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Alabama Purchase and Sale Agreement Form

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Alabama Purchase and Sale Agreement Form Page 2
Alabama Purchase and Sale Agreement Form
2
Earnest Money, payable upon the execution of this
Agreement, in the amount of
$____________________________
Additional Earnest Money, payable on or before
________________________ in the amount of
$____________________________
Additional Earnest Money, payable on or before
________________________ in the amount of
$____________________________
The balance of the Purchase Price, in immediately
available funds, payable upon the conveyance of the
Property in the amount of
$____________________________
Total Purchase Price
$____________________________
All payments of Earnest Money and Additional Earnest Money (the Earnest Money and Additional Earnest Money are sometimes
hereinafter referred to collectively as the Earnest Money”) shall be paid to Seller and may be spent by Seller as Seller deems
appropriate, unless provided otherwise in this Agreement. The Earnest Money may be immediately expended by Seller toward the
costs of constructing or completing the construction of the Dwelling or other improvements to the Property or for any other purpose
that Seller deems appropriate.
3. Financing. The provisions of this paragraph shall be applicable only if initialed by both Seller and Buyer. This
Agreement is subject to Buyer being able to obtain a conventional loan in the amount of $________________________ (the “Loan”).
Buyer agrees to make application for the Loan within ten (10) days after the date of this Agreement and to exert all reasonable efforts
and diligence to obtain approval of the Loan. Buyer agrees to keep Seller fully informed of the status of Buyer’s efforts to secure the
approval of the Loan. Buyer shall provide such evidence as may be required by Seller, including a written commitment for the Loan,
to confirm the final approval of the Loan. Seller shall have the right to delay the commencement of the construction of the Dwelling,
if applicable, or delay the completion of the construction of the Dwelling, if applicable, until such time as Seller has determined, to the
satisfaction of Seller, that the Loan has been or is likely to be approved. Any such determination by Seller shall be for the sole benefit
of Seller and may not be relied upon in any manner by Buyer. The failure of Buyer to secure and deliver to Seller, on or before
_________________ days after the date of this Agreement, a commitment for the Loan in a form acceptable to Seller, shall entitle
Seller, at the election of Seller, to terminate this Agreement, whereupon the Earnest Money, if any, shall be refunded by Seller to
Buyer within thirty (30) days after such termination, without interest, and reduced in an amount equal to any out-of-pocket costs
incurred by Seller in connection with or related to the application for the Loan or the process of the consideration thereof.
Seller: Buyer:
4. The Dwelling. The Property either has been or will be improved with the Dwelling. (The parties should select
one, but only one, of the following subparagraphs by initialing the subparagraph which is applicable.)
As of the execution of this Agreement, the Dwelling has been completed and Buyer has inspected and
accepted the Dwelling, as completed, subject to the preoccupancy inspection to be made by Buyer and
Seller pursuant to the Limited Warranty Agreement and the [Insert here one, but only one, of eitherthe
Preoccupancy Inspection Agreement” or “Acknowledgment of Acceptance” and remove as an
exhibit the one that was not selected], both of which are attached hereto and both of which are described
in greater detail elsewhere in this Agreement.
Alabama Purchase and Sale Agreement Form
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