New Jersey Form 118 – Fill Out and Use This PDF

513. MANNER OF PAYMENT:

54business days after the fully signed Contract has been delivered to both Buyer and the Seller).

55

56(B) ADDITIONAL DEPOSIT to be paid by Buyer to the party who will be responsible for holding the escrow who is identified below

58delivered to both the Buyer and the Seller).

64place the deposit monies in Court requesting the Court to resolve the dispute.

65

66(D) IF PERFORMANCE BY BUYER IS CONTINGENT UPON OBTAINING A MORTGAGE:

71and use best efforts to obtain it. Buyer shall supply all necessary information and fees required by the proposed lender and shall authorize

72 the lender to communicate with the real estate brokers(s) and involved attorney(s). Buyer shall obtain a written commitment from the

73lending institution to make a loan on the property under the following terms:

85provided, however, if Seller alleges in writing to Escrowee within said ten (10) calendar days of the commitment date or any extension of

86the commitment date, whichever is later, that the failure to obtain the mortgage commitment is the result of Buyer's bad faith, negligence,

87 intentional conduct or failure to diligently pursue the mortgage application, then Escrowee shall not return the deposit monies to Buyer

88without the written authorization of Seller.

89

90(E) BALANCE OF PURCHASE PRICE: The balance of the purchase price shall be paid by Buyer in cash, or by certified, cashier's

91check or trust account check.

92

93Payment of the balance of the purchase price by Buyer shall be made at the closing, which will take place on

95and Buyer may agree (“the Closing”).

96

974. SUFFICIENT ASSETS:

98 Buyer represents that Buyer has or will have as of the Closing, all necessary cash assets, together with the mortgage loan proceeds, to

99complete the Closing. Should Buyer not have sufficient cash assets at the Closing, Buyer will be in breach of this Contract and Seller shall

100be entitled to any remedies as provided by law.

101

1025. ACCURATE DISCLOSURE OF SELLING PRICE:

103Buyer and Seller certify that this Contract accurately reflects the gross sale price as indicated in Section 2 of this Contract. Buyer and

104Seller understand and agree that this information shall be disclosed to the Internal Revenue Service and other governmental agencies as

105required by law.

106

1076. ITEMS INCLUDED IN SALE:

110apparatus and sump pumps, if any, except where owned by tenants, are included in this sale. All of the appliances shall be in working

111order as of the Closing. Seller does not guarantee the condition of the appliances after the Deed and affidavit of title have been delivered

112 to Buyer at the Closing. The following items are also specifically included (If reference is made to the MLS Sheet and/or any other

113document, then the document(s) referenced should be attached.):

1187. ITEMS EXCLUDED FROM SALE: (If reference is made to the MLS Sheet and/or any other document, then the document(s)

119referenced should be attached.):

1248. DATES AND TIMES FOR PERFORMANCE:

125Seller and Buyer agree that all dates and times included in this Contract are of the essence. This means that Seller and Buyer must satisfy

126 the terms of this Contract within the time limits that are set in this Contract or will be in default, except as otherwise provided in this

127Contract or required by applicable law, including but not limited to if the Closing has to be delayed either because a lender does not timely

128provide documents through no fault of Buyer or Seller or for three (3) business days because of the change of terms as required by the

129Consumer Financial Protection Bureau.

130

131(A) Additional documents from lenders or other property owners:

132If a lender or other property owner requires that any addendum or other document be signed for a property it owns in connection with this

133Contract, “final execution date,” “acknowledgement date,” or similar language that sets the time period for the completion of any conditions

134or contingencies, including but not limited to inspections and financing, shall mean that the time will begin to run after the attorney­review

135period is completed or, if this Contract is timely disapproved by an attorney as provided in the Attorney­Review Clause Section of this

136Contract, then from the date the parties agree to the terms of this Contract.

137

1389. CERTIFICATE OF OCCUPANCY AND ZONING COMPLIANCE:

139Seller makes no representations concerning existing zoning ordinances, except that Seller's use of the Property is not presently in violation

140of any zoning ordinances.

141

142Some municipalities may require a Certificate of Occupancy or Housing Code Letter to be issued. If any is required for this Property,

143Seller shall obtain it at Seller's expense and provide to Buyer prior to Closing and shall be responsible to make and pay for any repairs

145purchase price) to Seller, then Seller may terminate this Contract and refund to Buyer all deposit monies plus Buyer's reasonable expenses,

146if any, in connection with this transaction unless Buyer elects to make repairs in excess of said amount at Buyer's expense, in which event

147Seller shall not have the right to terminate this Contract. In addition, Seller shall comply with all New Jersey laws, and local ordinances,

148including but not limited to smoke detectors, carbon monoxide detectors, fire extinguishers and indoor sprinklers, the cost of which shall

149be paid by Seller and not be considered as a repair cost.

152explained in this Section.)

156unconfirmed assessments that have been or may be imposed by the municipality for improvements that have been completed as of the

157Closing are to be paid in full by Seller or credited to Buyer at the Closing. A confirmed assessment is a lien against the Property. An

158unconfirmed assessment is a potential lien that, when approved by the appropriate governmental entity, will become a legal claim against

159the Property.

160

16111. QUALITY AND INSURABILITY OF TITLE:

162At the Closing, Seller shall deliver a duly executed Bargain and Sale Deed with Covenant as to Grantor's Acts or other Deed satisfactory

163to Buyer. Title to the Property will be free from all claims or rights of others, except as described in this Section and Section 12, of this

164Contract. The Deed shall contain the full legal description of the Property.

171residential purposes. A violation of any restriction shall not be a reason for Buyer refusing to complete the Closing as long as the title

172company insures Buyer against loss at regular rates. The sale also will be made subject to applicable zoning ordinances, provided that

173the ordinances do not render title unmarketable.

174

185price, Buyer shall have the option to either void this Contract, in which case the monies paid by Buyer toward the purchase price shall

186be returned to Buyer, together with the actual costs of the title search and the survey and the mortgage application fees in preparing for

187the Closing without further liability to Seller, or to proceed with the Closing without any reduction of the purchase price.

188

18912. POSSESSION, OCCUPANCY AND TENANCIES:

190(A) Possession and Occupancy.

191Possession and occupancy will be given to Buyer at the Closing. Buyer shall be entitled to possession of the Property, and any rents or

192profits from the Property, immediately upon the delivery of the Deed and the Closing. Seller shall pay off any person with a claim or right

193affecting the Property from the proceeds of this sale at or before the Closing.

197existing Municipal, County, State or Federal rules, regulations or laws. Seller agrees to transfer all security deposits to Buyer at the Closing

198and to provide to Brokers and Buyer a copy of all leases concerning the tenancies, if any, along with this Contract when it is signed by

199Seller. Seller represents that such leases can be assigned and that Seller will assign said leases, and Buyer agrees to accept title subject to

200these leases.

210(A) Document Acknowledgement.

211Buyer acknowledges receipt of the EPA pamphlet entitled “Protect Your Family From Lead In Your Home.” Moreover, a copy of a

212document entitled “Disclosure of Information and Acknowledgement Lead­Based Paint and Lead­Based Paint Hazards” has been fully

213completed and signed by Buyer, Seller and Broker(s) and is appended to” and made a part of this Contract.

214

215(B) Lead Warning Statement.

216Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such

217property may present exposure to lead from lead­based paint that may place young children at risk of developing lead poisoning. Lead

218 poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient,

219behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest

222possible lead­based paint hazards is recommended prior to purchase.

223

224(C) Inspection.

225 The law requires that, unless Buyer and Seller agree to a longer or shorter period, Seller must allow Buyer a ten (10) day period

226within which to complete an inspection and/or risk assessment of the Property as set forth in the next paragraph. Buyer, however, has the

227right to waive this requirement in its entirety.

228

229 This Contract is contingent upon an inspection and/or risk assessment (the “Inspection”) of the Property by a certified inspector/risk

230assessor for the presence of lead­based paint and/or lead­based paint hazards. The Inspection shall be ordered and obtained by Buyer at

231Buyer's expense within ten (10) calendar days after the attorney­review period is completed or, if this Contract is timely disapproved by an

232 attorney as provided in the Attorney­Review Clause Section of this Contract, then within ten (10) days after the parties agree to

233the terms in this Contract (“Completion Date”). If the Inspection indicates that no lead­based paint or lead­based paint hazard is present

234at the Property, this contingency clause shall be deemed null and void. If the Inspection indicates that lead­based paint or lead­based paint

235hazard is present at the Property, this contingency clause will terminate at the time set forth above unless, within five (5) business days from

236the Completion Date, Buyer delivers a copy of the inspection and/or risk assessment report to Seller and Brokers and (1) advises Seller

237and Brokers, in writing that Buyer is voiding this Contract; or (2) delivers to Seller and Brokers a written amendment (the “Amendment”)