Free Michigan Real Estate Buy Template in PDF

CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE

This form is provided as a courtesy to the parties only. It is not required to be used in this transaction and may not fit the needs, goals and purposes of the parties. The Mississippi Association of REALTORS® makes no statement or warranty as to this form, its contents or use, and the parties, by their use of this form, acknowledge said facts and agree that neither the Mississippi Association of REALTORS® nor any member thereof shall be liable to any party or person for its contents or use. If any party to this transaction does not fully understand it, or has any question, the party should seek advice from a competent legal professional before signing.

4sell, the herein described property:

5 Legal Description:

6

9together with the following items:

10

29Within twenty-one (21) calendar days of the effective date of the Contract, Buyer(s) shall deliver to Seller(s) (1) written

30notice of loan approval from lender, and (2) written proof of a commitment to issue insurance. Failure of the Buyer(s) to

31make timely application for loan and/or insurance or deliver the required loan commitment notice or proof of insurability

32shall entitle the Seller(s) at its option to (A) excuse the failure and proceed with the transaction on such terms as the parties

33may agree to in writing in the form of an amendment to the Contract; or (B) declare the Contract void and return to Buyer(s)

34its earnest money deposit.

37clearance of check. Upon acceptance of the Contract, earnest money deposit and down payment received by above named

38Broker/Trustee shall be deposited in an escrow account and shall remain in that account until the transaction has been

39consummated or terminated. All such funds will be deposited by the above named Broker/Trustee in federally insured

40accounts. The Broker has the authority to provide the earnest money to the rightfully entitled party based upon the terms of

41the Contract. Any party who wrongfully terminates this Contract shall forfeit their right to any earnest money funds. In the

42event the Broker cannot determine by the terms of the Contract which party is rightfully entitled to the earnest money, the

43Broker shall interplead the funds.

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444. MULTIPLE LISTING SERVICE (MLS). The Selling Broker is a participant of the

45Multiple Listing Service and the sales information will be provided to the MLS to be published and disseminated to it's

46Participants.

475. COSTS OF SALE: (Please mark each space with appropriate letter(s) Print the letter S if paid by the Seller(s) Print

48the letter B if paid by Buyer(s). Print the letter J if split by parties. Print NA if not applicable or No if not desired.

56Leasehold Transfer Fee

57Other

59VA/FHA FINANCING: It is expressly agreed that not withstanding any other provisions of this Contract, the Buyer(s) shall

60not be obligated to complete the purchase of the Property described herein or forfeiture of earnest money deposits or otherwise

61unless the Seller(s) has/have delivered to Buyer(s) a written statement issued by the Federal Housing Commissioner setting

64after such appraised value statement is made available to the Seller(s). The Buyer(s) shall, however, have the privilege and option

65of proceeding with the consummation of this Contract without regard to the amount of the appraised valuation made by the

66Federal Housing Commissioner or the Veterans Administration. The appraised valuation is arrived at to determine the maximum

67mortgage the Department of Housing and Urban Development or the Veterans Administration will insure. HUD or VA does not

68warrant the value or the condition of the Property. The Buyer(s) should satisfy itself that the price and condition of the property

69are acceptable.

71Property must appraise at or above sale price or Buyer(s) shall not be obligated to complete the purchase of the Property

72described herein and all earnest money shall be refunded to the Buyer(s).

7610. POSSESSION: Possession shall be delivered to Buyer(s) (check one box):

77 (A) Upon completion of Closing;

7911. PRORATION: All taxes, rents, utility and other assessments and appropriate condominium or Property Owner's Association

80fees are to be prorated as of the settlement date. Seller(s) represent(s) that all mortgage payments, taxes, escrow accounts and

81condominium or Property Owner's Association fees will be current at Closing date.

84 13. COMPENSATION: Seller(s) Buyer(s) of property sold under this Contract or through any other negotiated

85agreement agrees to pay as per listing agreement and prior offer of cooperation and compensation. If Broker collects this

86compensation, or any part thereof through legal action, defaulting party agrees to pay court costs including reasonable attorney

87fees. The agreement(s) is extended through the date of this Contract or any other agreement or negotiated contract between the

88parties or the successors, the heirs or the assigns. Any compensation or fee due hereunder shall be earned and payable upon

89presentation of a Buyer(s) ready, willing and able to purchase at any price and terms acceptable to Seller(s), although Broker

90agrees to accept said compensation or fee at closing as an accommodation to party paying compensation.

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93prepared by an attorney upon whose certificate title insurance may be obtained from a title insurance company qualified to do and doing

94business in the State of Mississippi will be provided by (See Clause 5). Seller(s) shall, prior to closing, satisfy all outstanding mortgages, deeds

95of trust and special liens affecting the subject property which are not specifically assumed by Buyer(s) herein. Title shall be good and

96marketable, subject only to the following items recorded in the Chancery Clerk's office of said county: easements without encroachments,

97applicable zoning ordinances, protective covenants and prior mineral reservations; otherwise Buyer(s), at its option, may either (A) if defects

98cannot be cured by designated Closing date, cancel this Contract, in which case all earnest money deposited shall be returned; (B) accept title as

99is or; (C) if the defects are of such character that they can be remedied by legal action within a reasonable time, permit Seller(s) such reasonable

100time to perform this curative work at Seller(s)' expense. In the event the curative work is performed by the Seller(s), the time specified herein

101for closing sale shall be extended for a reasonable period necessary for such action. Seller(s) represents that the property may be legally used as

102zoned and that no governmental agency has served any notice requiring repairs, alterations or corrections of any existing condition except as

103stated herein.

10616. BREACH OF CONTRACT. Specific performance is the essence of this Contract, except as otherwise specifically provided for herein

107and as further delineated below, and time is of the essence.

108In the event of breach of this Contract by Buyer(s), Seller(s) may at its option (A) accept the earnest money deposit as liquidated damages and

109this Contract shall then be null and void; (B) file suit in any court of competent jurisdiction for damages; or (C) file suit in any court of

110competent jurisdiction for specific performance. If Seller elects to proceed under (A) or (B) in this section, or if Seller(s) proceed(s) under (C)

111and is/are unsuccessful in a suit for specific performance but receive(s) an award of the earnest money deposit and/or damages, Listing Broker

112shall retain or be paid one-half of the earnest money deposit amount or damages awarded as their compensation, not to exceed the full

113compensation due under the Listing Agreement. If Seller(s) elects to proceed under option (C) and secure(s) specific performance, Listing

114Broker shall be paid the full compensation due under the Listing Agreement.

115In the event of breach of this Contract by Seller(s), Buyer(s) may at its option (A) accept the return of its earnest money deposit as liquidated

116damages and this Contract shall be null and void; or (B) file suit in any court of competent jurisdiction for damages, less credit for earnest

117money returned to Buyer(s); or (C) file suit in any court of competent jurisdiction for specific performance. In the event of Seller(s)' breach,

118Listing Broker shall be paid the full compensation due under the Listing Agreement, unless and except this Contract requires Buyer(s) to pay

119all or any portion of said compensation.

120If it becomes necessary to ensure the performance of this Contract for either party to initiate litigation, then the non-prevailing party agrees to

121pay reasonable attorney fees and court costs in connection therewith to the prevailing party.

12217. ACCELERATION (Due on Sale) CLAUSE. If the note and/or deed of trust or mortgage for any existing loan contains an acceleration

123(Due on Sale) clause, the lender may demand full payment of the entire balance as a result of the transfer. Both parties acknowledge that they

124are not relying on any representation of the other party or Broker with respect to the enforceability of such provision(s).

125 18. SURVIVAL OF CONTRACT. All express representations, warranties and covenants shall survive delivery of the deed unless

126specified to the contrary. All other contractual obligations shall terminate at Closing.

12719. DISCLOSURES.

128SELECT ONE:

130OR

131 Seller(s) has/has not delivered the Property Condition Disclosure Statement. This Offer/Contract is contingent upon delivery to

132 Buyer(s) of the Property Condition Disclosure Statement no later than (date)

133the Seller(s) to do so, Buyer(s) may void the Offer/Contract and receive a refund of the earnest money.

134Disclosure of the Parties. The parties acknowledge that Buyer(s) may rely upon the Property Condition Disclosure statement in accordance

135with Sections 89-1-501 et seq. of the Mississippi Code of 1954, as amended. Seller(s) and Buyer(s) acknowledge that neither of them have

136relied upon any statement, representation, omission made or documentation provided by the other party or the broker(s) and salesperson(s) and

137that their representatives, relating to this transaction including, but not limited to, value of the Property, condition of the Property, the decision

138to sell or purchase the Property, the terms or conditions of sale, tax or legal considerations or liability, size or condition of the Property, the

139presence or lack thereof of UFFI insulation, the presence of or lack thereof of Exterior Insulated Finish Systems (E.I.F.S.), previous flooding,

140effect of or location within Mississippi State Tidelands or Federal wetlands, presence of expansive soils, or the presence or absence thereof of

141acceleration clauses or tax or balloon notes. The parties further acknowledge that this Contract form is provided as a courtesy to the parties only.

142It is not required to be used in this transaction and may not meet the specific needs, goals and purposes of the parties, or any of them. If any

143party to this transaction does not fully understand it, or has any question, the party has been advised to, and should, seek advice from a

144competent legal professional before signing.

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14520. INSPECTIONS. SELECT ONE:

146 Buyer(s) and Seller (s) have executed a Home Inspection Addendum as part of this Contract, the same being attached hereto

147and incorporated herein.

148OR

149 Buyer(s) has/have inspected the property and finds the same to be in satisfactory condition and DOES NOT wish to

150perform further inspections prior to Closing or avail itself of the benefit of a home inspection. Buyer(s) accept(s) the Property

151"AS IS WHERE IS" in its condition as of the effective date of this Contract, and acknowledges that neither Seller(s) nor Listing

152Broker, Selling Broker or salespersons associated with this transaction have made any warranty, express, implied or otherwise, as

153to the Property, except such express warranties as the parties agree in writing attached to this Contract shall survive the Closing.

154Buyer(s) understand that it has the right to perform a final walk-through inspection of the Property prior to Closing to verify that

155the terms of the Contract have been fulfilled.

15621. MATERIAL CHANGE.

158days before closing approved FHA/VA Wood Destroying Insect Report from a licensed termite company indicating that

159subject Property shows no evidence of termite or other wood destroying insect infestation. If such infestation constitutes

160material damage, the buyer(s) can declare the Contract null and void and have its earnest money refunded. Additionally,

161when any infestation is found on the subject Property Seller(s) can either furnish a warranty of approved treatment and

162correct any structural damage caused by such infestation or deem said repairs as cost prohibitive and declare the contract

163null and void refunding buyer(s)' earnest money.

164(B) Parties acknowledge that Listing and Selling Broker(s), salespersons associated with this transaction, Lender,

165and Attorney(s) have relied solely on the Wood Destroying Inspect Report (WDIR) at Closing. In the event damage is

166found, the Buyer(s) release the Listing and Selling Broker(s), salespersons associated with this transaction, Lender, and

167Attorney(s) from any liability. Both Buyer and Seller acknowledge that the Broker(s) did not recommend any pest control

168company or in any way warrant the inspection or treatment made by the company, and are in no way responsible for

169damage attributable to wood destroying insects.

170(C) Any material change to the subject property shall be disclosed in accordance with the Mississippi Real Estate

171Brokers License Act of 1954 as amended (89-1-503) allowing for termination of the offer as prescribed by law.

17222. DAMAGE BY FIRE, ETC. Subject to the provisions of this Clause, this Contract is further conditioned upon delivery

173of the improvements in their present condition, reasonable wear and tear excepted. In the event of damage to the Property or

174improvements before Closing by virtue of causes beyond the parties' control, such as fire, flood, war, acts of God or other causes,

175Seller(s) shall, within three (3) calendar days or as soon thereafter as reasonably possible, notify Buyer(s) in writing of said

176damage, at which time Buyer(s) may, at its option:

177(A) cancel this contract and be entitled to the return of earnest money deposits; or

178(B) waive any objection and proceed to Closing on the terms set forth in this Contract; or

179 (C) seek to reach suitable agreement with Seller(s) as to repair(s), extension of the Closing date and/or other

180adjustments to the Contract as may be agreed upon by the parties. Failure of the parties to reach a suitable agreement within

181five (5) calendar days after election by Buyer(s) to proceed under this option (C) shall automatically and without further

182notice cancel this Contract and entitle Buyer(s) to the return of earnest money deposits.

18323. AGREEMENT OF THE PARTIES. This Contract incorporates all prior agreements between the parties, contains the

184entire and final agreement of the parties and cannot be changed except by their written consent.

18524. DISCLOSURE OF AGENCY RELATIONSHIP. Check one box:

186 (A) The Listing Firm, the Selling Firm, and their salespersons represent the Seller(s) as their Client. The Buyer(s)

187is/are the customer.

189Buyer(s).

190 (C) The Listing Firm and its salespersons represent both the Seller(s) and the Buyer(s) as dual agents by mutual

191agreement and all parties have signed and understand the Dual Agency Confirmation form attached and made a part of this

192Contract

Page 4 of 6

Rev. Date 1/2008

Copyright ©2008 by Mississippi Association of REALTORS®

F1 - Contract for the Sale and Purchase of Real Estate

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19425. EQUAL HOUSING OPPORTUNITY. In accordance with the Federal Fair Housing Law, it is illegal to block bust or to

195discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin in the sale or

196rental of housing or residential lots, in advertising the sale or rental of housing, in the financing of housing, in the providing of

197real estate brokerage services.

198 26. PRIVACY ACT. Signature of Buyer(s) on this Contract or counteroffer is authorization by Buyer(s) to the mortgage

199company processing a loan application to examine the credit worthiness of Buyer(s). Signature of Seller(s) of this Contract or

200counter offer is authorization to any mortgage company to release any information pertinent to the mortgage secured by the

201subject Property to foresaid brokers or salespersons and the closing attorney.

20930. LEAD-BASED PAINT DISCLOSURE. Every Buyer of any interest in residential real property on which a residential dwelling

210was built prior to 1978 is notified that such subject property may present exposure to lead from lead-based paint that may place

211young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological

212damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead

213poisoning also poses a particular risk to pregnant women. The Seller of any interest in residential real property is required to

214provide the Buyer with any information on lead-based paint hazards from risk assessments or inspections in the Seller's

215possession and notify the Buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based

216paint hazards is recommended prior to purchase.

21729. SPECIAL PROVISIONS & CONTINGENCIES:

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23630. MISCELLANEOUS. (A) Neither party shall be bound by any terms, conditions, oral statements, warranties or representations

237not herein contained. (B) Broker's liability to Buyer(s) and Seller(s) in this transaction shall not exceed the amount it has received

238as commission. (C) Each party acknowledges and hereby affirms that it has read and understands this Contract. (D) This Contract

239shall not be assignable by either party without consent of the other party.

24031. NOTICE. Any notices required or permitted to be given under this Contract shall be delivered by hand or mailed by certified

241or registered mail, return receipt requested, in a postage prepaid envelope; by nationally recognized overnight carrier service; by

242facsimile with receipt acknowledgment (if the fax number is listed below); or by email (if the email address is listed below), at

243Sender's option, and addressed as follows:

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244If to Seller(s):

245Address:

246Facsimile:

247Email:

248If to Buyer(s):

249Address:

250Facsimile:

251Email:

NOTE: This form is provided by MAR to its members for their use in real estate transactions and is to be used as is. By using this form, you agree and covenant not to alter, amend, or edit said form or its content, and agree and acknowledge that any such alteration, amendment or edit of said form is done at your own risk. These forms are provided with the understanding that the publisher does not engage in rendering legal, accounting, or other professional services.

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