Real Estate forms and contracts


Sample 1st page of our California Residential Purchase Agreement


RESIDENTIAL PURCHASE AGREEMENT

Offer to Purchase  DATE:  
THIS IS AN OFFER FROM   (“Buyer”),
to purchase the Real Property located in    County, California

Street address:  
City:  

1.  PURCHASE PRICE AND METHOD OF PAYMENT

The purchase price to be paid by the Buyer (in U.S. Currency) at closing is: $
(a) Cash deposits are to be held in trust by Escrow Holder:

 

1. Earnest money submitted with this offer: ………………………….......................

 $

 

 2. Additional deposit to be made within  days of  

 

     Acceptance Date:   ………………….... $

(b)

Mortgage financing checked below and described under “Financing,” and or in separate addendums.

 

 

  Assumption of existing mortgage with approximate balance of: ……..… $

 

  New mortgage financing in the amount of: ……………………………...…

$

 

  Purchase money mortgage or note to seller in the amount of: ……….… $

 

  Other considerations described in attached addendum: ……………….. $

(c)

 To complete the purchase, Buyer warrants that Buyer will at closing have additional cash or locally drawn bank or cashier’s check(s) in the

 

 

 amount of: ..................................................................................... $

 

2. FINANCING

>
The portion of the Purchase Price not payable in cash will be paid as follows (Check applicable blanks).
 (a) This is an all cash transaction with no contingency for mortgage loan financing.
 (b) THIRD PARTY FINANCING: This Agreement is contingent on Buyer’s ability to obtain
  approval of a First Loan in the total amount of $  within days after the Acceptance Date, at an initial interest no higher than %, with discount, points and origination fees not more than % of the loan amount, and for a term of  Years;
or a FHA or  VA loan described in attached FHA/VA addendum, and for which Seller shall pay up to a maximum of $ in discount points and other fees Buyer is not allowed to pay.
Buyer will apply for a loan within 5 days after the Acceptance Date and use all reasonable diligence to get approval.  If Buyer fails to get the above loan approval before the closing date, either Buyer or Seller may cancel this Agreement by written notice, and all deposit shall be returned to the Buyer.
 (c) ASSUMPTION OF EXISTING MORTGAGE LOAN (see addendum for terms).
 (d) SELLER FINANCING:  A promissory note from Buyer to Seller for $ , bearing % interest and containing the terms and conditions described in attached addendum.
 (e) Other Financing:
   If checked, this Agreement is contingent on the Property appraising at or above the offered Purchase Price.

 

3. CLOSING DATE AND POSSESSION:

  1. Close of Escrow shall be on or before ,  , unless changed by other parts of this Agreement.
  2. Buyer does, does not, intend to occupy the Property as Buyer’s primary place of residence.
  3. Seller shall deliver possession and occupancy on the date of Closing, or no later than  days after Closing.
  4. If the Property is tenant occupied, Seller shall comply with rent control and other applicable Law to deliver Property vacant.  If such Law does not permit timely vacancy, Seller shall notify Buyer in writing at least  days prior to Closing.
  5. Seller warrants that on granting of possession the property will be in substantially the same condition it was on the Acceptance Date of this Agreement with the exception of ordinary wear and tear.  If Seller or tenant will occupy Property after closing the full terms of the occupancy shall be described on an attached addendum.  If Buyer accepts occupancy prior to closing, Buyer assumes all risk of loss to Property and shall be deemed to have accepted Property in its existing condition as of the time of taking occupancy.