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Offer

In: Business and Management

Submitted By evamtl
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Offer to Purchase Real Estate

I, Ying Hua Wang , referred to herein as BUYER, offers to purchase the following described real estate:

Street Address : ________3460 A du Parc_____________

Property Description : ___________________________________________________________

From __Julio_ _________ , referred to herein as SELLER , upon the terms and conditions stated herein.

The gross purchase price shall be $ __360,000____(dollars).

This offer is conditioned upon BUYER obtaining loan approval at least __ days prior to closing of this transaction,
BUYER shall make a mortgage loan application within 10 working days of the acceptance of this offer, and should the BUYER's loan application be denied, the BUYER shall have the option, within 2 business days to rescind this transaction. If BUYER elects to rescind the transaction, BUYER shall receive any deposits made from SELLER.

The closing will be held within 30 days of the acceptance of this offer to the SELLER, but in no event in less than 20 days from the notice. The SELLER shall convey to the owner by warranty deed the property herein, and the title thereto shall be merchantable. Within 30 days of acceptance, the SELLER shall provide a binder for title insurance in the principal amount of the purchase price. The title shall be free and clear of any encumbrances other than those, if any, to be assumed by the BUYER at closing. Should any defects be in the title, the SELLER shall have 60 days to clear the same. If the SELLER is unable to do so, BUYER shall have the option of closing or rescinding this contract. Should BUYER rescind the contract, then the SELLER shall refund as liquidated damages, and not a penalty, the funds paid for the option to BUYER.

The BUYER may at its expense obtain a current survey of the property. Should the survey indicate encroachments, then the SELLER shall remedy the same within 60 days. Should SELLER fail to clear such encroachments, then the BUYER shall have the option of closing or rescinding this contract. Should BUYER rescind the contract, then the SELLER shall refund as liquidated damages, and not a penalty, the funds paid for the option to BUYER.

The SELLER shall maintain the property and all improvements in the same condition as that which exists on the date of acceptance of this agreement, and shall deliver the same to the BUYER in the same condition, ordinary wear and tear excepted.

At closing, SELLER shall provide a report from a licensed entomologist certifying the absence of termites and other wood destroying organisms. Should the report show the active presence of any wood destroying organisms, and the BUYER shall have the following options:
a) if the damage and cost of treatment is less than 10% of the purchase price, the BUYER may withhold this sum and close, and the same shall be a credit on the sums due at closing;
b) if the damage exceeds 10% the BUYER may agree to an extension of closing for 90 days to allow SELLER to repair the same at its expense, or, the BUYER may refuse to close, and shall have the sums paid for the option fully refunded by SELLER.

During the period between exercise of the option by the buyer and the closing the premises shall be adequately insured for fire and other perils.

All taxes for the current year, escrows on mortgages assumed by the BUYER, prepaid insurance on policies assumed by BUYER, homeowners association dues, shall be prorated between the parties as of the date of closing.

At the time of closing SELLER shall provide an affidavit to BUYER that either:
a) there have been no improvements made which would subject the property to the filing of mechanic's, materialman, labor or other such liens; or
b) that there were improvements made to the subject property and all persons having the right under law to lien the property were paid or lien waivers obtained.

The SELLER represents to the BUYER that the present use of the property is lawful and complies with all zoning, governmental regulations and restrictive covenants and other similar contracts in effect.

Dated: ____2014 .04.18_________________

____ying hua Wang___________________________________, BUYER/OFFEROR

ACCEPTANCE OF OFFER

I hereby accept the offer set forth above.

Dated: ____________________________

____________________________________________________, SELLER/OFFEREE

Witnesses as to Seller's acceptance:

___________________________________________________________________

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