II. CONDITIONS/PURCHASE PRICE ______ $ ™ ï`š All cash offers Purchase price: $ ___www.biggerpockets.com/forums/83/topics/57404-what-s-docs-needed-to-close-a-subject-to_ Midnight. 4. The seller accepts and understands that the buyer is buying his property, the buyer accepting the seller`s ™existing loan – subject to – with the balance of the current loan and the prepayment penalty deducted from the proceeds of the sale. someone on this one, please? I need a topic to train me, my email is [DELETED] I really appreciate it X. NON-AGENCY RELATIONSHIP: A client in __ There is no mediation relationship between the buyer and the seller. Seller shall seek advice from its legal counsel before accepting the terms of this Agreement. XI. ACCEPTANCE PERIOD AND EFFECTIVE DATE: If this offer is not made by either party no later than ___ The contract date is the date on which the last seller and buyer signed this offer. XII. FINANCING: If the purchase price or part thereof is to be financed by a loan from a third party, this purchase and sale agreement is subject to the condition that the buyer enters into a firm commitment for this loan within sixty days of the date of this contract at an interest rate not exceeding ____%; for 30 years; and a nominal amount of $_______ The buyer agrees to make a request and take reasonable precautions to obtain this loan. If the buyer does not receive them within this period or waives the buyer`s rights under this contract, the buyer may terminate the contract. XIII.
DEPOSITS: All deposits must be paid to the buyer. All rents collected are paid pro rata to the buyer. XIV. ASSIGNABILITY: Buyer may assign this Agreement. XV. RESALE: The seller authorizes the buyer to enter into a purchase contract for the resale of the property during this escrow period. The seller is aware that the buyer intends to resell the property for a HUGE PROFIT. All profits made by the buyer during this transaction in connection with the resale of the property are the sole interest of the buyer and the exclusive property of the buyer. XVI. TYPED OR HANDWRITTEN PROVISIONS: Typed or handwritten provisions inserted or attached hereto or in the form of addenda shall be subject to any printed provision that conflicts with these Provisions.
XVII. PROOF OF OWNERSHIP: Within twenty days of the date of this press release, in accordance with Section IX, the Party shall arrange for a title insurance company mutually acceptable to the parties to issue and remit an ALTA Form B ownership obligation to Buyer, as well as a copy of any ownership documents that constitute an exception to the title obligation. The Buyer must inform the Seller in writing no later than twenty days after receipt of the Ownership Obligation if the condition of ownership set forth in this Ownership Obligation and Investigation is not satisfactory at Buyer`s sole discretion. In the event that the condition of ownership is not acceptable, the Buyer will indicate which exceptions to the obligation of ownership are unacceptable. The Seller undertakes immediately at the sole expense and expense of the Seller and will do its best to eliminate or modify all unacceptable questions to the reasonable satisfaction of the Buyer. In the event that the Seller, with due diligence, is unable to satisfy such objections within thirty days of such notification, the Buyer may, at the Buyer`s option: (i) extend the period for the Seller to satisfy such objections, (ii) subject to the objections raised by the Buyer, accept ownership without any adjustment to the purchase price, in such event, such objections shall be deemed to have been lifted for any purpose, or (iii) terminate this Agreement, after which the deposit described herein shall be refunded to the Buyer and this Agreement shall no longer have force and effect. XVIII. IF EXISTING MORTGAGES ARE TO BE ACCEPTED: The Seller must provide the Buyer with an up-to-date statement of all mortgagees within twenty days of execution, showing the principal balance, method of payment, interest rate and whether the mortgage(s) is in good condition. If a mortgage requires the buyer`s approval by the mortgagee to avoid late payment, or for the buyer to take over that mortgage, and: 1. The mortgagee does not approve the buyer, the buyer may terminate the contract, or 2. the mortgagee will demand an increase in the interest rate or charge a fee for any reason greater than $500.00, The buyer may terminate the contract unless the seller decides to pay such an increase or deductible.
The seller and buyer each pay 50% of these fees. Buyer must exercise due diligence to obtain approval. The amount of escrow deposits held by the mortgagee will be credited to the seller. XIX. SUBJECT TO/DUE DATE OF CONFIRMATION OF SALE: IF VERIFIED ï`: ___ ™ .
