Contracts Sample Legal Forms
"
REAL ESTATE PURCHASE CONTRACT"

This is not a substitute for legal advice.  An attorney must be consulted.

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REAL ESTATE PURCHASE CONTRACT

          THIS AGREEMENT, dated this 4th day of May, yr19961, by and between Robert and Amelia Clinton2 (name of purchaser) of 141 Hillview Ave., Reston, Virginia3 (address of purchaser), hereafter referred to as the Buyer, and John and Gretchen Bell4 (name of seller) of 924 Marlow Street East, Dale City, Virginia5 (address of seller), hereafter referred to as the Seller, recites the following terms and conditions:
          1. Promise to Purchase Real Estate: The party of the Seller has agreed to sell certain real estate to the party of the Buyer in conjunction with the consideration, terms and conditions of this agreement. This agreement is subject to the various laws of the State of Virginia6 and may be filed with the appropriate governmental entity in order to provide proper notice to any interested parties and the public.
          2. Description of Property: The property sold by the party of the Seller to the party of the Buyer is legally described as: 

Lot #4 and the South 100 Ft. of Lot #5
of the Old World Development Tract
7

          The aforementioned property may be subject to various zoning restrictions, easements, restrictive covenants, rules, regulations and laws as a survey of the premises, review of the abstract and the examination of various title documents may demonstrate. The party of the Second Part shall make available to the party of the First Part such documents for review when appropriate or when requested.
          3. Consideration: The Buyer shall pay the purchase price of $285,0008 (total purchase price) to the Seller for the above-described premises, exclusive of any amounts of interest that may be due by the Buyer to the Seller, pursuant to the following. A down payment of $50,0009 (amount paid down) shall be paid by the Buyer to the Seller on the 4th day of May, yr199610. The balance of the purchase price $235,00011 (purchase price minus down payment) shall be paid by the Buyer to the Seller plus interest at the rate of 1/2%12 per month and shall be due on the 5th13 day of each and every month. The first monthly payment shall be made on the 5th day of June, yr199614, with a payment on the 5th15 day of every month 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright � 2003 - 2009 by LAWCHEK, LTD.

 

 

thereafter until the 5th day of May, yr200116. At the time of the last payment, any remaining and unpaid balance or balloon payment amount shall be made. The balloon amount, providing all regular payments, taxes, special assessments, etc., have been paid by the Buyer, shall be all remaining sums due including any interest arrearage, any unpaid taxes, and the balance of the unpaid pricipal17.
          4. Taxes/Special Assessment: The Seller shall pay all taxes and any special
assessments that have occurred or been assessed on the property up to and including the 5th day of May, yr199618. The Buyer shall pay all taxes and any special assessments that have accrued or been assessed after the aforementioned date. In conjunction with this provision, the Seller agrees to pay $11,50019 for any taxes or assessments attributable to his/her ownership/possession, and the Buyer agrees to pay all other taxes and assessments.  If the Buyer fails to pay taxes or assessments when due, the Seller may, to protest interest, pay such amounts. In such event, the Seller may assess the advances plus interest to the Buyer or declare this contract in default in conjunction with the default provision of this contract.
          5. Mortgages/Encumbrances: The Seller shall, with the proceeds of the payments made by the Buyer, make all payments to other parties who may hold a mortgage or lien in order to satisfy all mortgages and other encumbrances upon the property. The Seller is permitted to make such payments monthly as payments are received from the Buyer. The Buyer shall receive monthly verification from the Seller that the mortgage or other obligations of encumbrances are satisfied to third parties by the Seller. If the Seller fails to provide verification or fails to make the required mortgage or encumbrance payment obligations, the Buyer may make arrangements for the monthly obligation to the Seller under this contract to be paid directly to the party who holds a mortgage or other encumbrance on the property. Once the Buyer has reduced the balance of this contract to the existing mortgage or encumbrance amounts, the Buyer, if permitted by the party holding the mortgage or encumbrance, may either assume the mortgage or encumbrance or pay the monthly amounts directly to the holder of the mortgage or encumbrance. Such payments would occur in the event the Seller's equity interest has been paid to the Seller . Buyer shall be appropriately credited for such payments.

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright � 2003 - 2009 by LAWCHEK, LTD.

 

 

          6. Insurance20: The Buyer, from the date of possession forward, shall maintain insurance coverage for all liability, fire, tornado, flooding, other hazards and contingencies as the Seller may require on all buildings existing or erected on the above-described premises and the contents, if any of the contents have also been sold by the Seller to the Buyer. The Buyer shall obtain an appropriate rider on the insurance policies with the Seller identified as the owner in fee simple of the premises. In the event of any loss, the Seller must be a co-payee of insurance proceeds in order to assure the proper replacement or repair or loss to the premises.
          7. New Encumbrances/Liens21: Neither party may encumber the above described property in any way during the term of this agreement unless specific written consent is received by the other party.
          8. Deed/Bill of Sale22: Once all terms and conditions, including full payment of the consideration for the above-described property, have been fulfilled, the Seller shall execute and deliver a Warranty Deed to the Buyer. The deed shall convey title in fee simple. The Seller will demonstrate merchantable title, and also provide the Buyer with the abstract to the property showing the original government patent and/or platting, the title in the Seller's name and the disclosure of all easements, restrictions and covenants on the property. The Seller shall pay the abstracting costs to the date of the Buyer's final payment under this contract. A Bill of Sale shall be executed by the Seller if any personal property is a part of this conveyance. The deed of conveyance may contain restrictions or qualifications as to zoning, easements, restrictive covenants or specific regulatory matters that restrict use of the property. If the property is held in joint tenancy, the deed provided must properly reflect such ownership and conveyance.
          9. Forfeiture/Foreclosure23: If the Buyer fails to perform any portion of this contract, as agreed, the Seller may take appropriate action to reclaim the property including the legal action of contract forfeiture. In the event forfeiture is necessary, the Seller shall also be entitled to attorney fees and costs. The failure of any of the following may constitute grounds for forfeiture: (a) payment of amounts due under this contract; (b) payment of taxes and/or special assessments; (c) maintaining insurance; (d) maintaining the premises in good condition and/or reasonable repair; (e) using the premises for lawful purposes; (f) complying with applicable law

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright � 2003 - 2009 by LAWCHEK, LTD.

 

 

regarding use of the premises and; (g) complying with the provisions of this contract. Additionally, the failure to comply with the provisions of this agreement by the Buyer shall give the Seller the right to issue a 3024 day notice to accelerate the payment of the entire balance of this contract.
          10. Interest on Delinquency: On any amounts deemed to be delinquent by either party under this contract, 6%25 interest per annum may be applied on such delinquent amounts.
          11. Possession: The Buyer shall take possession of the premises on the 5th day of May, yr199626.
          12. Applicable Law: The laws of the State of Virginia27 shall govern the terms and conditions of this contract.
          13. Other Provisions28:

 

          Dated at Dale City, Virginia29 (location contract is signed) this 4th day of May, yr199630.

                                                                                       
                                           31                                            33
Name and Address of Seller Name and Address of Buyer
                                                                                       
                                           32                                            34
Name and Address of Spouse Name and Address of Spouse

 

STATE OF Virginia35 )
)ss
COUNTY OF Prince William36 )

          On this 4th day of May, yr199637 , the persons identified above, John Bell, Gretchen Bell, Robert Clinton, and Amelia Clinton38 (list parties), signed before me, a Notary Public, their signatures when they personally appeared to declare the above voluntary act and deed.

                                               39
NOTARY PUBLIC

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright � 2003 - 2009 by LAWCHEK, LTD.

 

The form above is an example of how a typical Real Estate Purchase Contract form may be completed.

  1. The date the agreement is signed should be first noted.

  2. The full name of the purchaser and the purchaser's spouse should be listed.

  3. The address of the purchaser and purchaser's spouse.

  4. The full name of the seller and the seller's spouse.

  5. The address of the seller and seller's spouse.

  6. The state in which the property is located.

  7. Legal description of the property being purchased.

  8. The total amount of the purchase price should be set forth.

  9. The total amount of down payment should be recited.

  10. The day the down payment is to be made should be noted.

  11. The balance of the purchase price should be set forth.

  12. The percent that is allowable by law should be set forth.

  13. The day of each month on which the installment payment is due.

  14. The day the first monthly payment is due.

  15. The day of each month on which each payment is due.

  16. The day of the final payment under the contract, exclusive of a balloon payment or balance remaining after the last payment.

  17. A balloon payment or the amount due after all the monthly payments have been made, with appropriate reductions to the principal.

  18. The taxes for which the seller agrees to be responsible should be included up through the date noted.  The date shown is hypothetical.

  19. The amount to which the seller has agreed to pay taxes.

  20. Each state has various provisions that might change the language set forth in this document; therefore, an attorney should be consulted.

  21. Often it is wise to fully disclose any encumbrances or liens, and if so, a recitation of the state law may be included.

  22. Compliance with state law is important relative to any conveyance involving a deed or bill of sale.

  23. Forfeiture or foreclosure may well vary between states; therefore, an attorney should be consulted.

  24. A 30 day notice has been arbitrarily selected for the purpose of this sample contract.

  25. The interest rate is set forth.

  26. The date of possession is set forth.

  27. The state of applicable law is set forth.

  28. If any additional provisions are required, they should be set forth.

  29. The location where the contract is signed should be set forth.

  30. The date the contract is signed should be recited.

  31. The name and address of the seller.

  32. The name and address of the spouse of the seller.

  33. The name and address of the buyer.

  34. The name and address of the spouse of the buyer.

  35. The state where the contract is signed before a notary.  This may require two verifications if the sellers sign in one state and the buyers sign in another.

  36. The county where the parties have signed the contract.

  37. The date the contract was signed.

  38. The parties who signed the contract before the notary.

  39. The signature of the notary.

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright � 2003 - 2009 by LAWCHEK, LTD.

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