Good PA Contract??

REAL ESTATE PURCHASE CONTRACT
This is a legally binding contract; if not understood seek legal advice.

Date: _______________________

PROPERTY: The undersigned Buyer(s) , hereby agrees to purchase from the undersigned Seller(s) ("Seller" the following real property, to wit:
Lots: Block: , Addition To: County, , which street or rural address is , , ,

together with all the improvements and the appurtenances, if any, thereunto belonging, subject to existing zoning ordinances, restrictions, easements, and mineral rights previously reserved, or conveyed of record (collectively "the Property" upon the following terms and conditions:


TERMS: Buyer shall pay for the Property the sum of Dollars ($) payable as follows:
(a) The sum of $ (Check) as Earnest Money, receipt of which is hereby acknowledged, and upon acceptance in writing and delivery of this Contract, the Earnest Money shall be assigned to and deposited in the trust account of Listing Broker to be applied on the purchase price and/or closing costs, if any, at the time of Closing;
(b) At Closing, IN CASH OR CERTIFIED FUNDS, the further sum of $ (subject to the adjustments set forth in this Contract and the Supplemental Financing Agreement attached hereto and made a part hereof); and
(c) Loan(s), if any, in the sum of $ set forth in the attached Supplemental Financing Agreement.

CONDITION OF PROPERTY:
(a) Prior to signing this Contract, Buyer acknowledges receipt of a Seller's disclosure statement for residential property.
(b) Prior to Closing Buyer, at Buyer's expense (except as a Seller's expense in VA transactions), shall receive a termite clearance certificate based on an inspection by a licensed termite company of the residential structure on the Property and any improvements specified by Lender. If such inspection reveals visible infestation by termites or other wood destroying organisms, then Seller shall pay for treatment and provide a clearance certificate from a licensed termite company of Seller's choice. On or before the day of Closing, Buyer shall acknowledge receipt of a termite clearance certificate in writing.
(c) A PROPERTY CONDITION ADDENDUM shall be attached to this Contract if Buyer requires any inspection(s) UNLESS BUYER WAIVES ALL INSPECTIONS OTHER than inspection in paragraph 3(b) BY INITIALING HERE. Buyer's Initials: ______ ______
(d) Seller shall pay an amount not to exceed $ for (i) Inspection Repair Costs in excess of $100 as provided in the Property Condition Addendum (unless waived), and (ii) Lender repair requirements, if any. If the sum of (i) and (ii) exceeds the stated amount and if Buyer and Seller do not enter into a written agreement in settlement of the excess prior to Closing, then Buyer's Earnest money shall be returned subject to appropriate written authorization from all parties and this Contract shall be null and void.
(e) If the repairs including Lender requirements are made prior to Closing, Seller shall cause any of the following to make them: person(s) who are licensed or bonded to make such repairs, manufacturer-approved service person(s), person(s) whose primary business is directly related to the type of repairs, or Seller, if Seller elects to perform the repairs. Seller shall not be reimbursed for Seller's labor.
(f) Utilities shall be left on, in Seller's name, until Closing.
(g) Until Closing or transfer of possession, the risk of loss to the Property by fire, casualty or otherwise (ordinary wear and tear excepted) shall be upon the Seller. After Closing or transfer of possession, such risk shall be upon the Buyer.
(h) Unless otherwise agreed upon in writing, Buyer, by Closing, or taking possession of the Property, shall be deemed to have accepted the Property, including fixtures and equipment in the condition existing at Closing. Buyer is purchasing the Property based on Buyer's own inspection, unless waived, and NO WARRANTIES are expressed or implied by the Seller or Listing Broker and its affiliated licensees or Selling Broker and its affiliated licensees that shall be deemed to survive the Closing in reference to the condition of the Property or any fixture or equipment. On or before the day of Closing, Buyer shall sign a CLOSING ACKNOWLEDGMENT AND RELEASE.
(i) Except as otherwise provided above or in Property Condition Addendum, Seller shall deliver the Property in its condition on the date of acceptance of the Contract, ordinary wear and tear excepted. Prior to Closing, Buyer shall have the right to a walk through of Property to verify such condition.
(j) Buyer and Seller acknowledge that each has received a copy of the "Buyer and Seller Information" pamphlet which explains options and obligations of the Buyer and Seller.
(k) Unless otherwise indicated in the Seller's disclosure statement, Seller represents that to best of Seller's knowledge the Property has not been damaged or affected by flood, storm run-off, or storm sewer backup ("Water Problem". Buyer has 15 days from acceptance of the Contract to make any investigation of Water Problem. If Buyer determines that a further Water Problem exists beyond the disclosure, then this Contract may be terminated by delivering written notice stating such Water Problem to Seller in care of Listing Broker within 17 days from acceptance of the Contract. The Earnest Money will be refunded to Buyer subject to appropriate written authorization from all parties.

INSPECTION AGREEMENT: Both Buyer and Seller acknowledge that each of them has read the attached PROPERTY CONDITION ADDENDUM and shall abide by its terms unless Buyer waived inspections.

FIXTURES AND EXTRAS: The following items shall remain with the Property after the Closing as property of Buyer at no additional cost to Buyer and shall be considered a part of the purchase price: all wall-to-wall carpets; all bathroom mirrors; direct wired lighting fixtures and ceiling fans; all curtains, drapes, curtain rods and other window treatments; automatic garage door opener(s) and any remote controls; security system and all components; all home control and home automation components;

TITLE EVIDENCE: Seller shall furnish Buyer title evidence covering the Property, which shows marketable title vested in Seller according to the title standards.
(a) Such title evidence shall be in the form of Abstract of Title. The Seller, at Seller's expense, shall provide an abstract of title certified to a date subsequent to the date of this Contract (including a current Uniform Commercial Code Certification). Buyer shall, at Buyer's expense, obtain either a title opinion or an Owner's Title Insurance Policy, and, if required by the Lender(s), a Mortgagee's Title Insurance Policy and survey.
(b) When a survey satisfactory to the title insurer is furnished showing no encroachment and/or boundary disputes, any title insurance policies shall provide usual encroachment coverage. In the event the survey discloses any encroachment(s) and/or boundary dispute(s), such policies shall provide encroachment coverage with exception(s) for matters disclosed by such survey, which exception(s) shall be subject to acceptance by Buyer in writing.
(c) Seller shall make existing title evidence (base abstract of title or Owner's Title Insurance Policy) available to the escrow closing agent within a reasonable time after the date of acceptance of this Contract.
Buyer's Initials _______ _______ Seller's Iitials: _______ ________
(d) Upon delivery to Buyer of the last of the current Commitment for Owner's Title Insurance Policy, the certified abstract or the certified survey, whichever are to be provided under this Contract, Buyer shall have a reasonable time, not to exceed days, to examine same and return same to Seller with a written report specifying any objections or defects in the title or such right to object shall be deemed waived. Seller shall have days after receipt of such report to correct such defects and perfect title unless such time is extended in writing by Buyer. If Seller is unable or unwilling to cure any defects within such period, then unless Buyer waives such defects in writing, this Contract will terminate as provided below.
(e) The title to the Property shall be conveyed to Buyer by General Warranty Deed in recordable form unless otherwise specified herein. Upon Closing, the existing abstract of title shall become the property of Buyer.

TAXES, ASSESSMENTS AND PRORATIONS:
(a) Unless otherwise specified in the Supplemental Financing Agreement, Seller shall pay all expenses owing to the date of Closing, including, but not limited to, real estate ad valorem taxes, matured or unmatured special assessments. Homeowner's Association dues, if any, insurance, all utility bills, and any other expenses related to the Property. If the amount of taxes cannot be ascertained, such proration shall be on the basis of the taxes paid for the preceding year. All other expenses shall be prorated on the basis of thirty days to the month on the basis of such expense paid for the previous month.
(b) Rents, if any, shall be prorated on the basis of thirty days to the month. Rents delinquent more than thirty days shall be collected by the Seller and shall not be adjusted.
(c) Buyer shall receive all income, if any, and shall pay all expenses for the day of Closing.
(d) Any and all leases in effect shall be assigned, and security deposits and prepaid rents, if any, shall be paid to Buyer by Seller at the Closing unless otherwise provided herein.

CLOSING/POSSESSION: This transaction shall be closed on or before Monday, (the "Closing", unless Closing is extended as may be required above, or by written agreement of Seller and Buyer with legal possession delivered to Buyer at the time of Closing and actual and complete possession of the Property to be given on or before [PossTime2], Monday, .

DEFAULT:
(a) If Buyer wrongfully refuses to close, Seller and Buyer agree that since it is impractical and extremely difficult to fix the actual damages sustained, the Earnest Money shall be forfeited as liquidated damages to Seller, and one half thereof shall be retained by the Broker(s) to apply on professional services. Seller may, at Seller's option, seek specific performance.
(b) If Seller's title defects cannot be corrected as herein provided, or if Seller wrongfully refuses to close, Buyer's Earnest Money shall be returned and Seller shall be liable for the Broker(s)" commission and any other expenses incurred on Seller's behalf as provided in this Contract. Buyer may, at Buyer's option, seek specific performance.
(c) In the event a suit for specific performance is instituted, the prevailing party shall have the right to recover all of such party's expenses and costs incurred by reason of such litigation including, but not limited to, attorney's fees, court costs, and costs of suit preparation.

BINDING EFFECT: This Contract and the attached Supplemental Financing Agreement, when executed by both Seller and Buyer, shall be binding upon and inure to the benefit of Seller and Buyer, their respective heirs, legal representatives, successors and permitted assigns. This Contract and the attached Supplemental Financing Agreement set forth the complete understanding of Seller and Buyer and supersedes all previous negotiations, representations and agreements between them and their agents. This Contract and the attached Supplemental Financing Agreement can only be amended, modified, or assigned by written agreement signed by both Seller and Buyer.

ACCEPTANCE TIME: The foregoing offer is made subject to acceptance in writing hereon by Seller, and the return of an executed copy to the Buyer or the Buyer's Agent on or before [AcceptTime2], . If the offer is not accepted, the Earnest Money shall be returned to Buyer.

TIME IS OF THE ESSENCE.

AGENCY DISCLOSURE: Both Seller and Buyer respectively confirm that prior to signing this Contract, each received a written disclosure of the agency relationships. Both Seller and Buyer confirm and agree that in connection with the transaction described in this Contract, Listing Broker, Selling Broker, and their affiliated licensees are acting on behalf of Seller as Seller's agent.

DISCLAIMER AND INDEMNIFICATION: It is expressly understood by Seller and Buyer that Listing Broker and its affiliated licensees and Selling Broker and its affiliated licensees do not warrant the present or future value, size by square footage, condition, structure, or structure systems of the Property or any building, nor do they hold themselves out to be experts in quality, design and construction. Seller and Buyer shall hold the Listing Broker and its affiliated licensees and Selling Broker and its affiliated licensees harmless in the event of losses, claims or demands by or against Seller or Buyer. This paragraph shall survive the Closing.

BUYER'S ESTIMATED EXPENSES: Buyer hereby acknowledges receipt of Buyer's estimated expenses including an estimate of the total monthly payment of principal, interest, insurance and taxes.

BUYER'S AND SELLER'S CONSENT: Buyer and Seller hereby warrant and agree that upon closing of the sale contemplated herein, sales information about the Property may be included in compilations of comparable sales.
__________________________

(Buyer's name as title will be taken) (Social Security #) (Signature)



__________________________

(Buyer's name as title will be taken) (Social Security #) (Signature)



SELLER'S ACCEPTANCE: Seller accepts the foregoing offer and shall sell the above described Property on the terms and conditions herein stated and shall pay the Listing Broker the compensation previously agreed upon in the Listing Agreement or other agreement of employment between them, which shall survive this Contract, for professional services rendered and to be rendered in this transaction. Seller further acknowledges receipt of Seller's estimate of expenses in regard to this transaction.
Accepted this ____________ day of ________________, 19____.

Seller: ____________________________ __________________ __________________________

(Print Sellers's name) (Social Security #) (Signature)



Seller: ____________________________ __________________ __________________________

(Print Seller's name) (Social Security #) (Signature)




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[ Edited by bacardidark313 on Date 01/22/2004 ]