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Basic Form Of Contract
For Sale Of Real Estate
(Long form - Comprehensive)

THIS AGREEMENT made [date] between [name and address of seller] (Seller) and [name and address of purchaser] (Purchaser).

WITNESSETH:

1. Agreement to Buy and Sell and Description. Seller will sell and convey, and Purchaser will purchase, all the land, with the buildings and improvements on the land, being in the [description of property]. This sale includes all of Seller's right, title, and interest, in and to any land in the bed of any street, road, or avenue opened or proposed, in front of or adjoining the premises, to the center line, and all of Seller's right, title, and interest in and to any award made or to be made in lieu of Seller's right, title, and interest in and to any unpaid award for damage to the premises by reason of change of grade of any street; and Seller will execute and deliver to Purchaser, on closing of title, or thereafter on demand, all instruments reasonably needed for the conveyance and the assignment and collection of any award.

2. Purchase Price. The price is ........ dollars ($........), payable as follows: ........ dollars ($........), on the signing of this Agreement, by check subject to collection, the receipt of which is acknowledged: ........ dollars ($........), in cash or good certified check on the delivery of the deed: ........ dollars ($........), by taking title subject to and assuming a [type of mortgage] now a lien on the premises in that amount, bearing interest at the rate of ........ percent (........%) per annum, the principal due and payable on [date]; ........ dollars ($........), by Purchaser signing, acknowledging, and delivering to Seller a bond or, at the option of Seller, a note secured by a purchase-money second mortgage on the premises, in that amount, payable on [date] together with interest at the rate of ........ percent (........%) per annum payable.

3. Form of Mortgage. The bond or note and mortgage to be given by Purchaser shall be drawn on the standard forms of [appropriate governing unit, e.g., name of town, county] Board of Title Underwriters by Seller's attorney at Purchaser's expense. Purchaser shall also pay the mortgage-recording tax and recording fees and pay for and affix to the mortgage any revenue stamps that may be necessary.

If the purchase-money mortgage is a subordinate mortgage on the premises, it shall provide that it is subject and subordinate to the lien of the existing first mortgage of ........ dollars ($.........), any extensions of the first mortgages and any mortgage or consolidated mortgage that may be placed on the premises in lieu of the first mortgage, and to any extensions of them provided: (1) the interest rate is not greater than ........ percent (........%) per annum and (2) if the principal amount of the new or consolidated mortgage exceeds the amount of principal owing and unpaid on the existing mortgage at the time the new mortgage or consolidated mortgage is placed, the excess must be paid to the holder of the purchase-money mortgage as a reduction of principal. The purchase-money mortgage shall also provide that the payment of the excess to the holder will not alter or affect any regular installments of principal payable under the purchase-money order mortgage. The purchase-money mortgage will also provide that the holder will on demand and without charge, execute, acknowledge, and deliver any agreement or agreements reasonably required to effectuate such subordination.

4. Estoppel Certificate. If there is a mortgage on the premises, Seller will deliver to Purchaser at the time of delivery of the deed a certificate executed and acknowledged by the holder of the mortgage, in form for recording, certifying the amount of the unpaid principal and interest, the date of maturity, and rate of interest of the mortgage. Seller shall pay the fees for recording the certificate.

5. Restrictions of Title. The premises are sold and are to be conveyed subject to:

a. Zoning regulations and ordinances of the city, town, or village in which the premises lie that are not violated by existing structures

b. Consents by Seller or any former owner of the premises for the erection of any structure on, under, or above any street or streets on which the premises abut

c. Encroachment of any stoops, areas, cellar steps, trim, and cornices upon any street or highway

d. [description of any easements to which the premises are subject]

6. Violations. All notes or notices of violations of law or municipal ordinances, orders, or requirements issued by the Departments of Housing and Buildings, Fire, Labor, Health, or any other state or municipal department affecting the premises shall be complied with by Seller and the premises shall be conveyed free of them. This provision of this Contract shall survive delivery of the deed. Seller shall...

(Excerpt)

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