Central Virginia Regional MLS - The Richmond Association of

Central Virginia Regional MLS - The Richmond Association of
Central Virginia Regional MLS
Purchase Agreement
This is a legally binding document for the purchase of real property. If not understood, seek competent advice before signing.
(Paragraphs marked with an asterisk * require a blank to be filled in or checked.)
*This Purchase Agreement (the “Agreement”) is dated ____________, 20___, between ________________________
______________________________ ("Purchaser") and _________________________________________________
___________ (“Seller"). The parties acknowledge ________________________________________ ("Listing Broker")
represents Seller, and ____________________________________________ ("Selling Broker") represents Purchaser.
* 1. REAL PROPERTY: Purchaser agrees to buy and Seller agrees to sell the land, all improvements thereon, and
appurtenances thereto belonging, located in the City/County of ________________________________, Virginia.
Lot ____Block ____Section ____ of _______________________________________________________ Subdivision
Tax Parcel # ________________________________ Other______________________________________________
and more commonly known as: _____________________________________________________________________
together with the items of personal property described in paragraph 2 (the “Property”).
*2. PERSONAL PROPERTY INCLUDED: Included with the sale of the above real estate (if located within said
Property at the time of signing this Agreement, unless otherwise noted) are the shades, plantation shutters, blinds,
curtain and drapery rods, screens and screen doors, storm windows and doors, light fixtures, wall to wall carpeting,
garbage disposal, built-in range, built-in oven, built-in dishwasher, laundry tubs, attic fan, smoke and heat detectors,
awnings, electrical wiring connections for appliances, ceiling fan(s), garage door opener(s) and remotes, mailbox and
post, outbuildings and sheds, gas logs, fireplace inserts and all other items attached to the real estate and being a part
thereof, including all shrubbery and plantings on the Property. Also included are the following items:
______________________________________________________________________________________________
______________________________________________________________________________________________
*3. ADDENDA: The following addenda are made a part of this Agreement:
□ Lead-Based Paint Disclosure (required on all pre-1978 homes) □ Right of First Refusal □ Short Sale Addendum
□ “AS IS” Addendum
□ Other __________________________________________________________
*4. PURCHASE PRICE: The Purchase Price of the Property is __________________________________ Dollars
($____________________), which shall be paid to Seller at settlement, subject to the pro-rations described herein
and/or from the following sources [check all applicable box(es)]:
□
This sale is not subject to financing. Purchaser shall pay all cash at closing by bank certified funds or bank wire.
□ This sale is subject to financing. This is subject to Purchaser being able to obtain or assume a [select loan type]:
□ Conventional; □ FHA; □ VA; □ VHDA or □ other ______________________________ loan in an amount not
less than ____% of the Purchase Price OR $_______________ (“Loan Amount”), secured by a first deed of
trust lien on the Property bearing interest at a [select one box]:
□ fixed rate not exceeding ____% per year OR
□ at an adjustable rate with an initial rate not to exceed ____% per year and a maximum rate not to
exceed ___% during the term of the loan OR
□ at the prevailing rate of interest at the time of settlement.
This loan shall be amortized over a term of ___ years and shall require not more than a total of ____ discount and
origination points. (If this Agreement provides for the assumption of a loan, the parties acknowledge that the
balance set forth above is approximate and that the principal amount to be assumed will be the outstanding
principal balance on the date of settlement, and Purchaser shall assume all obligations of Seller under such loan
with the exception of past due charges for which the Seller shall be liable). Purchaser shall pay the balance of the
Purchase Price at settlement, less any deposit, loan amount and/or other credits set forth in this Agreement.
□
Seller agrees to pay at settlement (to be reflected on the settlement statement) the sum of $_________ towards
Purchaser’s closing costs, prepaids, discount points and loan expenses.
*This sale [select one]: □ is OR □ is not further subject to the Property’s appraised value equaling or exceeding the
Purchase Price, which value shall be determined by an appraiser selected by Purchaser’s lender (if a cash purchase,
the appraiser shall be selected by Purchaser and the appraisal shall be ordered within ten (10) days of the Date of
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Ratification). If the Purchase Price exceeds the appraised value, Purchaser shall either: (i) may proceed with
consummation of this Agreement without regard to the amount of the appraised value, or (ii) make a written request to
Seller within five (5) days of receipt of the appraisal for a reduction in the Purchase Price so long as the reduced
Purchase Price is not lower than the appraised value, and provide Seller a copy of the appraisal (or lender verification
of the appraised value). Seller shall then have five (5) days to respond to Purchaser’s request for a reduction in the
Purchase Price. If the parties are unable to agree upon a Purchase Price, then Purchaser may terminate this
Agreement by written notice to Seller, and subject to the provisions of Paragraph 6, Purchaser’s Deposit shall be
refunded in full to Purchaser and neither party shall have any further obligation hereunder. For purposes of this
paragraph, Purchaser is deemed to have received a copy of the appraisal when Purchaser is notified in writing of the
appraised value of the Property. If Purchaser does not request a reduction in the Purchase Price within five (5) days
after receipt of the appraisal, then this condition shall be deemed waived by Purchaser.
5. FINANCING: If this Agreement is conditioned upon Purchaser obtaining financing, Purchaser shall make written
application for such loan within seven (7) days after the Date of Ratification (as defined in Paragraph 25) and shall
make diligent effort to secure a written loan commitment no later than 5:00 p.m. on the settlement date set forth in
Paragraph 7. If, at the time of such loan application, Purchaser chooses not to lock-in the rate and/or points that meet
or exceed the requirements set forth in Paragraph 4, Purchaser waives such rate and point contingency. If this
Agreement is not conditioned upon Purchaser obtaining financing, Purchaser shall provide Seller with written
verification from a third-party in possession of Purchaser’s assets within seven (7) days after the Date of Ratification
that Purchaser has sufficient assets to pay the balance of the Purchase Price at settlement. If Purchaser fails to
comply with any of the provisions of this paragraph or fails to obtain a written loan commitment by 5:00 p.m. on the
settlement date, then Seller may terminate this Agreement by written notice to Purchaser, and subject to the provisions
of Paragraph 6, Purchaser’s Deposit shall be refunded in full to Purchaser, and neither party shall have any further
obligation hereunder. As used in this paragraph, “diligent effort” shall mean that Purchaser has provided all information
or documentation requested by a lender within seven days of each such request and paid all costs associated with
such loan application, including but not limited to, application fees, credit reports and appraisal(s). Purchaser
authorizes the lender to disclose to Seller’s real estate licensee information about the progress of the loan application
and approval, including whether Purchaser has complied with the lender’s requests and paid all costs associated with
such application. If, after diligent effort, Purchaser is unable to obtain financing, then this Agreement shall terminate,
and subject to the provisions of Paragraph 6, Purchaser’s Deposit shall be refunded in full to Purchaser, and neither
party shall have any further obligation hereunder.
*6. DEPOSIT: Purchaser shall make a deposit of $___________ to be held by _______________________________
(the “Escrow Agent”) in the form of: □ check □ cash □ other _______________________ (the “Deposit”). Purchaser
[select one]: □ has paid the Deposit to the Escrow Agent OR □ will pay the Deposit to the Escrow Agent within
______ days (the “Extended Deposit Date”) after the Date of Ratification. If Purchaser fails to pay the Deposit as set
forth herein, then Purchaser shall be in breach of this Agreement. In such event, at Seller’s option and in lieu of all
other remedies set forth in this Agreement, Seller may terminate this Agreement by written notice to Purchaser and
neither party shall have any further obligation hereunder. If the Escrow Agent is a Virginia Real Estate Board (“VREB”)
licensee, the parties direct the Escrow Agent to place the Deposit in an escrow account by the end of the fifth business
banking day following the latter of: (i) ratification and delivery of this Agreement as defined in Paragraph 25, or (ii) the
Extended Deposit Date. If the Escrow Agent is not a VREB licensee, the parties direct the Escrow Agent to place the
Deposit in an escrow account in conformance with applicable Federal or Virginia law and regulations. The Deposit
may be held in an interest bearing account and the parties waive any claim to interest resulting from such Deposit.
The Deposit shall not be released by the Escrow Agent until (i) credited toward the purchase price at settlement; (ii)
Seller and Purchaser agree in writing as to its disposition, (iii) a court of competent jurisdiction orders a disbursement
of the funds, or (iv) disbursed in such manner as authorized by the terms of this Agreement and governed by Virginia
law and/or regulations. Seller and Purchaser agree that Escrow Agent shall have no liability to any party for disbursing
the Deposit in accordance with this paragraph, except in the event of Escrow Agent’s negligence or willful misconduct.
*7. SETTLEMENT; POSSESSION: Settlement shall be made at the offices of ______________________________
_______________________________on or before [select one box and insert closing date]:
□ _____________________, 20_______, or a reasonable time thereafter if the Purchaser or Seller is making diligent
effort to satisfy any contingencies contained in this Agreement.
OR
□_______________________, 20___, and subject to Seller’s right to cure any title defects as set forth in Paragraph
22B, if settlement does not occur within ten (10) days following such date, a party who is ready, willing and able to
close under the terms of this Agreement may terminate this Agreement by written notice to the other party, and subject
to the provisions of Paragraph 6, Purchaser’s Deposit shall be refunded in full to Purchaser, and neither party shall
have any further obligation hereunder.
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Possession of the Property shall be given at settlement, unless otherwise agreed in writing by the parties.
Seller and Purchaser authorize and direct the settlement agent to provide a unified copy of the HUD-1 Settlement
Statement for this transaction to the Seller, Purchaser, Listing Broker and Selling Broker. Failure to check one box
above shall not invalidate this Agreement. The settlement date shall be as inserted above.
*8. OCCUPANCY DISCLOSURE: Purchaser intends to □ occupy
□ not occupy the Property as a principal residence.
*9. RESIDENTIAL PROPERTY DISCLOSURE: Seller represents that the Property [select one]: □ is □ is not subject
to the Virginia Residential Property Disclosure Act, Sections 55-517 et. seq. of the Code of Virginia, which requires the
Seller of certain residential property to furnish the Purchaser with a Residential Property Disclosure Statement.
Property Disclosure [select one] □ is □ is not attached. (Attachment does not become part of this Agreement.)
10. FAIR HOUSING DISCLOSURE: All offers shall be presented and considered without regard to race, color,
religion, sex, handicap, familial status, elderliness or national origin as well as all classes protected by the laws of the
United States, the Commonwealth of Virginia and applicable local jurisdiction.
*11. PROPERTY OWNERS’ ASSOCIATION DISCLOSURE: The Seller represents that the Property [select one]:
□ is □ is not located within a development which is subject to the Virginia Property Owners’ Association Act (Sections
55-509 et. seq. of the Code of Virginia) (the “Act”). If the Property is within such a development, the Act requires the
Seller to obtain from the property owners’ association an association disclosure packet and provide it to the Purchaser,
or Purchaser’s authorized agent. The information contained in the association disclosure packet shall be current as of
the specified date on the disclosure packet. The Purchaser may cancel this Agreement (a) within 3 days after the date
of this Agreement, if on or before the date that the Purchaser signs this Agreement, the Purchaser receives the
association disclosure packet or is notified that the association disclosure packet is not available; (b) within 3 days
after receiving the association disclosure packet, if the association disclosure packet or notice that the association
disclosure packet will not be available is hand delivered, delivered by electronic means or delivered by a commercial
overnight delivery service or the United Parcel Service, and a receipt obtained; or (c) within 6 days after the postmark
date if the association disclosure packet or notice that the association disclosure packet will not be available is sent to
the Purchaser by United States mail. The Purchaser may also cancel this Agreement at any time prior to settlement if
the Purchaser has not been notified that the association disclosure packet will not be available and the association
disclosure packet is not delivered to the Purchaser. Notice of cancellation shall be provided to the Seller (owner) or his
agent by one of the following methods: (i) hand delivery; (ii) United States mail, postage prepaid, provided the sender
retains sufficient proof of mailing, which may be either a United States postal certificate of mailing or a certificate of
service prepared by the sender confirming such mailing; (iii) electronic means provided the sender retains sufficient
proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that the notice was sent
by facsimile, or a certificate of service prepared by the sender confirming the electronic delivery; or (iv) overnight
delivery using a commercial service or the United States Postal Service. In the event of a dispute, the sender shall
have the burden to demonstrate delivery of the notice of cancellation. Such cancellation shall be without penalty, and
the Seller shall cause any deposit to be returned promptly to the Purchaser, but not later than thirty days from the date
of cancellation. Seller shall provide written instructions to the Association for delivery of the disclosure packet to
Purchaser or Purchaser’s authorized agent. The right to receive the association disclosure packet and to cancel this
Agreement terminates at settlement. If the Purchaser has received the association disclosure packet, the Purchaser
has a right, at Purchaser’s sole expense, to request an update of such disclosure packet from the property owners’
association in accordance with subsection G of Section 55-509.6 or subsection C of Section 55-509.7 as appropriate.
A request for an updated disclosure packet does not extend the cancellation periods set forth above.
*12. CONDOMINIUM DISCLOSURE: The Seller represents that the Property [select one]: □ is □ is not a
condominium resale, which is subject to the Virginia Condominium Act (Section 55-79.39 et seq. of the Code of
Virginia) (the “Condominium Act”). If the Property is a condominium resale, the Condominium Act requires the Seller to
obtain from the unit owners’ association a resale certificate and provide it to the Purchaser or purchaser’s authorized
agent. The information contained in the resale certificate shall be current as of the specified date on the resale
certificate. The Purchaser may cancel this Agreement (a) within 3 days after the date of this Agreement, if on or before
the date that the Purchaser signs this Agreement, the Purchaser receives the resale certificate; (b) within 3 days after
receiving the resale certificate if the resale certificate is hand delivered, delivered by electronic means or delivered by a
commercial overnight delivery service or the United Parcel Service, and a receipt obtained; or (c) within 6 days after
the postmark date if the resale certificate is sent to the Purchaser by United States mail. Notice of cancellation shall be
provided to the Seller (owner) or his agent by one of the following methods: (i) hand delivery; (ii) United States mail,
postage prepaid, provided the sender retains sufficient proof of mailing, which may be either a United States postal
certificate of mailing or a certificate of service prepared by the sender confirming such mailing; (iii) electronic means
provided the sender retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a
confirmation that the notice was sent by facsimile, or a certificate of service prepared by the sender confirming the
electronic delivery; or (iv) overnight delivery using a commercial service or the United States Postal Service. In the
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event of a dispute, the sender shall have the burden to demonstrate delivery of the notice of cancellation. Such
cancellation shall be without penalty, and the Seller shall cause any deposit to be returned promptly to the Purchaser,
but not later than thirty days from the date of cancellation. Seller shall provide written instructions to the Association for
the delivery of the resale certificate to Purchaser or Purchaser’s authorized agent. The right to receive the resale
certificate and to cancel this Agreement terminates at settlement. If the Purchaser has received the resale certificate,
the Purchaser has a right, at Purchaser’s sole expense, to request from the unit owners’ association a resale certificate
update or financial update in accordance with Section 55-79.97:1. A request for an updated resale certificate does not
extend the cancellation periods set forth above.
13. MECHANIC'S LIEN DISCLOSURE: Virginia law (§43-1 et seq.) permits persons who have performed labor or
furnished materials for the construction, removal, repair or improvement of any building or structure to file a lien
against the Property. This lien may be filed at any time after the work is commenced or the material is furnished, within
90 days from the last day of the month in which the lienor last performed work or furnished materials or 90 days from
the time the construction, removal, repair or improvement is terminated. AN EFFECTIVE LIEN FOR WORK
PERFORMED PRIOR TO THE DATE OF SETTLEMENT MAY BE FILED AFTER SETTLEMENT. LEGAL COUNSEL
SHOULD BE CONSULTED. Seller shall deliver to Purchaser at settlement an affidavit in a form acceptable to
Purchaser’s title company, signed by Seller, that no labor or materials have been furnished to the Property within the
statutory period for the filing of mechanics’ or materialmens’ liens against the Property. If labor or materials have been
furnished to the Property during the statutory period, Seller shall deliver to Purchaser an affidavit signed by Seller and
the person(s) furnishing the labor and/or materials that such items have been paid.
*14. PROPERTY INSPECTION [select one]:
□ Purchaser waives a property inspection of the Property.
OR
□ Seller hereby grants to Purchaser the right to have the Property inspected by firm(s) selected by the Purchaser at
Purchaser’s expense and to request repair and/or repair credit of defects revealed. Inspections may include, but are
not limited to, all structural and building components and systems, radon gas, underground storage tanks, soil
condition, environmental testing and engineering studies. The term “defects” as used in this paragraph shall mean (i) a
condition which impairs the normal stability, safety or use of any improvements (buildings) on the Property, or (ii)
damage to any part of the improvements, but shall exclude any cosmetic flaws, antiquated systems or grandfathered
components that are in working order but would not comply with current building code if constructed or installed today.
Purchaser shall provide Seller with an inspection report, cost of repairs and a written request for repair and/or repair
credit of such defects NO LATER THAN: [select one]: □ _____ days after the Date of Ratification OR □ __________
(Time) on ________________________ (Date). If no box is checked, the parties agree that Purchaser shall provide
Seller with an inspection report, cost of repairs and a written request for repair and/or repair credit for such defects no
later than ten (10) days after the Date of Ratification. In its written request for repairs, Purchaser reserves the right to
request that certain repairs be performed by a contractor currently licensed by the Virginia Board of Contractors. If
Purchaser has not submitted the inspection report, cost of repairs and a written request for repairs and/or repair credit
for such defects to Seller by said date, then Purchaser waives the right to request repairs and/or a repair credit, agrees
that the present condition of the Property is satisfactory, and will proceed to Settlement in accordance with the
Purchase Agreement. Seller shall respond in writing to Purchaser’s repair request within seven (7) days of its receipt
(the “Negotiation Period”). If Seller agrees in writing to accept such request, then the parties shall proceed to
settlement. If Seller does not respond in writing within the Negotiation Period, then Seller shall be deemed to have
rejected Purchaser’s repair request.
At any time during the Negotiation Period, (i) Purchaser shall have the right to accept in writing Seller’s currently
offered repairs and repair credit and the parties shall proceed to settlement, and (ii) Seller shall have the right to agree
in writing to make the repairs and pay the repair credit, if any, then requested by Purchaser and the parties shall
proceed to settlement. Seller may not require Purchaser to accept a repair credit in lieu of repairs requested by
Purchaser. Further, no party may unilaterally terminate this Agreement during the Negotiation Period, provided
th
however, if, by 5:00 p.m. on the seventh (7 ) day of the Negotiation Period, no final agreement is reached as to the
repairs, Purchaser shall have until 5:00 p.m. on the second day after the end of the Negotiation Period to either: (i)
terminate this Agreement by written notice to Seller, or (ii) accept in writing Seller’s last offered repairs and/or repair
credit and proceed to settlement. If Purchaser terminates this Agreement or fails to notify Seller of its election within
the said two (2) day period, then this Agreement shall terminate, and subject to the provisions of Paragraph 6,
Purchaser’s Deposit shall be refunded in full to Purchaser, and neither party shall have any further obligation
hereunder.
All repairs pursuant to Paragraph 14 shall be made in a workmanlike manner prior to settlement or such other time as
agreed to by the parties. Unless otherwise agreed to by the parties, Seller shall provide Purchaser with paid receipts
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for all repairs prior to settlement or if repairs are to be paid from Seller’s proceeds, Seller shall provide written invoices
to Purchaser and the settlement agent directing disbursement of Seller’s proceeds for payment of said invoices.
Seller shall have all utilities supplied to all systems prior to the inspection. If Seller fails to have all utilities supplied to
all systems prior to Purchaser’s inspection, then the expiration of the inspection period set forth above shall be
extended until ten (10) days following the date that Purchaser is notified by Seller that all utilities have been supplied
to all systems. Purchaser and Seller, their heirs, and assigns, hereby jointly and severally release and forever
discharge the Listing and Selling Brokers and its real estate licensees in this transaction, from any and all liabilities,
obligations, causes or action, claims and demands whatsoever arising out of or in any way connected with any or all
work performed, materials furnished or inspections performed in connection with the captioned Property by
contractors, suppliers or inspectors hired by them on behalf of the parties of this Agreement. Purchaser and Seller
acknowledge that the provisions of this Paragraph 14 are in addition to treatments or repairs made pursuant to
Paragraphs 22E, 22F and 22G.
15. DEFAULT: If either Seller or Purchaser defaults under this Agreement, the defaulting party, in addition to all other
remedies available at law or in equity, shall be liable for the brokerage fees set forth in Paragraph 17 and any
brokerage fees set forth in Seller’s Listing Agreement with the Listing Broker for the Property (which document is
hereby incorporated herein by this reference) as if this Agreement and Seller’s Listing Agreement had been performed,
and for any damages and all expenses incurred by the non-defaulting party, the Listing Broker and the Selling Broker
in connection with this transaction and the enforcement of this Agreement and Seller’s Listing Agreement, including,
without limitation, attorney’s fees and court costs. Payment of a real estate broker’s fee as the result of a transaction
relating to the Property which occurs subsequent to a default under this Agreement, shall not relieve the defaulting
party of liability for any brokerage fees due under this Agreement or Seller’s Listing Agreement, or for any damages
and expenses, including attorney’s fees and court costs, incurred by the non-defaulting party, the Listing Broker and
the Selling Broker in connection with this transaction.
16. Choice of Settlement Agent: Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia provides
that the purchaser or borrower has the right to select the settlement agent to handle the closing of this
transaction. The settlement agent's role in closing this transaction involves the coordination of numerous
administrative and clerical functions relating to the collection of documents and the collection and
disbursement of funds required to carry out the terms of the contract between the parties. If part of the
purchase price is financed, the lender for the purchaser will instruct the settlement agent as to the signing
and recording of loan documents and the disbursement of loan proceeds. No settlement agent can provide
legal advice to any party to the transaction except a settlement agent who is engaged in the private practice of
law in Virginia and who has been retained or engaged by a party to the transaction for the purpose of
providing legal services to that party.
Variation by agreement: The provisions of Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia
may not be varied by agreement, and rights conferred by this chapter may not be waived. The seller may not
require the use of a particular settlement agent as a condition of the sale of the property.
Escrow, closing, and settlement service guidelines: The Virginia State Bar issues guidelines to help
settlement agents avoid and prevent the unauthorized practice of law in connection with furnishing escrow,
settlement or closing services. As a party to a real estate transaction, the purchaser or borrower is entitled to
receive a copy of these guidelines from his settlement agent, upon request, in accordance with the provisions
of Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia.
*17. BROKERAGE FEE: Seller authorizes and directs the settlement agent to disburse to Listing Broker and Selling
Broker from the settlement proceeds their respective brokerage fees payable as a result of the sale and settlement set
forth under this Agreement. Prior to settlement, Listing Broker and/or Selling Broker shall deliver to the settlement
agent a signed written statement setting forth the disbursement instructions for payment of any brokerage fees and
any sales incentives payable to each broker.
*18. HOME WARRANTY INSURANCE: Purchaser has been advised of the availability of a one year warranty
program and □ declines coverage OR □ elects to purchase the home warranty program. The cost of the
___________________ home warranty program is $_____________ and is to be paid by □ Purchaser OR □ Seller at
settlement. The parties acknowledge that Listing and/or Selling Brokers and their respective licensees may receive a
fee for each home warranty sold.
19. RELATED BUSINESS AND SERVICES: The Listing Broker and Selling Broker may engage in mortgage loan,
homeowner’s and title insurance, real estate settlement, home warranty and other real estate related businesses and
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services from which they receive compensation during the course of this transaction, in addition to the real estate
brokerage fees.
20. PURCHASER DISCLOSURE: Purchaser warrants he/she does not own any real or personal property that must be
sold and settled prior to the settlement of this Agreement, except as disclosed in this Agreement.
*21. ADDITIONAL TERMS:
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
22. STANDARD PROVISIONS:
A. EXPENSE PRORATIONS: Seller agrees to pay the expense of preparing the deed and the applicable grantors tax,
release fees, and any other fees applicable to the grantor by custom. Except as otherwise agreed herein, Purchaser shall
pay all expenses incurred by Purchaser in connection with this Agreement, including without limitation, title examination fees,
title insurance premiums, survey costs, recording costs and Purchaser's attorney's fees. All taxes, assessments, interest,
rent escrow deposits and other ownership fees, if any, shall be prorated as of the date of settlement. In addition to the
Purchase Price, Purchaser agrees to pay Seller for all fuel oil and propane/LP gas remaining in any tanks (if applicable) at
the prevailing market price as of the date of settlement. NOTICE REGARDING TITLE INSURANCE: Purchaser may
purchase either a “standard” or “enhanced” coverage title insurance policy. For purposes of the owner’s policy premium rate
disclosed by Purchaser’s lender, if any, Seller and Purchaser require that the enhanced rate be quoted by Purchaser’s
lender. Purchaser understands that nothing herein obligates Purchaser to obtain an owner’s title insurance policy or any
specific title insurance coverage. The availability of enhanced coverage is subject to underwriting criteria of the title insurer.
B. TITLE: At settlement Seller shall convey the Property to Purchaser by a general warranty deed containing English
covenants of title, free of all encumbrances, tenancies, and liens (for taxes or otherwise), but subject to such restrictive
covenants and utility easements of record which do not materially and adversely affect the use of the Property for residential
purposes or render the title unmarketable. If the Property does not abut a public road, title to the Property must include a
recorded easement providing adequate access thereto. In the event this sale is subject to a financing contingency under
Paragraph 4, the access to a public road must be acceptable to the lender. If the examination reveals a title defect that can
be remedied by legal action or otherwise within a reasonable time, Seller, at his/her expense, shall promptly take such action
as is necessary to cure such defect. If the defect is not cured within sixty (60) days after Seller receives notice of the defect,
then either party may terminate this Agreement at the expiration of such sixty (60) day period by written notice to the other
party. Upon termination of this Agreement, and subject to the provisions of Paragraph 6, Purchaser’s Deposit shall be
refunded in full to Purchaser and neither party shall have any further obligation hereunder. The parties agree that the
settlement date prescribed in Paragraph 7 shall be extended if necessary to enable Seller to cure any title defect, but not for
more than sixty (60) days, time being of the essence.
C. LAND USE ASSESSMENT: In the event the Property is taxed under land use assessment and this sale results in
disqualification from land use eligibility, Seller shall pay any rollback taxes assessed. If the Property continues to be eligible
for land use assessment, Purchaser agrees to make application at Purchaser's expense for continuation under land use, and
to pay any rollback taxes resulting from failure to file or to qualify. Notwithstanding anything herein to the contrary, the
provisions of this Paragraph C shall survive settlement and the delivery of the deed.
D. RISK OF LOSS: All risk of loss or damage to the Property by fire, windstorm, casualty or other cause is assumed by
Seller until settlement. In the event of substantial loss or damage to the Property before settlement, Purchaser shall have the
option of either (i) terminating this Agreement, and subject to the provisions of Paragraph 6, Purchaser’s Deposit shall be
refunded in full to Purchaser and neither party shall have any further obligation hereunder, or (ii) affirming this Agreement, in
which event Seller shall assign to Purchaser all of Seller's rights under any policies of insurance applicable to the Property.
E. EQUIPMENT CONDITION AND INSPECTION: Purchaser agrees to accept the Property at settlement in its physical
condition at the time the Date of Ratification by all parties, except as otherwise provided herein. Seller warrants that all
appliances, heating and cooling equipment, plumbing systems and electrical systems will be in working order at the time of
Settlement or at Purchaser’s occupancy, whichever occurs first. Seller agrees to deliver the Property in broom-clean
condition and to exercise reasonable and ordinary care in the maintenance and upkeep of the Property between the date this
Agreement is executed by Seller and Settlement or at Purchaser’s occupancy, whichever occurs first. Seller grants to
Purchaser or his representatives the right to make a pre-occupancy or pre-settlement inspection to verify that the condition of
the Property conforms to this Agreement and to ensure that repairs, if any, have been completed.
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F. WELL AND SEPTIC:
If the Property is served by a well and/or septic system, Seller agrees to furnish Purchaser with certificate dated not more
than 30 days prior to settlement from the appropriate governmental authority or from a licensed and insured private
company, indicating that the well water is free from contamination by coliform bacteria and that there is no evidence of
malfunction of the septic system. If Purchaser obtains a VA loan, the well water shall also be tested by Seller and certified as
being free from lead contamination. Inspection of the septic system shall include [check all applicable boxes]:
□ visual inspection of drainfield surface with rod probing
□ pumping contents and visual inspection of all tanks
□ other (describe): ____________________________________________________________________________.
□ inspection per manufacturer’s guidelines of alternative septic system.
If well water contamination and/or septic system malfunctions are found, Seller shall repair all malfunctions and correct the
well contamination at Seller’s expense. Subject to the limitation set forth in Paragraph H below, if Seller fails to comply with
any provision of this paragraph, then Purchaser may: (i) utilize the remedies set forth in Paragraph 15; (ii) accept the
Property in its current condition; or (iii) terminate this Agreement by written notice to Seller, and subject to the provisions of
Paragraph 6, Purchaser’s Deposit shall be refunded in full to Purchaser, and neither party shall have any further obligation
hereunder.
G. WOOD INFESTATION: Prior to settlement, Seller shall furnish Purchaser with an inspection report from a Virginia
licensed termite control company concerning the presence of, or damage from, termites or other wood destroying insects. If
the inspection reveals active infestation or damage caused by wood destroying insects, whether past or present, to the (i)
primary dwelling, (ii) any other dwelling(s) on the Property with a valid certificate of occupancy, and (iii) the following
additional structures ______________________________________________________, Seller shall have the affected area
treated and have the damage repaired by a reputable company. The treatment company shall furnish a one-year warranty
on such treatment. Subject to the limitation imposed by Paragraph H below, if Seller fails to comply with any provision of this
paragraph, Purchaser may: (i) utilize the remedies set forth in Paragraph 15; (ii) accept the Property in its current condition;
or (iii) terminate this Agreement by written notice to Seller, and subject to the provisions of Paragraph 6, Purchaser’s Deposit
shall be refunded in full to Purchaser, and neither party shall have any further obligation hereunder.
*H. LIMITATION: If the total costs of fulfilling Seller’s repair or treatment obligations set forth in Paragraphs F and G above
exceeds $___________ (“Repair Limit”), then Seller shall have the option to: (i) fulfill Seller’s obligations set forth herein; or
(ii) pay or credit the Repair Limit to Purchaser and refuse to pay any excess of the Repair Limit. If Seller elects option (ii),
Purchaser shall have the right to either accept the Property in its present condition (in which case the Seller shall pay or
credit the Repair Limit to Purchaser at settlement), or to terminate this Agreement by written notice to Seller, and subject to
the provisions of Paragraph 6, Purchaser’s Deposit shall be refunded in full to Purchaser, and neither party shall have any
further obligation hereunder. If no Repair Limit is entered in this paragraph, the parties agree that the amount shall be
$1,000.00. The Repair Limit is independent of any obligations agreed to by Seller pursuant to Paragraph 14 or any
inspection/repair addendum.
I. VA/FHA Loans: It is expressly agreed that notwithstanding any other provisions of this Agreement, the Purchaser shall not
be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of earnest money
deposits or otherwise unless the Purchaser has been given in accordance with HUD/FHA or VA requirements a written
statement by the Federal Housing Commissioner, Veterans Administration, or a director endorsement lender setting forth the
appraised value of the Property of not less than the Purchase Price. The Purchaser shall have the privilege and option of
proceeding with consummation of this Agreement without regard to the amount of the appraised value. The appraised value
is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does
not warrant the value or the condition of the Property. The Purchaser should satisfy himself/herself that the price and
condition of the Property are acceptable.
J. NONBINDING MEDIATION: Unless waived by mutual agreement of the parties, any disputes or claims arising out of this
Agreement (except matters involving mechanics liens or licensing) shall be submitted to mediation prior to instituting
arbitration or litigation. The cost of mediation will be shared equally between Purchaser and Seller. The mediation shall be
non-binding, unless a satisfactory settlement has been reached. Thus, if no settlement is reached, the parties are not bound
by the mediation and may pursue any course of action. If a settlement is reached, it shall be binding upon the parties. The
mediation shall be provided by a mutually agreeable mediator. Judicial actions to provide provisional remedies, such as an
injunction or a lis pendens, shall not be prohibited by the agreement to mediate, nor shall it waive a party's right to mediate.
K. MISCELLANEOUS: This Agreement represents the entire agreement between Seller and Purchaser and may not be
modified or changed except by written instrument executed by the parties. This Agreement shall be construed according to
the laws of the Commonwealth of Virginia and shall be binding upon and shall inure to the benefit of the heirs, personal
representatives, successors, and assigns of the parties. To the extent any handwritten or typewritten terms herein conflict
with, or are inconsistent with the pre-printed terms hereof, the handwritten or typewritten terms shall control. This Agreement
may only be assigned by Purchaser with the written consent of the Seller. If the Seller agrees in writing to an assignment of
this Agreement, Purchaser shall remain obligated hereunder until settlement. The parties agree that faxed or electronic
transmission of any signed original document shall have the same effect as an original. As used in this Agreement, a “day”
shall mean a calendar day unless otherwise noted. This Agreement may be signed in one or more counterparts, each of
which is deemed to be an original and all of which shall together constitute the same instrument. No party will refuse delivery
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of any notice from the other party in order to hinder or delay any deadline established in this Agreement. UNLESS
OTHERWISE PROVIDED HEREIN, THE PROVISIONS OF THIS AGREEMENT AFFECTING TITLE SHALL BE DEEMED
MERGED INTO THE DEED DELIVERED AT SETTLEMENT AND SHALL NOT SURVIVE SETTLEMENT.
23. SELLER REPRESENTATION: Seller warrants that the person(s) signing this Agreement as “Seller” include(s)
every person who possesses an ownership interest in the Property or who will be a necessary party to convey clear
title to the Property.
*24. ELECTRONIC SIGNATURES. ______ /______ If this paragraph is initialed by both parties, then in accordance
with the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce
Act, or E-Sign, regarding electronic signatures and transactions, the parties do hereby expressly authorize and agree
to the use of electronic signatures as an additional method of signing and/or initialing this Agreement. The parties
hereby agree that either party may sign electronically by utilizing an electronic signature service.
*25. ACCEPTANCE: This Agreement becomes a legally binding agreement only upon ratification and delivery.
Unless ratification and delivery of this Agreement occurs by _________ □ a.m. or □ p.m. on ______________, 20___,
this offer shall expire.
As used herein, “ratification and delivery” means delivery of a final accepted and signed Agreement to the
other party or their respective broker or salesperson by hand delivery, fax or electronic transmission, or by a
professional courier service (including overnight delivery service) or by United States mail with return receipt
requested. In the event of a dispute, the sender shall have the burden to demonstrate delivery to the recipient of the
final accepted and signed Agreement. “Date of Ratification” means the date upon which ratification and delivery occurs.
Purchaser and Seller understand that they shall have the right to withdraw any offer at any time prior to ratification and
delivery. If either party withdraws an offer, notice shall be deemed effective upon receipt. If any offer is withdrawn, all
deposits shall be returned to the Purchaser at no penalty.
WITNESS the following authorized signatures:
___________________________________________ ____________________________________________
Purchaser
Date
Seller
Date
____________________________________________ ____________________________________________
Purchaser
Date
Seller
Date
____________________________________________ ____________________________________________
Purchaser
Date
Seller
Date
The following is for informational purposes only:
Selling Broker Company’s Name and Address
Listing Company’s Name and address
_______________________________________
___________________________________________
_______________________________________
___________________________________________
_______________________________________
___________________________________________
Office Phone ____________________________
Office Phone ________________________________
Office Fax ______________________________
Office Fax __________________________________
Purchaser’s Salesperson’s Information:
Name __________________________________
Email __________________________________
Cell No. ________________________________
Seller’s Salesperson’s Information:
Name ______________________________________
Email ______________________________________
Cell No. ____________________________________
COPYRIGHT©2015 by the Central Virginia Regional MLS, LLC (“CVRMLS”). All rights reserved. This form may be used only by
members in good standing of the CVRMLS. The reproduction of this form, in whole or in part, or the use of the names “Central
Virginia Regional MLS” or “CVRMLS”, in connection with any other form, is prohibited without prior written consent of CVRMLS.
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