Posted by JeneanNC on March 08, 2000 at 08:57:32:
Can I have a copy of this contract?
Posted by JeneanNC on March 08, 2000 at 08:57:32:
Can I have a copy of this contract?
MY OFFER WAS ACCEPTED!!! - Posted by Debra(SC)
Posted by Debra(SC) on February 02, 2000 at 13:34:26:
For those of you who remember my dilema and responded to my posts, I had a motivated seller who lives 2 hours away, who dominated the conversation when I spoke to him, leaving me without the oral agreement I was looking for. His house was 1100 sq ft, although he wanted to say it was 2,000. He wanted $40,000, went down to $33,000, which is where he left it. After comps from my Realtor friend and my husband measuring the house, I offered $25,000 AND HE ACCEPTED IT! He asked for $500.00 earnest $$ and I SENT HIM $50.00!!!. He said he liked my contract and whoever did it did a GOOD JOB!!!
THANKS TO THE WONDERFUL PERSON WHO SENT MY THE WEBSITE FOR THAT CONTRACT AND THANKS TO ALL WHO WERE HARD ON ME and offered their expertise. I stopped whining and started thinking!! The guy even said the $50.00 was fine!!! This is great. I can’t stop grinning. Now I’ll hustle to get a buyer. The seller said I could KEEP the house and rent it out because he was willing to owner finance it for me!!! Maybe I’ll lease/option it instead of flip it???
A million thanks to you all.
Wonderful!!! - Posted by Blane (MI)
Posted by Blane (MI) on February 03, 2000 at 10:45:34:
Congratulations!!! Am very happy for you!! You sure sound a lot different from that nervous person who emailed me a while back!! Please keep us posted on your efforts at finding a buyer. Are you still going to do MH’s too? Either way, much luck to you!!
P.S. On Contract - #10, last sentence is entered twice - take one out! nt - Posted by Debra(SC)
Posted by Debra(SC) on February 02, 2000 at 20:09:14:
Re: MY OFFER WAS ACCEPTED!!! - Posted by Lonnie
Posted by Lonnie on February 02, 2000 at 17:59:44:
Way to go Debra! Great job, I knew you could do it all the time. Looking forward to hearing all about it at the convention.
Here’s the contract I used… - Posted by Debra(SC)
Posted by Debra(SC) on February 02, 2000 at 17:27:54:
Met with seller today. He said he wanted to make a few changes, meaning, he wanted to use a simpler contract, and use the original one I sent him when I’m ready to buy. So together, we wrote up a tentative option to purchase and I am preparing that now. He still tried to get me to raise my price. (This guy never gives up!). He wanted to keep a copy of the first contract for him to use in his other ventures (I wonder what’s up with that?)
Anyway, here’ the one I used (it’s kind of long). I really wish I could remember who told me about this, but it was someone on the board who reviewed the one I had. Check the archives.
January 28, 2000
The undersigned Purchaser __________________________________________ and assigns, agrees to purchase and the undersigned Seller, _______________________________________________agrees to sell, on the following terms, the real estate commonly known as , in the City of , Sumter County, SOUTH CAROLINA legally described as: Exact legal description to follow.
PURCHASE PRICE. The total purchase price is /100 Dollars
($ ), payable as follows: Cash.
FINANCING. This offer is, X is not conditioned upon Purchaser obtaining a purchase loan.
CONTINGENCIES: SEE ADDENDUM
CONDITION OF TITLE. Title to the property is to be free and clear of all encumbrances or defects, except as noted in paragraph 8 below, and except for: Rights reserved in federal patents or state deeds: building or use restrictions general to the area, other than platting
and subdivision requirements; utility easements; other easements not inconsistent with Purchaser’s intended use; and reserved oil and/or mineral rights; shall not be deemed encumbrances or defects. Encumbrances to be
discharged by Seller, shall be paid from the purchase money at the date of closing, including any lienable association or condominium dues, charges or assessments.
UTILITIES. Seller warrants that the property is connected to a : ____ public water main ____ well ____public sewer main ____ septic tank ____ none of the foregoing.
LEASED FIXTURES AND CONSTRUCTION. THE FOLLOWING FIXTURES ARE LEASED: ____furnace ____gas conversion burner ____ hot water heater .
These leased fixtures are included in the sale and the SELLER AGREES TO ACQUIRE TITLE TO THE SAME PRIOR TO CLOSING. F.T.C. regulations require disclosure of the following:
Wall insulation: Type thickness R-value
Ceiling insulation: Type thickness R-value
Other insulation: ____Not yet selected but seller shall furnish Purchaser with this information in writing promptly.
CLOSING OF SALE. This sale shall be closed on or before February 29, 2000. Notwithstanding the foregoing date, if paragraph 3 above (“contingencies”) is applicable, and is met or waived prior to the foregoing date, then this sale shall be closed within 90 days after it is met or waived. This sale shall be closed by Walter G. Newman, or such other Closing Agent as Purchaser shall designate.
CLOSING COSTS & PRO-RATION. Purchaser shall pay escrow fee unless this sale is VA financed, in which case Seller shall pay the same. Seller shall pay real estate excise tax and revenue stamps. Taxes for the current year, insurance acceptable to the Purchaser, rents, interest, mortgage revenues, and water and other utilities constituting liens, shall be pro-rated as of closing.
DEFAULT AND REFUND. If either party defaults (that is, failure to perform the acts required of him) in his contractual performance herein, the non-defaulting party may seek specific performance pursuant to the terms of this
agreement, damages, or recission. If the non-defaulting party is the purchaser and elects recission, only the earnest money deposit shall be refunded upon demand less any charges required as initial loan fees attributable to
Purchasers financing. If the non-defaulting party is the Seller and the Purchaser has failed, without legal excuse, to complete the purchase of the property, the Seller may elect forfeiture of the earnest money deposit as the sole and
exclusive remedy available to the Seller for such failure, and the earnest money deposit shall be paid to Seller in such event, upon demand, provided that the total earnest money forfeited shall not exceed five percent of the purchase price.
Seller’s initials ____ Purchaser’s initials ____
In the event of litigation or this agreement is otherwise placed with an attorney for action, then the prevailing party shall be awarded all reasonable attorney’s fees, litigation costs and expenses, title report fees and other expenses incident to enforcement of rights hereunder. If financing is required, the parties agree to refund earnest money (less credit report fee, appraisal fee, and other loan charges, if any) in the event financing contemplated by the purchaser is not obtainable. If financing is required, the parties agree to refund earnest money (less credit report fee, appraisal fee, and other loan charges, if any) in the event financing contemplated by the purchaser is not obtainable.
SPECIAL PROVISIONS. In addition to FHA/VA or CONTINGENCY Provisions, if called for above, THE FOLLOWING PROVISIONS ON THE REVERSE SIDE HEREOF ARE PART OF THIS AGREEMENT: INSPECTIONS; INCLUDED ITEMS; TITLE INSURANCE; CONVEYANCING; GENERAL PROVISIONS; CASUALTY; UNDERLYING FINANCING.
AGENCY DISCLOSURE. At the signing of this agreement, the listing agent (name of agent), representing (name of party); and the selling agent (name of agent), representing (name of party).
EARNEST MONEY RECEIPT. Undersigned acknowledges receipt from Purchaser of $ 50.00 in the form of ____ cash ____personal check ____cashier’s check ____other as earnest money in partial payment of the purchase price.
Financing. If this agreement is conditioned upon Purchaser obtaining FHA or VA financing, it is expressly agreed that not withstanding any other provisions of this contract, the Purchaser shall not be obligated to incur any penalty by forfeiture of earnest money, or otherwise obligated to complete the purchase of the property described herein, unless Seller has delivered to Purchaser a written statement issued by the FHA or VA, as applicable, setting forth an appraised value of the property (excluding closing costs) of not less than the purchase price. Seller hereby agrees to deliver said statement to the Purchaser promptly after it is made available to Seller. The Purchaser shall, however, have the privilege and option of proceeding with the consummation of the contract without regard to such appraised value, provided the difference in excess of the appraised value is paid in cash. FHA and VA do not warrant or insure the value or condition of the property and the appraised value is only for the purposes of the maximum loan the agency will insure.
In the event funds for the transaction are to be obtained through a VA guaranteed new construction loan, Seller agrees not to violate VA technical Bulletin 26 A-5 or
any amendment thereto.
May Be Required. Seller understands that in order for purchaser to obtain financing. The lending agency, FHA or VA may require that the property comply with the housing code and other governmental requirements of the city or county in which it is located, and may require other inspections including, but not limited to: fire alarm or smoke detectors; termite; heating; plumbing; roof; electrical; septic tank and well water.
Cost of Inspection. Seller agrees to pay, in advance, upon request, costs of any of the above inspections.
Obligation to Make Repairs. Seller understands that as a result of any city, county or other inspection, he may be required to make repairs to the property in order to comply with the housing code whether or not a sale is completed under this agreement.
Purchasers Inspection. Purchaser agrees that he/she has made a visual inspection of the property and accepts it in its present condition unless otherwise noted herein.-See Addendum
Any of the following personal property located on the premises is included in this sale: all built-in appliances; wall-to-wall carpeting; curtain rods; window and door screens and awnings; storm doors and windows; installed television antennas; any ventilating; air conditioning, and heating equipment; irrigation fixtures and equipment; water heaters; installed electric fixtures; lights and light bulbs; shrubs, plants and trees; and all bathroom and other fixtures.
Seller, at Seller’s expense, will immediately apply for a preliminary commitment for a standard form of Purchaser’s policy of title insurance to be issued by such title insurance company as the purchaser shall designate. Said preliminary commitment and the title policy to be issued, shall contain no exceptions other than those provided for in said standard form and those noted in paragraph 4 hereof. If title cannot be made so insurable prior to the closing date called for herein, the earnest money shall, unless Purchaser elects to waive such defects or encumbrances, be refunded to the Purchaser, less any costs incurred or advances by Agent for Purchaser, and this agreement shall thereupon be terminated.
Clear Title. If this agreement is for conveyance of fee title, title shall be conveyed by statutory warranty deed and free of encumbrances or defects, except those noted in paragraph 4 and 8. Prior to recordation of such documents, all governmentally required disclosures between Seller and Purchaser will be made, such as certificate of land use and local assessments, is applicable.
Contract Assignment. If this agreement is for sale or transfer of a Purchaser’s interest under an existing real estate contract, the transfer shall be by Statutory Warranty Deed, containing a Purchaser’s assignment of said contract in form sufficient to convey after acquired title.
Deed of Trust Assignment. If this agreement is for sale or transfer of a Grantor’s interest under an existing deed of trust and promissory note, Purchaser has read such documents and complied or will comply with the requirements therein as to sale or transfer as such applies to Purchaser, and transfer shall be by Statutory Warranty Deed, and assignment or assumption of such deed of trust and note, as applicable, in form sufficient to convey title.
Time is of Essence. Time is of the essence of this agreement.
No Verbal Agreements. There are no verbal or other agreements which modify or affect this agreement. This agreement constitutes the full understanding between the Seller, Purchaser and Agent.
Condition of Well
Seller warrants that: (1) The private well serving or to serve the property has always provided or will provide an adequate supply of household and yard water, meeting State Department of Social and Health Services purity standards; and (2) Continued use of the well is authorized by a State permit or other established and existing water right.
Condition of Septic Tank
Seller warrants that the septic tank serving or to serve the property: (1) is or will be in good working order and Seller has no knowledge of any needed repairs; and (2) meets or will meet all applicable Governmental health, construction and other standards. If the property is to be improved for human use and is presently not served
by an approved public or private system, then this sale is subject to Seller delivering to Purchaser a Disclosure as to percolation test meeting all such Governmental requirements.
If prior to closing, improvements on said premises shall be destroyed or materially damaged by fire or other casualty, this agreement at the option of Purchaser shall become null and void.
Seller has fully disclosed to Purchaser, and Purchaser is aware of and has independently verified, whether or not any note, mortgage, deed of trust, or contract against the property allows the holder of such to raise the interest rate, or declare the entire balance due, or approve this sale or Purchaser’s credit, or demand any other right, privilege or remedy due to the fact of this sale.
ADDENDEUM TO PURCHASE AND SALE AGREEMENT
January 28 , 2000.
The undersigned Purchaser Debra A. Benjamin, agrees to purchase and the undersigned Seller agrees to sell, on the following terms, the real estate commonly known as , in the City of , county of , SOUTH CAROLINA legally described as: Exact legal description to follow.
Lead Based Paint:
Other: A. Earnest money deposit is to be deposited on day of closing.
B. Seller may continue to simultaneously advertise for buyers.
C. Seller is to reimburse Purchaser for any repairs and/or maintenance made by Purchaser, upon presentation of receipts, if Seller should sell property before purchaser.
D. This agreement is renegotiable after 30 days.
E. This agreement is contingent on inspection of purchaser’s partner.
Seller’s initials Date Purchaser’s initials Date
Seller’s initials Date Purchaser’s initials Date
Re: MY OFFER WAS ACCEPTED!!! - Posted by ScottE
Posted by ScottE on February 02, 2000 at 15:34:41:
Great job, Debra!
I have been following your posts and it sounds like you handled that difficult guy very well.
Good experience despite the grief he gave you initially.
Re: MY OFFER WAS ACCEPTED!!! - Posted by Natalie
Posted by Natalie on February 02, 2000 at 15:32:17:
well - could I ask you a favor? You said somebody gave you a website where you pulled out the contract you used for your deal. Could you give me the address of the site please?
WOW!! Great Job!! Next! (nt) - Posted by Ron-Va
Posted by Ron-Va on February 02, 2000 at 14:48:01:
Re: MY OFFER WAS ACCEPTED!!! - Posted by annickk (atlanta)
Posted by annickk (atlanta) on February 02, 2000 at 14:08:39:
Can you send me a copy of the contract used? ( I mean the form!)
Re: Wonderful!!! - Posted by Debra(SC)
Posted by Debra(SC) on February 03, 2000 at 11:11:39:
Thanks, Blane. You too, were instrumental in my “taking the plunge.”
Yes, I still plan to go into MH. I think that will be my niche because there are so many MHs here and about 11 MHPs.
I now look forward to the task of finding a buyer for this house. Here goes…
P.S. I’m STILL nervous, but not the same KIND of nervous
Question on Paragraph 9 - Posted by Dave T
Posted by Dave T on February 03, 2000 at 12:16:12:
In paragraph 9, you have the following:
If the non-defaulting party is the purchaser and elects recission, only the earnest money deposit shall be refunded upon demand less any charges required as initial loan fees attributable to Purchasers financing.
My question is why you want your seller to keep the amount of the initial loan fees that you paid out of pocket. You are just paying twice this way. It would make more sense to me if the phrase said something like: Seller to return purchaser’s deposit in full and in addition shall refund Purchaser’s out of pocket expenses incurred for securing financing.
Either I am missing something, or this phrase is detrimental to you the Purchaser. If this were my contract, as the Purchaser, I would also want the seller’s sole recoourse limited to forfeiture of the earnest money deposit in the event of default. Suggest you have your lawyer look this over for you to uncover and correct any other disadvantageous terms.
Congrats and Thanks (the contract) - Posted by d.moren
Posted by d.moren on February 02, 2000 at 19:18:34:
Correction Needed - Posted by Steve Heller
Posted by Steve Heller on February 02, 2000 at 19:06:51:
See #10, Last sentence entered twice.
Re: Question on Paragraph 9 - Posted by Debra(SC)
Posted by Debra(SC) on February 03, 2000 at 12:46:32:
Thanks for the information. You are probably right. I really don’t know enough about how contracts read to notice any problems. That’s why I should have had my attorney look over this agreement. Thanks for posting so that other newbies can learn from this.