• Document: PRDS REAL ESTATE PURCHASE CONTRACT
  • Size: 188.73 KB
  • Uploaded: 2019-07-20 21:14:44
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PRDS® REAL ESTATE PURCHASE CONTRACT (THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. READ IT CAREFULLY.) The undersigned ____________________________________________________________(“Buyer”) hereby offers to purchase, for the sum of $_______________________ (“Purchase Price”), the real property located at ___________________________________ 123 Main St _____________________________________________________________________________, City of ___________________________, Anytown County of ___________________________, California (“Property”), on the terms contained in this Real Estate Purchase Contract (“Contract”), dated ____________ (for reference purposes only). Buyer and Seller are collectively referred to as the “Parties”. The real estate licensees are not Parties. 1. AGENCY DISCLOSURE AND AGENCY CONFIRMATION: BUYER AND SELLER ACKNOWLEDGE THEIR PRIOR RECEIPT OF AGENCY DISCLOSURE FORMS. AGENCY CONFIRMATION: The following agency relationships are hereby confirmed for this transaction: Listing Agent: _________________________________________________ Keller Williams (print company name) is the agent of (check one): ӁSeller exclusively; or Ӂboth Buyer and Seller Selling Agent:_________________________________________________ (print company name) (if not the same as the Listing Agent) is the agent of (check one): Ӂ Buyer exclusively; or Ӂ Seller exclusively; or Ӂ both Buyer and Seller 2. FINANCIAL TERMS: A. $ _______________ DEPOSIT, by electronic transfer or in the form of: Ӂ personal check; Ӂ __________________, shall be deposited by Buyer with the Escrow Holder identified in Paragraph 17 on or before three (or Ӂ________) Business Days (see Paragraph 27L) from Acceptance of this Contract. B. $ _______________ ADDITIONAL DEPOSIT, by electronic transfer or in the form of: Ӂ personal check; Ӂ __________________, shall be deposited by Buyer with the Escrow Holder upon Buyer’s removal of all contingencies in this Contract or Ӂ ______________________________. If Liquidated Damages (Paragraph 28A) has been initialed by all Parties, Buyer and Seller shall sign and Deliver a PRDS® Receipt for Increased Deposit (Liquidated Damages), or equivalent form, at the same time the Additional Deposit is deposited with the Escrow Holder. C. $ _______________ BALANCE OF DOWN PAYMENT shall be deposited by Buyer with the Escrow Holder in sufficient time to close the Escrow. If checked Ӂthis is an ALL CASH OFFER. D. $ _______________ LOAN (Conventional or Ӂ FHA Ӂ VA): Buyer intends to obtain a loan in the amount indicated for no fewer than __________ years secured by a first deed of trust payable to lender, including: principal and interest (or Ӂ interest only) at an initial rate of not more than ________% per annum, which shall be Ӂ fixed Ӂ adjustable Ӂ initial fixed rate and adjustable thereafter. E. $ _______________ OTHER FINANCING: PRDS® Other Financing Addendum must be submitted as provided for in Paragraph 6. F. $ _______________ SELLER FINANCING: PRDS® Seller Financing Addendum must be submitted as provided for in Paragraph 6. G. $ _______________ TOTAL PURCHASE PRICE, not including closing costs. H. BUYER’S LOAN OBLIGATIONS: If Buyer intends to obtain any type of financing, Buyer shall secure a lender’s or mortgage broker’s letter stating that, based upon a review of Buyer’s application and credit report, Buyer is pre- approved for the loan(s) identified in this Contract. That letter is Delivered with this Contract or Ӂ Buyer shall, within five (or Ӂ _______ ) days of Acceptance, Deliver that letter to Seller. If that letter is not Delivered to Seller within the time frame specified, Seller may cancel this Contract. I. FINANCING CONTINGENCY: If a time frame is entered in Paragraph 8A, this Contract is contingent upon Buyer’s

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