Njar Real Estate Contract Form – Fill Out and Use This PDF

THIS IS A LEGALLY BINDING CONTRACT THAT WILL BECOME FINAL WITHIN THREE BUSINESS DAYS. DURING THIS PERIOD YOU MAY CHOOSE TO CONSULT AN ATTORNEY WHO CAN REVIEW AND/OR CANCEL THE CONTRACT. SEE SECTION ON ATTORNEY REVIEW FOR DETAILS.

CONTRACT OF SALE

11. PURCHASE AGREEMENT AND PROPERTY DESCRIPTION:

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5 SOC.Sec. #SOC.Sec. #

6

7whose address is

8

9AGREES TO PURCHASE FROM

15whose address is

16THROUGH THE BROKER(S) NAMED I N THIS AGREEMENT AT THE PRICE AND TERMS STATED BELOW,

17THE FOLLOWING PROPERTY:

18Property Address:

21THE WORDS “BUYER” AND “SELLER” INCLUDE ALL BUYERS AND SELLERS LISTED ABOVE.

22

23 2. PURCHASE PRICE: THE TOTAL PURCHASE PRICE IS:$

24

253. MANNER OF PAYMENT

27Broker, by 0 cash or 0 check, for which this is a receipt:

28

30All deposit monies paid by the Buyer shall be held in escrow in the NON-INTEREST

32until closing of title, at which time all monies shall be paid over to the Seller. The deposit monies shall

33not be paid over to the Seller prior to the closing of title, unless agreed in writing by both the Buyer and Seller.

34In the event the Buyer and Seller cannot agree on the disbursement of these escrow monies. the Escrowee may

35place the deposit monies in Court requesting the Court to resolve the dispute.

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37(C) IF PERFORMANCE BY BUYER IS CONTINGENT UPON OBTAINING A MORTGAGE.

38The Buyer agrees to apply immediately for a mortgage loan through any lending institution of the Buyer’s

39choice or the ofice of the Listing Broker or the Participating Broker. The application shall be furnished by the

40Buyer in writing on an application form prescribed by the lending institution to which the application shall be

41submitted. Buyer shall also furnish, in a timely manner. such other documents and information as is usually

42required by said lending institution. Failure of Buyer to comply with the foregoing. in good faith, shall be

43deemed a breach of this Contract of Sale. The amount of mortgage loan required by the Buyer is

48IF THE MORTGAGE LOAN HAS NOT BEEN ARRANGED, OR IF THE BUYER HAS NOT

49NOTIFIED SELLER OF BUYER’S DECISION TO COMPLETE THE TRANSACTION

50WITHOUT OBTAINING A MORTGAGE COMMITMENT, ON OR BEFORE

52THIS AGREEMENT BY WRITTEN NOTICE TO THE OTHER PARTY. The methbd of notifying

55(D) BALANCE OF PURCHASE PRICE. The balance of the purchase price shall be paid by cash,

57of Deed). Title to the Property will be free from all claims or rights of others, except as described in Sections

586 , 7 and 8 of this Agreement. The deed shall contain the full legal description of the Property. Payment of the

59balance of the purchase price by Buyer and delivery of the deed and affidavit of title by Seller occur at the

654. BUYER FINANCIALLY ABLE TO CLOSE:

66Buyer represents that Buyer has sufficient cash available (together with the mortgage referred to in Section 3) to complete

67this purchase.

685. ACCURATE DISCLOSURE OF SELLING PRICE:

69The Buyer and Seller certify that this Contract accurately reflects the gross sale price as indicated on line sixty-three (63) of this

70Contract. The Buyer and Seller UNDERSTANDAND AGREE that THIS INFORMATION SHALL BE DISCLOSED to the

71Internal Revenue Service as required by law.

72

736. TENANTS, IFANY:

74This sale is made subject to the following tenancies. The Seller warrants that these tenancies are not in violation of existing

75Municipal, County, State or Federal rules, regulations or laws.

76NAMELOCATIONRENTSECURITY DEPOSITTERM

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78

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807. QUALITY OF TITLE:

81This sale will be subject to easements and restrictions of record, if any, and such state of facts as an accurate survey might disclose.

82Generally, an easement is a right of a person other than the owner of Property to use a portion of the Property for a special purpose. A

83restriction is a recorded limitation on the manner in which a Property owner may use his/her/their Property. The Buyer does not have

84to complete the purchase, however, if any easement, restriction, or facts disclosed by an accurate survey would substantially interfere

85with the use of the Property for residential purposes. The sale will also be made subject to applicable zoning ordinances.

86Title to the Property shall be good, marketable and insurable, at regular rates, by any title insurance company licensed to

87d o business in the State of New Jersey, subject only to the claims and rights described in this section and Section 6. Buyer agrees

88to order title insurance commitment (title search) and survey if necessary and to furnish copies to Seller. In the event Seller’s

89title shall contain any exceptions other than as set forth in this paragraph, Buyer shall notify Seller and Seller shall have 30 days

90within which to eliminate those exceptions. If Seller cannot remove those exceptions, Buyer shall have the option to void this

91Contract or to proceed with closing of title without any reduction in the purchase price. If Buyer elects to void this Contract, as

92provided in the preceding sentence, the deposit money shall be returned to Buyer and Seller shall reimburse Buyer for search and

97Seller’s knowledge, that this use does not violate any applicable zoning ordinance, building code or other law. The Seller will pay for

98and obtain Certificate of Occupancy, Certificate of Land Use Compliance or other similar document required by law and will arrange

99and pay for all inspections required to obtain such document. SELLER AGREES TO CORRECT ALL VIOLATIONS, AT

100THE SELLER’S OWN EXPENSE, PRIOR TO THE CLOSING OF TITLE.

101

1029. ITEMS INCLUDED IN SALE:

103Gas and electric fixtures, cooking ranges and ovens, hot water heaters, linoleum, T.V. antenna. screens, storm sash, shades, blinds,

104awnings, radiator covers, heating apparatus and sump pump, if any, except where owned by tenants, are included in this sale. All of

105the appliances shall he in working order as of the closing of title. This provision shall not survive closing of title. This means

106that the Seller DOES NOT GUARANTEE the condition of the appliances AFTER the deed and affidavit of title have been

107delivered to the Buyer at the “Closing”. The following items are also specifically included:

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109

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11110. ITEMS EXCLUDED FROM SALE:

11511. ASSESSMENTS:

116All confirmed assessments and all unconfirmed assessments which may be imposed by the municipality for public improvements

117which have been completed as of the date of Closing are to be paid in full by the Seller or credited to the Buyer at the Closing. A

118confirmed assessment is a lien (legal claim) against the Property. An unconfirmed assessment is a potential lien (legal claim) which,

119when approved by the appropriate governmental body, will become a legal claim against the Property.

121 12. FINAL INSPECTION:

122Seller agrees to permit the Buyer or the Buyer’s duly authorized representative to examine the interior and exterior of the Property

123at any reasonable time immediately before Closing.

125 13. NEW JERSEY HOTEL AND MULTIPLE DWELLING HEALTH AND SAFETY ACT

126If the New Jersey Hotel and Multiple Dwelling Health and Safety Act applies to the Property, the Seller represents that the

127 Property complies with the requirzments of the Act.

12914. NO ASSIGNMENT

130This Agreement shall not be assigned without the written consent of the Seller. This means that the Buyer may not transfer to

131anyone else his/her/their rights under this Agreement to buy the Property.

13315. RISK OF LOSS:

134The risk of loss or damage to the Property by fire or otherwise, except ordinary wear and tear, is on the Seller until the Closing.

13616. ADJUSTMENTS AT CLOSING; RIGHTS TO POSSESSION:

137Rents, water charges, sewer charges, real estate taxes, interest on any existing mortgage to be assumed by Buyer, and fuel are to

138be apportioned as of the date of actual closing of title. The Buyer shall be entitled to possession of the Property and any rents or profits

139from the Property, immediately upon the delivery of the deed and closing of title. The Seller shall have the privilege of paying off

140any person with a claim or right affecting the Property from the proceeds of this sale at the time of Closing.

14217. MAINTENANCE AND CONDITION OF PROPERTY

143The Seller agrees to maintain the grounds, buildings and improvements, in good condition, subject to ordinary wear and tear. The

144premises shall be in “broom clean” condition and free of debris on the date of Closing. Seller represents that all electrical, plumbing,

145heating and air conditioning systems (if applicable), together with all fixtures included within the terms of the Agreement now work

Buyer’sSeller’s

146and shall be in proper working order at the time of Closing. Seller further states, that to the best of Seller’s knowledge, there are

147currently no leaks or seepage in the roof, walls or basement UNLESS OTHERWISE INDICATED IN THE ADDITIONAL

148CONTRACTUAL PROVISIONS SECTION (Section 31) OF THIS AGREEMENT. ALL REPRESENTATIONS

149AND/OR STATEMENTS MADE BY THE SELLER, IN THIS SECTION, SHALL NOT SURVIVE CLOSING OF

150TITLE. This means that the Seller DOES NOT GUARANTEE the condition of the premises AFTER the deed and affidavit of

151title have been delivered to the Buyer at the “Closing”.

152

15318. LEAD-BASED PAINT DOCUMENT ACKNOWLEDGMENT (Applies to dwellings built before 1978)

154Buyer acknowledges receipt of the EPA pamphlet entitled “Protect Your Family From Lead In Your Home.” Moreover, ;I copy of

155a document entitled “Disclosure of Information and Acknowledgment Lead-Based Paint and Lead-Based Paint Hazards” has been

156fully completed and signed by Buyer. Seller and Broker(s) and is appended to this Agreement as Addendum “A“ and is part of

157this Agreement.

158

15919. LEAD-BASED PAINT AND/OR LEAD-BASED PAINT HAZARD CONTINGENCY CLAUSE:

160(This paragraph is applicable to all dwellings built prior to 1978. The law requires that unless the Buyer and Seller

161agree to a longer or shorter period, Seller must allow Buyer a ten-day (10) period within which to complete an inspection

162and/or risk assessment of the Property. Buyer, however, has the right to waive this clause in its entirety.)

163This Agreement is contingent upon an inspection and/or risk assessment (the “Inspection”) of the Property by a certified

164inspector/risk assessor for the presence of lead-based paint and/or lead-based paint hazards. The Inspection shall be ordered and

165obtained by the Buyer at the Buyer’s expense, within ten (10) calendar days after the termination of the Attorney Review period set

166forth in Section 24 of this Agreement (the “Completion Date”). If the Inspection indicates that no lead-based paint or lead-based paint

167 hazard is present at the Property, this contingency clause shall be deemed to be null and void. If the Inspection indicates that lead-

168 based paint or lead-based paint hazard is present at the Property, this contingency clause will terminate at the time set forth above

169 unless within (5j days from the Completion Date, the Buyer delivers a copy of the inspection and/or risk assessment report to the

170 Seller and Broker(s) and (a) advises Seller and Broker(s) ,in writing, that Buyer is voiding this Agreement; or (b) delivers to Seller

171 and Broker(s) a written amendment (the “Amendment”) to this Agreement listing the specific existing deficiencies and corrections

172 required by the Buyer. The Amendment shall provide that the Seller agrees to (a) correct the deficiencies; and (b) furnish the Buyer

173with a certification from a certified inspector/risk assessor that the deficiencies have been corrected, before the date of Closing. The

175to Buyer. If Seller does not sign and return the Amendment or fails to offer a counter-proposal, this Agreement shall be null and void.

177it. If the Buyer fails to accept the counter-proposal within the time limit provided, this Agreement shall be null and void.

17920. INSPECTION CONTINGENCY CLAUSE:

180(a) Responsibilities of Home Ownership

181The Buyer and Seller acknowledge and agree that because the purchase of a home is one of the most significant investments

182a person can make in a lifetime, all aspects of this transaction require considerable analysis and investigation by Buyer before closing

183title to the Property. While the Broker(s) and Salesperson(s) who are involved in this transaction are trained as licensees under the

184License Law of the State of New Jersey, they readily acknowledge that they have had no special training or experience with respect

185to the complexities pertaining to the multitude of structural, topographical and environmental components of this Property. For

186example, and not by way of limitation, the Broker(s) and Salesperson(s) have no special training, knowledgeor experience with regard

187to discovering and/or evaluating physical defects including structural defects, roof, basement, mechanical equipment such as heating,

188air conditioning, electrical systems, sewage, plumbing, exterior drainage, termite and other types of insect infestation or damage

189caused by such infestation. Moreover, the Broker(s) and Salesperson(s) similarly have no special training, knowledge or experience

190with regard to evaluation of possible environmental conditions which might affect the Property pertaining to the dwelling such as the

191existence of radon gas, formaldehyde gas, airborne asbestos fibers, toxic chemicals, underground storage tanks, lead, mold or other

192pollutants in the soil, air or water.

194(b) Radon Testing and Reports

195If the Property has been tested for radon, Seller agrees to provide the Buyer, at the time this Agreement is entered into, with

196a copy of the results of the radon test and evidence of any subsequent radon mitigation or treatment of the Property. Buyer shall have

197the right to conduct a radon inspection/test as provided in paragraph (c) below.

199(c) Buyer’s Rights To Inspections

201upon the knowledge of the Buyer as to the value of the land and whatever buildings are upon the Property, and not on any

202representation made by the Seller, the named Broker(s) or their agents as to character or quality. Therefore, the Buyer. at the Buyer’s

203sole cost and expense, is granted the right to have the dwelling and all other aspects of the Property, inspected and evaluated by

204“qualified inspectors” (as the term is defined in paragraph (f) below) for the purpose of determining the existence of any physical

205defects or environmental conditions such as outlined above. If Buyer chooses to make the inspections referred to in this paragraph,

206such inspections must be completed. and written reports must be furnished to the Seller listed in Section 1 and Broker(s) listed in

208of this Agreement. If Buyer shall fail to furnish such written reports to the Seller and Brokercs) within the time period specified in

209this paragraph, this contingency clause shall be deemed waived by Buyer, and the Property shall be deemed acceptable by Buyer. The

210time period for furnishing the inspection reports is referred to as the “Inspection Time Period.”

211

212(d) Responsibilities to Cure

21 3If any physical defects, or environmental conditions are reported by the inspectors to the Seller within the Inspection Time

214Period, the Seller shall then have seven (7) calendar days after the receipt of such reports to notify the Buyer in writing that the Seller

215shall correct or cure any of the defects set forth in such reports. If Seller shall fail to notify Buyer of Seller’s agreement to so cure

216and correct, such failure to so notify shall be deemed to be a refusal by Seller to cure or correct such defects. If Seller shall fail to

217agree to cure or correct such defects within said seven (7) day period, or if any part of the dwelling is found to be located within a

218flood hazard area, or if the environmental condition at the Property is incurable and is of such significance as to unreasonably

219endanger the health of the Buyer, the Buyer shall then have the right to void this Contract by notifying the Seller in writing within

220seven (7) calender days thereafter. If Buyer shall fail to void this Contract within the seven (7) day period, the Buyer shall have waived

221his right to cancel this Contract and this Contract shall remain in full force, and Seller shall be under no obligation to correct or cure

222any of the defects set forth in the inspections. If Seller shall agree to correct or cure such defects, all such repair work shall be

223completed by Seller prior to the closing of title.

224(e) Flood Hazard Area (delete if not applicable)

225Buyer acknowledges THAT the Property is within a flood hazard area, and Buyer waives Buyer’s right to void this Agreement for

226such reason.

227

228(f)Qualifications of Inspectors

229 Where the term “qualified inspectors” is used in this Contract, it is intended to refer to persons who are licensed by the State of

230New Jersey for such purpose or who are regularly engaged in the business of inspecting residential properties for a fee and who

231generally maintain good reputations for skill and integrity in their area of expertise.

232

23321. NOTICES:

234All notices as required in this Contract must be in writing. All notices shall be by certified mail, by telegram, telefax or by

235delivering it personally. The telegram, certified letter or telefax will be effective upon sending. The personal delivery will be effective

236upon delivery to the other party. Notices to the Seller shall be addressed to the address that appears on line fifteen (15) of this

237Contract. Notice to the Buyer shall be addressed to the address that appears on line seven (7) of this Contract.

238

23922. MEGAN’S LAW STATEMENT

240UNDER NEW JERSEY LAW, THE COUNTY PROSECUTOR DETERMINES WHETHER AND HOW TO

241PROVIDE NOTICE OF THE PRESENCE OF CONVICTED SEX OFFENDERS IN AN AREA. IN THEIR

242PROFESSIONAL CAPACITY, REAL ESTATE LICENSEES ARE NOT ENTITLED TO NOTIFICATION BY THE

243COUNTY PROSECUTOR UNDER MEGAN’S LAW AND ARE UNABLE TO OBTAIN SUCH INFORMATION FOR

244YOU. UPON CLOSING, THE COUNTY PROSECUTOR MAY BE CONTACTED FOR SUCH FURTHER

245INFORMATION AS MAY BE DISCLOSABLE TO YOU.

246

24723. NOTICE ON OFF-SITE CONDITIONS: (Applicable to all resale transactions)

248PURSUANT TO THE NEW RESIDENTIAL CONSTRUCTION OFF-SITE CONDITIONS DISCLOSURE ACT,

249P.L. 1995, C. 253, THE CLERKS OF MUNICIPALITIES IN NEW JERSEY MAINTAIN LISTS OF OFF-SITE

250CONDITIONS WHICH MAY AFFECT THE VALUE OF RESIDENTIAL PROPERTIES IN THE VICINITY OF THE

251OFF-SITE CONDITION. PURCHASERS MAY EXAMINE THE LISTS AND ARE ENCOURAGED TO

252INDEPENDENTLY INVESTIGATE THE AREA SURROUNDING THIS PROPERTY IN ORDER TO BECOME

253FAMILIAR WITH ANY OFF-SITE CONDITIONS WHICH MAY AFFECT THE VALUE OF THE PROPERTY. IN

254CASES WHERE A PROPERTY IS LOCATED NEAR THE BORDER OF A MUNICIPALITY, PURCHASERS MAY

255WISH TO ALSO EXAMINE THE LIST MAINTAINED BY THE NEIGHBORING MUNICIPALITY.

256

25724. ATTORNEY REVIEW CLAUSE:

258(1) Study by Attorney

259The Buyer or the Seller may choose to have an attorney study this Contract. If an attorney is consulted, the attorney must

260complete his or her review of the Contract within a three-day period. This Contract will be legally binding at the end of this three-

261day period unless an attorney for the Buyer or the Seller reviews and disapproves of the Contract.

265Sundays or legal holidays. The Buyer and the Seller may agree in writing to extend the three-day period for attorney review.

267(3) Notice of Disapproval

269and the other party named in this Contract within the three-day period. Otherwise this Contract will be legally binding as written.

270The attorney must send the notice of disapproval to the REALTOR@(S)by certified mail, by telegram, or by delivering it personally.

271The telegram or certified letter will be effective upon sending. The personal delivery will be effective upon delivery to the

272REALTOR@(S)office. The attorney may also, but need not, inform the REALTOR@(S)of any suggested revision(s) in the Contract

273that would make it satisfactory.

274

27525. ENTIRE AGREEMENT; PARTIES LIABLE:

276This Agreement contains the entire agreement of the parties. No representations have been made by any of the parties, the

277Broker(s) or hishedtheir agents except as set forth in this Agreement. This Agreement is binding upon all parties who sign it and all

278who succeed to their rights and responsibilities.

279

28026. BROKER’S COMMISSION:

281The commission, in accord with the previously executed listing agreement, shall be due and payable at the time of actual closing

282of title and payment by Buyer of the purchase consideration for the Property. The Seller hereby authorizes and instructs the Buyer’s

283attomey, or the Buyer’s title insurance company or whomever is the disbursing agent to pay the full commission as set forth below to

284the below mentioned BrokeR/Brokers out of the proceeds of sale prior to the payment of any such funds to the Seller. Buyer consents

285to the disbursing agent making the said disbursements.

288Listing Broker

290Address and Telephone #

294Address and Telephone #

29627. FAILURE OF BUYER OR SELLER TO SETTLE:

297In the event the Seller willfully fails to close title to the Property in accordance with this Contract, the Buyer may commence any

298legal or equitable action to which the Buyer may be entitled. In the event the Buyer fails to close title in accordance with this Contract,

299the deposit monies paid on account, at the Seller’s option, shall be paid over to the Seller as liquidated damages. In the alternative,

300the Seller may commence an action for damages it has suffered, and, in such case, the deposit monies paid on account of the purchase

Buyer’sSeller’s

301price shall be applied against such damages. Liquidated damages means the Seller will keep the money paid on account and not

302commence any legal action for the Buyer’s failure to close title. In the event the Seller breaches this Contract, Seller will, nevertheless,

303be liable to the Broker for commissions as otherwise set forth in this Contract.

304

30528. CONSUMER INFORMATION STATEMENTACKNOWLEDGMENT

306By signing below the sellers and purchasers acknowledge they received the Consumer Information Statement on New Jersey Real

307Estate Relationships from the brokerage firms involved in this transaction prior to the first showing of the property.

313REPRESENTATIVE(S),ARE WORKING IN THIS TRANSACTION AS (choose one) 0 SELLER’S AGENTS

3140 BUYER’S AGENTS a DISCLOSED DUAL AGENTS 0 TRANSACTION BROKERS.

32030. NEW CONSTRUCTION RIDER:

321If the property being sold consists of a lot and a detached single family home (the “House”) to be constructed upon the lot by

322the Seller, the “Rider To Contract of Sale of Real Estate - New Construction” has been signed by Buyer and Seller and is appended

323to and made a part of this Agreement.

324

32531. ADDITIONAL CONTRACTUAL PROVISIONS (if any):

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345

348

349

350

35832. INDEX:

369IN THE PRESENCE OF: