|
EXAMPLES OF FORMS FOR DRAWING PURCHASE AGREEMENTS
<br />MISCELLANEOUS PURCHASE AGREEMENT CLAUSES:.',
<br />DISCLAIMER THAT PROPERTY IS VIT,FOP A PARTICt1LAR:PURPOSEi ` ' ''
<br />the parties hereto acknowledge that no representation has been Made by listing orselling real estate firms or any of
<br />..i their agent's or employees, or the owner, that the above described premises. which Is herein conveyed, may legally
<br />- • be used ter rooming house. rest home,. nursing home, dormitory,; boarding house?, multiple dwelbng.or any other
<br />related purpose. r r . ,
<br />,:SAdh•INVOGYINGMINORS;• ., _
<br />Note: ifthere is any question whatsoever as to the legality of atra isaci.;lon where minors, are, concerned, be sure to
<br />::: obtain coitipetent advice before ,proceeding.: _ ; ; : _`.. ,> : ; :' .-- - :.: ...
<br />C.1PERSONAL PROPERTY:
<br />Note: It persoiiat property is Involved In a transaction, be certain to Obtain a correct, written itemized Hsi of such '
<br />property< Such list should be signed or initiated by both seller and buyer. In the section of the purchase agreement "•
<br />that relates to personal Property the tollowing statement should appear: Including ali'that personal property more' ,
<br />• ."specifically set forth on Exhibit A attached ;hereto end.tnade a part",hereof by thisseferepce thereto..
<br />TO. :,CONTINGENCY' SALE. 1" : „ I
<br />-' , Addendum to purchase agreement dated • 9_ 1u _' covering the property. at
<br />:.,,This. purchase :agreement is . contingent • upon the successful sate and closing of the buyer's . property' (
<br />`;:,4.: - - - :,. ; It Said closing has not taken•place by , the buyer triay,•at his
<br />Option, terminate this:pUrchase agreement by service On the Seller'.df written notice to exercise said option to
<br />-terminate said purchase agreement, in Which event the earnest ntentey Herein paid shell immediately be rehmded to j
<br />- zthe buyer. The seller shall have the right to continue to have this property offered for sale unless this contingency has
<br />`been'retnoVed in writing by the buyer. The seller may demand removal of this contingency; at any time, by service of • ;
<br />written floticeon the buyer In the event the, buyer does not comply with this demand within 48 hours of receipt of
<br />-notice, this purchase agreement shall be: null and.void .and the earnest money herein paid shall immediately be Q
<br />::refunded. to the buyer: The buyer agrees not. to remove this contingency unless he has entered into a valid purchase r
<br />agreement for'.the Slept his property or has written proof that he is capable of- performing on .this purchase - r
<br />agreement without closing the pale of his property. In the event of termination, as herein set forth, both the buyer .
<br />and -the seller Shalt execute a cancefattoh of this purChate agreement ` g
<br />:The buyers) agrees to Nat his property With* • ..;,=Litapplicable.:
<br />,1
<br />SELLERS)
<br />VA AIRPORT NOISE CLAUSE:
<br />(Note: 'The Veterans Administration requires .the folloviing certifeation on propertles located along" aircraftt i
<br />approach and takeoff area Amap showing the exact areas InvotVed was released and each member should have a
<br />, copy: VA will not Issue an appraisal without written notice from.the Veteran buyer that he is aware of the noise factor, gR
<br />• The clause may be part of the purchase agreement or may be a Separatecertihcatlof.If a separate certification, the
<br />property address, date and signature of veteran must appear:1he,correct wording tor certification Is as follows:)! i
<br />. _I Understand this property ordinarily would be considered unaceeptable•tot appraisal• by the Veterans Administra-
<br />.'.dion because 'et the high intensity of sound caused by- Jot" -aircraft.:= •r-,
<br />• :`'i am aware thiS.noise factor may have an.adverse effect ,an the Iiveabiiity, value. and suitability for residential use; g
<br />but 1 atmwilling to incur the expense of an appraisal to obtaln.a VA valuation of the property '' . • -
<br />:1 know that prior to -signing this certification; f have the right to contact the loan guarantee division, VA Center, Fort gi
<br />'Snelling
<br />. ..._ _ ). _.....,- _L_ 1l.! Inln\ i_- :JJ,t±...d 1nfi-naII o:, Or,.clarification..--;.-
<br />SUPPLEMENTALAGREEMENT:.',... .:.::':....:::',:,.: -:.
<br />7. V.A.•RELEASE OF, UABIUTY (WITH.RESTORATION OF ENTITLEMENT)
<br />'-,Buyer and Selterinutually agree that this Agreement is conditioned upon Buyer's ability to assume Seller's Potential
<br />Indemnity Liability:to the U.S. Government as regards 16 the existfhg VA=guararueed loan. (Buyer further warrants
<br />that he is a Veteran with thenecessary guarantee entitlement to permit the substitution of his entitlement for that of Pli
<br />the Veteran -Seller.) Buyer and Seller mutually agree to Immediately make application and to execute all necessary • -
<br />documents pertinent to the Release of Liability (and the SabstitullOn ot-Enttlemerd). Buyer to pay the costs of credit
<br />report charged by the Veterans Administration: If the Veterans Adnninistration does hot agree to release the Seller
<br />of personal liability (and restore his entitlement) this Purchfie AgreetnentShall become met and Vold, at the Seller's gj;
<br />• option, -and Pernast-money paid herein. shill be refunded (n futi.to the Buyer: " •
<br />„
<br />4.4.0tg Sentences and phrases In parentheses are to be n, ead only when the Buyer agrees to use his Certificate of '
<br />, : Eligibility.hi -replace that of the Seiler; otherwise they shall 'not be hx*rded:" ',
<br />•
<br />TRUTH IN HOUSING ACKNOWLEDGEMENT: ." - '
<br />Buyer herein is aware of the Truth in Housing Ordinance Sec. 248.1t) of the City of Minneapolis requiring Seller, at ,
<br />his expense: to provide Buyer with a "Truth in Housing Disolosure Report" signed by an evaluator certified by the
<br />
|