REAL ESTATE PURCHASE CONTRACTFOR LANDThis is a legally binding contract. If you desire legal or tax advice, consult your attorney or tax MONEY RECEIPTBuyer offers to purchase the Property described below and herebydelivers to the Brokerage, as Earnest Money, the amount of $ in the form of which, upon Acceptance of this offer by all parties (as defined in Section 23), shall be deposited in accordance with by: (Signature of agent/broker acknowledges receipt of Earnest Money)on (Date)Brokerage: Phone Number: OFFER TO PURCHASE1. PROPERTY:also described as: City of County of State of Utah, ZIP (the "Property"). Included Items. (specify) Water Rights/Water Shares. The following water rights and/or water shares are included in the Purchase [ ] Shares of Stock in the (Name of Water Company).[ ] Other (specify) 2. PURCHASE PRICE The purchase price for the Property is $The purchase price will be paid as follows:$(a) Earnest Money Deposit. Under certain conditions described in this Contract THISDEPOSIT MAY BECOME TOTALLY NON REFUNDABLE.$(b) New Loan. Buyer agrees to apply for one or more of the following loans:.[ ] CONVENTIONAL .[ ] OTHER (specify) If the loan is to include any particular terms, then check below and give details:.[ ] SPECIFIC LOAN TERMS$(c) Seller Financing. (see attached Seller Financing Addendum, if applicable)$(d) Other (specify).$(e) Balance of Purchase Price in Cash at Settlement.$PURCHASE PRICE. Total of lines (a) through (e)3. SETTLEMENT AND CLOSING. Settlement shall take place on the Settlement Deadline referenced in Section 24(c), oron a date upon which Buyer and Seller agree in writing. "Settlement" shall occur only when all of the following have beencompleted: (a) Buyer and Seller have signed and delivered to each other or to the escrow/closing office all documentsrequired by this Contract, by the Lender, by written escrow instructions or by applicable law; (b) any monies required to bepaid by Buyer under these documents (except for the proceeds of any new loan) have been delivered by Buyer to Selleror to the escrow/closing office in the form of collected or cleared funds; and (c) any monies required to be paid by Sellerunder these documents have been delivered by Seller to Buyer or to the escrow/closing office in the form of collected orcleared funds. Seller and Buyer shall each pay one half ( ) of the fee charged by the escrow/closing office for itsservices in the settlement/closing process. Taxes and assessments for the current year, rents, and interest on assumedobligations shall be prorated at Settlement as set forth in this Section. Prorations set forth in this Section shall be made asof the Settlement Deadline date referenced in Section 24(c), unless otherwise agreed to in writing by the parties. Suchwriting could include the settlement statement. The transaction will be considered closed when Settlement has beencompleted, and when all of the following have been completed: (i) the proceeds of any new loan have been delivered bythe Lender to Seller or to the escrow/closing office; and (ii) the applicable Closing documents have been recorded in theoffice of the county recorder. The actions described in parts (i) and (ii) of the preceding sentence shall be completedwithin four calendar days of POSSESSION. Seller shall deliver physical possession to Buyer within: .[ ] Upon Closing.[ ] Other (specify)Page 1 of 5 pagesSeller's Initials______________ Date_______________ Buyer's Initials______________ Date_______________5. CONFIRMATION OF AGENCY DISCLOSURE. At the signing of this contract:[ ] Seller's Initials [ ] Buyer's InitialsListing Agent, represents.[ ] Seller .[ ] Buyer .[ ] both Buyer and Selleras a Limited Agent;Listing Broker for,(Company Name)represents.[ ] Seller .[ ] Buyer .[ ] both Buyer and Selleras a Limited Agent;Buyer's Agent, represents.[ ] Seller .[ ] Buyer .[ ] both Buyer and Selleras a Limited Agent;Buyer's Broker for,(Company Name)represents.[ ] Seller .[ ] Buyer .[ ] both Buyer and Selleras a Limited Agent;6. TITLE INSURANCE. At Settlement, Seller agrees to pay for a standard coverage owner's policy of title insuranceinsuring Buyer in the amount of the Purchase Price. Any additional title insurance coverage shall be at Buyer's SELLER DISCLOSURES. No later than the Seller Disclosure Deadline referenced in Section 24(a), Seller shall provideto Buyer the following documents which are collectively referred to as the "Seller Disclosures": (a) a Seller property condition disclosure for the Property, signed and dated by Seller; (b) a commitment for the policy of title insurance; (c) a copy of any leases affecting the Property not expiring prior to Closing; (d) written notice of any claims and/or conditions known to Seller relating to environmental problems; (e) evidence of any water rights and/or water shares referenced in Section above; and (f) Other (specify) 8. BUYER'S RIGHT TO CANCEL BASED ON BUYER'S DUE DILIGENCE. Buyer's obligation to purchase under thisContract (check applicable boxes): (a) .[ ] IS .[ ] IS NOT conditioned upon Buyer's approval of the content of all the Seller Disclosures referenced inSection 7; (b) .[ ] IS .[ ] IS NOT conditioned upon Buyer's approval of a physical condition inspection of the Property; (c) .[ ] IS .[ ] IS NOT conditioned upon Buyer's approval of a survey of the Property by a licensed surveyor; (d) .[ ] IS .[ ] IS NOT conditioned upon Buyer's approval of applicable federal, state and local governmental laws,ordinances and regulations affecting the Property; and any applicable deed restrictions and/or CC&R's (covenants,conditions and restrictions) affecting the Property; (e) .[ ] IS .[ ] IS NOT conditioned upon the Property appraising for not less than the Purchase Price; (f) .[ ] IS .[ ] IS NOT conditioned upon Buyer's approval of the terms and conditions of any mortgage financingreferenced in Section 2 above; (g) .[ ] IS .[ ] IS NOT conditioned upon Buyer's approval of the following tests and evaluations of the Property: (specify)If any of items 8(a) through 8(g) are checked in the affirmative, then Sections , , and apply; otherwise, theydo not apply. The items checked in the affirmative above are collectively referred to as Buyer's "Due Diligence." Unlessotherwise provided in this Contract, Buyer's Due Diligence shall be paid for by Buyer and shall be conducted byindividuals or entities of Buyer's choice. Seller agrees to cooperate with Buyer's Due Diligence and with a final pre closinginspection under Section 11. Due Diligence Deadline. No later than the Due Diligence Deadline referenced in Section 24(b) Buyer shall: (a)complete all of Buyer's Due Diligence; and (b) determine if the results of Buyer's Due Diligence are acceptable to Buyer. Right to Cancel or Object. If Buyer determines that the results of Buyer's Due Diligence are unacceptable, Buyermay, no later than the Due Diligence Deadline, either: (a) cancel this Contract by providing written notice to Seller,whereupon the Earnest Money Deposit shall be released to Buyer; or (b) provide Seller with written notice of objections. Failure to Respond. If by the expiration of the Due Diligence Deadline, Buyer does not: (a) cancel this Contractas provided in Section ; or (b) deliver a written objection to Seller regarding the Buyer's Due Diligence, The Buyer'sDue Diligence shall be deemed approved by Buyer; and the contingencies referenced in Sections 8(a) through 8(g),including but not limited to, any financing contingency, shall be deemed waived by Buyer. Response by Seller. If Buyer provides written objections to Seller, Buyer and Seller shall have seven calendardays after Seller's receipt of Buyer's objections (the "Response Period") in which to agree in writing upon the manner ofresolving Buyer's objections. Except as provided in Section , Seller may, but shall not be required to, resolve Buyer'sobjections. If Buyer and Seller have not agreed in writing upon the manner of resolving Buyer's objections, Buyer maycancel this Contract by providing written notice to Seller no later than three calendar days after expiration of the ResponsePeriod; whereupon the Earnest Money Deposit shall be released to Buyer. If this Contract is not canceled by Buyer underthis Section , Buyer's objections shall be deemed waived by Buyer. This waiver shall not affect those items warrantedin Section 2 of 5 pagesSeller's Initials______________ Date_______________ Buyer's Initials______________ Date_______________9. ADDITIONAL TERMS. There.[ ] ARE .[ ] ARE NOT addenda to this Contract containing additional terms. If there are,the terms of the following addenda are incorporated into this Contract by this reference:.[ ] Addenda No.'s.[ ] Seller Financing Addendum .[ ] Other (specify)10. SELLER WARRANTIES AND Condition of Title. Seller represents that Seller has fee title to the Property and will convey good and marketabletitle to Buyer at Closing by general warranty deed. Buyer agrees, however, to accept title to the Property subject to thefollowing matters of record: easements, deed restrictions, CC&R's (meaning covenants, conditions and restrictions), andrights of way; and subject to the contents of the Commitment for Title Insurance as agreed to by Buyer under Section also agrees to take the Property subject to existing leases affecting the Property and not expiring prior to agrees to be responsible for taxes, assessments, homeowners association dues, utilities, and other servicesprovided to the Property after Closing. Seller will cause to be paid off by Closing all mortgages, trust deeds, judgments,mechanic's liens, tax liens and warrants. Seller will cause to be paid current by Closing all assessments and homeownersassociation ANY PORTION OF THE PROPERTY IS PRESENTLY ASSESSED AS "GREENBELT" (CHECK APPLICABLEBOX):.[ ] SELLER .[ ] BUYER SHALL BE RESPONSIBLE FOR PAYMENT OF ANY ROLL BACK TAXES ASSESSEDAGAINST THE PROPERTY. Condition of Property. Seller warrants that the Property will be in the following condition ON THE DATESELLER DELIVERS PHYSICAL POSSESSION TO BUYER: (a) the Property shall be free of debris and personal property; (b) the Property will be in the same general condition as it was on the date of FINAL PRE CLOSING INSPECTION. Before Settlement, Buyer may, upon reasonable notice and at a reasonabletime, conduct a final pre closing inspection of the Property to determine only that the Property is "as represented,"meaning that the Property has been repaired/corrected as agreed to in Section , and is in the condition warranted inSection If the Property is not as represented, Seller will, prior to Settlement, repair/correct the Property, and placethe Property in the warranted condition or with the consent of Buyer (and Lender if applicable), escrow an amount atSettlement sufficient to provide for the same. The failure to conduct a final pre closing inspection or to claim that theProperty is not as represented, shall not constitute a waiver by Buyer of the right to receive, on the date of possession, theProperty as CHANGES DURING TRANSACTION. Seller agrees that from the date of Acceptance until the date of Closing, noneof the following shall occur without the prior written consent of Buyer: (a) no changes in any existing leases shall be made;(b) no new leases shall be entered into; (c) no substantial alterations or improvements to the Property shall be made orundertaken; and (d) no further financial encumbrances affecting the Property shall be AUTHORITY OF SIGNERS. If Buyer or Seller is a corporation, partnership, trust, estate, limited liability company orother entity, the person executing this Contract on its behalf warrants his or her authority to do so and to bind Buyer COMPLETE CONTRACT. This Contract together with its addenda, any attached exhibits, and Seller Disclosures,constitutes the entire Contract between the parties and supersedes and replaces any and all prior negotiations,representations, warranties, understandings or contracts between the parties. This Contract cannot be changed except bywritten agreement of the DISPUTE RESOLUTION. The parties agree that any dispute, arising prior to or after Closing, related to this Contract(check applicable box).[ ] SHALL.[ ] MAY AT THE OPTION OF THE PARTIESfirst be submitted to mediation. If the parties agree to mediation, the dispute shall be submitted to mediation through amediation provider mutually agreed upon by the parties. Each party agrees to bear its own costs of mediation. If mediationfails, the other procedures and remedies available under this Contract shall apply. Nothing in this Section 15 shall prohibitany party from seeking emergency equitable relief pending DEFAULT. If Buyer defaults, Seller may elect either to retain the Earnest Money Deposit as liquidated damages, or toreturn it and sue Buyer to specifically enforce this Contract or pursue other remedies available at law. If Seller defaults, inaddition to return of the Earnest Money Deposit, Buyer may elect either to accept from Seller a sum equal to the EarnestMoney Deposit as liquidated damages, or may sue Seller to specifically enforce this Contract or pursue other remediesavailable at law. If Buyer elects to accept liquidated damages, Seller agrees to pay the liquidated damages to Buyer ATTORNEY FEES AND COSTS. In the event of litigation or binding arbitration to enforce this Contract, the prevailingparty shall be entitled to costs and reasonable attorney fees. However, attorney fees shall not be awarded for participationPage 3 of 5 pagesSeller's Initials______________ Date_______________ Buyer's Initials______________ Date_______________in mediation under Section NOTICES. Except as provided in Section 23, all notices required under this Contract must be: (a) in writing; (b) signedby the party giving notice; and (c) received by the other party or the other party's agent no later than the applicable datereferenced in this ABROGATION. Except for the provisions of Sections , , 15 and 17 and express warranties made in thisContract, the provisions of this Contract shall not apply after RISK OF LOSS. All risk of loss to the Property, including physical damage or destruction to the Property or itsimprovements due to any cause except ordinary wear and tear and loss caused by a taking in eminent domain, shall beborne by Seller until the transaction is TIME IS OF THE ESSENCE. Time is of the essence regarding the dates set forth in this Contract. Extensions must beagreed to in writing by all parties. Unless otherwise explicitly stated in this Contract: (a) performance under each Sectionof this Contract which references a date shall absolutely be required by 5:00 PM Mountain Time on the stated date; and(b) the term "days" shall mean calendar days and shall be counted beginning on the day following the event which triggersthe timing requirement ( , Acceptance, etc.). Performance dates and times referenced herein shall not be binding upontitle companies, lenders, appraisers and others not parties to this Contract, except as otherwise agreed to in writing bysuch non FAX TRANSMISSION AND COUNTERPARTS. Facsimile (fax) transmission of a signed copy of this Contract, anyaddenda and counteroffers, and the retransmission of any signed fax shall be the same as delivery of an original. ThisContract and any addenda and counteroffers may be executed in ACCEPTANCE. "Acceptance" occurs when Seller or Buyer, responding to an offer or counteroffer of the other: (a)signs the offer or counteroffer where noted to indicate acceptance; and (b) communicates to the other party or to the otherparty's agent that the offer or counteroffer has been signed as CONTRACT DEADLINES. Buyer and Seller agree that the following deadlines shall apply to this Contract:(a) Seller Disclosure Deadline(Date)(b) Due Diligence Deadline(Date)(c) Settlement Deadline(Date)25. OFFER AND TIME FOR ACCEPTANCE. Buyer offers to purchase the Property on the above terms and conditions. IfSeller does not accept this offer by: .[ ] AM .[ ] PM Mountain Time on (Date),this offer shall lapse; and the Brokerage shall return the Earnest Money Deposit to Buyer.(Buyer's Signature)(Offer Date)(Buyer's Signature)(Offer Date)The later of the above Offer Dates shall be referred to as the "Offer Reference Date"(Buyers' Names) (PLEASE PRINT)(Notice Address)(Zip Code)(Phone)Page 4 of 5 pagesSeller's Initials______________ Date_______________ Buyer's Initials______________ Date_______________ACCEPTANCE/COUNTEROFF ER/REJECTIONCHECK ONE:.[ ] ACCEPTANCE OF OFFER TO PURCHASE: Seller Accepts the foregoing offer on the terms and conditions [ ] COUNTEROFFER: Seller presents for Buyer's Acceptance the terms of Buyer's offer subject to the exceptions ormodifications as specified in the attached ADDENDUM NO. (Seller's Signature)(Date)(Time)(Seller's Signature)(Date)(Time)(Sellers' Names) (PLEASE PRINT)(Notice Address)(Zip Code)(Phone).[ ] REJECTION: Seller rejects the foregoing offer.(Seller's Signature)(Date)(Time)(Seller's Signature)(Date)(Time)This form is COPYRIGHTED by the UTAH ASSOCIATION OF REALTORS for use solely by its members. Any unauthorized use,modification, copying or distribution without written consent is prohibited. NO REPRESENTATION IS MADE AS TO THE LEGALVALIDITY OR ADEQUACY OF ANY PROVISION OF THIS FORM IN ANY SPECIFIC TRANSACTION. IF YOU DESIRE SPECIFIC LEGAL ORTAX ADVICE, CONSULT AN APPROPRIATE UTAH ASSOCIATION OF REALTORS ALL RIGHTS RESERVEDUAR FORM 19Page 5 of 5 pagesSeller's Initials______________ Date_______________ Buyer's Initials______________ Date_______________
REAL ESTATE PURCHASE CONTRACT FOR LAND
REAL ESTATE PURCHASE CONTRACT FOR LAND This is a legally binding contract. If you desire legal or tax advice, consult your attorney or tax advisor.
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