Offer To Purchase Real Estate (Long form - Comprehensive)
To:
________________, referred to herein as BUYER, offers to purchase the following described real estate from _____________, referred to herein as SELLER, upon the terms and conditions stated herein.
This offer shall expire unless accepted by 5:00 p.m. on . SELLER shall signify acceptance by executing the attached form of acceptance.
The gross purchase price shall be $------- (& no/100 dollars). The legal description of the property is:
To be paid upon the following terms:
$------ (& no/100 Dollars), to be paid at closing.
The buyer shall assume and agree to pay the following existing mortgages upon the property. The unpaid principal balance of these mortgages shall be a credit towards the purchase price:
At least 5 business days before closing, SELLER shall provide to BUYER estoppel letters providing the balance, assumability and current good standing of the above stated mortgage(s).
The BUYER shall execute a new purchase money mortgage to SELLER, in the principal amount of $------ (& no/100 dollars) payable as follows:
Interest at the rate of: percent Payment schedule:
Said mortgage shall have the following priority:
This offer is conditioned upon BUYER obtaining loan approval at least 30 days prior to closing of this transaction, of a mortgage loan as follows:
Principal amount: $ ( Dollars)
Loan term: months
Maximum interest rate as APR under regulation Z:
Maximum points to be paid by BUYER:
Maximum application fee:
BUYER shall make a mortgage loan application within 3 working days of the acceptance of this offer, and should the BUYER's loan application be denied, the BUYER shall have the option, within 2 business days to rescind this transaction. If BUYER elects to rescind the transaction, BUYER shall receive any deposits made from SELLER.
The closing will be held within 30 days days of the acceptance of this offer to the SELLER, but in no event in less than 20 days days from the notice. The SELLER shall convey to the owner by warranty deed the property herein, and the title thereto shall be merchantable. Within days of acceptance, the SELLER shall provide a binder for title insurance in the principal amount of the purchase price. The title shall be free and clear of any encumbrances other than those, if any, to be assumed by the BUYER at closing. Should any defects in the title, the SELLER shall have 60 days to clear the same. If the SELLER is unable to do so, BUYER shall have the option of closing or rescinding this contract. Should BUYER rescind the contract, then the SELLER shall refund as liquidated damages, and...
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