| Contract for Sale
of Real Estate
This Contract for Sale is made on
BETWEEN (Include Soc. Sec. No.)
<GRANTOR>
whose address is <STREET ADDRESS>, <CITY>, <STATE> <ZIP
CODE>
referred to as the “Seller,”
AND (Include Soc. Sec. No.)
<GRANTEE/LAND TRUST>
whose address is <STREET ADDRESS> <CITY>, <STATE> <ZIP
CODE>
referred to as the “Buyer.”
The words “Buyer and “Seller” include all Buyers and
all Sellers listed above.
1. Purchase Agreement. The Seller agrees to sell and the Buyer agrees
to buy the Property described in this contract.
2. Property. The property (called the “Property”) to be sold
consists of: (a) the land and all the buildings, other improvements and
fixtures on the land; (b) all of the Seller’s rights relating to
the land ; and (c) all personal property specifically included in this
contract. The Real property to be sold is commonly known as <STREET
ADDRESS> in the <MUNICIPALITY> of <CITY> in the County
of <COUNTY> and State of <STATE>. It is shown on the municipal
tax map as lot <ENTER lOT> in block <ENTER BLOCK>.
3. Purchase Price. $
4. Payment of Purchase Price. The Buyer will pay the purchase price as
follows
By the Buyer taking the property subject to the first mortgage held by
with an approximate balance of $
By the Buyer taking the property subject to an lien with
an approximate amount of $
At time of closing, Buyer paying in either form of cash, certified funds,
or attorney trust account check: $
5. Deposit moneys. All deposit moneys will be held in trust by Buyer’s
Attorney
until closing.
6. Mortgage Contingency. Intentionally left blank.
7. Time and Place of Closing. The closing date cannot be made final at
this time. The Buyer and Seller agree to make <MONTH> <DD>,
<YYYY>, the estimated date for the closing. Both parties will fully
cooperates the closing can take place on or before the estimated date.
The closing will be held at to be determined.
8. Transfer of Ownership. At the closing, the Seller will transfer ownership
of the Property to the Buyer. The Seller will give the buyer a properly
execute deed and an affidavit of title. If the Seller is a corporation,
it will also deliver a corporate resolution authorizing the sale.
9. Type of Deed. A deed is a written document used to transfer ownership
of property. In this sale, the Seller agrees to provide and the Buyer
agrees to accept a deed known as a bargain and sale with covenants against
grantor’s acts.
10. Personal Property and Fixtures. Many items of property become so attached
to a building or other real Property that they become a part of it. These
items are called fixtures. They include such items as fireplaces, patios
and built-in shelving. All fixtures are INCLUDED in this sale unless they
are listed below as being EXCLUDED.
(a) The following items are INCLUDED in this sale:
gas and electric fixtures, chandeliers, Wall to Wall carpeting, linoleum,
mats and matting in halls, screens, shades, awnings, windows and doors,
television antenna, water pump, sump pump, water softeners.
(b) The following items are EXCLUDED from this sale:
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11. Physical Condition of the Property. This Property is being sold “As
is.” The Seller does not make claims or promises about the condition
or value of any of the Property included in this sale. The Buyer has inspected
the Property and relies on this inspection and any rights which may be
provided for elsewhere in this contract. The Seller agrees to leave the
property in broom clean condition, free of debris.
12. Inspection of the Property. The Seller agrees to permit the Buyer
to inspect the Property at any reasonable time before the closing. The
Seller will permit access for all inspections provided for in this contract.
13. Building and Zoning. The Buyer intends to use the Property as a one
family home. The Seller states that this use does not violate any applicable
zoning ordinance building code or other law. The Seller will obtain and
pay for all inspections required by law. This includes any municipal “Certificate
of Occupancy.” If the Seller fails to correct any violations of
the law, at the Seller’s own expense, the Buyer may cancel this
contract.
14. Flood Area. The federal and state governments have designated certain
areas as “flood areas.” This means they are more likely to
have floods than other areas. If this Property is in a “flood area”
the Buyer may cancel this contract within 30 days of the signing of this
contract by all parties.
15. Property Lines. The Seller states that all buildings, driveways and
other improvements on the Property are within its boundary lines. Also,
no improvements on adjoining properties extend across the boundary lines
of this Property.
16. Ownership. The Seller agrees to transfer and the Buyer agrees to accept
ownership of the Property free of all claims and rights of others, except
for:
(a) the rights of the utility companies to maintain pipes, poles, cables
and wires over, on and under the street, the part of the Property next
to the street or running to any house or other improvements on the Property;
(b) Recorded agreements which limit the use of Property, unless the agreement:
(1) are presently violated; (2) provide that the Property would be forfeited
if they were violated, or (3) unreasonably limit the normal use of the
Property; and
(c) All items included in Schedule A as part of the description of the
Property.
In addition to the above, the ownership of the Buyer must be insurable
at regular rates by any title insurance company authorized to do business
in New Jersey subject only ro the above exception.
17. Correcting Defects. If the Property does not comply with paragraphs
15 or 16 of this contract, the Seller will be notified and given 30 days
to make it comply. If the Property still does not comply after that date,
the buyer may cancel this contract or give the Seller more time to comply.
18. Inspection of Property by Buyers:
a. Kind of Inspections. The Buyer may have the property inspected by a
home inspection service or by a construction expert at the Buyer’s
expense. The inspection may include the structural and mechanical condition
of the property, the presence of radon gas, along with an inspection of
the plumbing, heating, cooling and electrical systems. The Buyer may also
inspect the septic or other sewerage disposal system and test the well,
water system and the quality of the water. The Buyer may also make an
inspection to determine if the Property is free of any damage or infestation
caused by termites, dry rot, fungi, wood destroying insects and other
pests or organisms or other pests.
b. Time and Access for Inspections. All inspections must be completed
and Seller notified of the results within 5 days of the date of this contract
is agreed to by all parties. The Seller agrees to provide the Buyer reasonable
access to make all of the inspections provided for in this contract.
c. Results of Inspections and Remedies. If the inspections reveal any
serious defects and the parties do not agree on what corrective actions
or repairs are to be made by the Seller, either party may cancel this
contract.
19. Lead Paint. The Buyer acknowledges that:
The Seller has provided the Buyer with an EPA approved lead hazard information
pamphlet.
The Seller has attached to this Contract a Lead Warning Statement.
The Seller has disclosed the presence of known lead-based paint and/or
lead-based paint hazards, or has indicated no knowledge of the presence
of lead-based paint and/or lead based paint hazards.
The Seller has provided the Buyer with a list of any records or reports
available to the Seller pertaining to lead-based paint and/or lead based
paint hazards or Seller has indicated that no such records or reports
are available.
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20. Lead Paint Sale Contingency. This contract is contingent upon a risk
assessment or inspection of the Property for the presence of lead-based
paint and/or lead-based paint hazards at the Buyer’s expense until
9 p.m on the tenth calendar-day after the signing of this contract by
all parties for the housing built before
1978. [Intact lead-based paint that is in good condition is not necessarily
a hazard. See the EPA pamphlet “Protect Your Family from Lead in
Your Home” for more information.] This contingency will terminate
at the above predetermined deadline unless the Buyer (or buyer’s
agent) delivers to the Seller (or the Seller’s agent) a written
contract addendum listing specific existing deficiencies and corrections
needed, together with a copy of the inspection and/or risk assessment
report. The Seller may, at the Seller’s option, within five (5)
days after delivery of the addendum, elect in writing whether to correct
the condition(s) prior to settlement. If the Seller will correct the condition,
the Seller shall furnish the Buyer with certification from a risk assessor
or inspector demonstrating that the condition has been remedied before
the date of the settlement. If the Seller does not elect to make the repairs,
or if the Seller makes a counter-offer, the Buyer shall have days to respond
to the counter-offer or remove this contingency and take the Property
in “as is” condition or this contract shall become void. The
Buyer may remove this contingency at any time without cause. (42 U.S.C.
4852d) (61FR 9064)
21. Risk of Loss. The Seller is responsible for any damage to the Property,
except for normal wear and tear, until the closing. If there is damage,
the Buyer can proceed with the closing and either:
a. require that the Seller repair the damage before the closing, or
b. deduct from the purchase price a fair and reasonable estimate of the
cost to repair the Property
In addition, either party many cancel this contract of the cost of repair
is more than 10% of the purchase price.
22. Cancellation of Contract. If this contract is legally and rightfully
canceled, the Buyer can get back the deposit and the parties will be free
of liability to each other. However, if the contract is canceled in accordance
with paragraphs 13,14,17,18, or 19 this contract, the Seller will pay
the Buyer for all the time and survey costs.
23. Assessments for Municipal Improvements. Certain municipal improvements
such as sidewalks and sewers may result in the municipality charging Property
owners to pay for the improvement. The unpaid charges (assessments) against
the Property for work completed before the closing will be paid by the
Seller at or before the closing. If the improvement is not completed before
the closing, then only the Buyer will be responsible. If the improvement
completed, but the amount of the charge (assessment) is not determined,
the Seller will pay an estimated amount at the closing. When the amount
of the charge is finally determined, the Seller will pay any deficiency
to the Buyer (if the estimate proves to have been too low), or the Buyer
will return any excess to the Seller (if the estimate proves to be too
high).
24. Adjustments at Closing. The Buyer and Seller agree to adjust the following
expenses as of the closing date: rents, municipal water charges, sewer
charges, taxes, interest on any mortgage to be assumed and insurance premiums.
If the Property is heated by fuel oil, the Buyer will buy the fuel oil
in the tank at the closing date. The price will be the current price at
the time as calculated by the supplier. The Buyer or the Seller may require
that any person with a claim or right affecting the Property be paid off
from the proceeds of this sale.
25. Possession. At the closing the Buyer will be given possession of the
Property. No tenant will have the right to the Property unless otherwise
agreed to in this contract.
26. Complete Agreement. This Contract is the entire and only agreement
between the Buyer and the Seller. This contract replaces and cancels any
previous agreements between the Buyer and the Seller. This contract can
only be changed by an agreement in writing signed by both Buyer and Seller.
The Seller states that the Seller has not made any other contract to sell
the Property to anyone else.
27. Parties Liable. This Contract is binding upon all parties who sign
it and all who succeed to their rights and responsible.
28. Notices. All notices under this Contract must be in writing. The notices
must be delivered personally or mailed by certified mail, return receipt
requested, to other party at the address written in this contract, or
to that party’s attorney.
29. New Residential Construction. If this Contract is for the sale of
a New Residential property, A Notification Regarding Off-Site conditions
MUST be attached to notify the purchaser regarding off-site conditions
which may affect the value of this property. New Residential Construction
Off-Site Conditions Disclosure Act, P.L., 1995, c.253 (C.46:3C-1 et seq.).
30. Realtor’s Commission. Intentionally Left Blank.
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31. Additional Provisions.
a.
SIGN AND AGREED TO BY:
Witnessed or Attested by: Date Signed:
_________ ______________________________
BUYER
____________________________ _________ ______________________________
As to Buyer(s) BUYER
_______________________________
SELLER
___________________________ __________ _______________________________
As to Seller(s) SELLER
_______________________________
SELLER
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