Agreement to Sell Real Estate for Buyer Lock In

AGREEMENT TO SELL REAL ESTATE

This is a legally binding contract to sell real estate. You are advised to seek the advice of legal council prior to signing it in the event you feel it to be necessary for complete understanding and compliance.

, hereafter called “Seller”, and ______, hereafter called “Buyer”, hereby agree that the Seller shall sell and the Buyer shall buy the following described property UPON THE TERMS AND CONDITIONS HEREINAFTER SET FORTH, which shall include the STANDARDS FOR REAL ESTATE TRANSACTIONS set forth within this agreement.

1. REAL PROPERTY commonly known as ,

______County, State of .

2. PURCHASE PRICE ______Dollars ($ .00)

(a) Deposit to be held in trust by SELLER $______

(b) Cash, certified or cashiers check on closing and delivery of deed (or such

greater or lesser amount as may be necessary to complete payment of purchase

price after credits, adjustments and prorations). $______

(c ) Other: ______$______

3. ITEMS SPECIFICALLY EXCLUDED FROM THE SALE: ______

4. LOAN: This contract ( ) is ( ) is not contingent on Buyer’s ability to qualify for a new loan. If contract is contingent on Buyer’s ability to qualify for a new loan, this financing contingency will be removed within ______days of the contract being signed by both Buyer and Seller. Buyer authorizes the Seller to verify the Buyer’s financial ability to purchase this property by giving permission for either the Seller to generate a credit report or a copy may be submitted by the Buyer’s lender. The Buyer furthermore authorizes their lender to disclose any information to the Seller or Listing Agent relating to this specific purchase agreement and the Buyer’s ability to close on said property and as to the mortgage loan status at any time until the loan is closed. This includes but is not limited to: employment verification, credit status and credit report information, income, debts, income tax returns, ratios, etc. We further authorize the mortgage company to release this information to the Seller or Listing Agent, until such time as our loan has closed or been denied. Buyer agrees to provide Seller with a Loan Commitment Letter from a recognized lender outlining the amount to be financed, or to provide a verification of cash on hand from a financial institution (if Buyer is paying cash to purchase the property) within 7 calendar days of execution of this contract. In the event Buyer fails to provide either of the above, Buyer agrees that the deposit shall be forfeited to the Seller and, at Sellers sole discretion, this contract may be cancelled.

5. APPRAISAL: This contract ( ) is ( ) is not contingent on the property appraising for no less that the purchase price by Buyer’s

or the lender’s designated licensed appraiser.

6. INSPECTION: This contract ( ) is ( ) is not contingent on a home inspection by licensed home inspector. The inspection contingency will be removed within ______days of the contract being signed by both Buyer and Seller. Buyer agrees to provide Seller a copy of the home inspection.

7. ACCESS: Seller agrees to provide access to Buyer for necessary inspections.

8. EXECUTION IN COUNTERPARTS: This agreement may be executed in counterparts and by facsimile signatures. This agreement becomes effective as of the date of the last signature. Typewritten or handwritten provisions inserted in this form shall control all printed provisions in conflict therewith. Any addendum attached hereto shall be deemed a part hereof and shall supersede any conflicting terms or conditions contained in this contract.

9. DEFAULT BY SELLER: If Seller fails to perform any of the covenants of this contract, or if the seller fails for any reason to complete the sale of said property in accordance with the terms set forth above or if the seller for any reason elects not to perform in accord with the terms of this contract and terminates the same, the buyer and the seller agree that the sole remedy to the buyer shall be the return of the deposit money which has been deposited with the escrow agent.

10. DEFAULT BY BUYER: If Buyer fails to perform any of the covenants of this contract, any money paid to Seller by Buyer pursuant to this contract, as of the event of default, at the option of the Seller, shall be retained by or for the account of the Seller as consideration for the execution of this contract, but this shall not preclude the Seller from pursuing execution of specific performance of this agreement.

11. CLOSING: Closing shall be held on or before ______, 20______. Closing company for Buyer shall be

______Closing company for Seller shall be ______.

12. EXPENSES: Taxes, insurance, interest, and other expenses of said property shall be prorated as of date of closing. Only rents that are actually collected will be prorated; Seller will not be responsible for any rents uncollected as of closing. Title insurance shall be paid by Buyer. Current year and/or any back taxes & the cost of recording any corrective instruments to title shall be paid by the Seller. State and city transfer taxes required on the instrument of conveyance, the cost of recording the deed, all costs associated with the Buyer’s mortgage and all pre-paid items shall be paid by the Buyer. All other closing costs shall be paid as follows: ½ Seller, ½ Buyer.

13. DISCLAIMERS: It is understood and acknowledged that Seller is selling and Buyer is purchasing the property in its “existing condition” without representations or warranties of any kind or nature. Buyer acknowledges for Buyer and Buyer’s successors, heirs and assignees, that Buyer has been given a reasonable opportunity to inspect and investigate the property and all improvements thereon, either independently or through agents of Buyer’s choosing, and that in purchasing the property Buyer is not relying on Seller, or its agents, as to the condition or safety of the property and/or any improvements thereon, including, but not necessarily limited to, all existing window coverings, floor coverings, electrical, plumbing, heating, sewage, septic, roof, air conditioning, if any, foundations, soils and geology, presence of soil and/or water contamination of any kind, lot size or suitability of the property and/or its improvements for particular purposes, lead content of paint or wall coverings, or that appliances, if any, plumbing and/or utilities are in working order, and/or in compliance with any city, county, state and/or federal statutes, codes or ordinances.

Any report(s) that is required by the Buyer’s Lender is to be the sole responsibility of the Buyer. Buyer shall neither make nor cause to be made: (i) invasive or destructive investigations: or (ii) inspections by any governmental building or zoning inspector or government employee, unless is required by Law. Buyer is not allowed to perform, order or otherwise cause any repair(s) and/or work to be done on the property prior to closing without the express written consent of the Seller.

Seller does not warrant existing structure as to its habitability or suitability for occupancy. Buyer(s) assumes responsibility to check the appropriate planning authority for intended use and holds Seller harmless as to the suitability for Buyer(s) intended use.

Buyer further states that they are relying solely upon their own inspection of subject property and not upon any representation made to them by any person whomsoever, and is purchasing the subject property in the condition in which it now is, without any obligation on the part of the Seller to make any changes, alterations or repair thereof.

The closing of this transaction shall constitute as acknowledgement by the Buyer(s) that the premises were accepted without representation or warranty of any kind or nature and in its present “AS-IS” condition based solely on Buyer’s own inspection. It is hereby understood by all parties in this contract and those who may read it, that the Seller has made full disclosure of nature of personal interest by making aware that Seller and/or its agents or assigns may also be licensed real estate agents in the State of Tennessee.

Buyer is satisfied with the condition of the property and Buyer has not in any way relied upon any representations of Seller and/or associates, contractors or agents concerning the past or present existence of mold in or around the property.

12. TIME IS OF THE ESSENCE: Time is of the essence of this agreement. Parties will diligently pursue the completion of this transaction.

13. CHANGES, ADDITIONS, STIPULATIONS or LINING OUT: Any changes, additions, stipulations, or deletions, including corrective lining out by either Party to any part of this agreement, will not be considered agreed to or binding on the other unless such modifications have been initialed or otherwise approved in writing by both parties.

13. ADDITIONAL PROVISIONS: ______

______

______

______

We certify that we have fully read, understand and accept all the provisions of this contract.

BUYER SIGNATURE ______DATE ______

BUYER SIGNATURE ______DATE ______

SELLER SIGNATURE ______DATE ______

SELLER SIGNATURE ______DATE ______

NOTARY

IN WITNESS WHEREOF, THE PARTIES HAVE SIGNED THIS AGREEMENT TO SELL REAL ESTATE.

Dated ______

STATE OF ______COUNTY OF ______

On (Today’s Date)______, before me as Notary, ______

personally appeared (Seller)______,

and (Buyer)______,

personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

WITNESS my hand and official seal.

Signature______

MY COMMISSION EXPIRES:

Buyer Initials ______Seller Initials ______