REAL ESTATE PURCHASE AGREEMENT
ARTICLE OF AGREEMENT, made and entered into this ____ day of________________, by and between _____________________, an individual residing at ____________________________________, hereinafter referred to as the "SELLER",
____________________________________________________________________________________________, hereinafter referred to as the "PURCHASER".
WHEREAS, ______________________, is the owner of certain real property situate in the Township of ____________, County of ___________ and Commonwealth of Pennsylvania, more particularly described on Exhibit "A" attached hereto and made a part hereof, containing thereon a single-family residence, hereinafter described as the "Residential Dwelling"; and
WHEREAS, the Seller has agreed to sell the Property to the Purchaser, and the Purchaser has agreed to purchase the same upon the terms and conditions herein contained.
NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, do covenant and agree as follows:
1. Sale. The Seller has agreed, and by these presents does hereby agree to sell to the Purchaser all of the right, title and interests of the Seller in and to the Residential Dwelling, under and subject to all easements, covenants, conditions and deed restrictions now recorded or apparent from an inspection of the Residential Dwelling, and any and all oil, gas, coal or other minerals heretofore excepted and reserved, and the Purchaser hereby agrees to purchase the same upon the terms and conditions herein contained and hereinafter set forth.
2. Price and Terms of Payment. The Purchaser agrees to pay to the Seller, and the Seller agrees to accept as full and complete consideration for the sale of the Residential Dwelling, the sum of ______________________________ Dollars, to be paid at Closing, by certified cashier’s check.
3. Personal Property. The refrigerator, stove, washer and dryer and the hot tub are included in the sale and shall be transferred at closing by a Bill of Sale.
4. Condition of Property. The Purchaser agrees that he has inspected the Property and hereby agrees to accept the Residential Dwelling in its present condition.
5. Maintenance of Property. Until the Closing, Seller shall continue all regular and necessary maintenance, repair and service of the Residential Dwelling.
6. Title to Property, Warranties. The Seller hereby warrants, which warranty shall extend to and survive the delivery of the deed, that Seller has good and sufficient title to the Residential Dwelling to be transferred pursuant to this Agreement, and that, subject to the escrow provided for in Paragraph 7 herein, title to the Residential Dwelling will be vested in the Purchaser on delivery of deed, free and clear of the claims of any person and free and clear of any and all liens and encumbrances. The Seller shall deliver a general warranty deed to the Purchaser.
7. Apportionments and Taxes. All real estate taxes shall be apportioned and pro-rated to the date of Closing. Real estate documentary stamp transfer taxes shall be divided equally between the Seller and the Purchaser at such time as a deed is delivered from the Seller to the Purchaser and the deed is recorded. The cost of the recording of the deed shall be borne by the Purchaser.
8. Closing and Transfer of Title. The Closing and delivery of deed and possession of the Residential Dwelling from the Seller to the Purchaser shall on or before _________________________.
9. Risk of Loss and Insurance. Risk of loss to the Residential Dwelling resulting from fire or other casualty shall remain with the Seller until the date of Closing. In the event that the Residential Dwelling shall be damaged or destroyed by fire or other casualty prior to the Closing, to the extent that the Residential Dwelling cannot be entirely repaired within thirty (30) days, then and in such event this Agreement shall terminate forthwith and the Seller and the Purchaser shall be relieved of any obligations to each other under this Agreement.
10. Default. In the event that the Purchaser fails to close within fifteen (15) days of ______________________, as a result of the inability of the Purchaser to obtain mortgage financing, this Agreement shall be null and void. In the event that the Purchaser otherwise fails to close within fifteen (15) days of _____________________, either party shall have the right to declare this Agreement to be null and void upon ten (10) days advance written notice to the other, and if the default is not cured within the ten (10) day period, this Agreement shall be null and void and each party shall be released from any further obligation or liability to the other.
11. Financing Contingencies. This Agreement is contingent upon the Purchaser obtaining mortgage financing from a commercial lending institution in such amounts and on such terms as shall be acceptable to the Purchaser.
12. Condominium/Planned Community (Homeowner Association) Resale Notice.
APPLICABLE: CONDOMINIUM. Purchaser acknowledges that the Property is a unit of a condominium that is primarily run by a unit owners’ association. §3407 of the Uniform Condominium Act of Pennsylvania requires Seller to furnish Purchaser with a Certificate of Resale and copies of the condominium declaration (other than plats and plans), the bylaws, and the rules and regulations of the association.
APPLICABLE: PLANNED COMMUNITY (HOMELAND ASSOCIATION). Purchaser acknowledges that the Property is part of a planned community as defined by the Uniform Planned Community Act. (See Definition of Planned Community Notice). §5407(a) of the Act requires Seller to furnish Purchaser with a copy of the Declaration (other than plats and plans), the bylaws, the rules and regulations of the association, and a Certificate containing the provisions set forth in §5407(a) of the Act.
THE FOLLOWING APPLIES TO PROPERTIES THAT ARE PART OF A CONDOMIUM OR A PLANNED COMMUNITY:
(A) Within 20 Days of the execution of this Agreement, Seller will submit a request to the association for a Certificate of Resale and the documents necessary to enable the Seller to comply with this Act. The Act provides that the association is required to provide these documents within 10 days of Seller’s request.
(B) Sell will promptly deliver to Purchaser all documents received from the association. Under the Act, Seller is not liable to Purchaser for the failure or delay of the association to provide the Certificate in a timely manner, not is Seller liable to Purchaser for any erroneous information provided by the association and included in the Certificate.
(C) Purchaser may declare this Agreement VOID at any time before Purchaser’s receipt of the association documents and for 5 days thereafter, OR until settlement, whichever occurs first. Purchaser’s notice declaring this Agreement void must be in writing.
(D) In the event the association has the right to buy the Property (right of first refusal), and the association exercises that right, Seller will reimburse Purchaser for all monies paid by Purchaser on account of purchase price and for any costs incurred by Purchaser for: (1) Title search, title insurance and/or mechanics lien insurance, or fee for cancellation of same, if any: (2) Flood insurance and/or fire insurance with extended coverage, mine subsidence insurance, or fee for cancellation of same, if any; (3) Appraisal fees and charges paid in advance to mortgage lender, if any.
13. Coal Notice. THIS DOCUMENT MAY NOT SELL, CONVEY, TRANSFER, INCLUDE OR INSURE THE TITLE TO THE COAL AND RIGHTS OF SUPPORT UNDERNEATH THE SURFACE LAND DESCRIBED OR REFERRED TO HEREIN, AND THE OWNER OR OWNERS OF SUCH COAL MAY HAVE THE COMPLETE LEGAL RIGHT TO REMOVE ALL SUCH COAL AND IN THAT CONNECTION, DAMAGE MAY RESULT TO THE SURFACE OF THE LAND AND ANY HOUSE, BUILDING OR OTHER STRUCTURE ON OR IN SUCH LAND. (This notice is set forth in the manner provided in Section 1 of the Act of July 17, 1957, P.L. 984.) “Purchaser acknowledges that he/she may not be obtaining the right of protection against subsidence resulting from coal mining operations, and that the property described herein may be protected from damage due to mine subsidence by a private contract with the owners of the economic interests in the coal. This acknowledgement is made for the purpose of complying with the provisions of Section 14 of the Bituminous Mine Subsidence and Land Conservation Act of April 27, 1966.” Purchaser agrees to sign the deed from Seller, which deed will contain the aforesaid provision.
14. Notices. Any notices to be given or made hereunder shall be in writing and shall be deemed to be delivered when properly addressed and posted by registered or certified mail, postage prepaid, to the party being given such notice at the last known address of such party. The address of the parties set forth herein shall be considered the last known address of each unless said party notifies the other in writing pursuant to the provisions of this paragraph.
15. Integration. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of such parties in connection herewith. Any amendment or supplement hereto shall also be in writing.
16. Headings. The headings in this Agreement are inserted for convenience and identification only, and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any of the provisions hereof.
17. Cumulative Rights and Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy shall not preclude or waive the right of such party to use any or all other remedies available to such party.
18. Assignment. This Agreement may not be assigned nor may any interest in the Residential Dwelling, be sublet, in whole or in part, without the prior written consent of the Seller.
19. Compliance with Law. Seller has complied with all applicable laws, ordinances, regulations, statutes, rules and restrictions relating to the Property or any part thereof.
IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have hereunto set their hands and seals this day and year first above written.
________________________ _______________________ (SEAL)
SELLER’S SPOUSE (If Applicable)
________________________ ______________________ (SEAL)