Luxury Listings Real Estate Purchase Agreement

Download as docx, pdf, or txt
Download as docx, pdf, or txt
You are on page 1of 7

LUXURY LISTINGS REAL ESTATE PURCHASE AGREEMENT

I. THE PARTIES. This Real Estate Purchase Agreement made on 18th January,
2024 between:

Buyer: ZAYN MALIK with a home address of no. 11 Louisa lane, 1 Sloane
Street who agrees to buy, and:

*Seller: LUXURY LISTINGS REAL ESTATE with a mailing address of


[MAILING ADDRESS] (“Seller”), who agrees to sell and convey real and
personal property as described in Sections II & III.

Buyer and Seller are each referred to herein as a “Party” and, collectively, as
the "Parties."

II. LEGAL DESCRIPTION. The real property is a:


- Single-Family Home
- Condominium
- Planned Unit Development (PUD)
✘ - Duplex
- Triplex
- Fourplex
- Other: [OTHER].

**Street Address: [PROPERTY ADDRESS]


Tax Parcel Information: [TAX PARCEL INFORMATION]
Other Description: [OTHER DESCRIPTION]

III. ***PERSONAL PROPERTY. In addition to the real property described in


Section II, the Seller shall include the following personal property:
[PERSONAL PROPERTY]

The described real property in Section II and personal property in Section III
shall be collectively known as the “Property.”

IV. EARNEST MONEY. After acceptance by all Parties, the Buyer agrees to make
a payment in the amount of $3.6 Million Dollars as consideration by 18th
January, 2024, at 11 ✘ AM PM The Earnest Money shall be applied to the
Purchase Price at Closing and subject to the Buyer’s ability to perform under
the terms of this Agreement.

V. PURCHASE PRICE & TERMS. The Buyer agrees to purchase the Property by
payment of $3.6 Million US Dollars as follows: (check one)
✘ - All Cash Offer. No loan or financing of any kind is required in order to
*purchase the Property. Buyer shall provide Seller written third (3rd) party
documentation verifying sufficient funds to close no later than. Seller shall
have three (3) business days after the receipt of such documentation to
notify Buyer, in writing, if the verification of funds is not acceptable. If
Buyer fails to provide such documentation, or if Seller finds such
verification of funds is not acceptable, Seller may terminate this
Agreement. Failure of Seller to provide Buyer written notice of objection to
such verification shall be considered acceptance of verification of funds.

✘ - Bank Financing. The Buyer’s ability to purchase the Property is


contingent upon the Buyer’s ability to obtain financing under the following
conditions: (check one)
- Conventional Loan
- FHA Loan (Attach Required Addendums)
- VA Loan (Attach Required Addendums)
- Other: [OTHER]

a.) In addition, If Buyer does not reveal a fact of contingency to the


lender and this purchase does not record because of such
nondisclosure after initial application, the Buyer shall be in
default;
b.) On or before 21th January, 2024, the Buyer will provide the
Seller a letter from a credible financial institution verifying a
satisfactory credit report, acceptable income, source of down
payment, availability of funds to close
c.) Buyer agrees to pay all fees and satisfy all conditions, in a
timely manner, required by the financial institution

- Seller Financing. Seller agrees to provide financing to the Buyer


under the following terms and conditions:
a.) HALF Payment: $[AMOUNT]
b.) Down Payment: $3.6 Million
c.) Documents: The Buyer shall be required to produce
documentation, as required by the Seller, verifying the Buyer’s
ability to purchase according to the Purchase Price and the
terms of the Seller Financing. Therefore, such Seller Financing
is contingent upon the Seller’s approval of the requested
documentation to be provided on or before 21th January, 2024.
The Seller shall have until 21th January, 2024, to approve the
Buyer's documentation.

NB: In the event Buyer fails to obtain Seller’s approval, this


Agreement shall be terminated with the Buyer’s Earnest Money
being returned within five (5) business days.
VI. CLOSING COSTS. The costs attributed to the Closing of the Property shall be
the responsibility of Buyer Seller ✘ Both Parties. The fees and costs
related to the Closing shall include but not be limited to a title search (including
the abstract and any owner’s title policy), preparation of the deed, transfer
taxes, recording fees, and any other costs by the title company that is in
standard procedure with conducting the sale of a property.

VII. FUNDS AT CLOSING. Buyer and Seller agree that before the recording can
take place, funds provided shall be in one (1) of the following forms: cash,
interbank electronic transfer, Cash App or Crypto Funds on a financial
institution located in the state of Governing Law, or any above combination that
permits the Seller to convert the deposit to cash no later than the next business
day.

VIII. CLOSING DATE. This transaction shall close on 23th January, 2024 or earlier
at the office of a title company to be agreed upon by the Parties. Any
extension of the Closing must be agreed upon, in writing, by Buyer and Seller.

IX. SURVEY. Buyer may obtain a survey of the Property before the Closing to
assure that there are no defects, encroachments, overlaps, boundary line or
acreage disputes, or other such matters, that would be disclosed by a survey
The cost of the survey shall be paid by the Buyer. Not later than 3 business
days prior to the Closing, Buyer shall notify Seller of any Survey Problems
which shall be deemed to be a defect in the title to the Property. Seller shall be
required to remedy such defects within 2 business days and prior to the
Closing.

X. MINERAL RIGHTS. It is agreed and understood that all rights under the soil,
including but not limited to water, gas, oil, and mineral rights shall be
transferred by the Seller to the Buyer at Closing.

XI. PROPERTY CONDITION. Seller agrees to maintain the Property in its current
condition, subject to ordinary wear and tear, from the time this Agreement
comes into effect until the Closing. Buyer recognizes that the Seller, along with
any licensed real estate agent(s) involved in this transaction, make no claims
as to the validity of any property disclosure information.

XII. SELLER’S INDEMNIFICATION. Except as otherwise stated in this


Agreement, after recording, the Buyer shall accept the Property AS IS,
WHERE IS, with all defects, latent or otherwise. Neither Seller nor their
licensed real estate agent(s) or any other agent(s) of the Seller, shall be
bound to any representation or warranty of any kind relating in any way to the
Property or its condition, quality or quantity, except as specifically set forth in
this Agreement or any property disclosure, which contains representations of
the Seller only, and which is based upon the best of the Seller’s personal
knowledge.

XIII. APPRAISAL. Buyer’s performance under this Agreement:

✘ - Shall not be contingent upon the appraisal of the Property being


equal to or greater than the agreed upon Purchase Price.

- Shall be contingent upon the appraisal of the Property being equal to


or greater than the agreed upon Purchase Price. If the Property does not
appraise to at least the amount of the Purchase Price, or if the appraisal
discovers lender-required repairs, the Parties shall have 3 business days
to re-negotiate this Agreement .In such event the Parties cannot come to
an agreement during the Negotiation Period, this Agreement shall
terminate with the Earnest Money being returned to the Buyer.

XIV. REQUIRED DOCUMENTS. Prior to the Closing, the Parties agree to authorize
all necessary documents, in good faith, in order to record the transaction under
the conditions required by the recorder, title company, lender, or any other
public or private entity.

XV. TERMINATION. In the event this Agreement is terminated, as provided in this


Agreement, absent of default, any Earnest Money shall be returned to the
Buyer, in-full, within 5 business days with all parties being relieved of their
obligations as set forth herein.

XVI. SEX OFFENDERS. Section 2250 of Title 18, United States Code, makes it a
federal offense for sex offenders required to register pursuant to the Sex
Offender Registration and Notification Act (SORNA), to knowingly fail to register
or update a registration as required. State convicted sex offenders may also be
prosecuted under this statute if the sex offender knowingly fails to register or
update a registration as required, and engages in interstate travel, foreign
travel, or enters, leaves, or resides on an Indian reservation.

A sex offender who fails to properly register may face fines and up to ten (10)
years in prison. Furthermore, if a sex offender knowingly fails to update or
register as required and commits a violent federal crime, he or she may face up
to thirty (30) years in prison under this statute. The Buyer may seek more
information online by visiting https://www.nsopw.gov/.

XVII. TIME. Time is of the essence. All understandings between the Parties are
incorporated in this Agreement. Its terms are intended by the Parties as a final,
complete and exclusive expression of their Agreement with respect to its
subject matter and they may not be contradicted by evidence of any prior
agreement or contemporaneous oral agreement.
XVIII. BUYER’S DEFAULT. Seller’s remedies shall be limited to liquidated damages
in the amount of the Earnest Money set forth in Section IV. It is agreed that
such payments and things of value are liquidated damages and are Seller’s
sole and only remedy for Buyer’s failure to perform the obligations of this
Agreement. The Parties agree that Seller’s actual damages in the event of
Buyer’s default would be difficult to measure, and the amount of the liquidated
damages herein provided for is a reasonable estimate of such damages.

XIX. SELLER’S DEFAULT. Buyer may elect to treat this Agreement as cancelled, in
which case all Earnest Money paid by Buyer hereunder shall be returned and
Buyer may recover such damages as may be proper, or Buyer may elect to
treat this Agreement as being in full force and effect and Buyer shall have the
right to specific performance or damages, or both.

XX. EARNEST MONEY DISPUTE. Notwithstanding any termination of this


Agreement, the Parties agree that in the event of any controversy regarding
the release of the Earnest Money that the matter shall be submitted to
mediation as provided in Section XXIII.

XXI. DISPUTE RESOLUTION. Buyer and Seller agree to mediate any dispute or
claim arising out of this Agreement, or in any resulting transaction, before
resorting to arbitration or court action.
a.) Mediation. If a dispute arises, between or among the Parties, and it is
not resolved prior to or after recording, the Parties shall first proceed in
good faith to submit the matter to mediation. Costs related to mediation
shall be mutually shared between or among the Parties. Unless
otherwise agreed in mediation, the Parties retain their rights to proceed
to arbitration or litigation.
b.) Arbitration. The Parties agree that any dispute or claim in law or equity
arising between them out of this Agreement or any resulting transaction,
which is not settled through mediation, shall be decided by neutral,
binding arbitration. The arbitrator is required to be a retired judge or
justice, or an attorney with at least five (5) years of residential real estate
law experience unless the Parties mutually agree to a different arbitrator.
Under arbitration, the Parties shall have the right to discovery in
accordance with Governing Law. Judgment upon the award of the
arbitrator(s) may be entered into any court having jurisdiction.
Enforcement of this Agreement to arbitrate shall be governed by the
Federal Arbitration Act.
c.) Exclusions. The following matters shall be excluded from the mediation
and arbitration: (i) a judicial or non-judicial foreclosure or other action or
proceeding to enforce a deed, mortgage or installment land sale contract
as defined in accordance with Governing Law; (ii) an unlawful detainer
action, forcible entry detainer, eviction action, or equivalent; (iii) the filing
or enforcement of a mechanic’s lien; and (iv) any matter that is within the
jurisdiction of a probate, small claims or bankruptcy court. The filing of a
court action to enable the recording of a notice of pending action, for
order of attachment, receivership, injunction, or other provisional
remedies, shall not constitute a waiver or violation of the mediation and
arbitration provisions of this Section.

XXII. GOVERNING LAW. This Agreement shall be interpreted in accordance with


the laws in the state of America.

XXIII. TERMS AND CONDITIONS OF OFFER. This is an offer to purchase the


Property in accordance with the above stated terms and conditions of this
Agreement. If at least one, but not all, of the Parties initial such pages, a
counteroffer is required until an agreement is reached. Seller has the right to
continue to offer the Property for sale and to accept any other offer at any
time prior to notification of acceptance. If this offer is accepted and Buyer
subsequently defaults, Buyer may be responsible for payment of licensed real
estate agent(s) compensation. This Agreement and any supplement,
addendum or modification, including any copy, may be signed in two or more
counterparts, all of which shall constitute one and the same writing.

XXIV. BINDING EFFECT. This Agreement shall be for the benefit of, and be binding
upon, the Parties, their heirs, successors, legal representatives, and assigns,
which therefore, constitutes the entire agreement between the Parties. No
modification of this Agreement shall be binding unless signed by both Buyer
and Seller.

XXV. SEVERABILITY. In the event any provision or part of this Agreement is found
to be invalid or unenforceable, only that particular provision or part so found,
and not the entire Agreement, will be inoperative.

XXVI. ACCEPTANCE. Seller warrants that Seller is the owner of the Property or has
the authority to execute this Agreement. Therefore, by the Seller’s
authorization below, he/she/they accepts the above offer and agrees to sell
the Property on the above terms and conditions and agrees to the agency
relationships in accordance with any agreement(s) made with licensed real
estate agent(s). Seller has read and acknowledges receipt of a copy of this
Agreement and authorizes any licensed real estate agent(s) to deliver a
signed copy to the Buyer.

Delivery may be in any of the following: (i) hand delivery; (ii) email under the
condition that the Party transmitting the email receives electronic confirmation
that the email was received to the intended recipient; and (iii) by facsimile to
the other Party or the other Party’s licensee, but only if the transmitting fax
machine prints a confirmation that the transmission was successful.

XXVII. LICENSED REAL ESTATE AGENT(S). If Buyer or Seller have hired the
services of licensed real estate agent(s) to perform representation on their
behalf, he/she/they shall be entitled to payment for their services as outlined
in their separate written agreement.
XXVIII. DISCLOSURES. It is acknowledged by the Parties that: (check one)
✘ - There are no attached addendums or disclosures to this Agreement.
- The following addendums or disclosures are attached to this
Agreement: (check all that apply)
- Lead-Based Paint Disclosure Form

XXIX. ENTIRE AGREEMENT. This Agreement together with any attached


addendums or disclosures shall supersede any and all other prior
understandings and agreements, either oral or in writing, between the Parties
with respect to the subject matter hereof and shall constitute the sole and only
agreements between the Parties with respect to the said Property. All prior
negotiations and agreements between the Parties with respect to the Property
hereof are merged into this Agreement. Each Party to this Agreement
acknowledges that no representations, inducements, promises, or
agreements, orally or otherwise, have been made by any Party or by anyone
acting on behalf of any Party, which are not embodied in this Agreement and
that any agreement, statement or promise that is not contained in this
Agreement shall not be valid or binding or of any force or effect.

XXX. EXECUTION.

Buyer Signature: _____________________________ Date: ______________


Print Name: _____________________________

Buyer Signature: _____________________________ Date: ______________


Print Name: _____________________________

Seller Signature: _____________________________ Date: ______________


Print Name: _____________________________

Seller Signature: _____________________________ Date: ______________


Print Name: _____________________________

Agent Signature: _____________________________ Date: ______________


Print Name: _____________________________

Agent Signature: _____________________________ Date: ______________


Print Name: _____________________________

You might also like