Real Estate Sales Contract
1. The undersigned Purchaser agrees to buy, and the undersigned Seller agrees to sell, the following real property: all that tract or parcel of land lying and being in Land Lot(s)_________ of the _________ District, __________ Section, __________ County, Georgia, and being [ ] improved
[ ] unimproved real property more particularly described on Exhibit "A" attached hereto and by this reference made a part hereof, and having an address of ____________________________, together with all improvements, appliances, lighting fixtures, all electrical, mechanical, plumbing, air conditioning, and any other systems or fixtures as are attached thereto; also all plants, trees and shrubbery now on the premises (collectively the "Property"). The Purchase Price of the property shall be ____________________ ($__________) to be paid as follows:
a. Initial earnest money deposit paid by Purchaser to [ ] Seller [ ] Other: __________ in the amount of ____________________ ($__________) (the "Earnest Money") by check, receipt of which is hereby acknowledged by Seller, to be applied as partial payment of purchase price of the Property at the time sale is consummated.
b. [ ] a. This is a cash transaction with no contingencies for financing.
[ ] b. Loan Condition: This Agreement is made conditioned upon Purchaser's "ability to obtain" (as hereinafter defined) a loan in the principal amount of [ ] _____% of the purchase price or [ ] $____________________, to be secured by a first priority deed to secure debt on the Property (the "Loan"): said Loan to be paid in consecutive monthly installments of principal and interest over a term of not less than _____ years. Initial monthly installments of principal and interest shall not be more than $__________. Purchaser shall make application for such loan within _____ days (five (5) days if left blank) of Effective Date (as hereinafter defined). "Ability to Obtain" as used herein shall mean that Purchaser is qualified to receive the loan based upon customary and standard loan underwriting criteria. Proceeds of the Loan, together with any balance of the Purchase Price, shall be paid in cash or its equivalent by Purchaser to Seller at Closing. The Loan shall be a [ ] fixed rate; [ ] variable rate; [ ] fixed rate or variable rate loan with an interest rate of not more than _____% per annum on the unpaid principal balance.
2. _____ (Purchaser if left blank) shall pay all usual and customary closing costs for said Loan in a sum not to exceed _____% (N/A if left blank) of said loan amount. Purchaser shall pay any usual and customary closing costs exceeding said sum. Purchaser shall pay the cost of any required survey. Purchaser shall pay any Loan Discount payable in connection with said loan in a sum not to exceed _____% of said loan amount.
3. Seller warrants and represents that Seller presently has title to the Property, and that at the time the sale is consummated, Seller will convey to Purchaser good and marketable title to the Property by Warranty Deed. It is understood and agreed that the title herein required to be furnished by the Seller shall be good and marketable and that marketability shall be determined in accordance with Georgia law as supplemented by the Title Standards of the State Bar of Georgia. It is also agreed that any defect in the title which comes within the scope of any of said Title Standards shall not constitute a valid objection on the part of the Purchaser provided the Seller furnishes the affidavits or other title papers, if any, required in the applicable Standard to cure any such title defect, then at the option of Purchaser evidenced by written notice to Seller, this agreement shall be null and void and the Earnest Money shall promptly be refunded to Purchaser.
4. Purchaser shall have a reasonable time after acceptance of this agreement in which to have a survey of the Property prepared. It is a condition precedent to this agreement that said survey show the Property substantially as set forth on Exhibit "A" and that there be no adverse matters disclosed thereby or, at the election of Purchaser, this agreement may be canceled.
5. Seller and Purchaser agree that such papers as may be legally necessary to carry out the terms of this agreement shall be executed and delivered by such parties at the time the sale is consummated. Seller shall deliver possession of the Property to Purchaser [ ] at time of closing; [ ] other: _______________ ( at time of closing if left blank).
6. (Check only one of the following; AS IS, WHERE IS if left blank)
[ ] This sale is "AS IS, WHERE IS" with regard to the condition of the Property. It is a condition precedent that when the sale is consummated, the improvements on the Property must be substantially in the same condition as they are on the date this agreement is signed by the Seller, natural wear and tear excepted. However, should the Property be destroyed or damaged before this agreement is consummated, then at the election of the Purchaser: (a) this agreement may be canceled and the Earnest Money refunded to Purchaser; or (b) Purchaser may consummate this agreement and receive such insurance as is paid on the claim of loss.
[ ] For a period from the Effective Date until __________ (seven (7) days from Effective Date if left blank) ( the "Examination Period"), if Purchaser's inspection of all aspects of the Property (including those relating to Purchaser's acquisition and intended usage of the Property) reveals any fact or condition unacceptable to Purchaser in its sole and absolute discretion, Purchaser shall notify Seller of such unacceptable fact or condition and may terminate this Agreement by giving written notice thereof to Seller of Purchaser's election to so terminate this agreement, which notice must be delivered or mailed, whereupon the Earnest Money shall be promptly refunded to Purchaser less a payment by Purchaser to Seller of One Hundred and No/100 Dollars ($100.00) as the full and only liquidated damages and thereafter neither party shall have any further rights, duties or obligations hereunder. In the event Purchaser does not give such notification to Seller within the Examination Period, then said inspection of the Property shall be deemed satisfactory to Purchaser and Purchaser shall have no further right to terminate this Agreement pursuant to this paragraph.
7. Within five (5) days prior to the Closing, Seller shall obtain at Seller's expense a report form a licensed pest control operator on a standard form in accordance with the regulations of the Georgia Structural Pest Control Commission, stating that the main dwelling has been inspected and found to be free from visible evidence of active infestation caused by termite or other wood destroying organisms. If visible evidence of active or previous infestation is indicated, then at the election of Purchaser, this agreement may be canceled.
8. Between the Effective Date and the Closing, Purchaser shall have the right to enter the Property for the purposes of examining and inspecting the Property upon reasonable prior notice to Seller; provided, however, that Purchaser shall indemnify and hold Seller harmless from and against any and all liabilities, damages, losses, costs and expenses (including attorneys' fees and expenses) suffered, incurred or sustained by Seller as a result of, by reason of, or in connection with the entry by Purchaser or Purchaser's agents or designees onto the Property or the activities of such parties on the Property.
9. Seller represents, warrants, covenants and agrees that: (i) there are no parties in possession or occupancy of the Property other than Seller; (ii) Seller shall not in any way materially alter the present state of the Property so long as this agreement is in effect; (iii) Seller has never generated, stored or disposed of any hazardous or toxic material, substance or waste on the Property and, to Seller's knowledge, no hazardous or toxic materials, substance or waste exists or is alleged to exist on or below the Property and there are no tanks or solid material or waste buried on the Property; (iv) that Seller has not engaged in any active or passive concealment of any aspects of the Property; (v) as of the date hereof and on the date of Closing there is and shall be no litigation pending or threatened which in any manner affects the Property and all representation and warranties in this agreement will be true and correct at Closing; and (vi) that there are no leases, written or oral affecting the Property and that Seller will not enter into any new lease(s) for the Property, unless
[ ] this box is checked and facts and terms thereof shall be attached hereto.
10. Purchaser and Seller each represent and warrant to the other that there are, and will be, no agent's, broker's or other intermediary's fees or commissions payable as a consequence of this transaction, and that they have not dealt with a broker, agent or other intermediary who might by reason of such dealing have any claim for a fee, commission or other compensation, expenses or charges of whatever nature; the provisions of this paragraph shall survive the Closing and delivery of the Warranty Deed.
11. In the even that Purchaser fails or refuses to close the transaction provided for herein for a reason other than Seller's obligations herein, Seller agrees to accept the Earnest Money as full liquidated damages, actual damages being difficult or impossible to ascertain, and Seller waives its right to any other damages or remedies.
12. Time is of the essence of this agreement. This agreement constitutes the sole and entire agreement between the parties hereto and no modification of this agreement shall be binding unless attached hereto and signed by all parties to this agreement. No representation, promise, or inducement not included in this agreement shall be binding upon any party hereto. Typewritten or handwritten provisions, riders and addenda shall control over all printed provisions of this agreement in conflict with them.
13 The following stipulations shall, if conflicting with anything else contained herein, control:
a. Real estate taxes and assessments for the Property shall be prorated as of midnight of the date immediately preceding the date of Closing.
b. Sale shall be closed on or before ____________________, 20_____ (the "Closing"). Purchaser (or Purchaser's Lender) shall determine the date, time, and location of Closing and shall notify Seller of same within ten (10) days prior to Closing.
c. Seller shall pay State of Georgia property transfer tax.
d. The following items shall be included with the sale and shall become part of the Property as defined herein: __________________________________________________.
e. This instrument shall be regarded as an offer by the __________ to the __________ and is open for acceptance by the other until 5:00 p.m., on the ______ day of __________, 20_____; by which time written acceptance of such offer must have been actually received by __________.
f. Assignability (check only one): Purchaser [ ] may assign and thereby be released from any further liability under the agreement; [ ] may assign but not be released from liability under the agreement; or [ ] may not assign this agreement.
g. Riders: (Check those riders which are applicable AND are attached to this agreement): [ ] Disclosure Rider [ ] Homeowners' Association [ ] Condominium[ ] Lead-Based Paint Disclosure[ ] VA/FHA [ ] ___________________________ This instrument is signed, sealed and delivered by the parties as of the date and year set forth above. The date of last execution as shown below shall be the "Effective Date" of this Agreement.
Signature(Print Name here:______________) Signature (Print Name here:_____________)
Signature (Print Name here:______________) Signature (Print Name here:____________)
Social Security Number Social Security Number