REAL
ESTATE PURCHASE CONTRACT (RESIDENTIAL)
STATE OF
___________________
COUNTY OF ___________________
1. PARTIES:
_______________________________________________________________________
(Seller) agrees to sell and convey to
__________________________________________________________________
____________________ (Purchaser), and Purchaser agrees to buy from
Seller the Property described below.
2. PROPERTY:
(a) Land:
Address:
____________________________________________________________
[insert full address] or more specifically described as:
______________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________,
or as described in the attached exhibit. (b) Improvements:
The house, garage and all other fixtures and improvements attached
to the above-described real property, including without limitation,
the following permanently installed and built-in items, if any: all
equipment and appliances, valances, screens, shutters, awnings,
wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail
boxes, television antennas and satellite dish system and equipment,
heating and air-conditioning units, security and fire detection
equipment, wiring, plumbing and lighting fixtures, chandeliers,
water softener system, kitchen equipment, garage door openers,
cleaning equipment, shrubbery, landscaping, outdoor cooking
equipment, and all other property owned by Seller and attached to
the above described real property. (c) Accessories: The
following described related accessories, if any: window air
conditioning units, stove, fireplace screens, curtains and rods,
blinds, window shades, draperies and rods, controls for satellite
dish system, controls for garage door openers, entry gate controls,
door keys, mailbox keys, above ground pool, swimming pool equipment
and maintenance accessories, and artificial fireplace logs. (d)
Exclusions: The following improvements and accessories will
be retained by Seller and excluded:
_________________________________________________________________________________________
_________________________________________________________________________________________
The land, improvements and accessories are collectively referred to
as the "Property".
3. PURCHASE PRICE:
The Total Price
shall be $___________________ payable as follows:
Earnest money: (Receipt of which is hereby acknowledged)
$___________________
Cash or certified funds due at closing:
$___________________
4. FINANCING:
The portion of
Sales Price not payable in cash will be paid as follows: [Check
applicable items below.]
_____ (a)
Third Party Financing: One or more third party mortgage
loans in the total amount of $___________________. If the Property
does not satisfy the lenders' underwriting requirements for the
loan(s), this contract will terminate and the earnest money will be
refunded to Purchaser. [Check one item only:]
_____ (1) This contract is subject to Purchaser being
approved for the financing described in the attached Third Party
Financing Condition Addendum.
_____ (2) This contract is not subject to Purchaser being
approved for financing and does not involve FHA or VA
financing.
_____ (b)
Assumption: The assumption of the unpaid principal balance
of one or more promissory notes described in the attached Loan
Assumption Addendum.
_____ (c)
Seller Financing: A promissory note from Purchaser to Seller
of $___________________ bearing _______% interest per annum,
secured by [choose the appropriate instrument
authorized within the state:] _____ mortgage, or _____ vendor's
and deed of trust liens, and containing the terms and conditions
described in the attached Seller Financing Addendum. If an
owner policy of title insurance is furnished, Purchaser shall
furnish Seller with a mortgagee policy of title
insurance.
5. TITLE
INSURANCE: Seller agrees to furnish to
Purchaser a standard form title insurance commitment, issued by a
company qualified to insure titles in _________________________
[state], in the amount of the purchase price, insuring
the mortgagee against loss on account of any defect or encumbrance
in the title, unless herein excepted; otherwise, the earnest money
shall be refunded. Said property is sold and is to be conveyed
subject to any mineral and mining rights not owned by the
undersigned Seller and subject to present zoning
classification.
6. PRORATIONS & HAZARD
INSURANCE: The taxes, as determined on
the date of closing, are to be prorated between Seller and
Purchaser as of the date of delivery of the deed. Seller shall keep
in force sufficient hazard insurance on the property to protect all
interests until this sale is closed and the deed delivered. If the
property is destroyed or materially damaged between the date hereof
and the closing and Seller is unable or unwilling to restore it to
its previous condition prior to closing, Purchaser shall have the
option of canceling the contract and receiving back the
earnest money, or accepting the property in its damaged condition,
any insurance proceeds otherwise payable to Seller by reason of
such damage shall be applied to the balance of the purchase price
or otherwise be payable to Purchaser.
7. CLOSING COSTS &
DATE: The sale shall be closed and
the deed delivered within sixty (60) days from the execution of
this Agreement by all parties, except Seller shall have a
reasonable length of time within which to perfect title or cure
defects in the title to the said property. The Seller agrees to pay
the cost of deed preparation and a mortgagee’s title insurance
policy, all other closing costs shall be paid by Purchaser.
Purchaser agrees to allow Seller to remain in possession of said
property subject to separate terms of a month to month lease
agreement to be executed at closing for a lease period not to
extend beyond _________________________ [insert
month/day/year].
8. CONVEYANCE:
Seller agrees to
convey a good merchantable title and General Warranty Deed of said
property insuring that property is free of all encumbrances, except
as hereinabove set out and Seller and Purchaser agree that any
encumbrances shall be paid in full at the time of closing from
sales proceeds.
9. CONDITION OF
PROPERTY: (a) General Provisions and
Obligations of Parties: Seller agrees to deliver the
heating, cooling, plumbing and electrical systems and any built-in
appliances in operable condition at the time of closing. It shall
be the responsibility of Purchaser, at Purchaser’s expense, to
satisfy himself/herself that all conditions of this contract are
satisfied before closing. Said sale is contingent upon a
satisfactory inspection of the property to be completed and
reported to Seller prior to or on _________________________,
20____. Said contract shall only be renegotiable upon a major
defect with an individual repair cost in excess of $500.00. After
closing, all conditions of the property, as well as any
aforementioned items and systems, are the responsibility of
Purchaser and shall be deemed purchased AS-IS. (b) Lender
Required Repairs and Treatments: Unless otherwise agreed in
writing, neither party is obligated to pay for lender required
repairs, which includes treatment for wood destroying insects. If
the parties do not agree to pay for the lender required repairs or
treatments, this contract will terminate and the earnest money will
be refunded to Purchaser. If the cost of lender required repairs
and treatments exceeds 5% of the Sales Price, Purchaser may
terminate this contract and the earnest money will be refunded to
Purchaser. (c) Completion of Repairs and Treatments: Unless
otherwise agreed in writing, Seller shall complete all agreed
repairs and treatments prior to the Closing Date. All required
permits must be obtained, and repairs and treatments must be
performed by persons who are licensed or otherwise authorized by
law to provide such repairs or treatments. At Purchaser's election,
any transferable warranties received by Seller with respect to the
repairs and treatments will be transferred to Purchaser at
Purchaser's expense. If Seller fails to complete any agreed repairs
and treatments prior to the Closing Date, Purchaser may do so and
receive reimbursement from Seller at closing. The Closing Date will
be extended up to 15 days, if necessary, to complete repairs and
treatments. (d) Environmental Matters: Purchaser is advised
that the presence of wetlands, toxic substances, including asbestos
and wastes or other environmental hazards, or the presence of a
threatened or endangered species or its habitat may affect
Purchaser's intended use of the Property. If Purchaser is concerned
about these matters, an addendum required by the parties should be
used.
10. SELLER’S
WARRANTIES: Seller warrants that Seller
has not received notification from any lawful authority regarding
any assessments, pending public improvements, repairs, replacements
or alterations to said premises that have not been satisfactorily
made. These warranties shall survive the delivery of the above
deed.
11. EARNEST MONEY:
The Earnest Money
as paid by Purchaser as set forth in Paragraph 3 hereof shall be
deposited by Seller only upon the execution of this contract. The
Earnest Money shall be nonrefundable to Purchaser except for the
occurrences of Paragraphs 5, 6, or 12.
12. DEFAULT:
If Purchaser
fails to comply with this contract, Purchaser will be in default,
and Seller may (a) enforce specific performance, seek such other
relief as may be provided by law, or both, or (b) terminate this
contract and receive the earnest money as liquidated damages,
thereby releasing both parties from this contract. If, due to
factors beyond Seller's control, Seller fails within the time
allowed to make any non-casualty repairs, Purchaser may (a) extend
the time for performance up to 15 days and the Closing Date will be
extended as necessary or (b) terminate this contract as the sole
remedy and receive the earnest money. If Seller fails to comply
with this contract for any other reason, Seller will be in default
and Purchaser may (a) enforce specific performance, seek such other
relief as may be provided by law, or both, or (b) terminate this
contract and receive the earnest money, thereby releasing both
parties from this contract.
13. MEDIATION:
Any dispute
between Purchaser and Seller related to this contract that is not
resolved through informal discussion [choose one:]
_____ will _____ will not be submitted to a mutually
acceptable mediation service or provider. The parties to the
mediation shall bear the mediation costs equally. This paragraph
does not preclude a party from seeking equitable relief from a
court of competent jurisdiction.
14. SURVIVAL OF
CONTRACT: All terms, conditions and
warranties not performed at the time of delivery of the deed shall
survive such delivery.
15. COMMISSION
FEES: Purchaser and Seller agree
that said contract was negotiated at arms length without assistance
of any real estate agents or brokers and that no such fees shall be
paid by either party in connection with this contract or
sale.
16. ADDITIONAL
PROVISIONS: Any additional Provisions set
forth on the reverse side, initialed by all parties, are hereby
made a part of this contract and this contract states the entire
agreement between the parties and merges in this agreement all
statements, representations, and covenants heretofore made, and any
agreements not incorporated herein are void and of no force and
effect.
17. SUCCESSORS AND
ASSIGNS: This contract shall be
binding upon any heirs, successors and assigns of Seller or
Purchaser.
18. REVOCATION OF OFFER BY
PURCHASER: This contract has been first
executed by Purchaser and if not accepted by all parties by
noon
on
_________________________, 20____, this offer shall be
void.
19.
DISCLOSURES: _______________________________________________________________________
_________________________________________________________________________________________
_________________________________________________________________________________________
[The Seller should note any disclosures about the property that may
be required under Federal or state law. Consult an attorney if
uncertainty exists as to which disclosures may be
required.]
PURCHASER:
____________________
____________________________________________
Date
[purchaser's signature above/printed name below]
____________________________________________
[purchaser's signature above/printed
name below]
SELLER:
____________________
____________________________________________
Date
[seller's signature above/printed
name below]
____________________________________________
[seller's signature above/printed
name below]
Note: This addendum is
only necessary if the parties have checked the option in
Paragraph 4(a)(i) above.
THIRD PARTY
FINANCING CONDITION ADDENDUM
CONCERNING THE PROPERTY AT:
___________________________________________________________________________
(Address of Property)
Purchaser shall apply
promptly for all financing described below and make every
reasonable effort to obtain financing approval. Financing approval
will be deemed to have been obtained when the lender determines
that Purchaser has satisfied all of lender's financial requirements
(those items relating to Purchaser's assets, income and credit
history). If financing (including any financed PMI premium)
approval is not obtained within ______ days after the effective
date, this contract will terminate and the earnest money will be
refunded to Purchaser. Each note must be secured by an appropriate
instrument authorized within the state, typically either (1) a
mortgage or (2) vendor's and deed of trust liens. (Consult an
attorney if you are unsure as to which instrument is appropriate
for this transaction.)
CHECK APPLICABLE
BOXES:
_____ A.
CONVENTIONAL FINANCING:
_____ (1) A first mortgage loan in the
principal amount of $______________ (excluding any financed PMI
premium), due in full in _________ year(s), with interest not to
exceed _________% per annum for the first _________year(s) of the
loan with Loan Fees not to exceed _________% of the loan. The loan
will be [choose one:] _____ with
_____ without PMI.
_____ (2) A second mortgage loan in the
principal amount of $ (excluding any financed PMI premium), due in
full in year(s), with interest not to exceed % per annum for the
first year(s) of the loan with Loan Fees not to exceed % of the
loan. The loan will be with without PMI.
_____ B.
FHA INSURED FINANCING: A Section _________ FHA insured loan of not
less than $______________ (excluding any financed MIP), amortizable
monthly for not less than _________ years, with interest not to
exceed _________% per annum for the first _________ year(s) of the
loan with Loan Fees not to exceed _________% of the loan. As
required by HUD-FHA, if FHA valuation is unknown, "It is
expressly agreed that, notwithstanding any other provisions of this
contract, the purchaser (Purchaser) shall not be obligated to
complete the purchase of the Property described herein or to incur
any penalty by forfeiture of earnest money deposits or otherwise
unless the purchaser (Purchaser) has been given in accordance with
HUD/FHA or VA requirements a written statement issue by the Federal
Housing Commissioner, Department of Veterans Affairs, or a Direct
Endorsement Lender setting forth the appraised value of the
Property of not less than $______________. The purchaser
(Purchaser) shall have the privilege and option of proceeding with
consummation of the contract without regard to the amount of the
appraised valuation. The appraised valuation is arrived at to
determine the maximum mortgage the Department of Housing and Urban
Development will insure. HUD does not warrant the value or the
condition of the Property. The purchaser (Purchaser) should satisfy
himself/herself that the price and the condition of the Property
are acceptable."
If
the FHA appraised value of the Property (excluding closing costs
and MIP) is less than the Sales Price, Seller may reduce the Sales
Price to an amount equal to the FHA appraised value (excluding
closing costs and MIP) and the sale will be closed at the lower
Sales Price with proportionate adjustments to the down payment and
loan amount.
_____ C. VA
GUARANTEED FINANCING: A VA guaranteed loan of not less than
$______________ (excluding any financed Funding Fee), amortizable
monthly for not less than _______ years, with interest not to
exceed _______% per annum for the first _______ year(s) of the loan
with Loan Fees not to exceed _______% of the loan.
VA NOTICE TO PURCHASER: "It is expressly agreed that,
notwithstanding any other provisions of this contract, the
Purchaser shall not incur any penalty by forfeiture of earnest
money or otherwise or be obligated to complete the purchase of the
Property described herein, if the contract purchase price or cost
exceeds the reasonable value of the Property established by the
Department of Veterans Affairs. The Purchaser shall, however, have
the privilege and option of proceeding with the consummation of
this contract without regard to the amount of the reasonable value
established by the Department of Veterans Affairs."
If Purchaser elects to complete the purchase at an amount in excess
of the reasonable value established by VA, Purchaser shall pay such
excess amount in cash from a source which Purchaser agrees to
disclose to the VA and which Purchaser represents will not be from
borrowed funds except as approved by VA. If VA reasonable value of
the Property is less than the Sales Price, Seller may reduce the
Sales Price to an amount equal to the VA reasonable value and the
sale will be closed at the lower Sales Price with proportionate
adjustments to the down payment and the loan amount.
PURCHASER:
____________________
____________________________________________
Date
[purchaser's signature above/printed name below]
____________________________________________
[purchaser's signature above/printed name below]
SELLER:
____________________
____________________________________________
Date
[seller's signature above/printed name below]
____________________________________________
[seller's signature above/printed name below]
Note: This addendum is
only necessary if the parties have checked the option in
Paragraph 4(b) above.
LOAN
ASSUMPTION ADDENDUM
TO CONTRACT CONCERNING THE PROPERTY AT:
___________________________________________________________________________
(Address of Property)
A. CREDIT
DOCUMENTATION: Within _____ days after
the effective date of this contract, Purchaser shall deliver to
Seller the following: [check all applicable
items:] _____credit report
_____verification of employment, including salary
_____verification of funds on deposit in financial
institutions ____current financial statement to
establish Purchaser's creditworthiness. Purchaser hereby
authorizes any credit reporting agency to furnish to Seller at
Purchaser's sole expense copies of Purchaser's credit
reports.
B. CREDIT
APPROVAL: If Purchaser's
documentation is not delivered within the specified time, Seller
may terminate this contract by notice to Purchaser within 7 days
after expiration of the time for delivery, and the earnest money
will be paid to Seller. If the documentation is timely delivered,
and Seller determines in Seller's sole discretion that Purchaser's
credit is unacceptable, Seller may terminate this contract by
notice to Purchaser within 7 days after expiration of the time for
delivery and the earnest money will be refunded to Purchaser.
If Seller does not terminate this contract, Seller will be deemed
to have accepted Purchaser's credit.
C. ASSUMPTION:
_____ (1) The
unpaid principal balance of a first lien promissory note payable to
which unpaid balance at closing will be $________________. The
total current monthly payment including principal, interest and any
reserve deposits is $________________. Purchaser’s initial payment
will be the first payment due after closing.
_____ (2) The
unpaid principal balance of a second lien promissory note payable
to which unpaid balance at closing will be $________________. The
total current monthly payment including principal, interest and any
reserve deposits is $________________. Purchaser’s initial payment
will be the first payment due after closing.
Purchaser’s assumption of an
existing note includes all obligations imposed by the deed of trust
securing the note. If the unpaid principal balance(s) of any
assumed loan(s) as of the Closing Date varies from the loan
balance(s) stated above, the [check only
one:] _____cash payable at
closing _____Sales Price will be adjusted
by the amount of any variance; provided, if the total principal
balance of all assumed loans varies in an amount greater than
$350.00 at closing, either party may terminate this contract and
the earnest money will be refunded to Purchaser unless the other
party elects to eliminate the excess in the variance by an
appropriate adjustment at closing. Purchaser may terminate this
contract and the earnest money will be refunded to Purchaser if the
noteholder requires (a) payment of an assumption fee in excess of
$________________ in (1) above or $________________ in (2) above
and Seller declines to pay such excess, (b) an increase in the
interest rate to more than ________% in (1) above, or ________% in
(2) above, (c) any other modification of the loan documents, or (d)
consent to the assumption of the loan and fails to consent. An
appropriate instrument authorized within the state, typically
either (1) a mortgage or (2) vendor's and deed of trust liens, to
secure the assumption will be required, and it will automatically
be released on execution and delivery of a release by noteholder.
If Seller is released from liability on any assumed note, the
instrument securing the assumption will not be required. If
noteholder maintains an escrow account, the escrow account must be
transferred to Purchaser without any deficiency. Purchaser shall
reimburse Seller for the amount in the transferred
accounts.
NOTICE TO
PURCHASER: The monthly payments,
interest rates or other terms of some loans may be adjusted by the
noteholder at or after closing. If you are concerned about the
possibility of future adjustments, do not sign the contract without
examining the notes and the instrument securing the
note.
NOTICE TO SELLER:
Your liability to
pay the note assumed by Purchaser will continue unless you obtain a
release of liability from the noteholder. If you are concerned
about future liability, you should use the a Release of Liability
Addendum.
PURCHASER:
____________________
____________________________________________
Date
[purchaser's signature above/printed name below]
____________________________________________
[purchaser's signature above/printed name below]
SELLER:
____________________
____________________________________________
Date
[seller's signature above/printed name below]
____________________________________________
[seller's signature above/printed name below]
Note: This addendum is
only necessary if the parties have checked the option in
Paragraph 4(c) above.
SELLER
FINANCING ADDENDUM
TO CONTRACT CONCERNING THE PROPERTY AT:
___________________________________________________________________________
(Address of Property)
A. CREDIT
DOCUMENTATION: Within _____ days after
the effective date of this contract, Purchaser shall deliver to
Seller: [check all applicable items:]
_____credit report _____verification of
employment, including salary _____verification of funds on deposit
in financial institutions _____current financial
statement to establish Purchaser's creditworthiness.
Purchaser hereby authorizes any credit reporting agency to
furnish to Seller at Purchaser's sole expense copies of Purchaser's
credit reports.
B. CREDIT
APPROVAL: If Purchaser's
documentation is not delivered within the specified time, Seller
may terminate this contract by notice to Purchaser within 7 days
after expiration of the time for delivery, and the earnest money
will be paid to Seller. If the documentation is timely delivered,
and Seller determines in Seller's sole discretion that Purchaser's
credit is unacceptable, Seller may terminate this contract by
notice to Purchaser within 7 days after expiration of the time for
delivery and the earnest money will be refunded to Purchaser. If
Seller does not terminate this contract, Seller will be deemed to
have accepted Purchaser's credit.
C. PROMISSORY
NOTE: The promissory note
(Note) described in Paragraph 4 of this contract payable by
Purchaser to the order of Seller will be payable at the place
designated by Seller. Purchaser may prepay the Note in whole or in
part at any time without penalty. Any prepayments are to be applied
to the payment of the installments of principal last maturing and
interest will immediately cease on the prepaid principal. The Note
will contain a provision for payment of a late fee of 5% of any
installment not paid within 10 days of the due date. The Note will
be payable as follows:
_____ (1) In one
payment due ____________________ after the date of the Note with
interest payable ___________________.
_____ (2) In
____________________ installments of $____________________, [check
all applicable items:] _____including interest _____plus interest
beginning ____________________ after the date of the Note and
continuing at ____________________ intervals thereafter for
____________________ when the balance of the Note will be due and
payable.
_____ (3)
Interest only in ____________________ installments for the first
____________________ month(s) and thereafter in installments of
$____________________, [check all applicable items:] _____including
interest _____plus interest beginning ____________________ after
the date of the Note and continuing at ____________________
intervals thereafter for when the balance of the Note will be due
and payable.
D. SECURING INSTRUMENT:
[Choose the appropriate instrument authorized within the
state:] A _____ mortgage, or _____ deed of trust lien, will
provide for the following:
(1) PROPERTY TRANSFERS:
[check only one:]
_____ (a) Consent
Not Required: The Property may be sold, conveyed or leased without
the consent of Seller, provided any subsequent Purchaser assumes
the Note.
_____
(b) Consent
Required: If all or any part of the Property is sold, conveyed,
leased for a period longer than 3 years, leased with an option to
purchase, or otherwise sold, without the prior written consent of
Seller, Seller may declare the balance of the Note, to be
immediately due and payable. The creation of a subordinate lien,
any conveyance under threat or order of condemnation, any deed
solely between Purchasers, the passage of title by reason of the
death of a Purchaser or by operation of law will not entitle Seller
to exercise the remedies provided in this
paragraph.
(2) TAX AND INSURANCE ESCROW:
[check only one:]
_____ (a) Escrow
Not Required: Purchaser shall furnish Seller annually, before the
taxes become delinquent, evidence that all taxes on the Property
have been paid. Purchaser shall furnish Seller annually evidence of
paid-up casualty insurance naming Seller as an additional loss
payee.
_____
(b) Escrow
Required: With each installment Purchaser shall deposit with Seller
in escrow a pro rata part of the estimated annual ad valorem taxes
and casualty insurance premiums for the Property. Purchaser shall
pay any deficiency within 30 days after notice from Seller.
Purchaser's failure to pay the deficiency constitutes a default
under the securing instrument. Purchaser is not required to deposit
any escrow payments for taxes and insurance that are deposited with
a superior lienholder. The casualty insurance must name Seller as
an additional loss payee.
(3) PRIOR LIENS: Any default
under any lien superior to the lien securing the Note constitutes
default under the deed of trust securing the Note.
PURCHASER:
____________________
____________________________________________
Date
[purchaser's signature above/printed name below]
____________________________________________
[purchaser's signature above/printed name below]
SELLER:
____________________
____________________________________________
Date
[seller's signature above/printed name below]
____________________________________________
[seller's signature above/printed name below]
Note About the Following
Pages: The following lead disclosure must be included if
the property was built prior to
1978.
LEAD-BASED
PAINT DISCLOSURE (SALES)
___________________________________________________________________
Street Address
City
State
Zip
WARNING! LEAD
FROM PAINT, DUST, AND SOIL CAN BE DANGEROUS IF NOT MANAGED
PROPERLY
Disclosure of
Information on Lead-Based Paint and/or Lead-Based Paint
Hazards
Lead Warning
Statement
Every purchaser of any
interest in residential real property on which a residential
dwelling was built prior to 1978 is notified that such property may
present exposure to lead from lead-based paint that may place young
children at risk of developing lead poisoning. Lead poisoning in
young children may produce permanent neurological damage, including
learning disabilities, reduced intelligence quotient, behavioral
problems, and impaired memory. Lead poisoning also poses a
particular risk to pregnant women. The Seller of any interest in
residential real property is required to provide the buyer with any
information on lead-based paint hazards from risk assessments or
inspections in the Seller's possession and notify the buyer of any
known lead-based paint hazards. A risk assessment or inspection for
possible lead-based paint hazards is recommended prior to
purchase.
Seller's
Disclosure
(a) Presence of lead-based
paint and/or lead-based paint hazards (check (i) or (ii)
below):
(i)
______
Known lead-based paint and/or lead-based paint hazards are
present in the housing (explain).
__________________________________________________________________________
__________________________________________________________________________
(ii)
______ Seller has no
knowledge of lead-based paint and/or lead-based paint hazards in
the housing.
(b) Records and reports
available to the seller (check (i) or (ii) below):
(i)
______
Seller has provided the purchaser with all available records
and reports pertaining to lead-based paint and/or lead-based
paint hazards in the housing (list documents
below).
__________________________________________________________________________
__________________________________________________________________________
(ii)
_____ Seller has no reports
or records pertaining to lead-based paint and/or lead-based paint
hazards in the housing.
Purchaser's Acknowledgment
(initial)
(c) ______ Purchaser has
received copies of all information listed above.
(d) ______ Purchaser has
received the pamphlet Protect Your Family from Lead in Your
Home.
(e) Purchaser has (check (i)
or (ii) below):
(i)
______
received a 10-day opportunity (or mutually agreed upon
period) to conduct a risk assessment or inspection for the
presence of lead-based paint and/or lead-based paint hazards;
or
(ii)
______ waived the opportunity
to conduct a risk assessment or inspection for the presence of
lead-based paint and/or lead-based paint hazards.
Agent's Acknowledgment
(initial)
(f) ______ Agent has informed
the seller of the seller' obligations under 42 U.S.C. 4852(d) and
is aware of his/her responsibility to ensure compliance.
Seller Initials: ______
______ Buyer Initials: ______
______ Agent Initials: ______
______
Certification of
Accuracy
The following parties have
reviewed the information above and certify, to the best of their
knowledge, that the information they have provided is true and
accurate. Penalties for failure to comply with Federal
Lead-Based Paint Disclosure Laws include treble (3 times) damages,
attorney fees, costs, and a penalty up to $10,000 for each
violation.
PURCHASER:
____________________
____________________________________________
Date
[purchaser's signature above/printed name below]
____________________________________________
[purchaser's signature above/printed name below]
SELLER:
____________________
____________________________________________
Date
[seller's signature above/printed name below]
____________________________________________
[seller's signature above/printed name below]
AGENT:
____________________
____________________________________________
Date
[agent's signature above/printed name below]
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