Idaho Re 21 Form – Fill Out and Use This PDF

JULY 2010 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

Page 1 of 7

THIS IS A LEGALLY BINDING CONTRACT, READ THE ENTIRE DOCUMENT, INCLUDING ANY ATTACHMENTS.

IF YOU HAVE ANY QUESTIONS, CONSULT YOUR ATTORNEY AND/OR ACCOUNTANT BEFORE SIGNING.

1

ID#

DATE

2

3

LISTING AGENCY

Office Phone #

Fax #

4

Listing Agent

E-Mail

Phone #

5

SELLING AGENCY

Office Phone #

Fax #

6

Selling Agent

E-Mail

Phone #

7

81. BUYER:

9(Hereinafter called "BUYER") agrees to purchase, and the undersigned SELLER agrees to sell the following described real estate hereinafter referred to as

10 "PROPERTY" COMMONLY KNOWN AS

11				City					County, ID, Zip		legally described as:
12
13	OR Legal Description Attached as addendum #							(Addendum must accompany original offer.)
14
15	2. $		PURCHASE PRICE:										DOLLARS,

16payable upon the following TERMS AND CONDITIONS (not including closing costs):

17

183. FINANCIAL TERMS: Note: A+C+D+E must add up to total purchase price.

19

20

(A). $

EARNEST MONEY: BUYER hereby deposits

21

DOLLARS as Earnest Money evidenced by:

cash

personal check

cashier's check

note (due date):

22

other

and a receipt is hereby acknowledged. Earnest Money to be

23

deposited in trust account

upon receipt, or

upon acceptance by BUYER and SELLER and shall be held by:

Listing Broker

Selling Broker

24

other

for the benefit of the parties hereto.

25

THE RESPONSIBLE BROKER SHALL BE:

.

26

27

(B). ALL CASH OFFER:

NO

YES If this is an all cash offer do not complete Sections 3C and 3D, fill blanks with "0" (ZERO). IF CASH

28

OFFER, BUYER'S OBLIGATION TO CLOSE SHALL NOT BE SUBJECT TO ANY FINANCIAL CONTINGENCY. BUYER agrees to provide SELLER

29

within

business days (five [5] if left blank) from the date of acceptance of this agreement by all parties, evidence of sufficient funds and/or proceeds

30

necessary to close transaction. Acceptable documentation includes, but is not limited to, a copy of a recent bank or financial statement or contract(s) for

31

the sale of BUYER'S current residence or other property to be sold.

32

33

(C). $

NEW LOAN PROCEEDS: This Agreement is contingent upon BUYER obtaining the following financing:

34

FIRST LOAN of $

not including mortgage insurance, through

FHA,

VA,

CONVENTIONAL,

IHFA,

RURAL

35

DEVELOPMENT,

OTHER

with interest not to exceed

% for a period of

36

year(s) at: Fixed Rate

Other

. BUYER shall pay no more than

point(s) plus origination fee if any. SELLER shall pay

37

no more than

point(s). Any reduction in points shall first accrue to the benefit of the

BUYER

SELLER

Divided Equally

N/A.

38

39

SECOND LOAN of $

with interest not to exceed

% for a period of

year(s) at:

Fixed Rate

40

Other

. BUYER shall pay no more than

point(s) plus origination fee if any. SELLER shall pay no more than

41

point(s). Any reduction in points shall first accrue to the benefit of the

BUYER

SELLER

Divided Equally

N/A.

42

43

LOAN APPLICATION: BUYER

has applied

shall apply for such loan(s) within

business days (five [5] if left blank) of SELLER'S acceptance.

44

Within

business days (ten [10] if left blank) of final acceptance of all parties, BUYER agrees to furnish SELLER with a written confirmation

45

showing lender approval of credit report, income verification, debt ratios, and evidence of sufficient funds and/or proceeds necessary to

46

close transaction in a manner acceptable to the SELLER(S) and subject only to satisfactory appraisal and final lender underwriting. If such

47

written confirmation is not received by SELLER(S) within the strict time allotted, SELLER(S) may at their option cancel this agreement by notifying

48

BUYER(S) in writing of such cancellation within

business days (three [3] if left blank) after written confirmation was required. If SELLER does not

49

cancel within the strict time period specified as set forth herein, SELLER shall be deemed to have accepted such written confirmation of lender approval

50

and shall be deemed to have elected to proceed with the transaction. SELLER'S approval shall not be unreasonably withheld. If an appraisal is

51

required by lender, the PROPERTY must appraise at not less than purchase price or BUYER'S Earnest Money may be returned at BUYER'S

52

request. BUYER may also apply for a loan with different conditions and costs and close transaction provided all other terms and conditions of this

53

Agreement are fulfilled, and the new loan does not increase the costs or requirements to the SELLER. FHA / VA: If applicable, it is expressly agreed

54

that notwithstanding any other provisions of this contract, BUYER shall not be obligated to complete the purchase of the PROPERTY described herein or

55

to incur any penalty or forfeiture of Earnest Money deposits or otherwise unless BUYER has been given in accordance with HUD/FHA or VA

56

requirements a written statement by the Federal Housing Commissioner, Veterans Administration or a Direct Endorsement lender setting forth the

57

appraised value of the PROPERTY of not less than the sales price as stated in the contract. SELLER agrees to pay fees required by FHA or VA.

58

59

(D). $

ADDITIONAL FINANCIAL TERMS:

60

Additional financial terms are specified under the heading "OTHER TERMS AND/OR CONDITIONS" (Section 4).

61

Additional financial terms are contained in a FINANCING ADDENDUM of same date, attached hereto, signed by both parties.

62

63

(E). $

APPROXIMATE FUNDS DUE FROM BUYERS AT CLOSING (Not including closing costs): Cash at

64closing to be paid by BUYER at closing in GOOD FUNDS, includes: cash, electronic transfer funds, certified check or cashier's check. NOTE: If

65any of above loans being Assumed or taken "subject to", any net differences between the approximate balances and the actual balance of said loan(s)

66

shall be adjusted at closing of escrow in:

Cash

Other

.

BUYER'S Initials (

)(

) Date

SELLER'S Initials (

)(

) Date

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

National Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. © Copyright Idaho Association of REALTORS®, Inc. All rights reserved.

JULY 2010 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

Page 1 of 7

JULY 2010 EDITION	RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT		Page 2 of 7
PROPERTY ADDRESS:		ID#:

674. OTHER TERMS AND/OR CONDITIONS: This Agreement is made subject to the following special terms, considerations and/or contingencies which

68must be satisfied prior to closing

69

70

71

72

73

74

75

76

77

78

795. ITEMS INCLUDED & EXCLUDED IN THIS SALE: All existing fixtures and fittings that are attached to the PROPERTY are INCLUDED IN THE

80PURCHASE PRICE (unless excluded below), and shall be transferred free of liens. These include, but are not limited to, all seller-owned attached floor

81coverings, attached television antennae, satellite dish, attached plumbing, bathroom and lighting fixtures, window screens, screen doors, storm doors, storm

82windows, window coverings, garage door opener(s) and transmitter(s), exterior trees, plants or shrubbery, water heating apparatus and fixtures, attached

83fireplace equipment, awnings, ventilating, cooling and heating systems, all ranges, ovens, built-in dishwashers, fuel tanks and irrigation fixtures and

84equipment, that are now on or used in connection with the PROPERTY and shall be included in the sale unless otherwise provided herein. BUYER should

85satisfy himself/herself that the condition of the included items is acceptable. It is agreed that any item included in this section is of nominal value less than $100.

86

87(A). ADDITIONAL ITEMS SPECIFICALLY INCLUDED IN THIS SALE:

88

89

90

91

92(B). ITEMS SPECIFICALLY EXCLUDED IN THIS SALE:

93

94

95

96

976. MINERAL RIGHTS: Any and all mineral rights appurtenant to the PROPERTY are included in and are part of the sale of this PROPERTY unless

98otherwise agreed to by the parties in writing.

99

1007. WATER RIGHTS: Any and all water rights including but not limited to water systems, wells, springs, lakes, streams, ponds, rivers, ditches, ditch rights,

101and the like, if any, appurtenant to the PROPERTY are included in and are a part of the sale of this PROPERTY unless otherwise agreed to by the parties in

102writing.

103

1048. TITLE CONVEYANCE:Title of SELLER is to be conveyed by warranty deed, unless otherwise provided, and is to be marketable and insurable except

105for rights reserved in federal patents, state or railroad deeds, building or use restrictions, building and zoning regulations and ordinances of any

106governmental unit, and rights of way and easements established or of record. Liens, encumbrances or defects to be discharged by SELLER may be paid out

107of purchase money at date of closing. No liens, encumbrances or defects which are to be discharged or assumed by BUYER or to which title is taken

108subject to, exist unless otherwise specified in this Agreement.

109

1109. TITLE INSURANCE: There may be types of title insurance coverages available other than those listed below and parties to this agreement

111are advised to talk to a title company about any other coverages available that will give the BUYER additional coverage.

112
113	(A). PRELIMINARY TITLE COMMITMENT: Prior to closing the transaction, SELLER or	BUYER shall furnish to BUYER a preliminary commitment
114	of a title insurance policy showing the condition of the title to said PROPERTY. BUYER shall have			business days (five [5] if left blank) from receipt

115of the preliminary commitment or not fewer than twenty-four (24) hours prior to closing, within which to object in writing to the condition of the title as set

116forth in the preliminary commitment. If BUYER does not so object, BUYER shall be deemed to have accepted the conditions of the title. It is agreed that if

117

the title of said PROPERTY is not marketable, or cannot be made so within

business days (five [5] if left blank) after notice containing a written

118statement of defect is delivered to SELLER, BUYER'S Earnest Money deposit will be returned to BUYER and SELLER shall pay for the cost of title

119insurance cancellation fee, escrow and legal fees, if any.

120
121	(B). TITLE COMPANY: The parties agree that				Title Company
122	located at			shall provide the title policy and preliminary report of commitment.

123

124(C). STANDARD COVERAGE OWNER'S POLICY: SELLER shall within a reasonable time after closing furnish to BUYER a title insurance policy in the

125amount of the purchase price of the PROPERTY showing marketable and insurable title subject to the liens, encumbrances and defects elsewhere set out

126in this Agreement to be discharged or assumed by BUYER unless otherwise provided herein. The risk assumed by the title company in the standard

127coverage policy is limited to matters of public record. BUYER shall receive a ILTA/ALTA Owner's Policy of Title Insurance. A title company, at

128BUYER's request, can provide information about the availability, desirability, coverage and cost of various title insurance coverages and endorsements. If

129BUYER desires title coverage other than that required by this paragraph, BUYER shall instruct Closing Agency in writing and pay any increase in cost

130unless otherwise provided herein.

131

132(D). EXTENDED COVERAGE LENDER'S POLICY (Mortgagee policy): The lender may require that BUYER (Borrower) furnish an Extended Coverage

133Lender's Policy. This extended coverage lender's policy considers matters of public record and additionally insures against certain matters not shown in

134the public record. This extended coverage lender's policy is solely for the benefit of the lender and only protects the lender.

BUYER'S Initials (

)(

) Date

SELLER'S Initials (

)(

) Date

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

National Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. © Copyright Idaho Association of REALTORS®, Inc. All rights reserved.

JULY 2010 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

Page 2 of 7

JULY 2010 EDITION	RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT		Page 3 of 7
PROPERTY ADDRESS:		ID#:

135 10. INSPECTION:

136(A). BUYER chooses to have inspection not to have inspection. If BUYER chooses not to have inspection, skip Section 10C. BUYER shall have

137

the right to conduct inspections, investigations, tests, surveys and other studies at BUYER'S expense. BUYER shall, within

business days (ten

138[10] if left blank) of acceptance, complete these inspections and give to SELLER written notice of disapproved items. BUYER is strongly advised to

139exercise these rights and to make BUYER'S own selection of professionals with appropriate qualifications to conduct inspections of the entire

140PROPERTY. SELLER shall make PROPERTY available for inspection and agrees to accept the responsibility and expense for making sure all the

141utilities are turned on for the inspection except for phone and cable. Some inspections, investigations, tests, surveys and other studies may require

142additional days to complete. The parties agree that unless specifically set forth below, the above timeframe for investigations, tests, surveys and other

143studies shall govern.

144Additional inspections/timeframes:

145

146

147

148

149

150

151

152

153

154

155(B). FHA INSPECTION REQUIREMENT, If applicable: "For Your Protection: Get a Home Inspection", HUD 92564-CN must be signed on or before

156execution of this agreement.

157

158(C). SATISFACTION/REMOVAL OF INSPECTION CONTINGENCIES:

159

1601). If BUYER does not within the strict time period specified give to SELLER written notice of disapproved items, BUYER shall conclusively be deemed

161to have: (a) completed all inspections, investigations, review of applicable documents and disclosures; (b) elected to proceed with the transaction and

162(c) assumed all liability, responsibility and expense for repairs or corrections other than for items which SELLER has otherwise agreed in writing to repair

163or correct.

164

1652). If BUYER does within the strict time period specified give to SELLER written notice of disapproved items, BUYER shall provide to SELLER

166

pertinent section(s) of written inspection reports. SELLER shall have

business days (three [3] if left blank) in which to respond in writing.

167SELLER, at their option, may correct the items as specified by BUYERS in their letter or may elect not to do so. If SELLER agrees to correct the items

168asked for in BUYER'S letter, then both parties agree that they will continue with the transaction and proceed to closing. This will remove BUYER'S

169inspection contingency.

170

1713). If SELLER elects not to correct the disapproved items, or does not respond in writing within the strict time period specified, then the BUYER(S) have

172the option of either continuing the transaction without the SELLER being responsible for correcting these deficiencies or giving the SELLER written

173	notice within		business days (three [3] if left blank) that they will not continue with the transaction and will receive their Earnest Money back.
174

1754). If BUYER does not give such written notice of cancellation within the strict time periods specified, BUYER shall conclusively be deemed to have

176elected to proceed with the transaction without repairs or corrections other than for items which SELLER has otherwise agreed in writing to repair or

177correct. SELLER shall make the PROPERTY available for all Inspections. BUYER shall keep the PROPERTY free and clear of liens; indemnify and hold

178SELLER harmless from all liability, claims, demands, damages and costs; and repair any damages arising from the inspections. No inspections may be

179made by any governmental building or zoning inspector or government employee without the prior consent of SELLER unless required by local law.

180

18111. LEAD PAINT DISCLOSURE: The subject PROPERTY is is not defined as "Target Housing" regarding lead-based paint or lead-based paint

182hazards. The term lead-based paint hazards is intended to identify lead-based paint and all residential lead-containing dusts and soils regardless of the

183source of the lead. If yes, BUYER hereby acknowledges the following: (a) BUYER has been provided an EPA approved lead-based paint hazard

184information pamphlet, "Protect Your Family From Lead in Your Home", (b) receipt of SELLER'S Disclosure of Information and Acknowledgment Form and

185have been provided with all records, test reports or other information, if any, related to the presence of lead-based paint hazards on said PROPERTY,

186(c) that this contract is contingent upon BUYERS right to have the PROPERTY tested for lead-based paint hazards to be completed no later than

187

or the contingency will terminate, (d) that BUYER hereby

waives

does not waive this right, (e) that if test results show

188unacceptable amounts of lead-based paint on the PROPERTY, BUYER has the right to cancel the contract subject to the option of the SELLER (to be given

189in writing) to elect to remove the lead-based paint and correct the problem which must be accomplished before closing, (f) that if the contract is canceled

190under this clause, BUYER'S earnest money deposit will be returned to BUYER. Additionally, if any structure was built before 1978 and is a residential home,

191apartment or child-occupied facility such as a school or day-care center, federal law requires contractors that disturb lead-based paint in that structure to

192provide the owner with a "Renovate Right" pamphlet. The contractor shall be certified and follow specific work practices to prevent lead contamination.

193

19412. MOLD DISCLAIMER: BUYER is hereby advised that mold and/or other microorganisms may exist at the Property. BUYER acknowledges

195and agrees to accept full responsibility and risk for any matters that may result from mold and/ or other microorganisms and to hold SELLER and

196any Broker or agent representing SELLER or BUYER harmless from any liability or damages (financial or otherwise) relating to such matters.

197

19813. SQUARE FOOTAGE VERIFICATION: BUYER IS AWARE THAT ANY REFERENCE TO THE SQUARE FOOTAGE OF THE REAL PROPERTY

199OR IMPROVEMENTS IS APPROXIMATE. IF SQUARE FOOTAGE IS MATERIAL TO THE BUYER, IT MUST BE VERIFIED DURING THE INSPECTION

200PERIOD.

201

20214. SELLER'S PROPERTY CONDITION DISCLOSURE FORM: If required by Title 55, Chapter 25 Idaho Code SELLER shall within ten (10)

203calendar days after execution of this Agreement provide to BUYER or BUYER'S agent, "Seller's Property Condition Disclosure Form" or other acceptable

204 form. BUYER has received the "Seller's Property Condition Disclosure Form" or other acceptable form prior to signing this Agreement:

Yes No

N/A

BUYER'S Initials (

)(

) Date

SELLER'S Initials (

)(

) Date

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

National Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. © Copyright Idaho Association of REALTORS®, Inc. All rights reserved.

JULY 2010 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

Page 3 of 7

JULY 2010 EDITION	RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT		Page 4 of 7
PROPERTY ADDRESS:		ID#:

20515. COVENANTS, CONDITIONS AND RESTRICTIONS (CC&Rs): As part of the BUYER'S inspection of the PROPERTY as set forth in Section 10,

206 BUYER is responsible for obtaining and reviewing a copy of any CC&Rs which may affect the PROPERTY. BUYER shall have

business days (ten

207[10] if left blank) (but in no event shall such time period exceed that time period set forth for inspections in Section 10) to review and approve of any such

208CC&Rs that may affect the PROPERTY. Unless BUYER delivers to SELLER a written and signed objection to the terms of any applicable CC&Rs with

209particularity describing BUYER's reasonable objections within such time period as set forth above, BUYER shall be deemed to have conclusively waived any

210objection to the terms of any CC&Rs affecting the PROPERTY.

211

21216. SUBDIVISION HOMEOWNER'S ASSOCIATION: BUYER is aware that membership in a Home Owner's Association may be required and

213BUYER agrees to abide by the Articles of Incorporation, Bylaws and rules and regulations of the Association. BUYER is further aware that the PROPERTY

214may be subject to assessments levied by the Association described in full in the Declaration of Covenants, Conditions and Restrictions. BUYER has

215	reviewed Homeowner's	Association Documents: Yes	No N/A. Association fees/dues are $				per				.
216	BUYER SELLER	N/A to pay Homeowner's Association SET UP FEE of $			and/or PROPERTY TRANSFER FEES of $					at closing.
217

21817. HOME WARRANTY PLAN: Home Warranty Plans available for purchase can vary in many respects including, but not limited to, scope of coverage,

219options, exclusions, limitations, service fees, and pre-existing conditions. BUYER and SELLER are advised to investigate Home Warranty Plans before

220purchasing a plan and BUYER and SELLER acknowledge that Home Warranty Plans vary from plan to plan. Further, BUYER and SELLER acknowledge

221that a Home Warranty Plan is separate and apart from any terms contained within this Real Estate Purchase and Sale Agreement and does not create any

222warranties, including, without limitation, any warranty of habitability, agreements or representations not expressly set forth herein.

223 A Home Warranty Plan

will

will not be included in this transaction.

224 BUYER SELLER shall order a Home Warranty Plan which shall be issued by a company selected by BUYER SELLER.

225	The cost of the Home Warranty Plan shall not exceed $		and shall be paid for at closing by BUYER SELLER.
226

22718. COSTS PAID BY: The parties agree to pay the following costs as indicated below. None of the costs to be paid by the parties in this section creates

228an inspection or performance obligation other than strictly for the payment of costs. There may be other costs incurred in addition to those set forth below.

229Such costs may be required by the lender, by law, or by other such circumstances.

			Shared					Shared
	BUYER	SELLER	Equally	N/A		BUYER	SELLER	Equally	N/A
Appraisal Fee					Title Ins. Standard Coverage Owner's Policy
Appraisal Re-Inspection Fee					Title Ins. Extended Coverage
					Lender's Policy – Mortgagee Policy
Closing Escrow Fee					Additional Title Coverage
Lender Document Preparation Fee					Fuel in Tank – Dollar Amount to be Determined by
					Supplier
Tax Service Fee					Domestic Well Water Potability Test
Flood Certification/Tracking Fee					Domestic Well Water Productivity Test
Lender Required Inspections					Septic Inspections
Attorney Contract Preparation or Review Fee					Septic Pumping
					Survey

230 SELLER agrees to pay up to EITHER

% (N/A if left blank) of the purchase price OR $

(N/A if left blank) of lender-approved

231BUYER'S closing costs, lender fees, and prepaid costs which includes but is not limited to those items in BUYER columns marked above.

232 SELLER agrees to pay up to $

($0 if left blank) of lender required repair costs only.

233BUYER or SELLER has the option to pay any lender required repair costs in excess of this amount.

234

23519. OCCUPANCY: BUYER does does not intend to occupy PROPERTY as BUYER'S primary residence.

236

23720. RISK OF LOSS OR NEGLECT: Prior to closing of this sale, all risk of loss shall remain with SELLER. In addition, should the PROPERTY be

238materially damaged by fire, neglect, or other destructive cause prior to closing, this agreement shall be voidable at the option of the BUYER.

239

24021. FINAL WALK THROUGH: The SELLER grants BUYER and any representative of BUYER reasonable access to conduct a final walk through

241 inspection of the PROPERTY approximately

calendar days (three [3] if left blank) prior to close of escrow, NOT AS A CONTINGENCY OF THE

242SALE, but for purposes of satisfying BUYER that any repairs agreed to in writing by BUYER and SELLER have been completed and PROPERTY are in

243substantially the same condition as on the date this offer is made. SELLER shall make PROPERTY available for the final walk through and agrees to accept

244the responsibility and expense for making sure all the utilities are turned on for the walk through except for phone and cable. If BUYER does not conduct a

245final walk through, BUYER specifically releases the SELLER and Broker(s) of any liability.

BUYER'S Initials (

)(

) Date

SELLER'S Initials (

)(

) Date

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

National Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. © Copyright Idaho Association of REALTORS®, Inc. All rights reserved.

JULY 2010 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

Page 4 of 7

JULY 2010 EDITION	RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT		Page 5 of 7
PROPERTY ADDRESS:		ID#:

24622. SINGULAR AND PLURAL terms each include the other, when appropriate.

247

24823. FORECLOSURE NOTICE: If the PROPERTY described above is currently involved in a foreclosure proceeding (pursuant to Idaho Code § 45-1506)

249any contract or agreement with the owner or owners of record that involves the transfer of any interest in residential real property, as defined in § 45-

250525(5)(b), Idaho Code, subject to foreclosure must be in writing and must be accompanied by and affixed to RE-42 Property Foreclosure Disclosure Form.

251

25224. MECHANIC'S LIENS - GENERAL CONTRACTOR DISCLOSURE STATEMENT NOTICE: BUYER and SELLER are hereby notified that,

253subject to Idaho Code §45-525 et seq., a "General Contractor" must provide a Disclosure Statement to a homeowner that describes certain rights afforded to

254the homeowner (e.g. lien waivers, general liability insurance, extended policies of title insurance, surety bonds, and sub-contractor information). The

255Disclosure Statement must be given to a homeowner prior to the General Contractor entering into any contract in an amount exceeding $2,000 with a

256homeowner for construction, alteration, repair, or other improvements to real property, or with a residential real property purchaser for the purchase and sale

257of newly constructed property. Such disclosure is the responsibility of the General Contractor and it is not the duty of your agent to obtain this information on

258your behalf. You are advised to consult with any General Contractor subject to Idaho Code §45-525 et seq. regarding the General Contractor Disclosure

259Statement.

260

26125. SALES PRICE INFORMATION: Pursuant to Idaho Code §54-2083(6)(d), a "sold" price of real property is not confidential client information.

262

26326. FACSIMILE TRANSMISSION: Facsimile or electronic transmission of any signed original document, and retransmission of any signed facsimile or

264electronic transmission shall be the same as delivery of an original. At the request of either the BUYER or SELLER, or the LENDER, or the Closing Agency,

265the BUYER and SELLER will confirm facsimile or electronic transmitted signatures by signing an original document.

266

26727. BUSINESS DAYS: A business day is herein defined as Monday through Friday, 8:00 A.M. to 5:00 P.M. in the local time zone where the subject real

268PROPERTY is physically located. A business day shall not include any Saturday or Sunday, nor shall a business day include any legal holiday recognized

269by the state of Idaho as found in Idaho Code §73-108. The time in which any act required under this agreement is to be performed shall be computed by

270excluding the date of execution and including the last day. The first day shall be the day after the date of execution. If the last day is a legal holiday, then the

271time for performance shall be the next subsequent business day.

272

27328. CALENDAR DAYS: A calendar day is herein defined as Monday through Sunday, midnight to midnight, in the local time zone where the subject real

274PROPERTY is physically located. A calendar day shall include any legal holiday. The time in which any act required under this agreement is to be performed

275shall be computed by excluding the date of execution and including the last day, thus the first day shall be the day after the date of execution. Any reference

276to "day" or "days" in this agreement means the same as calendar day, unless specifically enumerated as a "business day."

277

27829. ATTORNEY'S FEES: If either party initiates or defends any arbitration or legal action or proceedings which are in any way connected with this

279Agreement, the prevailing party shall be entitled to recover from the non-prevailing party reasonable costs and attorney's fees, including such costs and fees

280on appeal.

281

28230. DEFAULT: If BUYER defaults in the performance of this Agreement, SELLER has the option of: (1) accepting the Earnest Money as liquidated

283damages or (2) pursuing any other lawful right and/or remedy to which SELLER may be entitled. If SELLER elects to proceed under (1), SELLER shall make

284demand upon the holder of the Earnest Money, upon which demand said holder shall pay from the Earnest Money the costs incurred by SELLER'S Broker

285on behalf of SELLER and BUYER related to the transaction, including, without limitation, the costs of title insurance, escrow fees, appraisal, credit report

286fees, inspection fees and attorney's fees; and said holder shall pay any balance of the Earnest Money, one-half to SELLER and one-half to SELLER'S

287Broker, provided that the amount to be paid to SELLER'S Broker shall not exceed the Broker's agreed-to commission. SELLER and BUYER specifically

288acknowledge and agree that if SELLER elects to accept the Earnest Money as liquidated damages, such shall be SELLER'S sole and exclusive remedy, and

289such shall not be considered a penalty or forfeiture. If SELLER elects to proceed under (2), the holder of the Earnest Money shall be entitled to pay the costs

290incurred by SELLER'S Broker on behalf of SELLER and BUYER related to the transaction, including, without limitation, the costs of brokerage fee, title

291insurance, escrow fees, appraisal, credit report fees, inspection fees and attorney's fees, with any balance of the Earnest Money to be held pending

292resolution of the matter. If SELLER defaults, having approved said sale and fails to consummate the same as herein agreed, BUYER'S Earnest Money

293deposit shall be returned to him/her and SELLER shall pay for the costs of title insurance, escrow fees, appraisals, credit report fees, inspection fees,

294brokerage fees and attorney's fees, if any. This shall not be considered as a waiver by BUYER of any other lawful right or remedy to which BUYER may be

295entitled.

296

29731. EARNEST MONEY DISPUTE / INTERPLEADER: Notwithstanding any termination of this contract, BUYER and SELLER agree that in the event

298of any controversy regarding the Earnest Money and things of value held by Broker or closing agency, unless mutual written instructions are received by the

299holder of the Earnest Money and things of value, Broker or closing agency shall not be required to take any action but may await any proceeding, or at

300Broker's or closing agency's option and sole discretion, may interplead all parties and deposit any monies or things of value into a court of competent

301jurisdiction and shall recover court costs and reasonable attorney's fees.

302

30332. COUNTERPARTS: This Agreement may be executed in counterparts. Executing an agreement in counterparts shall mean the signature of two

304identical copies of the same agreement. Each identical copy of an agreement signed in counterparts is deemed to be an original, and all identical copies

305shall together constitute one and the same instrument.

306

30733. "NOT APPLICABLE" DEFINED: The letters "n/a," "N/A," "n.a.," and "N.A." as used herein are abbreviations of the term "not applicable." Where this

308agreement uses the term "not applicable" or an abbreviation thereof, it shall be evidence that the parties have contemplated certain facts or conditions and

309have determined that such facts or conditions do not apply to the agreement or transaction herein.

BUYER'S Initials (

)(

) Date

SELLER'S Initials (

)(

) Date

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

National Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. © Copyright Idaho Association of REALTORS®, Inc. All rights reserved.

JULY 2010 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

Page 5 of 7

JULY 2010 EDITION	RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT		Page 6 of 7
PROPERTY ADDRESS:		ID#:

31034. SEVERABILITY: In the case that any one or more of the provisions contained in this Agreement, or any application thereof, shall be invalid, illegal or

311unenforceable in any respect, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

312

313

31435. REPRESENTATION CONFIRMATION: Check one (1) box in Section 1 and one (1) box in Section 2 below to confirm that in this transaction, the

315brokerage(s) involved had the following relationship(s) with the BUYER(S) and SELLER(S).

316

317Section 1:

318 A. The brokerage working with the BUYER(S) is acting as an AGENT for the BUYER(S).

319 B. The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S), without an ASSIGNED AGENT.

320 C. The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S) and has an ASSIGNED AGENT

321acting solely on behalf of the BUYER(S).

322 D. The brokerage working with the BUYER(S) is acting as a NONAGENT for the BUYER(S).

323

324Section 2:

325 A. The brokerage working with the SELLER(S) is acting as an AGENT for the SELLER(S).

326 B. The brokerage working with the SELLER(S) is acting as a LIMITED DUAL AGENT for the SELLER(S), without an ASSIGNED AGENT.

327 C. The brokerage working with the SELLER(S) is acting as a LIMITED DUAL AGENT for the SELLER(S) and has an ASSIGNED AGENT

328acting solely on behalf of the SELLER(S).

329 D. The brokerage working with the SELLER(S) is acting as a NONAGENT for the SELLER(S).

330

331Each party signing this document confirms that he has received, read and understood the Agency Disclosure Brochure adopted or approved by the Idaho

332real estate commission and has consented to the relationship confirmed above. In addition, each party confirms that the brokerage's agency office policy

333was made available for inspection and review. EACH PARTY UNDERSTANDS THAT HE IS A "CUSTOMER" AND IS NOT REPRESENTED BY A

334BROKERAGE UNLESS THERE IS A SIGNED WRITTEN AGREEMENT FOR AGENCY REPRESENTATION.

335

33636. CLOSING: On or before the closing date, BUYER and SELLER shall deposit with the closing agency all funds and instruments necessary to complete

337this transaction. Closing means the date on which all documents are either recorded or accepted by an escrow agent and the sale proceeds are

338	available to SELLER. The closing shall be no later than (Date)	.
339

340The parties agree that the CLOSING AGENCY for this transaction shall be

341
342	located at									.
343
344	If a long-term escrow / collection is involved, then the long-term escrow holder shall be									.
345
346	37. POSSESSION: BUYER shall be entitled to possession
347			upon closing or	date			time		A.M.	P.M. Property

348taxes and water assessments (using the last available assessment as a basis), rents, interest and reserves, liens, encumbrances or obligations assumed,

349 fuel in fuel tank, and utilities shall be prorated as of.

350

351

35238. ASSIGNMENT: This Agreement and any rights or interests created herein may be sold, transferred or otherwise assigned.

353

354

35539. ENTIRE AGREEMENT: This Agreement contains the entire Agreement of the parties respecting the matters herein set forth and supersedes all prior

356Agreements between the parties respecting such matters. No warranties, including, without limitation, any warranty of habitability, agreements or

357representations not expressly set forth herein shall be binding upon either party.

358

359

36040. TIME IS OF THE ESSENCE IN THIS AGREEMENT.

361

362

36341. AUTHORITY OF SIGNATORY: If BUYER or SELLER is a corporation, partnership, trust, estate, or other entity, the person executing this

364agreement on its behalf warrants his or her authority to do so and to bind BUYER or SELLER.

365
366					at (Local Time in
367	42. ACCEPTANCE: This offer is made subject to the acceptance of SELLER and BUYER on or before (Date)
368	which PROPERTY is located)		A.M. P.M. If acceptance of this Agreement is not received within the time specified, the offer is

369withdrawn and the entire Earnest Money, if any, shall be refunded to BUYER on demand.

BUYER'S Initials (

)(

) Date

SELLER'S Initials (

)(

) Date

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

National Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. © Copyright Idaho Association of REALTORS®, Inc. All rights reserved.

JULY 2010 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

Page 6 of 7

JULY 2010 EDITION	RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT		Page 7 of 7
PROPERTY ADDRESS:		ID#:

37043. BUYER'S SIGNATURES:

371
372			SEE ATTACHED BUYER'S ADDENDUM(S):																																																								(Specify number of BUYER addendum(s) attached.)
373
374	BUYER												does							does not currently hold an active Idaho real estate license.
375
376	BUYER Signature																																																																							BUYER (Print Name)
377
378	Date																										Time																								A.M.						P.M.															Phone #																																		Cell #
379
380	Address																																																																							City																															State																	Zip
381
382	E-Mail																																																																							Fax #
383
384
385
386	BUYER												does							does not currently hold an active Idaho real estate license.
387
388	BUYER Signature																																																																							BUYER (Print Name)
389
390	Date																											Time																							A.M.							P.M.														Phone #																																			Cell #
391
392	Address																																																																							City																															State																	Zip
393
394	E-Mail																																																																							Fax #
395
396
397
398

39944. SELLER'S SIGNATURES:On this date, I/We hereby approve and accept the transaction set forth in the above Agreement and agree to carry out all

400the terms thereof on the part of the SELLER.

401
402	SIGNATURE(S) SUBJECT TO ATTACHED COUNTER OFFER
403	SIGNATURE(S) SUBJECT TO ATTACHED ADDENDUM(S) #
404
405	SELLER does				does not currently hold an active Idaho real estate license.
406
407	SELLER Signature													SELLER (Print Name)
408
409	Date						Time		A.M. P.M.					Phone #						Cell #
410
411	Address													City					State				Zip
412
413	E-Mail													Fax #
414

415CONTRACTOR REGISTRATION # (if applicable)

416
417
418
419	SELLER does																	does not currently hold an active Idaho real estate license.
420
421	SELLER Signature																																																																	SELLER (Print Name)
422
423	Date																								Time																					A.M. P.M.																				Phone #																															Cell #
424
425	Address																																																																	City																												State															Zip
426
427	E-Mail																																																																	Fax #
428

429CONTRACTOR REGISTRATION # (if applicable)

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

National Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. © Copyright Idaho Association of REALTORS®, Inc. All rights reserved.