchaser is _________________________________________________________

whose address is ________________________________________________________________________

(The word "Purchaser" refers to each and all of those who sign below as Purchaser.)

2. PROPERTY TO BE SOLD/PURCHASED

The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to

purchase are known as ______________________________________________________ located in the

city, village or town of ____________________________ in _______________________ County, State of

New York. This property includes all the Seller's rights and privileges, if any, to all land, water, streets and

roads annexed to and on all sides of the property. The lot size of the property is approximately

__________________ +/- ______ or as per Seller's Deed. MLS# _________________________________

Tax Map# _______________________________________.

3. ITEMS INCLUDED IN SALE (IF EXCLUDED, SEE ITEM 7 BELOW)

Heating and Lighting Fixtures, Storm Windows and Screens, Television Aerial, Built-in Kitchen

Appliances, Storm and Screen Doors, Smoke Detectors, Built-in Bathroom and Kitchen Cabinets, Water

Softeners (if owned by Seller), Alarm Systems, Drapery Rods and Curtain Rods, Plumbing Fixtures,

Shrubbery, Trees, Plants and Fencing in the Ground, Shades and Blinds, Pumps, Wall-to-Wall Carpeting as

placed, Awnings, and Fireplace Insert, Doors and/or Screen. The items listed above, if now in or on said

premises are represented to be owned by the Seller, free from all liens and encumbrances, and are included

in the sale "as is" on the date of this offer, together with the following items:

______________________________________________________________________________________

4. PURCHASE/SELLING PRICE

The price is _______________________________________ DOLLARS ($_________________) to be

paid as follows:

a. $___________________deposit with this contract. Checks are subject to collection.

b. $___________________additional deposit on ______________or upon acceptance from Seller.

c. $___________________in cash or certified check at closing.

d. $___________________by Purchaser agreeing to pay a mortgage to be held by Sellers. (See

Addendum VII)

e. $___________________Assumption of Sellers mortgage (See Addendum XI)

f. $___________________TOTAL PRICE

Page 2 of _____

Initials: Purchaser: __________ Seller: __________

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5. MORTGAGE CONTINGENCY

This Agreement is contingent upon Purchaser securing a written commitment for a Conventional,

FHA, VA or ______________ first mortgage loan of $_________________ for a term of not more

than ________ years at an initial fixed or adjustable interest rate not to exceed the prevailing interest

rate. Purchaser shall make good faith application for this mortgage within ________ full calendar days of

the acceptance of this Agreement by all parties. If Purchaser cannot obtain said financing on or before

_____________________________, a copy of the Letter of Rejection from Purchaser’s lending institution

shall be furnished to Seller and, in such event, the Purchaser or Seller shall have the option of canceling this

Agreement by written notice to the other on or before _____________________________, in which case

all deposits shall be returned to Purchaser without interest, whereupon this Agreement shall be cancelled,

null and void. If Purchaser or Seller does not give written notice on or before said date, or any extension

thereof, this contingency shall be deemed waived and this Agreement shall remain in full force and effect

whether or not such commitment shall have been obtained. TIME IS OF THE ESSENCE with respect to

the foregoing provision and no extension of the date set forth above shall be effective unless in writing and

signed by Seller and Purchaser.

6. ADDENDA

The following attached addenda are part of this Agreement:

______________________________________________________________________________________

7. OTHER CONDITIONS (if any)

______________________________________________________________________________________

8. TITLE, SURVEY AND DEED

A 40-year abstract of title continued to date and a 5 year tax search or a fee title insurance policy

shall be obtained at the expense of the Seller or Purchaser. The Seller shall cooperate in providing

any existing survey or title insurance policy information in Seller’s Possession without cost to purchaser.

Seller shall convey good and marketable title by ______________________________________ deed and

shall pay the N.Y.S. transfer tax. The deed and the transfer gains tax affidavit will be prepared at the

expense of the Seller in form acceptable for recording by the County Clerk in the County in which the

property is located. Seller shall convey title to the property subject to standard utility easements

encumbering the property described herein. Seller may use part of the purchase money to pay any existing

encumbrances.

9. TAX AND OTHER ADJUSTMENTS

The following, if any, shall be apportioned and pro-rated between the Purchaser and Seller as of the date of

the transfer of title to be based on the fiscal year of each taxing unit:

a. rents and security deposits. Seller shall assign and transfer to Purchaser all written leases and security

deposits affecting the premises.

b. taxes, sewer, water rents, and condominium or homeowner association fees.

c. municipal assessments.

d. fuel, based upon fair market value at time of closing.

10. CONDITIONS OF PREMISES EQUIPMENT AND INSPECTION:

Purchaser agrees to accept the property at settlement in its present physical condition subject to inspections

herein and/or attached addenda, if any. Seller agrees to exercise reasonable and ordinary care in the

maintenance and upkeep of the property between the date this contract is executed by Seller and the time of

Page 3 of _____

Initials: Purchaser: __________ Seller: __________

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settlement. Seller grants to Purchaser or his representative the right to access property for any tests or

inspections required by the terms of this Agreement upon reasonable notice to the Seller or a representative.

Purchaser and/or a representative shall be given the right of inspection of the property at a reasonable hour

within _________ hours prior to transfer of title. Risk of loss shall remain with seller until closing of title.

11. MORTGAGE EXPENSES AND RECORDING FEES

The mortgage recording tax and application fee, if any, imposed on the mortgagor, mortgage and deed

recording fees, expenses of drawing papers and any other expenses to be incurred in connection with

procuring a mortgage, shall be paid by the Purchaser.

12. _________ (initials) HOME INSPECTION CONTINGENCY - This Agreement is contingent upon a

written determination, at Purchaser’s Expense, by a New York State Licensed Engineer, Architect or Home

Inspector, that the premises are free from any substantial structural, mechanical, heating, electrical,

plumbing, roof covering, water, septic or sewer defect. The term “substantial” shall be defined as any

individual defect which will reasonably cost over $1000 to correct, excluding any item previously disclosed

in writing by the Seller to the Purchaser. Purchaser shall complete said inspection no later than ________

full calendar days from acceptance of this Agreement. This Contingency shall be deemed waived unless

Purchaser shall give written notice of cancellation of this Agreement to Seller or Seller’s Agent no later

than ________ full calendar days from acceptance of this Agreement (the “Notice Cancellation Date”)

stating the existence of a substantial structural, mechanical, heating, electrical, plumbing, roof covering,

water, septic or sewer defect and supplies written confirmation thereof by a copy of the inspection report or

letter from the inspector. If the Purchaser gives such notice of cancellation, then this Agreement shall be

deemed cancelled, null and void and all deposit monies shall be returned to Purchaser. As an alternative to

giving notice of cancellation by the Notice Cancellation Date, Purchaser may extend the Notice

Cancellation Date for five (5) full calendar days by giving notice of extension thereof to Seller or Seller’s

Agent no later than the Notice Cancellation Date.

13. _________ (initials) HOME INSPECTION WAIVED - Purchaser acknowledges the right to make this

Agreement contingent upon a Home Inspection, but waives the right to said inspection unless required by

lender.

14. _________ (initials) RADON TEST - This Agreement is contingent upon Purchaser, at his own expense, have

the dwelling located on the property tested by a reputable service for the presence of radon gas to be

completed with results no later than ________ full calendar days from acceptance. The Seller agrees to

maintain a “closed-house condition” during the test. “Closed-house condition” shall mean that the Seller

shall keep all windows closed and shall minimize the number of times the exterior doors are opened and the

time that they are left open. This Contingency shall be deemed waived unless Purchaser shall give written

notice to Seller or Seller’s Agent no later than ________ full calendar days from acceptance of this

Agreement that the radon test results revealed a level of radon gas of four (4) picocuries per liter or higher

and Purchaser supplies the Seller or Seller’s Agent with a copy of the written test results. Seller will notify

Purchaser within ________ full calendar days of receipt of the radon report whether or not the Seller is

willing to undertake remedial measures necessary to permanently reduce the radon gas level (as measured

by a second test, to paid by the Seller or Purchaser following the remedial measures) to a level

below four (4) picocuries per liter. If Seller is not, the Purchaser may terminate, this Agreement by giving

Seller written notice of cancellation within ________ full calendar days from Purchaser’s receipt of

Seller’s notice of refusal to remediate and thereupon, this Agreement shall be deemed cancelled, null and

void and all deposit monies shall be returned to Purchaser. Alternatively, Purchaser may defer said

cancellation for a period of five (5) full calendar days to provide the parties an opportunity to otherwise

agree in writing.

Page 4 of _____

Initials: Purchaser: __________ Seller: __________

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15. _________ (initials) RADON TEST WAIVED - Purchaser acknowledges the right to make this Agreement

contingent upon a Radon Test. Purchaser waives the right of said test unless required by lender.

16. _________ (initials) WOOD INFESTATION AND/OR PEST INSPECTION - This Agreement is

contingent upon a satisfactory wood infestation and/or pest inspection to be obtained from a private testing

company, to be completed on or before ________ full calendar days from acceptance, at Purchaser’s

expense. This Contingency shall be deemed waived unless Purchaser shall give written notice of

cancellation of this Agreement to Seller or Seller’s Agent no later than ________ full calendar days from

acceptance of this Agreement (the “Notice Cancellation Date”) stating the existence of infestation or

damage caused by wood destroying organisms and supplies written confirmation thereof by a copy of the

inspection report or letter from the inspector. If the Purchaser gives such notice of cancellation, then this

Agreement shall be deemed cancelled, null and void and all deposit monies shall be returned to Purchaser.

As an alternative to giving notice of cancellation by the Notice Cancellation Date, Purchaser may extend

the Notice Cancellation Date for five (5) full calendar days by giving notice of extension thereof to Seller

or Seller’s Agent no later than the Notice Cancellation Date.

17. _________ (initials) WOOD INFESTATION AND/OR PEST INSPECTION WAIVER - Purchaser

acknowledges the right to make this Agreement contingent upon a Wood Infestation and/or Pest Inspection,

but waives the right to do so unless required by lender.

18. TRANSFER OF TITLE/POSSESSION

Deed to be delivered on or about ______________________________________________ at the office of

__________________________________________. Possession shall be granted upon transfer of title or

_____________________________________________________________________________________.

19. DEPOSITS

It is agreed that the Listing Selling Broker shall hold any and all deposits made by the Purchaser in

an escrow account at ____________________________________________________________ (Bank) at

______________________________________________________________________________ (Address)

until the date of transfer of title, the date of proper cancellation of this contract, or by written mutual

consent of the parties, whichever shall first occur. If the Seller does not accept the Purchaser's offer, all

deposits shall be returned to the Purchaser.

20. TIME PERIOD OF OFFER

The Purchaser and Seller understand and agree that, unless earlier withdrawn, this offer is good until

______B_ RQ ____B______BBBBB_________, and if not accepted by the Seller prior to that time, then this

Agreement shall be deemed cancelled, null and void and all deposits shall be returned to the Purchaser.

21. REAL ESTATE BROKER

The Purchaser and Seller agree that ___________________________________________ (Selling Agency)

and ______________________________________________________ (Listing Agency) brought about the

sale, and Seller agrees to pay the Brokers' commission to ________________________________________

(Listing Agency) per listing agreement and further authorizes the Seller's attorney to pay listing Broker's

commission directly from the proceeds of the sale at transfer of title.

22. NOTICES

All notices contemplated by this agreement shall be in writing and delivered (a) personally by the required

date, (b) by telefax by the required date, or (c) by certified mail, return receipt requested, postmarked no

later than the required date.

Page 5 of _____

Initials: Purchaser: __________ Seller: __________

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23. ENTIRE AGREEMENT

This Agreement contains all agreements of the parties hereto. There are no promises, agreements, terms,

conditions, warranties, representations or statements other than contained herein. This Agreement shall

apply to and bind the heirs, legal representatives, successors and assigns of the respective parties. It may

NOT be changed orally.

24. ATTORNEY APPROVAL CLAUSE

This agreement is contingent upon Purchaser and Seller obtaining approval of this agreement by their

attorneys as to all matters contained herein. This contingency shall be deemed waived unless Purchaser's or

Seller's attorney, on behalf of their client, notifies Listing and Selling Broker in writing as called for in

Paragraph 22 of their disapproval of this Agreement no later than ________ full calendar days from

acceptance.

Dated: _______/_________/20_______________

Time: _________________AM/PM

________________________________________

Purchaser

Witness

________________________________________

Purchaser

Witness

_________________________________________

Purchaser's Phone Number

ACCEPTANCE

Dated: _______/_________/20_______________

Time: _______________________AM/PM

________________________________________

Seller

Witness

________________________________________

Seller

Witness

_________________________________________

Seller's Phone Number

Attorney for Purchaser:

_____________________________________________

Attorney for Seller:

_________________________________________

Phone Number:

_____________________________________________

Phone Number:

_________________________________________

Fax Number:

______________________________________________

Fax Number:

_________________________________________

Address:

______________________________________________

Address:

_________________________________________