CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE (Applicable to Residential Sales) THIS IS A LEGALLY BINDING CONTRACT WHICH REQUIRES ATTORNEY APPROVAL 1. PARTIES: Seller: Address: Citizenship/ Residency: (check all that apply) U.S. Citizen U.S Resident Alien New York Resident Other Purchaser: Address: Citizenship/ Residency: (check all that apply) U.S. Citizen U.S Resident Alien New York Resident Other 2. PROPERTY: The property that this contract intends to convey is described as: Address: Located in the Township or City of in County. Recorded in the County Clerk s office in Liber/Page or Instrument# Also referred to as Parcel APN# (Assessor s Parcel Number) A copy of the deed(s) and a copy of the tax map are attached hereto and made a part hereof. 3. AGREEMENT: The seller agrees to sell and the purchaser agrees to purchase the premises under all the terms and conditions stated herein. 4. PURCHASE PRICE: The purchase price is $. It shall be payable as follows: $ deposit upon the signing of this agreement; $ additional deposit due on or before ; $ Lender s Attorney Trust Account check, cashier s check or certified check upon transfer of title; $ by purchaser giving to seller a purchase money mortgage for years with interest at % per year, with the first payment to be made after closing. 5. WARRANTY DEED: The seller shall convey marketable title (marketable title has been defined as one that is free from reasonable doubt as to any fact or point of law upon which its validity depends) to the premises to the purchaser by Warranty Deed, with Lien covenant, in proper form for recording. If the Seller conveys in any trust capacity (e.g. Executor, Administrator, Trustee, etc.), the usual deed given in such cases shall be accepted. The deed shall be prepared, duly executed and acknowledged by the seller, at the seller's 1
expense, so as to convey to the purchaser the fee simple of said premises free and clear of all liens and encumbrances except as herein stated. 6. ABSTRACT OF TITLE OR TITLE INSURANCE: (select a or b ) a. Seller shall provide Purchaser with an up-to-date abstract of title covering a period of at least forty (40) years evidencing marketable title to the premises and a tax search: or b. Purchaser or Purchaser s attorney shall purchase title insurance at their expense; however, Seller shall pay the portion of the title insurance expense which relates to abstracting, including the cost of providing copies of any instruments which affect title to the subject premises. If Seller does not provide any back title within calendar days of signing the contract, Purchaser shall be free to order an abstract of title or title insurance, as applicable, from an abstractor or title company of Purchaser s choice in County and Seller shall be responsible to pay such abstracting charges. This parcel is located within the Adirondack Park (Yes/No). 7. EXISTING CONDITIONS: The seller shall convey the premises subject to all covenants, conditions, restrictions and easements of record, and any state of facts which an inspection and/or accurate survey may show, provided that title is not rendered unmarketable by any of the above. 8. MORTGAGES: If the purchaser gives a mortgage, it shall be accompanied by the usual bond, (or note) and both shall contain the clauses usually contained in the forms of bonds, (or notes) and mortgages used by local lending institutions in County. 9. AGREEMENT CONTINGENT UPON FINANCING: This agreement is contingent upon purchaser obtaining approval of a mortgage loan in the amount of $ for years with an initial rate of interest of not more than % per annum (said mortgage may provide for a variable interest rate). Purchaser agrees to use diligent efforts to obtain such approval and also agrees to make application for said approval within ten (l0) banking days from the execution date of this agreement or 5 calendar days after the purchaser removes the 72 hour contingency addendum (when applicable) as set forth below. In the event that Purchaser is unable to obtain financing, Purchaser shall notify the Seller or Seller s attorney by certified or registered mail, return receipt requested, personal delivery or by fax, within five (5) calendar days of denial of financing, and shall provide with such notice a denial letter from the Lender which indicates the reason financing was denied. If the purchaser so notifies, then this agreement shall be deemed canceled, null and void, and all deposits made hereunder shall be returned to the Purchaser. Purchaser represents to Seller that Purchaser either: must sell; does not need to sell, existing real property owned by Purchaser as a condition of obtaining financing as set forth above. 10. DISCHARGE OF LIENS: Seller may pay and discharge any liens and encumbrances not provided for herein out of the monies paid by purchaser on the transfer of title. 11. CONDITION OF PREMISES: The improvements, if any, on the premises herein are sold "as is," as of the date of this agreement, without warranty as to condition, express or implied; however, in the event of any damage, destruction or taking within the meaning of the provisions of Section 5-1311 of the General Obligations Law of the State of New York, said section shall apply to this contract. Prior to transfer of title, seller shall remove all items of personal property from the premises and any building located thereon, except those items of personal property specifically listed in this Agreement as being included in the sale of the premises. 2
12. HOME INSPECTION: Approved 2/2012 The Purchaser's obligations hereunder are contingent upon purchasers' receipt of a written home inspection report on the premises from a Licensed Home Inspector satisfactory to the purchasers. Such report may, at Purchasers option and expense, include inspections for structural and mechanical matters, pests, including wood boring insects, lead paint, asbestos, UFFI, radon gas, other hazardous substances, underground tanks, septic system and well water. Inspection reports will be completed within 10 calendar days following acceptance of this purchase-sale agreement. Should the results of any such test on inspection be unsatisfactory to the Purchasers, this agreement may be cancelled by giving written notice together with a copy of the report to the Seller, within five (5) calendar days of receipt of inspections. Whereupon all obligations of the parties shall cease and Purchasers deposits shall be promptly returned in full. Purchasers' failure to give such notice within 15 calendar days shall be considered a waiver of Purchasers' right to cancel under this paragraph. The Purchasers and Purchasers consultants shall have the right of access to the premises for the purpose of conducting a home inspection, at reasonable and agreed upon times. Purchaser acknowledges the benefits of home inspections and by initialing here, waives their right to home inspection. 13. PERSONAL PROPERTY: The following personal property, currently owned by the Seller, free of all liens and encumbrances, shall be left at the property as a courtesy to the Purchaser at no additional cost or consideration: 14. TAX AND OTHER ADJUSTMENTS: The following, if any, shall be apportioned so that the Purchaser and Seller are assuming the expenses of the property and income from the property as of the date of transfer of title: a. rents and security deposits: Seller shall assign to Purchaser all written leases and security deposits affecting the premises; b. taxes, sewer, water rents, and condominium or homeowner association fees; c. municipal assessment yearly installments; d. fuel oil and kerosene shall be adjusted for a standard 275 gallon tank based on 260 gallons if the tank is full, or the appropriate fraction thereof if the tank is not full, at the cash price as of the day of closing as determined by the seller s fuel provider; e. propane or other fuel. 15. REAL ESTATE BROKER: The Purchaser and Seller agree that (Listing Broker) brought about this sale and seller agrees to pay his commission. It is further agreed that the listing broker shall hold any and all deposits made by purchaser in an escrow account. This sale is Co-Brokered through (Selling Broker). The fax number for the listing Broker to which legal notice may be sent is (518). 3
16. TRANSFER OF TITLE: Transfer of title is to be completed on or about, at the office of the attorney for the Buyer s lender or the Seller s attorney, provided such offices are located in a community located in the same county in which the property is located or such other location as may be mutually agreed by the parties. 17. VA MORTGAGES ONLY: The seller will pay the cost of all water tests or pest inspections if required by Purchaser s VA mortgage lender. 18. ESCROW FUNDS: The escrow agent for this contract shall be and the depository institution for the escrow account is. Any deposit made by the Purchaser hereunder is to be deposited with the Listing Broker, in escrow, as part of the purchase price. If the Seller does not accept the Purchaser s offer, the deposit shall be returned to Purchaser. If the offer is accepted by the Seller, the deposit shall be held without interest in escrow by the Listing Broker until the transfer of title or until the resolution of any disputes between the Parties. Upon transfer of title, Purchaser shall receive a credit in the total amount of the deposit(s) made by Purchaser toward the purchase price. 19. PROPERTY WALK THROUGH: It is agreed by all parties that a final walk-through inspection of the subject property may be made prior to closing to insure that the subject property is in the same condition as existing on the date of this agreement. Seller shall also leave the premises in broom clean condition; all garbage and other debris shall be removed from the premises, and all floors shall be swept or vacuumed as applicable. 20. ATTORNEY APPROVAL CLAUSE: This agreement is contingent upon Purchaser and Seller obtaining approval of this agreement by their attorney as to all matters contained herein. This contingency shall be waived unless Purchaser s or Seller s attorneys, on behalf of their respective clients, notify, (listing broker) in writing of their disapproval of this agreement no later than five (5) business days after said client has received a completely executed copy of this contract. 21. TIME PERIOD OF OFFER: Purchaser and Seller understand and agree that this offer is good until AM/PM, 20, and if not accepted by the Seller prior to that time, then this offer becomes null and void. 22. ENTIRE AGREEMENT: This contract contains all agreements of the parties hereto. There are no promises, agreements, terms, conditions, warranties, representations or statements other than contained herein. This contract shall apply to and bind the heirs, legal representatives, and assigns of the respective parties. This contract may not be changed orally. Where more than one seller or purchaser is a party to this contract, all single references shall also be considered plural. 4
23. SEE ATTACHED ADDENDA (incorporated herein by reference): YES NO Addendum A - Agency Disclosure Addendum B Lead Paint Disclosure Addendum C Property Condition Disclosure Addendum D 72 Hour Contingency Addendum E Section 1031 Addendum Addendum F Agricultural Disclosure Addendum G Utility Disclosure Addendum H Sellers Concessions 24. OTHER Seller Date Purchaser Date Seller Date Purchaser Date I hereby certify that the contract s execution date for this Agreement is, and that all necessary signatures and/or initials have been obtained from the Parties hereto on or before this date. Print Name Date Sign Name Date THE FORM OF THIS CONTRACT HAS BEEN APPROVED BY THE CLINTON COUNTY BOARD OF REALTORS AND THEIR ATTORNEY. IT IS RECOMMENDED YOU CONSULT AN ATTORNEY BEFORE SIGNING. 5