RESIDENTIAL PURCHASE AGREEMENT
(Joint Escrow Instructions and Earnest Money Receipt)
Date: ____July 4, 2006____
_______John Doe_________ ("Buyer"), hereby offers to purchase _____39393 Penny Lane_________("Property"), within the city or unincorporated area of , County of __Clark___ State of Nevada, A.P.N. # ___123-45-678-90_______ for the purchase price of $ ___375,000____ ("Purchase Price") on the following terms and conditions:
Offer & Acceptance
1. FINANCIAL TERMS & CONDITIONS:
2. NEW LOAN APPLICATION: Buyer agrees to submit a completed loan application with the required information for loan qualification with a lender within ____ business days of Seller's acceptance of this offer. Buyer agrees to use Buyer's best efforts to obtain financing under the terms and conditions outlined in this Agreement. If Buyer does not submit the required information in the above period, Buyer is in default of this Agreement. Buyer q does -OR- q does not authorize lender to provide loan status updates to Seller's and Buyer's Brokers, as well as Escrow Officer.
3. SALE OF OTHER PROPERTY: This Agreement q is not -OR- q is contingent upon the sale (and closing) of another property which address is Said Property q is not -OR- q is presently in escrow with ____________________________
5. PRORATIONS, FEES AND EXPENSES (Check appropriate box):
A. TITLE AND ESCROW FEES:
All prorations will be based on a 30-day month and will be calculated as of COE. Proration will be based upon figures available at closing. Any supplementals or adjustments that occur after COE will be handled by the parties outside of Escrow.
C. INSPECTIONS AND RELATED EXPENSES: Seller will ensure that necessary utilities (gas, power and water) are turned on and supplied to the Property within two (2) business days after execution of this Agreement. (It is strongly recommended that Buyer retain licensed Nevada professionals to conduct inspections.) These elections are for the benefit of Buyer and may be waived at any time by Buyer prior to COE.
The foregoing expenses for inspections and certifications will be paid outside of Escrow unless the Parties present instructions to the contrary prior to COE (along with the applicable invoice). A certification is not a warranty. All inspections and certifications are to be performed by a company licensed and bonded in Nevada. Notwithstanding the above elections, in the event an inspection reveals problems with any of the foregoing, Buyer reserves the right to require a certification. This section is for the benefit of Buyer and may be waived hereafter by Buyer prior to COE.
E. LENDER'S FEES: In addition to Seller's expenses above, Seller will contribute $____________ to Buyer's Lender's Fees and Buyer's Title and Escrow Fees q including - OR - q excluding costs which Seller must pay pursuant to loan program requirements.
F. SELLER'S ADDITIONAL COSTS AND LIMIT OF LIABILITY: Seller agrees to pay a maximum amount of $__________ to correct defects and/or requirements disclosed by Seller's Real Property Disclosure, inspection reports and/or appraisals. It is Buyer's responsibility to inspect the Property sufficiently as to satisfy Buyer's use.
G. HOME PROTECTION PLAN: Buyer and Seller acknowledge that they have been made aware of Home Protection Plans that provide coverage to Buyer after COE. Buyer q waives - OR- q requires a Home Protection Plan with _____________________. Buyer will order the Home Protection Plan. q Seller -OR- q Buyer will pay for the Home Protection Plan at a price not to exceed $___________ . Neither Seller nor Brokers make any representation as to the extent of coverage or deductibles of such plans. Escrow Holder is not responsible for ordering the Home Protection Plan.
H. OTHER FEES: Buyer will also pay $__________ to Buyer's Broker for _______________________________
6. TITLE INSURANCE: Upon COE, Buyer will be provided with the following type of title insurance policy: q CLTA; q ALTA-Residential; -OR- q ALTA-Extended (requiring a survey).
7. TRANSFER OF TITLE: Upon COE, Buyer shall tender to Seller the agreed upon purchase price, and Seller shall tender to Buyer marketable title to the Property free of all encumbrances other than (1) current pro-rata Property taxes, (2) covenants, conditions and restrictions (C C & R's) and related restrictions, (3) zoning or master plan restrictions and public utility easements; and (4) obligations assumed and encumbrances accepted by Buyer prior to COE.
8. COMMON OWNERSHIP INTEREST PROPERTIES: If the Property is subject to a Common Interest Community ("CIC"), Seller shall request the CIC documents (defined in NRS 116.4109) within two (2) business days of Seller's acceptance and provide the same to Buyer within one (1) business day of Seller's receipt thereof. Buyer shall, within seven (7) calendar days after receipt of the Certificate of Resale and CIC documents, provide written acceptance or disapproval. If disapproval is not received within the specified time period, the CIC documents will be deemed approved. If Buyer does not receive the CIC Documents within 15 calendar days of acceptance, or if Buyer disapproves of same within the time specified above, this Agreement may be cancelled in full by Buyer, without recourse to either party and without penalty, except that the escrow fees, if any, shall be shared equally and the EMD returned to Buyer (less applicable escrow fees). Seller shall pay all outstanding CIC fines or penalties at COE.
9. DELIVERY OF POSSESSION: Seller shall deliver the Property along with keys, alarm codes and garage door opener/ controls outside of Escrow, upon COE. Seller agrees to vacate the Property and leave the Property in a neat and orderly, broom-clean condition and tender possession no later than COE. In the event Seller does not vacate the Property by COE, Seller shall be considered a trespasser and shall be liable to Buyer for the sum of $________ per calendar day. Any personal property left on the Property after COE shall be considered abandoned by Seller.
10. DISCLOSURES: Within five (5) calendar days of Seller's acceptance of this Agreement, Seller will provide the following Disclosures (each of which is incorporated herein by this reference). Check applicable boxes.
q Common Interest Community Information Statement (Homeowner's Associations) (NRS 116.4109)
q Construction Defect Claims Disclosure, if Seller has marked "Yes" to Paragraph 1(d) of the Sellers Real Property Disclosure Form
q Fungal (Mold) Disclosure Form
q Lead-Based Paint Disclosure and Acknowledgment, required if constructed before 1978 (24 CRF 745.113)
q Methamphetamine Lab Disclosure, if applicable (NRS 489.776).
q Promissory Note and the most recent monthly statement of all loans to be assumed by Buyer
q Seller Real Property Disclosure Form (NRS 113.130)
q Termite/Pest Inspection Disclosure/Waiver Form
q Other (list)______________________________________
In addition, Buyer requires that the following be provided:
q Consent to Act, if applicable (NRS 645.252)
q Duties Owed signed by appropriate agents/parties. (NRS 645.252)
q For Your Protection - Get Home Inspection (HUD 92564-CN) For FHA Loans
In addition, for NEW CONSTRUCTION, to the extent applicable, Seller will provide: Public Offering Statement (NRS 116.4108); Electric Transmission Lines (NRS 119.1835); Public Services and Utilities (NRS 119.183); Initial Purchaser Disclosure (NRS 113); Construction Recovery Fund (NRS 624); Gaming Corridors (NRS 113.070); Water/Sewage (NRS 113.060); Impact Fees (NRS 278B.320); Surrounding Zoning Disclosure (NRS 113.070); FTC Insulation Disclosure (16 CFR 460.16); and Other: ___________________________________
11. LICENSEE DISCLOSURE: The following party ________________________________ is a licensed real estate agent in the State of ______________________
12. BUYER'S DUE DILIGENCE:
13. WALK-THROUGH INSPECTION OF PROPERTY: Buyer is entitled under this Agreement to a walk-through of the Property within calendar days prior to COE to ensure the Property and all major systems, appliances, heating/cooling, plumbing and electrical systems and mechanical fixtures are as stated in Seller's Real Property Disclosure Statement, and that the Property and improvements are in the same general condition as when this Agreement was signed by Seller and Buyer. To facilitate Buyer's walk-through, Seller is responsible for keeping all necessary utilities on. If any systems cannot be checked by Buyer on walk-through due to non-access or no power/gas/water, then Buyer reserves the right to hold Seller responsible for defects which could not be detected on walk-through because of lack of such access or power/gas/water. The purpose of the walk-through is to confirm (a) the Property is being maintained (b) repairs, if any, have been completed as agreed, and (c) Seller has complied with Seller's other obligations.
14. RISK OF LOSS: Risk of loss shall be governed by NRS Sec. 113.040. This law provides generally that if all or any material part of the Property is destroyed before transfer of legal title or possession, Seller cannot enforce the Agreement and Buyer is entitled to recover any portion of the sale price paid. If legal title or possession has transferred, risk of loss shall shift to Buyer.
15. ASSIGNMENT OF THIS AGREEMENT: Unless otherwise stated herein, this Agreement is non-assignable by Buyer without Seller's written consent (which shall not be unreasonably withheld).
16. CANCELLATION OF AGREEMENT: In the event this Agreement is properly cancelled in accordance with the terms contained herein, then Buyer will be entitled to a refund of the EMD.
Instructions to Escrow
18. ESCROW: If this Agreement or any matter relating hereto shall become the subject of any litigation or controversy, Buyer and Seller agree, jointly and severally, to hold Escrow Holder free and harmless from any loss or expense, except losses or expenses as may arise from Escrow Holder's negligence or willful misconduct. If conflicting demands are made or notices served upon Escrow Holder with respect to this Agreement, the parties expressly agree that Escrow is entitled to file a suit in interpleader and obtain an order from the Court authorizing Escrow Holder to deposit all such documents and monies with the Court, and obtain an order from the court requiring the parties to interplead and litigate their several claims and rights among themselves. Upon the entry of an order authorizing such Interpleader, Escrow Holder shall be fully released and discharged from any obligations imposed upon it by this Agreement; and Escrow Holder shall not be liable for the sufficiency or correctness as to form, manner, execution or validity of any instrument deposited with it, nor as to the identity, authority or rights of any person executing such instrument, nor for failure of Buyer or Seller to comply with any of the provisions of any agreement, contract or other instrument filed with Escrow Holder or referred to herein. Escrow Holder's duties hereunder shall be limited to the safekeeping of all monies, instruments or other documents received by it as Escrow Holder, and for their disposition in accordance with the terms of this Agreement. In the event an action is instituted in connection with this escrow, in which ESCROW HOLDER is named as a party or is otherwise compelled to make an appearance, all costs, expenses, attorney fees, and judgments ESCROW HOLDER may expend or incur in said action, shall be the responsibility of the parties hereto.
19. UNCLAIMED FUNDS: In the event that funds from this transaction remain in an account, held by ESCROW HOLDER, for such a period of time that they are deemed "abandoned" under the provisions of Chapter 120A of the Nevada Revised Statutes, ESCROW HOLDER is hereby authorized to impose a charge upon the dormant escrow account. Said charge shall be no less than $5.00 per month and may not exceed the highest rate of charge permitted by statute or regulation. ESCROW HOLDER is further authorized and directed to deduct the charge from the dormant escrow account for as long as the funds are held by ESCROW HOLDER.
20. BROKER FEES: Buyer herein requires, and Seller agrees, as a condition of this Agreement, Seller will pay Listing Broker and Buyer's Broker, who becomes by this clause a third party beneficiary to this Agreement, that certain sum or percentage of the purchase price (commission), that Seller, or Seller's Broker, offered for the procurement of ready, willing and able Buyer via the Multiple Listing Service, any other advertisement or written offer. Seller understands and agrees that if Seller defaults hereunder, Buyer's Broker, as a third-party beneficiary of this Agreement, has the right to pursue all legal recourse against Seller for any commission due.
21. WAIVER OF CLAIMS: Buyer and Seller agree that they are not relying upon any representations made by Brokers or Broker's agent. Buyer acknowledges that at COE, the Property will be sold AS-IS, WHERE-IS without any representations or warranties, unless expressly stated herein. Buyer agrees to satisfy himself, as to the condition of the Property, prior to COE. Buyer acknowledges that any statements of acreage or square footage by Brokers are simply estimates, and Buyer agrees to make such measurements, as Buyer deems necessary, to ascertain actual acreage or square footage. Buyer waives all claims against Brokers for (a) defects in the Property; (b) inaccurate estimates of acreage or square footage; (c) environmental waste or hazards on the Property; (d) the fact that the Property may be in a flood zone; (e) the Property's proximity to freeways, airports or other nuisances; (f) the zoning of the Property; (g) tax consequences; or (h) factors related to Buyer's failure to conduct walk-throughs or inspections. Buyer assumes full responsibility for the foregoing and agrees to conduct such tests, walk-throughs, inspections and research, as Buyer deems necessary. In any event, Broker's liability is limited, under any and all circumstances, to the amount of that Broker's commission/fee received in this transaction.
22. DEFINITIONS: "Acceptance" means the date that both parties have consented to and receipted a final, binding contract by affixing their signatures to this Agreement. "Agent" means a licensee working under a Broker. "Agreement" includes this document as well as all accepted counteroffers and addenda. "Bona Fide" means genuine. "Buyer" means one or more individuals or the entity that intends to purchase the Property. "Broker" means the Nevada licensed real estate broker listed herein representing Seller and/or Buyer (and all real estate agents associated therewith). "Business Day" excludes Saturdays, Sundays, and legal holidays. "Calendar Day" means a calendar day from/to midnight unless otherwise specified. "CIC" means Common Interest Community (formerly known as "HOA" or homeowners' associations). "CIC Capital Contribution" means a one-time fee charged by the CIC upon change of ownership. "COE" means the time of recordation of the deed in Buyer's name. "Down Payment" is the Purchase Price less loan amount(s). "EMD" means Buyer's earnest money deposit. "Escrow Holder" means the neutral party that will handle the escrow. "FHA" is the U.S. Federal Housing Administration. "GLVAR" means the Greater Las Vegas Association of REALTORS(r). "HPP" means the Homeowner Protection Plan. "I.R.C." means the Internal Revenue Code (tax code). "N/A" means not applicable. "LID" means Limited Improvement District. "NRS" means Nevada Revised Statues as Amended. "Party" or "Parties" means Buyer and Seller. "P.I.T.I." means principal, interest, taxes, and hazard insurance. "P.M.I." means private mortgage insurance. "PST" means Pacific Standard Time, and includes daylight savings time if in effect on the date specified. "PTR" means Preliminary Title Report. "Property" means the real property and any personal property included in the sale as provided herein. "Receipt" means delivery to the party or the party's agent. "Seller" means one or more individuals or the entity that is the owner of the Property. "SID" means Special Improvement District. "Title Company" means the company that will provide title insurance. "U.S.C." is the United States Code. "VA" is the Veterans Administration.
23. DELIVERY, FACSIMILE AND COPIES: Delivery of all instruments or documents associated with this Agreement shall be delivered to the Agent for Seller or Buyer. This Agreement may be signed by the parties on more than one copy, which, when taken together, each signed copy shall be read as one complete form. Facsimile signatures may be accepted as original.
24. PERSONAL PROPERTY: The following personal property will be transferred with the sale of the Property with no real value unless stated otherwise herein:
A. All EXISTING fixtures and fittings in an "AS IS" condition including, but not limited to: electrical, mechanical, lighting, plumbing and heating fixtures, ceiling fan(s), fireplace insert(s), gas logs and grates, solar system(s), built-in appliance(s), window and door screens, awnings, shutters, window coverings, attached floor covering(s), television antenna(s), satellite dishe(s), private integrated telephone systems, air coolers/conditioner(s), pool/spa equipment, garage door opener(s)/remote control(s), mailbox, in-ground landscaping, trees/shrub(s), water softener(s), water purifiers, security systems/alarm(s);
B. The following additional items:
25. ADDITIONAL TERMS: ____________________________________________
26. NOTICES: When a Party wishes to provide notice as required in this Agreement, such notice shall be sent regular mail and/or by facsimile to the Agent for that Party. The notification shall be effective when mailed and/or faxed. Any cancellation notice shall be contemporaneously faxed to Escrow.
27. IRC 1031 EXCHANGE: Seller and/or Buyer may make this transaction part of an IRC 1031 exchange. The party electing to make this transaction part of an IRC 1031 exchange will pay all additional expenses associated therewith, at no cost to the other party. The other party agrees to execute any and all documents necessary to effectuate such an exchange.
28. MISCELLANEOUS: Time is of the essence. No change, modification or amendment of this Agreement shall be valid or binding unless such change, modification or amendment shall be in writing and signed by each party. This Agreement will be binding upon the heirs, beneficiaries and devisees of the parties hereto. This Agreement is executed and intended to be performed in the State of Nevada, and the laws of that state shall govern its interpretation and effect. The parties agree that the county and state in which the Property is located is the appropriate forum for any action relating to this Agreement. Should any party hereto retain counsel for the purpose of initiating litigation to enforce or prevent the breach of any provision hereof, or for any other judicial remedy, then the prevailing party shall be entitled to be reimbursed by the losing party for all costs and expenses incurred thereby, including, but not limited to, reasonable attorneys fees and costs incurred by such prevailing party.
THIS IS A LEGALLY BINDING CONTRACT. All parties are advised to seek independent legal and tax advice to review the terms of this Agreement.
NO REAL ESTATE BROKER/AGENT MAY SIGN FOR A PARTY TO THIS AGREEMENT UNLESS THE BROKER OR AGENT HAS A PROPERLY EXECUTED POWER OF ATTORNEY TO DO SO.
THIS FORM HAS BEEN APPROVED BY THE GREATER LAS VEGAS ASSOCIATION OF REALTORS(r) (GLVAR). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
This form is available for use by the real estate industry. It is not intended to identify the user as a REALTOR(r). REALTOR(r) is a registered collective membership mark which may be used only by members of the NATIONAL ASSOCIATION OF REALTORS(r) who subscribe to its Code of Ethics.
29. CONFIRMATION OF REPRESENTATION: The Agents in this transaction are:
Buyer's Broker: ________________________ Agent's Name: ___________________
Company: ____________________________ Phone: _________________________
MLS Public ID#: _______________________ Fax: ___________________________
Seller's Broker: _________________________ Agent's Name: __________________
Company: ____________________________ Phone: _________________________
MLS Public ID#: _______________________ Fax: __________________________
Earnest Money Receipt
BUYER'S AGENT ACKNOWLEDGES RECEIPT FROM BUYER HEREIN of the sum of $ _____________ evidenced by q Cash, q Cashier's Check, q Personal Check, or q Other ________________ payable to __________________ . Upon acceptance, Earnest Money to be deposited within ONE (1) business day, with q Escrow Holder, q Buyer's Broker's Trust Account, - OR - q Seller's Broker's Trust Account
Date: __________________ Signed: ___________________________________ Buyer's Agent.
Upon Seller's acceptance, Buyer agrees to be bound by each provision of this Agreement, and all signed addenda, disclosures, and attachments.
Buyers signatures, date and time goes here.
Seller must respond by: __________ q AM q PM on (month) _________, (day) _________, (year) __________
Unless this Agreement is accepted by execution below and delivered to the Buyer's Broker before the above date and time, this offer shall lapse and be of no further force and effect. (Under NAC 645.632, Seller is required by law to respond in any event.)
q ACCEPTANCE: Seller(s) acknowledges that he/she accepts and agrees to be bound by each provision of this Agreement, and all signed addenda, disclosures, and attachments.
q COUNTER OFFER: Seller accepts the terms of this Agreement subject to the attached Counter Offer #1.
q REJECTION: In accordance with NAC 645.632, Seller hereby informs Buyer the offer presented herein is not accepted.
Seller's signature, date and time goes here