RE/MAX Classic Homes

General/Financed Contract                                                                                                                                 Date___________________

 

The undersigned Buyer(s) ____________________________________________________________ hereby agrees to purchase, and the undersigned Seller(s) ________________________________________________________________hereby agrees to sell the following described real estate, together with all improvements, shrubbery, planting, fixtures and appurtenances (the “Property”) situated in the City of ______________________________, County of  ______________________________, Alabama on the terms stated below:

Address: ___________________________________________________________________________________________________

Legal Description: Lot __________________ Block__________________ Subdivision _______________________________

____________________________________________________________ Plat/Deed ___________________ Page_______

 

Buyer and Seller acknowledge, in the event this contract is cancelled or not closed, fees or costs paid in advance may be non-refundable.

 

1.                   THE  PURCHASE  PRICE  SHALL  BE   ………………………………………………………….$_______________

 

Down Payment / Earnest Money (Receipt of which is hereby acknowledged)  ………………....…….$_________________

                                       Acknowledged by Agent _________                      Acknowledged by Seller  _________

 

Balance of Payment due at Closing …………………………………………………………………$_______________

 

 

                        (A)   FINANCING: (Check as applicable)

 

                                     Buyer will pay cash for the property with no financing contingency.

 

                                     This contract is contingent on Buyer obtaining loan approval as specified below by ______________ 2002.

 

 

Buyer and Sellers acknowledge that letters of pre-approval issued by a lending institution are not warranted by                 the Brokers and Sales Associates.

 


 

     Conventional, in the amount of $_______________; LTV%_________

 

     FHA (See attached addendum)

 

     VA (See attached addendum)

 

     Equity, in the amount of $_______________; LTV%_________

 

     Other, in the amount of $_______________; LTV%_________

 

     Seller financing (See attached addendum) in the amount of  $_______________; LTV%_________

 

     Assumption of mortgage (See attached addendum)

 

Buyer will apply for financing and provide a letter of pre-approval within ____________ days from contract

acceptance date (5 days if not specified) and will provide any and all credit, employment, financial and other

information required by the lender.  Either party may cancel this Contract if the Buyer, after using diligence

and good faith, cannot obtain the financing.  In this event, all earnest money shall be promptly refunded to

 Buyer.

 

Appraisals – Conventional Loan.  If Conventional financing is used, the Buyer(s) acknowledge(s) that any

appraisal required by the lender is used to determine the maximum mortgage amount and does not warrant

the value or condition of the property.  Further, it is expressly agreed that, notwithstanding any other

provision of this Contract, Buyer(s) shall not incur any penalty by forfeiture of earnest money or otherwise be

obligated to complete the purchase of the property described herein if the contract purchase price exceeds the

appraisal value.  Buyer(s) shall, however, have the privilege and option of proceeding with the consummation

of  the contract without regard to the appraised value.  (FHA/VA requirements to be determined in addendum).

                                                                                               

 

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