on the terms and conditions contained herein: BUYER does
-OR- does not intend to occupy the Property as a residenc
Buyer’s Offer
FINANCIAL TERMS & CONDITION
$ {{ $item->earnest_mony }}
A. EARNEST MONEY DEPOST (“EMD”) presented with this of
-OR-
{{ $item->emd_presented_with_offer }}
. Upon Acceptance, Earnest Money
13 deposited within one (1) business day from acceptance of offer (as defined in
Section 23 her
-OR- ____{{ $item->wired_with_in }}___ business days if wired to:
{{--
Escrow Holder, er, Buyer’s Broker’s Trust Account,-OR-
Seller's Broker's Trust Account. --}}
{{ $item->wired_to }}
(NOTE: It is a felony in the State of Nevad
punishable by up
to four years
in prison and a $5,000 fine—to write a check for which there are insu]jicient
j'unds. NRS
193.130(2)(d).)
$
B. ADDITIONAL EPOSIT to be placed in escrow on or before (date)
__________ . The additional deposit will
—OR—
will not be considered part of the EMD. (Any conditions on the additional
deposit should be set forth in Section 29 herein.)
$
{{ $item->purchase_price - $item->earnest_mony }}
C. THIS AGREEMENT IS CONTINGENT UPON BUYER QUALIFYING FOR A {{ $item->new_loan_or_existing }}
D. THIS AGREEMENT IS CONTINGENT UPON BUYER QUALIFYING TO ASSUME THE FOLLOWING
EXISTING
LOAN(S):
Conventional, FHA, VA, Other (specify)
Interest: Fixed rate, _____ years -OR— Adjustable Rate,
_____ stable Rate, years. Seller further agrees to provide the
Promissory
Note and the most recent monthly statement of all loans to be assumed by Buyer
within FIVE (5)
calendar days of acceptance of offer.
$
0.00
E. BUYER TO EXECUTE A PROMISSORY NOTE
SECURED BY
DEED OF TRUSTIN THE “FINANCING
ADDENDUM” which is attached hereto.
$
F. BALANCE OF PURCHASE PRICE(Balance of Down Payment) in Good Funds to be
paid prior to
Close of
Escrow (“COE”).
$
{{$item->purchase_price}}
G. TOTAL PURCHASE PRICE (This price DOES NOT include closing costs,
prorations, or
other fees and costs associated with the purchase of the Property as defined
herein.)
Each party acknowledges that he/she has read, understood, and agrees to each and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.
Buyer's Name(s):
{{ $item->buyer }}
BUYER(S) IINITIALS:
_____/_____/_____/_____
Property Addess:
{{ $item->address }}
SELLER(S) IINITIALS:
_____/_____/_____/_____
ADDITIONAL FINANCIAL TERMS & CONTINGENCIES:
NEW LOAN APPLICATION:Within __{{ $item->new_loan_application }}__ business days of
Acceptance, Buyer agrees to (l)
submit a completed loan application to a lender of Buyer's choice and (2) furnish a
preapproval letter
to Seller based upon a standard factual credit report and review of debt-to-income
ratios. If Buyer fails to complete any of these conditions within the applicable
time frame, Seller reserves the right to terminate this Agreement. In such event,
both parties agree to cancel the escrow and return EMD to Buyer. Buyer shall use
Buyer's best efforts to obtain financing under the terms and conditions outlined in
this Agreement.
APPRAISAL CONTINGENCY:Buyer's obligation to purchase the property is contingent
upon
the property
appraising for not less than the Purchase Price. If after the completion of an
appraisal by a
licensed appraiser, Buyer receives written
notice from the lender or the appraiser that the Property has appraised for less
than the
purchase price (a “Notice of Appraised Value”)
Buyer may attempt to renegotiate or cancel the RPA by providing written notice to
the Seller
(with a copy of the Appraisal) no later
than __{{ $item->appraisal_contingency }}__ calendar days following the date of Acceptance of the
RPA; whereupon the EMD shall be
released to the Buyer without
the requirement of written authorization from Seller. IF this Residential
Purchase Agreement is
not cancelled, in writing on or
before the Appraisal Deadline, Buyer shall be deemed to have waived the
appraisal contingency.
LOAN CONTINGENCY:Buyer's obligation to purchase the property is contingent
upon Buyer
obtaining the
loan referenced in Section 1(C) or 1(D) of the RPA unless otherwise agreed in
writing. Buyer
shall remove the loan contingency in
writing, attempt to renegotiate, or cancel the RPA by providing written notice to
the Seller
no later than __{{ $item->loan_contingency }}__ calendar days
following the date of Acceptance of the RPA; whereupon the EMD shall be released
to the Buyer
without the requirement of written
authorization from Seller.IF this Residential Purchase Agreement is not
cancelled, in writing
on or before the Loan
Contingency Deadline, Buyer shall be deemed to have waived the loan
contingency.
CASH PURCHASE:Within _____ business days of
Acceptance, Buyer agrees to provide
written evidence
25 from a bona fide financial institution of sufficient cash available to complete
this purchase.
If Buyer does not submit the written
26 evidence within the above period, Seller reserves the right to terminate this
Agreement.
SALE OF OTHER PROPERTY:
This Agreement is NOT contingent upon the sale of any
property owned by the Buyer.
—OR—
(if checked): The attached Contingent Upon Sale Addendum is
hereby incorporated
into this agreement.
FIXTURES AND PERSONAL PROPERTY: The following items will be transferred, free of liens,
with the sale of
the Property with no real value unless stated otherwise herein. Unless an item is
covered under
Section 7(F) of this Agreement,
all items are transferred in an “AS IS” condition. All EXISTING fixtures and fittings
including, but not limited to: electrical,
mechanical, lighting, plumbing and heating fixtures, ceiling fan(s), fireplace
insert(s), gas
logs and grates, solar power system(s),
built-in appliance(s) including ranges/ovens, window and door screens, awnings,
shutters,
window coverings, attached floor
covering(s), television antenna(s), satellite dish(es), 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).
The following additional items of personal property are also
included:
SMART HOME
DEVICES
This Agreement DOES NOT include the transfer of
SMART Home Devices owned by the Seller.
—OR—
(if checked): The attached SMART Home Device
Addendum provided by seller is hereby
incorporated into
this agreement.
Each party acknowledges that he/she has read, understood, and agrees to each and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.
Buyer's Name(s): {{ $item->buyer }}
BUYER(S) IINITIALS:
_____/_____/_____/_____
Property Addess:
{{ $item->address }}
SELLER(S) IINITIALS:
_____/_____/_____/_____
ESCROW:
OPENING OF ESCROW:OPENING OF ESCROW: The purchase of the Property shall be
consummated through Escrow
(“Escrow”).
Opening of Escrow shall take place by the end of one (1) business day after
Acceptance of this
Agreement (“Opening of
Escrow”), at _____{{ $item->escrowCompanyName }}______ title or escrow
company (“Escrow Company” or “ESCROW HOLDER”)
with _____________{{ $item->buyer }} (“Escrow
Officer”) (or such other escrow officer as Escrow Company
may
assign). Opening of Escrow shall occur upon Escrow Company's receipt of this fully
accepted
Agreement. ESCROW HOLDER
is instructed to notify the Parties (through their respective Agents) of the opening
date and
the Escrow Number.
EARNEST MONEY:Upon Acceptance, Buyer's EMD as shown in Section 1(A), and
1(B) if
applicable, of
this Agreement, shall be deposited pursuant to the language in Section 1(A) and 1(B)
if
applicable.
CLOSE OF ESCROW: Close of Escrow (“COE”) shall be on or before
____{{ date('d-m-Y', strtotime($item->close_of_escrow)) }}____ (date).
If the designated date falls on a weekend or holiday, COE shall be the next business
day.
IRS DISCLOSURE: Seller is hereby made aware that there is a regulation that
requires
all ESCROW
HOLDERS to complete a modified 1099 form, based upon specific information known only
between
parties in this transaction
and the ESCROW HOLDER. Seller is also made aware that ESCROW HOLDER is required by
federal law
to provide this
information to the Internal Revenue Service after COE in the manner prescribed by
federal law.
TITLE INSURANCE: This Purchase Agreement is contingent upon the Seller's ability
to
deliver, good and
marketable title as evidenced by a policy of title insurance, naming Buyer as the
insured in
an amount equal to the purchase
price, furnished by the title company identified in Section 5(A). Said policy shall be
in the
form necessary to effectuate
marketable title or its equivalent and shall be paid for as set forth in Section
8(A).
BUYER'S DUE DILIGENCE: Buyer's obligation is —OR— is not conditioned on the
Buyer's
Due Diligence
as defined in this section 7(A) below. This condition is referred to as the “Due
Diligence
Condition” if checked in the affirmative,
Sections 7 (A) through (C) shall apply; otherwise, they do not. Buyer shall have
calendar
days following the date of
Acceptance of the RPA (as defined in Section 23 herein) to complete Buyer's Due
Diligence.
Seller agrees to cooperate with
Buyer's Due Diligence. Seller shall ensure that all necessary utilities (gas, power and
water)
and all operable pilot lights
are on for Buyer's investigations and through the close of escrow.
PROPERTY INSPECTION/CONDITION:During the Due Diligence Period, Buyer shall take
such action
as Buyer deems necessary to determine whether the Property is satisfactory to
Buyer including,
but not limited to, whether the
Property is insurable to Buyer's satisfaction, whether there are unsatisfactory
conditions
surrounding or otherwise affecting the
Property (such as location of flood zones, airport noise, noxious fumes or
odors, environmental
substances or hazards, whether
the Property is properly zoned, locality to freeways, railroads, places of
worship, schools,
golf courses, etc.) or any other
concerns Buyer may have related to the Property. During such Period, Buyer shall
have the right
to conduct, non-invasive/ non-
destructive inspection of all structural, roofing, mechanical, electrical,
plumbing,
heating/air conditioning, water/well/septic,
pool/spa, survey, square footage, and any other property or systems, through
licensed and
bonded contractors or other qualified
professionals. Seller agrees to provide reasonable access to the Property to
Buyer and Buyer's
inspectors. Buyer agrees to
indemnify and hold Seller harmless with respect to any injuries suffered by
Buyer or third
parties present at Buyer's request
while on Seller's Property conducting such inspections, tests or walk-throughs.
Buyer's
indemnity shall not apply to any injuries
suffered by Buyer or third parties present at Buyer's request that are the
result of an
intentional tort, gross negligence or any
misconduct or omission by Seller, Seller's Agent or other third parties on the
Property.
Buyer is advised to consult with
appropriate professionals regarding neighborhood or Property conditions,
including but not
limited to: schools; proximity and
adequacy of law enforcement; proximity to commercial, industrial, or
agricultural activities;
crime statistics; fire protection;
other governmental services; existing and proposed transportation; construction
and
development; noise or odor from any
source; and other nuisances, hazards or circumstances. If Buyer cancels this
Agreement due to a
specific inspection report,
Buyer shall provide Seller at the time of cancellation with a copy of the report
containing
the name, address, and telephone
number of the inspector.
BUYER'S RIGHT TO CANCEL OR RESOLVE OBJECTIONS:If Buyer determines, in Buyer's sole
discretion, that the results of the Due Diligence are unacceptable, Buyer may
either: (i) no
later than the Due Diligence Deadline
referenced in Section 7, cancel the Residential Purchase Agreement by providing
written notice
to the Seller, whereupon the
Earnest Money Deposit referenced in Section 1(A) shall be released to the Buyer
without the
requirement of further written
authorization from Seller; or (ii) no later than the Due Diligence Deadline
referenced in
Section 7, resolve in writing with Seller
any objections Buyer has arising from Buyer's Due Diligence.
Each party acknowledges that he/she has read, understood, and agrees to
each and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.
Buyer's Name(s): {{ $item->buyer }}
BUYER(S) INITIALS:
_____/_____/_____/_____
Property Addess:
{{ $item->address }}
SELLER(S) INITIALS:
_____/_____/_____/_____
FAILURE TO CANCEL OR RESOLVE OBJECTIONS:If Buyer fails to cancel the Residential
Purchase
Agreement or fails to resolve in writing with Seller any objections Buyer has
arising
from Buyer's Due Diligence,
as provided in Section 7, Buyer shall be deemed to have waived the Due Diligence
Condition.
BUYER(S) INITIALS:
_____/_____/_____
INSPECTIONS:Acceptance of this offer is subject to the following
reserved right.
Buyer may have the
Property inspected and select the licensed contractors, certified building
inspectors and/or
other qualified professionals who will
inspect the Property. Seller will ensure that necessary utilities (gas, power
and water and all
operable pilot lights) are turned on
and supplied to the Property within two (2) business days after Acceptance of
this Agreement,
to remain on until COE. It is
strongly recommended that Buyer retain licensed Nevada professionals to conduct
inspections.
If any inspection is not
completed and requested repairs are not delivered to Seller within the Due
Diligence Period,
Buyer is deemed to have waived
the right to that inspection and Seller's liability for the cost of all repairs
that inspection
would have reasonably identified had
it been conducted, except as otherwise provided by law. The foregoing expenses
for inspections
will be paid outside of Escrow
unless the Parties present instructions to the contrary prior to COE, along with
the applicable
invoice.
(Identify which party shall pay for the inspection noted below either: SELLER,
BUYER, 50/50,
WAIVED or N/A.)
Type
Paid By
Type
Paid By
Type
Paid By
Energy Audit
{{ $item->energy_audit }}
Fungal Contaminant Inspection
{{ $item->fungal_contanminant }}
Well Inspection (Quantity)
{{ $item->well_quality }}
Home Inspection
{{ $item->home_inspection }}
Mechanical Inspection
{{ $item->mechanical_inspection }}
Well Inspection (Quantity)
{{ $item->well_quality }}
Termite/Pest Inspection
{{ $item->termite_pest }}
Pool/Spa Inspection
{{ $item->pool_or_spa_inspection }}
Wood-Burning Device/Chimney Inspection
{{ $item->wood_burning_device }}
Roof Inspection
{{ $item->roof_inspection }}
Soils Inspection
{{ $item->soils_inspection }}
Septic Inspection
{{ $item->septic_inspection }}
Septic Lid Removal
{{ $item->septic_lid_removal }}
Septic Pumping
{{ $item->septic_pumping }}
Structural Inspection
{{ $item->structural }}
Survey (type):
{{ $item->survey_type }}
Elevator:
{{ $item->elevator }}
Other: {{ $item->other_inspection }}
{{ $item->other_inspection_detail }}
CERTIFICATIONS:In the event an inspection reveals areas of concern with
the roof,
septic system, well,
wood burning device/chimney or the possible presence of a fungal contaminant,
Buyer reserves
the right to require a
certification. The expenses for 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.
BUYER'S REQUEST FOR REPAIRS:It is Buyer's responsibility to inspect the Property
sufficiently as
to satisfy Buyer's use. Buyer reserves the right to request repairs, based upon
the Seller's
Real Property Disclosure or items
which materially affect value or use of the Property revealed by an inspection,
certification
or appraisal. Items of a general
maintenance or cosmetic nature which do not materially affect value or use of
the Property,
which existed at the time of
Acceptance and which are not expressly addressed in this Agreement are deemed
accepted by the
Buyer, except as otherwise
provided in this Agreement. The Brokers herein have no responsibility to assist
in the payment
of any repair, correction or
deferred maintenance on the Property which may have been revealed by the above
inspections,
agreed upon by the Buyer and
Seller or requested by one party.
FEES, AND PRORATIONS (Identify which party shall pay the costs noted below
either:
SELLER, BUYER, 50/50,
WAIVED or N/A.)
TITLE, ESCROW & APPRAISAL FEES:
Type
DISCLOSURES: If the Property is subject to a Common Interest Community
(“CIC”),
Within five (5) calendar days of Acceptance of this Agreement,
Seller will
provide the following
Disclosures and/or documents
Check applicable boxes.
Seller Real Property Disclosure Form: (NRS 113.130)
Open Range Disclosure:(NRS 113.065)
Construction Defect Claims Disclosure: If Seller has marked “Yes” to Paragraph
1(d) of
the Sellers Real Property Disclosure Form (NRS 40.688)
Lead-Based Paint Disclosure and Acknowledgment: required if constructed before
1978 (24
CFR 745.113)
Other:(list)_________________
FEDERAL FAIR HOUSING COMPLIANCE AND DISCLOSURES:All properties are offered without
regard to
race, color, religion, sex, national origin, age, gender identity or expression,
familial
status, sexual orientation, ancestry, or
handicap and any other current requirements of federal or state fair housing
laws.
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
Accepted by Seller and Buyer.
To facilitate Buyer's walk-through, Seller is responsible for keeping all necessary
utilities
on, including all operable pilot lights.
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.
If
Buyer elects not to conduct a walk-
through inspection prior to COE, then all systems, items and aspects of the Property
are
deemed satisfactory, and Buyer
releases Seller's liability for costs of any repair that would have reasonably been
identified
by a walk-through inspection,
except as otherwise provided by law.
DELIVERY OF POSSESSION:Seller shall deliver the Property along with any keys,
alarm
codes, garage door
opener/controls and, if freely transferable, parking permits and gate transponders
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 -OR- ____{{ date('d-m-Y', strtotime($item->coe_or)) }}______ . In the event
Seller does not vacate the Property by this time, Seller
shall be
considered a trespasser in addition to Buyer's other legal and equitable remedies. Any
personal property left on the Property
after the date indicated in this section shall be considered abandoned by
Seller.
RISK OF LOSS:Risk of loss shall be governed by NRS 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.
ASSIGNMENT OF THIS AGREEMENT:Unless otherwise stated herein, this Agreement is
non-assignable
unless agreed upon in writing by all parties.
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. Neither
Buyer nor
Seller will be reimbursed for any
expenses incurred in conjunction with due diligence, inspections, appraisals or any
other
matters pertaining to this transaction
(unless otherwise provided herein or except as otherwise provided by law).
DEFAULT:
MEDIATION:Before any legal action is taken to enforce any term or
condition under
this Agreement, the
parties agree to engage in mediation, a dispute resolution process, through a
mediator mutually
agreed upon by the parties.
Mediation fees, if any, shall be divided equally among the parties involved.
Notwithstanding
the foregoing, in the event the
Buyer finds it necessary to file a claim for specific performance, this section
shall not
apply. Each party is encouraged to have
an independent lawyer of their choice review this mediation provision before
agreeing thereto.
By initialing below, the parties
confirm that they have read and understand this section and voluntarily agree to
the provisions
thereof.
SELLER(S) INITIALS:
_____/_____/_____/_____
SELLER(S) INITIALS:
_____/_____/_____/_____
Each party acknowledges that he/she has read, understood, and agrees
to each and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.
Buyer's Name(s): {{ $item->buyer }}
BUYER(S) INITIALS:
_____/_____/_____/_____
Property Addess:
{{ $item->address }}
SELLER(S) INITIALS:
_____/_____/_____/_____
IF SELLER DEFAULTS:If Seller defaults in performance under this Agreement,
Buyer
reserves all legal
and/or equitable rights (such as specific performance) against Seller, and Buyer
may seek to
recover Buyer's actual damages
incurred by Buyer due to Seller's default.
IF BUYER DEFAULTS:If Buyer defaults in performance under this Agreement,
as Seller's
sole legal
recourse, Seller may retain, as liquidated damages, the EMD. In this respect,
the Parties agree
that Seller's actual damages would
be difficult to measure and that the EMD is in fact a reasonable estimate of the
damages that
Seller would suffer as a result of
Buyer's default. Seller understands that any additional deposit not considered
part of the EMD
in Section 1(B) herein will be
immediately released by ESCROW HOLDER to Buyer.
Instructions to Escrow
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.
UNCLAIMED FUNDS:In the event that funds dom 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 l20A 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.
Brokers
BROKER'S COMPENSATION/FEES:Buyer herein requires, and Seller agrees, as a condition of
this Agreement,
that Seller will pay Listing Broker and Buyer's Broker, who becomes by this clause a
third-party beneficiary to this Agreement,
that certain sum and/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. addition
to any
amount due to Buyer's Broker
from Seller or Seller's Broker, Buyer will —OR— will not pay Buyer's Broker
additional
compensation in an
amount determined between the Buyer and Buyer's Broker.
HOLD HARMLESS AND 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 himselfherself, 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 or their agents for (a) defects in the
Property; (b) inaccurate estimates of
Each party acknowledges that he/she has read, understood, and agrees to each and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.
Buyer's Name(s): {{ $item->buyer }}
BUYER(S) INITIALS:
_____/_____/_____/_____
Property Addess:
{{ $item->address }}
SELLER(S) INITIALS:
_____/_____/_____/_____
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.
Other Matters
DEFINITIONS:“Acceptance” means the date that both parties have
consented to a final,
binding contract by affixing
their signatures to this Agreement and all counteroffers and said Agreement and all
counteroffers have been delivered to both
parties pursuant to Section 24 herein. “Agent” means a licensee working under a
Broker or
licensees working under a developer.
“Agreement” includes this document as well as all accepted counteroffers and
addenda.
“Appraisal” means a written appraisal
or Notice of Value as required by any lending institution prepared by a licensed or
certified
professional. “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. “CFR” means the Code of Federal Regulations.
“CIC” means Common
Interest Community
(formerly known as “HOA” or homeowners associations). “CIC Capital
Contribution” means a
one-time non-administrative
fee, cost or assessment charged by the CIC upon change of ownership. “CIC Transfer
Fees” means
the administrative service
fee charged by a CIC to transfer ownership records. “Close of Escrow (COE)” means
the time of
recordation of the deed in
Buyer's name. “Default” means the failure of a Party to observe or perform any of
its material
obligations under this Agreement.
“Delivered” means personally delivered to Parties or respective Agents,
transmitted by
facsimile machine, electronic means,
overnight delivery, or mailed by regular mail. “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
closing. “FHA” is the U.S.
Federal Housing Administration. “GLVAR” means the Greater Las Vegas Association
of REALTORSOR.
“Good Funds”
means an acceptable form of payment determined by ESCROW HOLDER in accordance with NRS
645A.171. “IRC” means
the Internal Revenue Code (tax code). “LID” means Limited Improvement District.
“N/A” means
not applicable. “NAC”
means Nevada Administrative Code. “NRS” means Nevada Revised Statues as Amended.
“Party” or
“Parties” means Buyer
and Seller. “PITI” means principal, interest, taxes, and hazard insurance.
“PMI” 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. “RPA” means Residential
Purchase Agreement.
“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. “USC” is the United States Code.
“VA” is the
Veterans Administration.
SIGNATURES, DELIVERY, AND NOTICES:
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. This Agreement (and documents
related to any
resulting transaction) may be signed
by the parties manually or digitally. Facsimile signatures may be accepted as
original.
When a Party wishes to provide notice as
required in this Agreement, such notice
shall be sent regular mail,
personal delivery, overnight delivery, by facsimile, and/or by electronic
transmission to the
Agent for that Party. The notification
shall be effective when postmarked, received, faxed, delivery confirmed, and/or
read receipt
confirmed in the case of email.
Delivery of all instruments or documents associated with this Agreement shall be
delivered to
the Agent for Seller or Buyer if
represented. Any cancellation notice shall be contemporaneously delivered to
Escrow in the same
manner.
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
Each party acknowledges that he/she has read, understood, and agrees to each and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.
Buyer's Name(s): {{ $item->buyer }}
BUYER(S) INITIALS:
_____/_____/_____/_____
Property Addess:
{{ $item->address }}
SELLER(S) INITIALS:
_____/_____/_____/_____
HUD/VA/FHA ESCAPE CLAUSE:“It is expressly agreed that, notwithstanding any other
provisions of this
contract, the purchaser shall not be obligated to complete the purchase of the property
described herein or incur any penalty by
forfeiture of earnest money or otherwise unless the purchaser has been given, in
accordance with
HUD/FHA or VA
requirements, a written statement issued by the Federal Housing Commissioner, Department
of
Veterans Affairs, or a Direct
Endorsement Lender setting forth the appraised value of the property of not less that
the agreed
upon contract purchase price.
The purchaser shall, however, have the privilege and option of proceeding with the
consummation
of this contract without
regard to the amount of the appraised valuation. The appraised valuation is arrived at
to
determine the maximum mortgage the
Department of Housing and Urban Development will insure or percent the Department of
Veterans
Affairs will guarantee.
HUD/FHA or VA does not warrant the value or condition of the property. The purchaser
should
satisfy himself/herself that
the price and condition of the property are acceptable.
OTHER ESSENTIAL TERMS: 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
attorney's 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.
THIS FORM HAS BEEN APPROVED BY THE GREATER LAS VEGAS ASSOCIATION OF REALTORS%
(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.
ADDENDUM(S) ATTACHED:
ADDITIONAL TERMS:
Each party acknowledges that he/she has read, understood, and agrees to each and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.
Buyer's Name(s): {{ $item->buyer }}
BUYER(S) INITIALS:
_____/_____/_____/_____
Property Addess: {{ $item->address }}
SELLER(S) INITIALS:
_____/_____/_____/_____
Buyer's Acknowledgement of Offer
Confirmation of Representation:The Buyer is represented in this transaction
by:
Buyer's Broker:
{{ $item->agentName }}
Company Name:
{{ $item->agentCompany }}
Broker's License Number:
{{ $item->agentLicense }}
Phone:
{{ $item->agentPhone }}
Fax:
Agent's Name:
{{ $item->sellers_agent_name }}
Agent's License Number:
{{ $item->sellers_agent_license }}
Office Address
{{ $item->sellers_office_address }}
City, State, Zip:
Email:
BUYER LICENSEE DISCLOSURE OF INTEREST:Pursuant to NRS 645.252(1)(c), a real
estate licensee
must disclose ll if he/she is a principal in a transaction or has an interest in a
principal to
the transaction. Licensee declares that he/she:
DOES NOT have an interest in a principal to the transaction. —OR— DOES have the
following
interest, direct or indirect,
in this transaction: Principal (Buyer) —OR— family or firm relationship with Buyer or
ownership interest in Buyer (if
Buyer is an entity): (specify relationship)
____________________________________
Seller must respond by:_____( AM PM) on
(month)_____, (day)____,
(year)_____ . Unless
this
18 Agreement is accepted, rejected or countered below and delivered to the Buyer's
Broker before
the above date and time,
19 this offer shall lapse and be of no further force and effect. Upon Acceptance,
Buyer agrees to
be bound by each provision
20 of this Agreement. and all signed addenda, disclosures, and attachments.
:
AM PM
Buyer's Signature
Buyer's Printed Name
Date
Time
:
AM PM
Buyer's Signature
Buyer's Printed Name
Date
Time
:
AM PM
Buyer's Signature
Buyer's Printed Name
Date
Time
:
AM PM
Buyer's Signature
Buyer's Printed Name
Date
Time
Each party acknowledges that he/she has read, understood, and agrees to each
and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.
Buyer's Name(s): {{ $item->buyer }}
BUYER(S) INITIALS:
_____/_____/_____/_____
Property Addess: {{ $item->address }}
SELLER(S) INITIALS:
_____/_____/_____/_____
Seller's Response
Confirmation of Representation:The Seller is represented in this transaction
by
Seller's Broker:
{{ $item->sellers_broker_name }}
Company Name:
{{ $item->sellers_company_name }}
Broker's License Number:
{{ $item->sellers_brokers_license }}
Phone:
{{ $item->sellers_broker_phone_number }}
Fax:
{{ $item->sellers_broker_fax_number }}
Agent's Name:
{{ $item->sellers_agent_name }}
Agent's License Number:
{{ $item->sellers_agent_license }}
Office Address:
{{ $item->sellers_office_address }}
City, State, Zip:
Email:
SELLER LICENSEE DISCLOSURE OF INTEREST:Pursuant to NRS 645.252(1)(c), a real
estate licensee
must disclose ll if he/she is a principal in a transaction or has an interest in a principal to
the transaction. Licensee declares that he/she:
DOES NOT have an interest in a principal to the transaction. —OR—
DOES have the
following
interest, direct or indirect,
in this transaction: Principal (Seller) —OR— family or firm relationship with Seller or
ownership interest in Seller (if
Seller is an entity): (specify
relationship)_______________________________
FIRPTA:If applicable (as designated in the Seller's Response herein), Seller
agrees to
complete, sign, and deliver to Buyer's
FIRPTA Designee a certificate indicating whether Seller is a foreign person or a nonresident
alien pursuant to the Foreign
Investment in Real Property Tax Act (FIRPTA). A foreign person is a nonresident alien
individual; a foreign corporation not
treated as a domestic corporation; or a foreign partnership, trust or estate. A resident alien
is not considered a foreign person
under FIRPTA. Additional information for determining status may be found at www.irs.gov. Buyer
and Seller understand that
if Seller is a foreign person then the Buyer must withhold a tax in an amount to be determined
by Buyer's FIRPTA Designee in
accordance with FIRPTA, unless an exemption applies. Seller agrees to sign and deliver to the
Buyer's FIRPTA Designee the
necessary documents, to be provided by the Buyer's FIRPTA Designee, to determine if
withholding is required. (See 26 USC
Section 1445).
SELLER DECLARES that he/she is not —OR— is a foreign person therefore
subjecting this
transaction to FIRPTA
withholding. SELLER(S)
IINITIALS:_____/_____/_____/_____
ACCEPTANCE:Seller(s) acknowledges that he/she accepts and agrees to be bound
by each
provision of this Agreement,
30 and all signed addenda, disclosures, and attachments.
COUNTER OFFER:Seller accepts the terms of this Agreement subject to the
attached Counter
Offer #l.
REJECTION:ln accordance with NAC 645.632, Seller hereby informs Buyer the
offer presented
herein is not accepted.
:
AM PM
Seller's Signature
Seller's Printed Name
Date
Time
:
AM PM
Seller's Signature
Seller's Printed Name
Date
Time
:
AM PM
Seller's Signature
Seller's Printed Name
Date
Time
:
AM PM
Seller's Signature
Seller's Printed Name
Date
Time
Each party acknowledges that he/she has read, understood, and agrees to each and
every
provision of
this page unless a particular paragraph is
otherwise modified by addendum or counteroffer.