Fillable Printable Standard Form Real Estate Contract - Connecticut

Standard Form Real Estate Contract - Connecticut

NOTICE: THIS CONTRACT CONSTITUTES A LEGALLY BINDING CONTRACT FOR THE PURCHASE AND SALE OF

RESIDENTIAL PROPERTY. IF YOU DO NOT UNDERSTAND OR AGREE WITH ANY OF THE TERMS OR CONDITIONS SET

FORTH IN THIS CONTRACT, YOU SHOULD CONSULT WITH A LICENSED ATTORNEY OF YOUR CHOICE PRIOR TO SIGNING

THIS DOCUMENT. NO PROVISIONS OF THIS CONTRACT ARE FIXED BY LAW AND ALL TERMS AND CONDITIONS ARE

SUBJECT TO NEGOTIATION PRIOR TO EXECUTION.

THIS AGREEMENT for the purchase and sale of the real property described below (the "Property"), is upon the following terms and

conditions:

Seller(s):

Buyer(s):

Real Property:

Personal Property, if any, to be included:

Purchase Price:

Mortgage Financing Contingency: (NOT APPLICABLE UNLESS FILLED IN)

Closing Date:

at Seller's attorney's office, or at Mortgage Lender's office in County, if required.

Attorneys' Review. This Contract is subject to review by the attorneys representing the Buyer and Seller. Based upon his/her

attorney's review, either party may cancel this contract by written notice to the other party given not later than five (5) business days

after such party receives a fully executed counterpart of this Contract. Upon cancellation, the Deposit shall be returned to the Buyer.

Inspection Contingency: The inspections checked below shall be completed not later than:

("Inspection Completion Date"). The "Title Search Completion Date" shall be no later than ten (10) business days after the "Inspection

Completion Date."

Address:

Town:

To be excluded:

Payable as Follows:

(a)

(b)

(c)

(d)

TOTAL PURCHASE PRICE

(a)

(b)

(c)

If filled in, Paragraph 23 is automatically made a part of this Contract.

Sum of (a) + (b) + (c) + (d)

By Initial Deposit paid upon execution of this Contract

By Additional Deposit to be paid on or before

By proceeds of a Bank, Institutional or Purchase Money Mortgage Loan

which proceeds shall be immediately available to Seller at a local bank

Balance to be delivered at closing in cash, certified check or official bank check,

the proceeds of which shall be immediately available to Seller at a local bank

Mortgage Loan Amount at Prevailing Interest Rate: $

Term of Mortgage: (Years)

Written Loan Commitment to be obtained by :

STANDARD FORM REAL ESTATE CONTRACT

contract.ofm 6/00 Page 1 of 3

YES WAIVED

If filled in, Paragraph 24 is automatically made a part of this Contract.

Month/Day/Year

YES WAIVED YES WAIVED

Buyer's Initials: Seller's Initials:

Building/Mechanical

Termite/Other Insects

Septic

Title Search

Water

Well/Organic Chemicals

Radon-Air/Water

Oil Tank

Lead

Asbestos

Third Party Mortgage Purchase Money Mortgage

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

Page 2 of Real Estate Contract Dated: , For Property Known As:

Residential Condition Report: Buyer acknowledges receipt of Seller's Residential Condition Report (copy attached) Seller

shall credit Buyer at closing with $300.00, if Seller fails to furnish a written Residential Condition Report

as required by Sections 20-327 b-e, of the Connecticut General Statutes, inclusive.

Lead Disclosure: Buyer acknowledges receipt of a Lead Information Booklet and Disclosure and Acknowledgement Form

re: Lead Based Paint as required by Federal EPA HUD Disclosure Regulations (copy attached) .

Possession and Occupancy, Acceptance of Deed: The Buyer shall have exclusive possession and occupancy of the Property

in a broom clean condition on the Closing Date. Delivery and acceptance of the Deed shall constitute full compliance by the Seller

with the terms of this Contract except for any warranties contained in the Deed and other obligations specifically set forth in this

Contract to be performed after the delivery of the Deed or which survive delivery of the Deed.

Additional Paragraphs: Unless crossed out, the following Paragraphs 16 through 29 are hereby made a part of this Contract.

Additional Terms:

Riders Attached:

Warranty Deed, Marketable Title: (a) Seller shall convey to Buyer good and marketable fee simple title to the Property by

Connecticut form Warranty Deed, (or Fiduciary Deed if Seller is a fiduciary) (the "Deed"), free and clear of all encumbrances except

the following permitted encumbrances, so long as the permitted encumbrances do not prohibit the residential use of the Property or

otherwise render title to the Property unmarketable (i) any and all provisions of any ordinance, municipal regulation or public or

private law; (ii) restrictive covenants and easements of record; (iii) any facts which an accurate survey or physical inspection of the

Property would reveal; (iv) taxes and municipal assessments due and payable after the Closing. (b) If the Seller is unable to convey

title conforming to the requirements of (a) above, then the Seller shall be allowed to postpone the Closing for up to the earlier of

thirty days or the expiration date of the Buyer's mortgage loan commitment ("Postponement Period") within which to cure the title

defects. If, at the expiration of the Postponement Period, the Seller is still unable to convey title conforming to (a) above, Buyer

may, by written notice to the Seller, reject such defective title, whereupon the Seller shall remit to the Buyer the Deposit together

with any expenses incurred by Buyer for title examination (not to exceed $250) and this Contract shall be terminated. The

marketability of title shall be determined in accordance with the Standards of Title of the Connecticut Bar Association. (c) The

Property shall be conveyed free of any violations of any governmental rules, regulations or limitations or private restrictive

covenants or easements. In the event Seller cannot deliver the Property to the Buyer at Closing, free of violations as aforesaid,

Buyer may, by written notice, by certified mail, facsimile or hand delivery to the Seller, or Seller's Attorney, terminate this Contract

because of such violations, whereupon Seller shall return to the Buyer the Deposit together with any expenses incurred by the

Buyer for title examination (not to exceed $250.00).

Condition of Premises: (a) The Buyer represents that he has inspected the Property, is satisfied with the physical condition

thereof and agrees to accept the Property in its present condition, "as is", subject to reasonable wear and tear to the Closing Date.

The Buyer represents that neither Seller nor any representative of the Seller has made any representation or warranty as to the

Property on which Buyer has relied in entering into this Contract except as expressly set forth in this Contract. The Seller agrees to

deliver the Property to the Buyer on the Closing Date in substantially the same condition as exists on the date of this Contract,

reasonable wear and tear excepted, and the Buyer agrees to accept the Property in such condition subject to satisfaction of the

Inspection Contingency; (b) The grounds shall be maintained by the Seller until the Closing Date including lawn mowing, leaf raking

and snow and ice removal from walks and driveways; (c) Seller shall remove all personal property not included in the sale and shall

deliver to the Buyer all keys available to the Seller; (d) The Buyer shall have the right to inspect the Property prior to the Closing at a

time mutually agreed upon to confirm that the condition of the Property conforms to the requirements of this Contract.

Risk of Loss, Damage: The risk of loss or damage by fire or other casualty to the Property until the Closing Date is assumed by

the Seller. In the event of loss or damage occurring prior to the delivery of the Deed, Seller shall repair and restore the Property

prior to the Closing Date, or, may delay the closing at his option for up to the earlier of thirty (30) days from the date of such loss or

damage or the date Buyer's mortgage loan commitment expires ("Delay Period") in order to complete restoration or repairs. If at

the expiration of the Delay Period the Seller has failed to repair or restore the Property to its condition prior to the loss or damage,

the Buyer shall have the option of: (a) Terminating this Contract, in which event the Deposit together with any amounts actually

expended by the Buyer for the examination of title (not to exceed $250.00) shall be remitted to the Buyer and thereupon the parties

shall have no further rights and obligations under this Contract; or (b) Closing title by accepting the Deed conveying the Property in

accordance with all of the other provisions of this Contract and receiving the benefit of any insurance policies or funds paid or

recoverable on account of such loss or damage, less any sums actually expended by the Seller for restoration or repairs. The

Seller shall not be responsible for loss or damage to trees or other plantings due to natural causes provided such loss or damages

does not exceed $250.

Escrow of Deposit: The Initial Deposit and Additional Deposit (collectively the "Deposit") shall be paid not later than the date(s)

specified in Paragraph 5. Seller's attorney, as escrow agent, shall hold the Deposit in a non-interest bearing account until Closing

or prior termination of this Contract. The Deposit shall be paid to the Seller at Closing. In the event of termination prior to Closing,

the escrow agent shall (a) retain the Deposit in escrow until directed to disburse the Deposit by mutual agreement of the parties or

by court order; or (b) commence an interpleader action and pay the Deposit into court whereupon the escrow agent shall be

relieved of all further obligation. In the event that the Additional Deposit is not paid when due, Seller may give written notice of such

failure to Buyer by certified mail, facsimile or hand delivery and if such Additional Deposit is not paid within five (5) days thereafter,

this Contract shall be deemed terminated for Buyer's default and the Initial Deposit shall be delivered to and retained by the Seller

as liquidated damages, and thereupon, the parties shall be relieved of all further liability hereunder except as otherwise specifically

set forth herein. The escrow agent shall not be liable for any error of judgment, or for any act performed or omitted in good faith, or

for any mistake of law.

contract.ofm 6/00 Page 2 of 3

"STATEMENT RE: LEAD BASED PAINT. The parties acknowledge that dwelling units constructed prior to 1978 are likely to

contain lead-based paint which could create a health hazard. In the event the Property which is the subject of this Agreement

consists of or contains a residential unit built before 1978, the parties agree that a precondition to the validity of this Agreement

is that each party has received, reviewed, signed and annexed hereto a completed Disclosure and Acknowledgment Form re:

Lead-Based Paint as required by federal EPA/HUD disclosure regulations."

Buyer's Initials: Seller's Initials:

Buyer's Initials

Buyer's Agent:

Agent's Firm:

Address:

Selling agent is Buyer's Agent Authorized Sub-Agent

S.S. # Date

20.

21.

22.

23.

24.

25.

26.

27.

28.

29.

Page 3 of Real Estate Contract Dated: , For Property Known As:

Default, Liquidated Damages: If Buyer defaults under this Contract after the Deposit has been paid, the Deposit shall be

remitted to and retained by Seller as liquidated damages, and thereupon, the parties shall be relieved of all further liability under

this Contract except as otherwise specifically set forth herein. In the event that legal action is commenced to enforce any provision

of this Contract, the prevailing party shall be entitled to reimbursement of court costs and attorneys fees incurred therein.

Adjustments at Closing: Property taxes, utilities, municipal assessments and use charges, rents, district taxes, association

charges, and other charges customarily adjusted at closings in accordance with the custom of the Bar Association for the town

wherein the Property is located, will be prorated as of the Closing Date. The Buyer shall reimburse the Seller at Closing for any fuel

stored on the Property. Property taxes will be adjusted on a uniform fiscal year basis. Installments payable on sewer and other

municipal lien assessments after the Closing will be assumed by the Buyer. Seller shall deliver to Buyer at closing checks sufficient

to satisfy state and local conveyance taxes.

Personal Property: Unless excluded in Paragraph 4, the Personal Property included in the sale shall consist of the following:

screens, storm windows, TV antenna, venetian blinds, curtain rods and fixtures, wall to wall carpeting, awnings, shades, automatic

hot water heater, plumbing, heating and lighting and electrical fixtures (except portable heaters, rented water heaters and lamps),

shrubbery, plants and all other fixtures now located on the Property and the personal property listed in Paragraph 4.

Mortgage Financing Contingency: Third Party Mortgage. The Buyer's obligations hereunder are contingent upon Buyer

obtaining a written commitment from a bank or institutional lender for a mortgage loan satisfying the specifications set forth in

Paragraph 6(a), (b) and (c) and upon such other terms and conditions as are standard for similar loan commitments. Buyer agrees

to apply for such financing immediately and to pursue such application with diligence. If Buyer is unable to secure such a

commitment by the date set forth in Paragraph 6(c), and so notifies the Seller or the Seller's Attorney in writing, by certified mail,

facsimile or hand delivery, on or before such date, this Contract shall be terminated by such notice and the Deposit shall be

returned to Buyer. Absent such Notice, this contingency shall be deemed satisfied and this Contract shall continue in full force and

effect.

Inspection Contingency: Buyer acting by representatives of Buyer's choice shall complete the inspections, tests, assessments

and title search of the Property as designated in Paragraph 9 prior to the "Inspection Completion Date" or the "Title Search

Completion Date", as the case may be. If, based upon such inspections, tests, assessments and title search, Buyer is not

reasonably satisfied with the title or physical condition of the Property and so notifies the Seller or the Seller's Attorney in writing, by

certified mail, facsimile or hand delivery, not later than two business days after the "Inspection Completion Date," or the "Title

Search Completion Date," as the case may be, this Contract shall be deemed terminated by such Notice and the Deposit shall be

returned to the Buyer. Absent timely notice hereunder, terminating this Contract, this contingency shall be deemed satisfied and

this Contract shall continue in full force and effect.

Title Insurance Affidavit: Seller agrees to execute and deliver to the Buyer at the Closing of Title an affidavit acceptable to the

Buyer's title insurer confirming the non-existence of (i) mechanics' or materialmen's liens, (ii) tenants' rights in or to the Property,

(iii) security interests in personal property or fixtures included in the sale, and (iv) confirming information required to provide the

Buyer's mortgage lender with survey coverage, including updating an existing survey, if any.

Condominium/Common Interest Community: If the Property is in a Condominium or Common Interest Community, Seller shall

deliver to the Buyer a Resale Certificate and other documents as required by Section 47-270 of the Connecticut General Statutes.

Buyer's Lien: The Deposit and Buyer's reasonable expenses actually incurred for title examination to the Property are hereby

made liens on the Property, but such liens shall not continue after a default by the Buyer.

Entire Agreement; Binding Effect: This Contract contains the entire agreement of the parties and there are no representations,

inducements or other provisions other than those set forth herein. All changes, additions or deletions to this Contract must be in

writing and signed by all parties. This Contract is non-assignable and shall be binding upon and inure to the benefit of the parties,

their heirs, successors and assigns.

Seller's Agent:

Agent's Firm:

Address:

Check box only if Listing Agent is acting as a Dual Agent

Buyer and Seller represent that no other Agent or Broker was the procuring cause of the transaction contemplated by this

Contract.

Buyer's Signature

Seller's Signature

contract.ofm 6/00 Page 3 of 3

Name

Telephone

Name

Telephone

Purchase Money Mortgage. A Purchase Money Note and a Purchase Money Mortgage

as described on the attached Rider shall be executed and delivered by the Buyer to the Seller at Closing.