Free Real Estate Forms

This is a list of many helpful phrases, which can be inserted = into your=20 purchase contracts. Some of these clauses feature multiple = choices. Please=20 carefully consider how these clauses may apply to your situation. = Clauses=20 with parenthesis () are meant to be modified.

The information contained herein is believed accurate but is = not=20 guaranteed or warranted in any manner by any party. If legal, = accounting,=20 or other professional assistance is required, the services of a = competent=20 professional should be sought. Reproduction or dissemination in = whole or=20 in part in any form is expressly prohibited.

DO NOT USE THESE PHRASES WITHOUT SEEKING = PROFESSIONAL=20 LEGAL ADVICE

INSPECTION/REPAIR = CLAUSES

NATURE OF IMPROVEMENTS
All improvements made to the existing = property are part of this sale.

ZONING USE-TYPE

Seller hereby warrants that the property described in this = agreement=20 is zoned (set out type of zoning such as R-1, SR-2, C-2 and so = forth) as=20 shown on the zoning map held in the office of the (name of city = or=20 authority) planning commission.=20
Seller hereby warrants that the property described in this = agreement=20 is zoned for use as (single family residential, multi-family up = to 4=20 units, commercial for real estate office, BE SPECIFIC!) =

INSPECTION DATES
All inspections shall be completed on or = before=20 _________________20____. Any deficiencies shall be evidenced in = writing=20 and delivered to Seller within Three (3) days of above final = inspection=20 date.

FINAL INSPECTION DATE
Inspections must be completed no later = than=20 __________________________.

GENERAL INSPECTIONS
Prior to closing, the buyer may, at his = expense,=20 have a whole house or any other inspections buyer may deem = appropriate=20 perform. If such inspections reveal defects, Seller shall pay all = cost of=20 repairing said defects, and if repairs are not completed prior to = closing,=20 sufficient funds shall be escrowed at time of closing to effect = said=20 repairs.

TERMITE INSPECTIONS
Prior to closing, and at Buyer's = expense, the=20 Buyer shall have the right to have the property inspected by a = licensed=20 exterminating company to determine whether there is any active = termite=20 infestation or organisms present in the property or on any = improvements on=20 said property, or any damage from prior termite infestation or = organisms=20 to said property or improvements. If there is any such infestation = or=20 damage, the Seller shall pay all costs of the treatment and repair = of the=20 areas that are infested or have been damaged.

AS-IS
Purchaser takes the property in "AS-IS" condition, = without=20 recourse to Seller.

REPAIRS PRIOR TO CLOSING
Seller agrees to make repairs on = the=20 property described in this agreement to the (particular item(s)). = In lieu=20 thereof, at the option of the Buyer, Seller shall be charged and = Buyer=20 credited with the sum of $________ as full adjustment for said=20 repairs.

MONETARY REPAIRS
Seller agrees to pay up to ______ per cent = of the=20 purchase price for repairs of damages specified in inspection = reports.

SELLER TO MAINTAIN INSURANCE UNTIL CLOSING

Seller shall maintain existing insurance policies until = closing.=20
Seller to maintain extended coverage insurance on the = property and=20 grounds in a minimum amount of $_____ for dwelling, $________ = for=20 out-buildings, $________ for liability and $________ for=20 ________________.

PROCEDURE IN EVENT OF LOSS OR DESTRUCTION OF PREMISES
In the = event=20 of a casualty loss, the Seller shall have a reasonable time to = repair the=20 damage and if he fails to do so, the Buyer shall have the option = of: (1)=20 taking the property as is, together with the insurance proceeds, = if any,=20 or (2) canceling the contract, and deposits are to be forthwith = returned=20 to the Buyer and all parties shall be released of any and all = obligations=20 and liability. Between the date of the contract and the date of = closing,=20 the property shall be maintained by the Seller in the condition as = it=20 existed as of the date of contract.

CASUALTY LOSS IF PRE-OCCUPIED
(Purchaser/Seller) shall be=20 responsible for any casualty loss from the date of occupancy until = closing.

BUILDING ORDERS
Seller warrants that the subject property is = not=20 under any condemnation proceedings, building violations and/or = zoning=20 violations and shall indemnify Purchaser of same, including but = not=20 limited to lawyers' fees, legal fees, construction costs, = interruption of=20 rent loss, ongoing taxes, mortgages or notes and insurance costs = while in=20 non-compliance, building permits and any other costs whatsoever, = to=20 correct violations and bring property into compliance.

TERMS FOR PHYSICAL CONDITION OF PROPERTY AT CLOSING-PROPERTY=20 MAINTENANCE
Until the date of closing, the improvements on = property=20 described in this agreement shall be maintained in substantially = the same=20 condition as they are as of the date of this agreement, reasonable = wear=20 and tear excluded. In case of injury or damage to the premises = beyond=20 ordinary wear and tear, the Seller agrees to repair the same = before title=20 transfers to Buyer, such repairs being subject to the Buyer's=20 approval.

MORTGAGE/FINANCING CLAUSES

CONSIDERATION ABOVE MORTGAGE
Purchase price is=20 ____________________________($ _________________) above the = existing=20 mortgage balance, which presently equals ______________________ as = of this=20 ____ day of ________________________, 20____.

OTHER CONSIDERATION
The deposit of (Stocks, an automobile, 3 = carat=20 diamond ring, etc.) shall be placed with __________________as = Escrow Agent=20 and shall be valued in the amount of $________. The balance shall = be paid=20 at closing.

ALLOCATION OF PURCHASE PRICE
The purchase price is allocated = in the=20 following manner: $________ for land, $________ for building, and = $ for=20 personal property. (NOTE: you may want to make a separate list of = personal=20 property with values attached included in the sale for your = records.)

SKIP, STUTTER MORTGAGE CLAUSE
At mortgagors option, = mortgagors may=20 skip one monthly payment each year. The mortgage shall be extended = one=20 month for each skipped payment.

EXCULPATORY CLAUSE
The holder of this note and mortgage is = limited=20 to recovery of the debt evidenced hereby by foreclosure and sale = of the=20 property affected by the mortgage securing same. The makers/payors = shall=20 not be personally liable for any deficiency resulting from any = sale and/or=20 foreclosure hereunder.

PROVISION FOR RELEASE OF LOTS OR=20 ACREAGE
_______________________acres/lots shall be released = from the=20 subject mortgage upon the payment of $________ A credit shall be = given for=20 all previous principal prepayments toward the release provision = stated=20 herein.

TRANSFER FEES
All stamps on mortgage and note as well as the = recording of the mortgage and deed shall be paid by (seller, = buyer, both=20 parties equally)

LATE CHARGES
There are no late charges or other penalties on = this=20 note or mortgage until there has been a default for fifteen (15) = days.=20

SUBORDINATION
Seller agrees to subordinate his mortgage to a = new=20 mortgage of $ _________________ or __________percent of the = appraised=20 value, whichever is greater.

PREPAYMENT WITH DISCOUNT
Mortgagor may prepay this note and = mortgage=20 in whole or in part at any time without penalty. If this note is = prepaid=20 prior to _______ day of ______________________________, = 20_________, then=20 mortgagor shall receive a discount of = _______________________percent=20 (______%) of the remaining balance due.

FIRST RIGHT OF REFUSAL
Mortgagor shall have the right of = first=20 refusal to buy this mortgage under the same terms and conditions = that=20 mortgagee herein has agreed to sell this mortgage.

NOT DUE ON SALE
The subject mortgage is fully assumable upon = sale,=20 transfer, or conveyance of the subject property.

SUBSTITUTION OF COLLATERAL
At purchaser's option another = piece of=20 real property may be substituted for the collateral of the = mortgage=20 herein.

ESCROW/CLOSING INSTRUCTIONS

CLOSING
Closing shall be on or before=20 ______________________________at time and place specified by Buyer = days in=20 advance to Seller .

DATE OF CLOSING. (sufficient time)
This contract shall be = closed and=20 the deed and possession shall be delivered on or about _________ = days=20 after this contract has been executed by both the Buyer and = Seller.

DEED

Seller to provide insurable title by Deed of General = Warranty.=20
Seller to provide insured title by Deed of General Warranty = to the=20 limit of the purchase price in the name of the Buyer.=20
Seller to provide insured title by Deed of General Warranty = in the=20 amount of _____________($_________) to Buyer as policy owner at = (Seller,=20 buyer's) expense, paid at closing.

DEED ESCROWED
Seller to place executed Deed of General = Warranty in=20 escrow with Seller's/Buyer's Attorney and closing instructions and = appropriate Power of Attorney at signing of this contract. In = addition=20 Seller shall execute Power of Attorney for corrective instruments = at=20 signing of contract.

DEED IN ESCROW
Seller to place in escrow with Seller's = attorney=20 executed Deed of General Warranty and complete closing = instructions=20 including Power of Attorney for all matters relating to this as = reviewed=20 and approved by Buyer's attorney or agent.

TAX AND INSURANCE ESCROW

All escrow accounts for taxes, insurance, and/or fees shall = be=20 credited to seller at the time of closing and transferred to = purchaser=20 at closing.=20
All escrow accounts for taxes, insurance, condo or = association, or=20 any other fees shall be transferred to purchaser at closing. =

ESCROW TRANSFER -NO CREDIT TO SELLER
In the event there is = an escrow=20 account for taxes, insurance, waste fees, association fees, or any = other=20 impounds or escrow, said funds shall be transferred to purchaser = without=20 adjustment and if there is an escrow shortage same shall be = charged to=20 seller at closing.

TERMS AND CONDITIONS OF CONTRACT SHALL SURVIVE THE RECORDING OF = THE=20 DEED
The covenants in this contract shall survive delivery of = deed and=20 possession. The seller covenants and warrants (1) that there is = ingress=20 and egress to said property over public roads, and (2) that there = are no=20 parties in possession other than the seller.

TERMS SURVIVE CLOSING
The terms and conditions of this = contract=20 shall survive and extend beyond the closing of this transaction. =

INSTRUMENTS OF SALE
Seller's attorney shall prepare warranty = deed,=20 mechanic's lien affidavit, bill of sale, and any corrective = instruments=20 that may be required in connection with perfecting the title, = subject to=20 the Buyer's approval.

TENANT CLAUSES

CLOSING SUBJECT TO PURCHASER LOCATING A SUITABLE = TENANT
Closing=20 shall be subject to purchaser locating a suitable tenant. Closing = shall=20 occur no later than 30 days after the obtaining of the suitable = tenant=20 subject to any other terms and conditions of this contract.

ALL RENT COLLECTIONS BY SELLER DURING THE MONTH OF CLOSING = SHALL BE=20 PRORATED AT TIME OF CLOSING
Rents, as shown on the rental = statement=20 furnished by Seller, and approved by Buyer, are to be prorated to = a=20 specific date or the closing date for this agreement. Seller will = collect=20 all rents which fall due prior to the closing of the agreement. = There=20 shall be no adjustments against the Buyer on uncollected rents. =

SELLER SHALL BE RESPONSIBLE FOR ALL RENTS NOT COLLECTED AT TIME = OF=20 CLOSING, SAME SHALL BE CREDITED TO THE PURCHASER
It is agreed = that=20 Seller shall be responsible for all rents not collected at the = time of=20 closing, and in addition thereto, the Purchaser shall receive a = credit for=20 all rents not collected. If Purchaser received double payment for = the rent=20 then he shall reimburse the Seller for the double payment of rent = paid.=20

AT CLOSING, SELLER SHALL TRANSFER ALL TENANT FUNDS = (SECURITY/LAST MONTH=20 RENT) TO THE PURCHASER
At closing Seller agrees to transfer = all=20 security deposits as well as the last months rent and any other = tenant=20 funds to the purchaser.

RENT COLLECTION
Seller to escrow rental income for month = following=20 date of closing, if closing is after the 15th of the month.

BUYER TO HAVE RIGHT OF APPROVING NEW LEASE
During the = pendency of=20 this transaction the Seller agrees that no changes in the existing = leases=20 shall be made, nor new leases entered into, without the written = consent of=20 the Buyer, which consent will not be unreasonably withheld.

PROSPECTIVE TENANTS/PROSPECTIVE PURCHASERS
Buyer has the = right to=20 show this property to prospective tenants, contractors, or others = from=20 date of acceptance of this offer until date of closing.=20

MISC. CLAUSES

POSSESSION AT CLOSING AND/OR FUNDING
Possession shall occur = at=20 (closing/funding, acceptance of contract).

ADDITIONAL DOWN PAYMENT TO EXTEND THE CLOSING DATE
The = Purchaser=20 shall have the option to extend the closing date extended for up = to=20 _______________days upon receipt by the Seller of an amount of=20 _____________($_________), to be applied to the down payment on = the=20 property.

SURVEY

Seller to provide current (6 month or less), physical, field = staked=20 survey acceptable to buyer. Seller to provide current (6 month = or less),=20 physical, field staked survey.=20
Any encroachments on said property or improvements thereto = intended=20 to be located on the subject property that in fact encroach on = the lands=20 of others, or violate any of the covenants herein, shall be = treated as a=20 title defect.

UTILITIES
All utilities shall be on and paid for by the = Seller=20 _______ days before closing. Any non-working mechanical shall be = deemed to=20 be normal maintenance and shall be repaired to proper working = order at=20 least ______ days prior to closing. These repairs shall not be = assessed as=20 repairs to be paid as a basis of inspections but as a basis of = normal=20 maintenance whether determined by inspections or other.

UTILITY DEPOSITS
All deposits and escrow for any utility or = pending=20 assessments shall be transferred to buyer at closing.

ATTORNEY'S FEES
Should any litigation including appellate=20 proceedings be brought by any party to this contract against any = other=20 party of this contract, the prevailing party shall be entitled to = recover=20 reasonable attorney's fees and costs.

EXTENDED WARRANTIES
Due to the time and season of closing = the Seller=20 hereby warrants the following mechanical items to be in good = working order=20 until the date specified: water heater ____; furnace ____, central = air=20 ____, refrigerator ____, range ____, built-in oven ____, window = air ____,=20 electrical fixtures ____, sump pump ____, ceiling fans ____, = plumbing=20 fixtures/faucets ____, water pump ____, septic system ____, = microwave=20 ____, ice maker ____, disposal ____, other ____, = other ____,=20 other ____, other ____. The Seller shall immediately reimburse = Buyer for=20 repairs or replacements upon receipt of invoice detailing = expenditure.=20

TIME IS OF THE ESSENCE
Time is of the essence in the = performance of=20 the Seller/Buyer obligations hereunder.

SUBJECT TO
This contract is subject to: (Appraisal = acceptable to=20 buyer; whole house inspection to buyer's approval; financing = acceptable to=20 buyer; survey to buyer's approval; buyer's attorney's approval; = buyer's=20 tax consultant's approval; buyer's financial advisor's approval; = the=20 approval of Santa Claus (or other fictitious character).)

ENFORCEMENT
This contract shall be interpreted, construed = and=20 enforced according to the laws of the (Commonwealth of Kentucky, = State of=20 Florida, wherever you live).

PERSONAL PROPERTY
The following items of personal property = are=20 included in the sale: (all ceiling fans, all window air = conditioners,=20 stove, refrigerator, washer. dryer, oven, gas grill, water = softener,=20 alarm/security system, satellite dish, any converters or = appurtenances for=20 video or audio, garage door openers and remotes, unattached = freestanding=20 cabinets, lawn mower, lawn maintenance equipment.)

CONTRACT ASSIGNMENT
This contract is fully assignable by the = purchaser but no such assignment shall be binding upon seller = until an=20 executed copy of it is delivered to seller. Upon delivery of copy = to=20 seller, the assignor shall be relieved of all liabilities under = this=20 contract.