Purchase Agreement Buyers Initials __________ __________ Sellers Initials __________ __________
12. Prorations: Any dues or association fees, rent, or any agreement assumed by Buyer
will be prorated and adjusted at the date of closing. Seller hereby assigns their
responsibilities under any applicable restriction of use agreement for the property to
Buyer. Buyer accepts this assignment and assumes those responsibilities.
13. Assessments
Seller Shall pay the entire balance of any such assessments on or before the day of
closing.
Seller shall pay all installments of such assessments that become due and payable
on or before day of closing. Buyer shall assume and pay all other installments of
such assessments.
14. Title Insurance. At Seller's expense, Seller shall provide Buyer with a expanded
coverage ALTA Homeowner's policy of title insurance in the amount of the Purchase Price,
effective as of the date of closing and shall provide Buyer with a commitment for the policy
within ten (10) days after the Effective Date of this Agreement. If the title insurance
commitment discloses any matter that is unacceptable to Buyer, Buyer may terminate this
Agreement within ten (10) days after Buyer's receipt of the title insurance commitment.
15. Closing. This sale shall be closed within ten (10) days after all necessary
documents are prepared and all conditions are satisfied, but no later than
. If the closing of the sale is delayed because of title defects which can be readily
corrected, or because of delays in arranging financing or obtaining inspection reports, the closing
may be delayed for an additional period of fifteen (15) days beyond the deadline set forth above
for closing. Buyer and Seller agree to pay for their actual closing costs as outlined by the title
agency at close.
16. Possession. Possession to be delivered on (date) in
substantially similar to the conditions at inspection. Seller may occupy until delivery. Seller
will remove all personal property, make arrangements for final payment of utilities, and deliver
all keys to Buyer at the date of delivery.
17. Earnest Money; Default. Buyer will deposited with Seller the sum of $
as earnest money to apply on the Purchase Price. If title to the Premises
is not marketable or if any condition set forth in this Agreement is not satisfied, the earnest
money shall be promptly refunded to Buyer, this Agreement shall be of no further effect and
neither party shall owe any liability to the other in connection with this Agreement. If Buyer
defaults, the earnest money shall be forfeited to Seller as liquidated damages or, at Seller's
option, Seller may retain the earnest money and pursue Seller's legal and/or equitable remedies
against Buyer. If Seller defaults, Buyer shall be entitled to the prompt return of Buyer's earnest
money deposit as its exclusive remedy against Seller. If either party defaults, the other party
shall be entitled to exercise any and all available remedies. If a lawsuit is commenced, the
prevailing party shall be entitled to recover from the other party, promptly after demand