Purchase and sales agreement

**posty** · 08-23-2009, 03:04 PM

Hi, I am from Massachusetts and someon is offering me cash for my home and wants me to sign this agreement. anything here jump out or is this pretty standard. He penned in a few changes, hopefully this forums html is same. In red is my comments in blue is the initialed changes.

First and foremost, i will be paying to have a real lawyer look at this. I am bored and want a quick heads up if someone here is in the know.
(hand typed so ignore spelling)

Purchase and sales agreement
this agreement made this _________ day of _____________, 2009
between seller(s)_________________________ social security #________________
and Buyer __________________________________________________ ___________
and or assignees. seller agrees to sell and buyer agrees to buy the following described real property together with all improvments and fixtures and the personal property decsribed below:
Street Address:________________________________
Legal Description:______________________________
County:______________________________________
personal property included:_________________________________________ ______
earnest money deposit: $__________________
cash to seller at closing $__________________
existing loans&liens $__________________
new loan to seller at closing $__________________
purchase price $__________________

the purchase price to be paid as follows:

1. EARNEST MONEY is not refundable
2. THE BALANCE DUE SELLER in the amount of $________ shall be paid as follows: __________ under purchase price and next to earnest money block is the following hand written and initialed by agent, the asterisk is next to block 2. after as follows:
minus any unpaid taxes, mortgages or liens * buyer will pay all closing costs
3. PRORATIONS, IMPOUNDS & SECURITY DEPOSITS: Loan interest, property taxes, insurance, and rents shall be prorated as of the date of the closing. All security deposits shall be transferred to the buyer at closing. All impound accounts for taxes and insurance are included in the purchase price and shall be transferred to buyer at closing.
4. CONDITIONS OF HOUSE AND APPLIANCES AT CLOSING: bunch of **** crossed out buy agent initialed and replaced with: "AS IS" + "WHERE IS"
5. CLOSING DATE AND TRANSFER OF TITLE: This transaction shall close on or before ____________, 2009. Closing will be held at ____________ and seller(s) agree to transfer marketable title free and clear of all encumbrances except those listed and pay any required state taxes or stamps required to record deed and mortgage. seller agrees to furnish title insurance in the amount of the purchase price, showing no incumbrances or exceptions other than previously noted.
6. DAMAGE TO PROPERTY: seller shall maintain property in its current condition and keep it insured against all loss until closing in the event of destruction covered by insurance, buyer may elect to close and collect the insurance proceeds.
7. DEFAULTS: if buyer defaults under this contract, any and all monies deposited by the buyer(s) shall be retained by seller as full liquidated damages. [strike]if seller defaults, buyer may pursue all remedies allowed by law and seller defaults.[/strike] replaced with and initialed:If seller defaults buyers deposit will be sure remedy + returned.
8. SUCCESSORS AND ASSIGNEES: The Terms and conditions of this contract shall bind all successors, heirs, administrators, trustees, executors and assignees of the respective parties.
9. ACCESS ADVERTISING AND REPAIRS MADE BY BUYERS: Sellers agree that the buyers may advertise property and have access during reasonable hours to show property to others. If the property is vacant and in need of repairs, buyers at thier expense may make repairs and improvements, and any improvements made shall become property of the seller should the buyer default,
10. The Liability shall be limited to the property itself and shall not extend beyond. added and initailed was this line:Contingent upon money partner approval.
11. This contract constitutes the entire aggreement between purchaser and seller regarding the property and supercedes all prior discussions, negotiations and agreements whether oral or written.
THIS IS INTENDEDTO BE A LEGALLY BINDING CONTRACT, IF YOU DO NOT UNDERSTAND THE LEGAL EFFECT OF ANY PART OF THIS CONTRACT, SEEK LEGAL ADVICE BEFORE SIGNING.
SELLERS:
___________________________
___________________________
BUYERS:
___________________________

**Greg** · 08-24-2009, 06:10 AM

You say an agent presented this offer to you but this does not look like anything a real estate agent would be using. It has been a long time since a contract would fit onto one page and most agents these days do no make changes to the standard contract.

Line 9 sounds like the buyer does not intend to buy your property but just tie it up until they can sell it to someone else for a profit. What happens if they don't close on the contract date?

Why do they need your SS# ?

Before you sign this make sure you have your attorney (not the buyers attorney) go over it.

**Chrisopher Moltisanti** · 08-24-2009, 02:14 PM

That's exactly what this is Greg. Years ago, I too typed up a contract just like this and presented it to FSBO prospects. That's exactly what it is: they (the Realtor in this case) is going to find his or her own buyer and flip it and line 9 just "buys them time" to locate an approved buyer. In the electrical industry we call this a side job. As long as they disclosed that they were a Realtor, then I don't see a problem except that you're right: What happens if they don't find an approved buyer? Where's the Realtor's escape clause? What is this, indefinite?

**tucsonhomes** · 08-24-2009, 03:23 PM

Get an agent, follow their advise, pay them their fee.

**Greg** · 08-25-2009, 07:41 AM

If they can find a buyer so can another agent. Pay an agent to sell it and make the profit for yourself.

**Chrisopher Moltisanti** · 08-25-2009, 02:42 PM

Exactly, that's why these "and or assigns" contracts didn't work. I used them on one prospect back in 1993. I didn't know her mother was a Realtor. She needless didn't sign the contract. Yeah, I was a victim of the famous seminars. This was way back when they were cheap: it only cost me $500.
Are you selling a house Dick? Yes...
Are you looking for a house Jane? Yes...
Join their hands, walk away. Yeah....right.....
Yeah, and up the sale price on the contract and keep the difference. As if the seller won't see that.
Yawn......