Agreement of Sale (Version 1) PDF

1 1.  By this Agreement, dated________________________________________________________________________ 63 Seller hereby agrees to sell and convey to Buyer, who agrees to purchase, the identified Property. 2. PURCHASE PRICE AND DEPOSITS (4-14) (A) Purchase Price $ ( U.S. Dollars), to be paid by Buy...

1 1.  By this Agreement, dated________________________________________________________________________ 63 Seller hereby agrees to sell and convey to Buyer, who agrees to purchase, the identified Property. 2. PURCHASE PRICE AND DEPOSITS (4-14) (A) Purchase Price $ ( U.S. Dollars), to be paid by Buyer as follows: 1. Initial Deposit, within days (5 if not specified) of Execution Date, if not included with this Agreement: $_____________________________________ 2. Additional Deposit within days of the Execution Date: $_____________________________________ 3. $_____________________________________ Remaining balance will be paid at settlement. (B) All funds paid by Buyer, including deposits, will be paid by check, cashier’s check or wired funds. All funds paid by Buyer within 30 days of settlement, including funds paid at settlement, will be by cashier’s check or wired funds, but not by personal check. (C) Deposits, regardless of the form of payment, will be paid in U.S. Dollars to Broker for Seller (unless otherwise stated here:____ ______________________________________________________________________________________________________ ), who will retain deposits in an escrow account in conformity with all applicable laws and regulations until consummation or termination of this Agreement. Only real estate brokers are required to hold deposits in accordance with the rules and regulations of the State Real Estate Commission. Checks tendered as deposit monies may be held uncashed pending the execution of this Agreement. 3. SELLER ASSIST (If Applicable) (1-10) Seller will pay $___________________________________ or _______________ % of Purchase Price (0 if not specified) toward  Buyer’s costs, as permitted by the mortgage lender, if any. Seller is only obligated to pay up to the amount or percentage which is approved by mortgage lender. 4. SETTLEMENT AND POSSESSION (1-23) (A) Settlement Date is___________________________________________________________, or before if Buyer and Seller agree. (B) Settlement will occur in the county where the Property is located or in an adjacent county, during normal business hours, unless Buyer and Seller agree otherwise. (C) At time of settlement, the following will be pro-rated on a daily basis between Buyer and Seller, reimbursing where applicable: current taxes; rents; interest on mortgage assumptions; condominium fees and homeowner association fees; water and/or sewer fees, ­together with any other lienable municipal service fees. All charges will be prorated for the period(s) covered. Seller will pay up to and including the date of settlement and Buyer will pay for all days following settlement, unless otherwise stated here: ______________________________________________________________________________________________________ (D) For purposes of prorating real estate taxes, the “periods covered” are as follows: 1. Municipal tax bills for all counties and municipalities in Pennsylvania are for the period from January 1 to December 31. 2. School tax bills for the Philadelphia, Pittsburgh and Scranton School Districts are for the period from January 1 to December 31. School tax bills for all other school districts are for the period from July 1 to June 30. (E) Conveyance from Seller will be by fee simple deed of special warranty unless otherwise stated here:_____________________ ______________________________________________________________________________________________________ (F) Payment of transfer taxes will be divided equally between Buyer and Seller unless otherwise stated here:__________________ ______________________________________________________________________________________________________ (G) Possession is to be delivered by deed, existing keys and physical possession to a vacant Property free of debris, with all structures broom-clean, at day and time of settlement, unless Seller, before signing this Agreement, has identified in writing that the Property is subject to a lease. (H) If Seller has identified in writing that the Property is subject to a lease or short-term rental agreement, possession is to be delivered by deed, existing keys and assignment of existing leases and short-term rental agreements for the Property, together with security deposits and interest, if any, at day and time of settlement. Seller will not enter into any new leases or short-term rental agreements, nor extend existing leases or short-term rental agreements, for the Property without the written consent of Buyer. Buyer will acknowledge existing lease(s) or short-term rental agreement(s) by initialing the lease(s) or short-term rental agreement(s) at the execution of this Agreement, unless otherwise stated in this Agreement. Tenant-Occupied Property Addendum (PAR Form TOP) is attached and made part of this Agreement. 5. DATES/TIME IS OF THE ESSENCE (1-10) (A) Written acceptance of all parties will be on or before:_____________________________________________________________ (B) The Settlement Date and all other dates and times identified for the performance of any obligations of this Agreement are of the essence and are binding. (C) The Execution Date of this Agreement is the date when Buyer and Seller have indicated full acceptance of this Agreement by signing and/or initialing it. For purposes of this Agreement, the number of days will be counted from the Execution Date, excluding the day this Agreement was executed and including the last day of the time period. All changes to this Agreement should be initialed and dated. (D) The Settlement Date is not extended by any other provision of this Agreement and may only be extended by mutual written agreement of the parties. (E) Certain terms and time periods are pre-printed in this Agreement as a convenience to the Buyer and Seller. All pre-printed terms and time periods are negotiable and may be changed by striking out the pre-printed text and inserting different terms acceptable to all parties, except where restricted by law. 64 Buyer Initials:______________________ 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 ASR Page 2 of 14 Seller Initials:______________________