STANDARD CONTRACT OF SALE
This Is A Legally Binding Contract.
If Not Understood, Seek Competent Legal Advice
THIS CONTRACT OF SALE (hereinafter the “Contract”) dated this 25 day of Feb , 2018,
by and between Bob And Sally Lee (“Seller”), and USA Home Buyer LLC (“Buyer”), agree as
follows:
1.
Agreement to Sell and Purchase. Subject to the terms and conditions of this Contract,
the Seller sells to the Buyer and the Buyer purchases from the Seller the Property having an
address known as 123 Apple St Seattle WA (hereinafter the “Property”); together with all
buildings and improvements thereon, permanently attached fixtures and equipment therein and
all electrical, mechanical, heating, ventilation, plumbing and other utility fixtures, if any, leases
and security deposits if any, and privileges and easements and appurtenances thereunto
belonging or in anywise appertaining.
2.
Purchase Price. The purchase price (the “Purchase Price”) which the Buyer shall pay
to the Seller for the Property shall be One Hundred Thousand Dollars ($ 100,000).
The Purchase Price shall be payable in the following manner:
A check in the amount of: One hundred Dollars, ($100.00) shall be deposited into the Escrow
Account of the Attorney for the Buyer, the receipt of which will be acknowledged by the Attorney
for the Buyer (“The Deposit”).
The Purchase Price, less any and all Deposits shall be paid in full by Buyer in cash or by certified
check at settlement of which the Deposit shall be a part.
If the Seller does not execute and deliver this Contract, the Deposit shall be immediately returned
to the Buyer. All Deposit money paid under this Contract shall be held in escrow by the Attorney
for the Buyer in a non-interest bearing escrow account.
3.
Time and Place of Settlement. Settlement shall take place on or before March 25,
2018 (_X__) days from the ratification of this Contract or sooner by mutual agreement between
the parties. Settlement shall occur within <<STATE>>, or at such other site as the Buyer may
select, provided that the Buyer shall have given the Seller at least five (5) calendar days advance
written notice thereof.
Settlement costs: Notice to Buyer: Buyer, at Buyer’s Expense, shall be entitled to
select its own Title Insurance Company, Settlement Company, Escrow Company or
title Attorney, Mortgage Company or Financial Institution as Defined in the
Financial Institutions Article, Annotated Code of the State of <<STATE>>. Buyer
acknowledges that a seller may not be prohibited from offering owner financing as
a condition of settlement.
4.
Apportionments and Adjustments. The Seller shall pay reasonable settlement costs
including but not limited to: all State and County Transfer Taxes. The Buyer will pay reasonable
settlement costs, recordation taxes and/or revenue stamps; and cost of recording Deed and
Mortgage.
All real estate taxes, general or special, shall be adjusted as of the date of Settlement.
All encumbrances for liens, water and sewer charges, completed or commenced on or prior to the
date hereof, or subsequent thereto, whether assessments have been levied or not as of the date
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of Settlement. All prepayments made or payments due under any continuing service contracts
affecting the Property, including water, sewer, electric, gas and utility bills, parking, garbage
removal, and maintenance agreements shall be adjusted and apportioned as of the settlement
and thereafter assumed by the Buyer.
All other charges and fees customarily prorated and adjusted in similar transactions shall
be prorated at Settlement and thereafter assumed by the Buyer. In the event that accurate
prorations and other adjustments cannot be made at Settlement because current bills or
statements are not obtainable, the parties shall prorate on the best available information, subject
to adjustment upon receipt of the final bill or statement.
5.
Insurance and Risk of Loss Pending Settlement. The risk of loss or damage to or
destruction of the Property occurring prior to Settlement shall be upon the Seller. In the event of
destruction of or damage to the Property, the Seller shall promptly notify Buyer of any damage or
destruction to the property and Buyer shall have the option of declaring the contract null and void,
in which case Seller shall promptly refund Buyers earnest money deposit and the parties shall
have no further mutual obligations hereunder.
6.
Settlement. At the time of Settlement, the following documents shall be executed and
delivered:
a.
Seller shall execute and deliver to Buyer a Deed for the Property containing
covenants of special warranty and further assurances, which shall convey Fee
Simple interest in the Property to the Buyer.
b.
In the event Seller is unable to give good and merchantable title or such as can
be insured by a <<STATE>> licensed title company, with Buyer paying not more
than the rate as set by the <<STATE>> Insurance Commissioner, Seller, at
Seller’s expense shall have the option of curing any defect so as to enable Seller
to give good and merchantable title or of paying any special premium on behalf
of Buyer to obtain title insurance on the property to the benefit of Buyer.
c.
In the event Seller is unable to cure such title defects within thirty (30) days and
is unable to obtain a policy of title insurance on the property to the benefit of
Buyer by a <<STATE>> licensed title company, Buyer shall have the option of
taking such title as Seller can give, or being reimbursed for all Deposit monies
paid by Buyer in sole satisfaction of any claim Buyer may have against Seller. In
the latter event, there shall be no further liability or obligation on either of the
parties hereto and this Contract shall become null and void and all Deposits
hereunder shall be returned immediately to Buyer.
d.
The parties shall execute and deliver such other documents as are reasonably
required to consummate the transaction contemplated by this Contract including
but not limited to the following:
i. An assignment of all leases, service contracts and security deposits.
Such assignment shall contain an assumption by Buyer of Seller’s
obligations under the leases and service contracts.
ii. To the extent assignable, an assignment of any existing certificates
of occupancy or other license issued by the applicable governmental
authorities with respect to Property.
7. Possession and AS-IS Condition of the Property. Possession of the Property shall be given
to the Buyer at Settlement. Seller may not negotiate new leases or renew existing leases except on a
month-to-month basis without Buyer’s written consent. The Buyer expressly acknowledges that the
Property is being sold in AS-IS, WHERE-IS CONDITION.
8. Termite Inspection: Buyer, at Buyer’s expense is authorized to obtain a written report from a
<<STATE>> licensed pest control company that, based on a careful visual inspection, there is no
evidence of termite or other wood-destroying insect infestation in the residence and damage due to
previous infestation has been repaired. If there is evidence of present infestation as described above
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or if damage caused by present or prior infestation is discovered, Seller shall be responsible to treat
the infestation and cure areas damaged by the termites. Should the cost of the treatment and
ensuing repairs exceed 3% of the sale price, Seller shall have the option to declare the contract null
and void and authorize return of the deposit back to the Buyer.
9. Notices. Any notices required or permitted to be given by either party to the other shall have
been deemed to have been served when hand delivered, on the following business day after the
notice is deposited in the United States mail, postage prepaid, registered or certified mail, and
addressed to the parties as follows:
For the Seller: Bob and Sally Lee
Address:
Email:
Phone:
For the Buyer: USA Home Buyer LLC
Address:
Email:
Phone:
Either party, by written notice to the other, may change its address to which notices are to be
sent.
10. Breach of Contract and Default. The Buyer and Seller are required and agree to make full
Settlement in accordance with the terms of this Contract and acknowledge that failure to do so
constitutes a breach hereof. If Buyer fails to make full Settlement or is in default due to Buyer’s
failure to comply with the terms, covenants and conditions of this Contract, Seller’s sole remedy shall
be to retain Buyer’s Deposit as liquidated damages and not as a penalty.
If Seller fails to make full Settlement or is in default due to Seller’s failure to comply with the terms,
covenants and conditions of this Contract, Buyer is entitled to pursue such a claim for specific
performance, file suit for actual damages, or request a return of its Deposit. In the event a lawsuit is
filed, the complaining party has the right to seek reasonable legal attorney’s fees as a result of the
default.
This contract contains the final and entire Contract between the parties and they shall not be bound
by any terms, conditions, statements or representation, oral or written, not herein contained. Any
subsequent amendment to this Contract shall be valid only if executed in writing by the parties or their
successors or assigns.
11. Miscellaneous. The headings in this Contract are for convenience of reference only and do not
constitute a part hereof.
This Contract shall be construed, interpreted and enforced according to the laws of the State of
<<STATE>>, without regard to principles of conflict of laws. This Contract is fully assignable.
Seller will allow Buyer and/or his inspectors complete access to the property for a whole house
inspection, a wood-destroying pest inspection, and any other inspections Buyer deems necessary, all
at Buyer’s expense. Buyer’s obligation to close is contingent upon the results of these inspections
being satisfactory to Buyer. In the event Buyer determines to terminate contract as a result of any of
these inspections, Seller shall promptly refund Buyer’s deposit and neither party shall have any
further obligations to each other.
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Electronic Delivery and Counterparts: The parties agree that this Contract shall be deemed validly
executed and delivered by a party if a party executes this Contract and delivers a copy of the
executed Contract to the other party by telefax or telecopier transmittal or transmittal by email using
Adobe Acrobat PDF, and this Contract may be executed in counterparts and when taken together
shall constitute and bind the parties as if one Contract had been executed.
IN WITNESS WHEREOF, The parties hereto have duly executed this Contract of Sale and
affixed their seals as of the date and year first above written.
WITNESS/ATTEST
Addendum:
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Offer Expired: Mid-Night of Feb 28, 2018
Buyer Pay All Closing Cost
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Seller – Print Name
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Seller Signature
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Seller – Print Name
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Seller Signature
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Buyer – Print Name
Buyer Signature
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Buyer – Print Name
Buyer Signature
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Date
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