CONTRACT TO PURCHASE

DATE:

(Current Date)

From the office of:

Armstrong Field, Inc. Realtors - Salem
   

Presented to:

(Listing Office and Agent Name)
     

Listing Office – Listing Agent

TO:

(Owner's Name)
 

SELLER(S)

Property Address:

( Street Address)

Town/City:

(City/Town Name)

State:

MA

Approximate Lot Size:

#### sq. ft. +/-

Book:

####

Page:

####

Registry of Deeds:

Essex

1. WE HEREBY OFFER TO PAY FOR THE ABOVE-NOTED PROPERTY:
(a) $__________________, of which  (Amount of Offer)
(b) $___________________ is paid herewith as a deposit to bind this offer  (Typically $500 or $1000)
(c)$___________________   (Usually 5% of the Purchase Price)

is to be paid as an additional deposit on or before __________________,20____ (10 Days after Acceptance of the Offer)
(d) $___________________ is to be paid at the time of delivery of the deed, by cash or certified check.(Balance)
(e) $___________________ Total Purchase Price

All deposits shall be held in escrow by (Name of Listing Broker), as escrow agent, to be duly accounted for at closing.

2. ACCEPTANCE TERMS:

This offer shall remain open until (Date and Time - usually 12 to-48 Hours) 2002 and may be accepted only by the SELLER(s) signing this document prior thereto where noted, signifying acceptance of this Offer. Upon acceptance by SELLER(s) this shall become the contract between the parties; otherwise, this Offer shall be considered rejected, and any deposit paid in accordance herewith returned to BUYER(s).

3. AGENCY DISCLOSURE ACKNOWLEDGEMENT:

The BUYER(s) and SELLER(s) acknowledge receipt of the notice required by Regulation 254 of the Code of Massachusetts Regulations, Section 2.05(15), regarding the relationship of the Broker(s) with the BUYER(s) and SELLER(s) of the property.

LEAD LAW ACKNOWLEDGEMENT AND INSPECTION:

BUYER(s) acknowledge receipt of the "Massachusetts Department of Public Health Property Transfer Notification’ regarding the Lead Law. This contract is contingent upon a risk assessment or inspection of the property for the presence of lead-based paint and/or lead-based paint hazards at the Buyer’s expense until 9:00 P.M. on the tenth calendar day after Seller’s acceptance. This contingency will terminate at the above predetermined deadline unless the Buyer (or Buyer’s agent) delivers to the Seller (or Seller’s agent) a written contract addendum listing the specific existing deficiencies and corrections needed, together with a copy of the inspection and/or risk assessment report. The Seller may, at the Seller’s option, within five days after Delivery of the addendum, elect in writing whether to correct the condition(s) prior to settlement. If the Seller will correct the condition, the Seller shall furnish the Buyer with certification from a risk assessor or inspector demonstrating that the condition has been remedied before the date of the settlement. If the Seller does not elect to make the repairs, or if the Seller makes a counter-offer, the Buyer shall have five days to respond to the counter-offer or remove this contingency and take the property in "as-is" condition or this contract shall become void. The Buyer may remove this contingency at any time without cause.

INSPECTION; BUYER(s)’ ELECTION TO TERMINATE:

This Contract is subject to the right of the BUYER(s) to obtain, at the BUYER(s)’ sole cost, a home inspection of the premises by consultants of the BUYER(s) own choosing within ten (10) days after the SELLER(s)’ execution of this Contract or no later than
 (10 Days from Acceptance of Offer), 2002. If the BUYER(s) is not satisfied with the results of such inspection, this Contract may be terminated by the BUYER(s) at the BUYER(s) election, without legal or equitable recourse to any party, the parties thereby releasing each other from all liability under this Contract, and all deposits shall be returned to the BUYER(s). However, in order to elect to terminate, BUYER(s) must notify the SELLER(s) and Listing Broker(s) in writing, on or before the expiration of the ten (10) day inspection period, of BUYER(s)’ intentions to so terminate; failure to so notify will bar the BUYER(s) from termination under this paragraph. In the event the BUYER(s) do not elect to have such inspection or to so terminate within ten (10) days, the SELLER(s) and the BROKER(s) are hereby released from liability relating to defects in the premises which the BUYER(s) or BUYER(s)’ consultant(s) could reasonably discover.

6. FINANCING:

This Contract is subject to the BUYER(s) obtaining a Conventional, VA or FHA first mortgage commitment of $ (Amount of Mortgage)
at prevailing interest rates, points and terms. If the BUYER(s) is unable to obtain the above-noted financing, after using diligent efforts to do so, which ‘diligent efforts’ shall mean at least one application to an institutional lender made on or before
(10 Days from Acceptance of Offer), then BUYER(s) may terminate this Contract by notifying the SELLER(s) and Listing Broker(s) in writing, on or before (21 Business days from Acceptance of Offer), 2002, upon which notification all deposits shall be returned to the BUYER(s). Failure to so notify will bar the BUYER(s) from termination under this paragraph.

7. CLOSING:

A good and sufficient Deed, conveying a good and clear record and marketable title shall be delivered, by the SELLER(s), on or before (Closing Time and Date) at the appropriate Registry of Deeds, unless some other time and place are mutually agreed upon in writing. Time is of the essence of the Contract.

8. SPECIAL PROVISIONS: (Any Special Provisions or contingencies are listed here)

 

 

 

9. WARRANTIES & REPRESENTATIONS:

The BUYER(s) acknowledges that he/she has not relied upon any warranties or representations not incorporated in this contract, except for the additional warranties and representations, if any, made by either the SELLER(s) or the BROKER(s). If none, state "NONE".

___________________________________________________________________________________________________

NOTICE: THIS IS A LEGAL DOCUMENT THAT CREATES BINDING OBLIGATIONS. IF NOT UNDERSTOOD, CONSULT AN ATTORNEY.

 

BUYER:________________________________________ BUYER:_________________________________________

Signature                                                                                                 Signature

BUYER:________________________________________ BUYER:_________________________________________
Print Name                                                                                               Print Name

 

This Offer is hereby accepted at ___________A.M./P.M. on _______________________________, 2002

SELLER: _______________________________________ SELLER: _______________________________________

ADDRESS: _____________________________________ ADDRESS: _____________________________________

 

This Offer is hereby acknowledged but rejected at ___________A.M./P.M. on _______________________________, 2002

SELLER:________________________________________ SELLER:_________________________________________
Signature                                                                                              Signature

SELLER:________________________________________ SELLER:_________________________________________
Print Name                                                                                           Print Name