the sum of
__________________________________________________________________Dollars
as earnest money and in part payment for the purchase of the following
described real estate (called "Property") situated in the
County of _______________________, and State of Tennessee:
Seller covenants and agrees to sell and convey
Property, with all improvements thereon, or cause to be conveyed, by
good and sufficient warranty deed, to Purchaser, or to such person or
persons as Purchaser may designate; Purchaser, however, shall not be
releases from any of the Purchaser’s agreements and undertakings as
set forth herein, unless otherwise stated; and Purchaser covenants and
agrees to purchase and accept Property for the total price of:
($__________________ )
________________________________________________________ Dollars upon
the terms as follows:
Seller agrees to have the above described property
inspected by a licensed and bonded termite control operator, have
treated if infestation is found, remedy and repair any insecurities in
the visible foundation timbers caused by termites or other wood
destroying insects.
Closing to be on or before
________________________________________________________.
Title search, abstract and/or title insurance to be prepared by
___________________.
Rents, if any, and all taxes for the current year and
interest (FHA Mortgage Premium, if any) upon any debt secured by
Property and assumed by Purchaser are to be prorated as of the date of
closing, and all prior unpaid taxes or liens including front foot
assessments are to be paid by the Seller, unless otherwise specified.
Fire and any additional hazard insurance premiums on the improvements on
Property are to be __________________________ (cancelled) or (prorated)
as of date of closing. If prorated, Purchaser is to pay the Seller the
unearned premiums for such insurance. (It is recommended that Seller
notify his insurance company of the existence of this contract of sale.)
IF THIS CONTRACT REQUIRES FHA OR VA FINANCING, THE
SELLERS AGREE TO PAY THE DISCOUNT OF THE NEW LOAN, NOT TO EXCEED
____________________________________________________%
Title is to be conveyed subject to all restrictions,
easements and covenants of record, and subject to zoning ordinances or
laws of any governmental authority. Possession of premises is to be
given _____________________________________________.
The improvements on Property are to be delivered in as good
condition as they were as of the date of this contract, ordinary wear
and tear excepted, and if not in such condition when final settlement is
made, Seller is obligated to put them in such condition, or to
compensate Purchaser for his failure to do so, but in the event of
destruction by fire, or otherwise, Seller’s liability shall in no
event be more than the appraised value of the improvements so destroyed.
Deferred payments, if any, are to be evidenced by
promissory note(s) of Purchaser on or before maturity, bearing interest
at _______percent per annum, and secured by a deed of trust on Property
in the form generally used by banks and title insurance companies in
___________, Tennessee. Settlement and payment of balance, if any, of
cash payments shall be made upon presentation of a good and valid
warranty deed with the usual covenants and conveying a good and
merchantable title, after allowing fifteen days from the completion of
title search or the delivery of abstracts for examination of title. At
the election of Purchaser, Seller agrees to furnish promptly, for
examination only, either title search or adequate abstracts of title,
taxes and judgments, covering Property, or at Seller’s option, a
policy of title insurance by one of the title insurance companies with
offices in __________________ for the amount of the above purchase
price, insuring marketability of title paid for by Seller. Adequate
abstracts of title, taxes and judgments are those required by a title
insurance company with an office in ____________________ as the basis
for the issuance of a policy of title insurance. In the event of
controversy regarding title, a title insurance policy covering Property,
issued by a local title insurance company for the above purchase price,
shall constitute and be accepted by Purchaser as conclusive evidence of
good and merchantable title.
If the title is not good and cannot be made good within a
reasonable time after written notice has been given that the title is
defective, specifically pointing out the defects, then the above earnest
money shall be returned to Purchaser and the usual commission shall be
paid to the undersigned Agent by Seller. If the title is good and
Purchaser shall fail to pay for property as specified herein, Seller
shall have the right to elect to declare this contract cancelled, and
upon such election, the earnest money shall be retained by and divided
equally between Seller and Agent, as liquidated damages and commission
respectively, but in no event shall Agent’s share exceed the regular
commission. The right given Seller to make the above election shall not
be the Seller’s exclusive remedy, and either party shall have the
right to elect to affirm this contract and enforce its specific
performance or recover full damages for its breach. Seller’s retention
of such earnest money shall not be evidence of an election to declare
this contract cancelled, as Seller shall have the right to retain his
portion of earnest money to be credited against damages actually
sustained. Seller agrees to pay the undersigned Agent a commission of
_________ % of the sale price. Unless otherwise specified herein, such
commission is to be paid in cash out of the net proceeds of the sale at
time of closing this transaction. Failure to close shall not relieve
Seller of his obligation to pay a commission as provided herein. If
property is being exchanged, each party hereto agrees to furnish either
title search or adequate abstracts of title and pay the Agent the
commission on the real estate each contracts herein to convey, and
otherwise fulfill obligations incumbent upon seller as outlined above.
Any abstracts covering Property only will become the property of
Purchaser subject to rights of mortgage holder.
Seller is to pay for preparation of the deed, recording of
purchase money trust deed, if any, title search or abstract, state tax
and Register’s fee on trust deed, and notary fee on deed. Seller
authorizes Agent to order title search or abstract for which Seller
agrees to pay. Purchaser is to pay for preparation of note, or notes,
and trust deed, notary fee on trust deed, recording of deed, state tax
and Register’s fee on deed, and expense of title examination or title
insurance, if any, Seller and Purchaser are to share equally in paying
closing fee and loan transfer fee, if any, in connection with
transaction. If Purchaser obtains a loan on Property, he is to pay all
expenses incident thereto.
Should there be any tax, insurance or other accrual items
on deposit with the holder of any debt secured by Property and assumed
by Purchaser, at the time of closing Purchaser shall reimburse Seller
therefor.
This instrument when signed only by the prospective
Purchaser shall constitute an offer which shall not be withdrawable in
less than 48 hours from the date hereof.
Purchaser accepts Property in its existing condition, no
warranties or representations having been made by Seller or Agent which
are not expressly stated herein.
As used herein, where applicable: "Seller" and
"Purchaser" include the plural; the masculine includes the
feminine or neuter gender.
Witness the signatures of all parties the day and year
above written.