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Indiana Purchase Agreement (Improved Property) Form

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Indiana Purchase Agreement (Improved Property) Form Page 2
Indiana Purchase Agreement (Improved Property) Form
A.
The possession of the Property shall be delivered to Buyer
at closing days after closing or
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of this Agreement and to make a diligent effort to meet the lender's requirements and to obtain financing in cooperation with
the Broker and Seller. No more than days after acceptance of the Agreement shall be allowed for obtaining
favorable written commitment(s) or mortgage assumption approval. If a commitment or approval is not obtained within the time
specified above, this Agreement shall terminate unless an extension of time for this purpose is mutually agreed to in writing.
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7. CLOSING:
The closing of the sale (the "Closing Date") shall be on or before , or
within days after , whichever is later or this Agreement shall terminate unless an
extension of time is mutually agreed to in writing. The closing fee shall be paid by
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BUYER SELLER shared equally.
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8. POSSESSION:
within on or before
if closed.
For each day Seller is entitled to possession after closing, Seller shall pay to Buyer
at closing $ per day. If Seller does not deliver possession by the date required in the first sentence
of this paragraph, Seller shall pay Buyer $ per day as
liquidated damages
until possession
is delivered to Buyer; and Buyer shall have all other legal and equitable remedies available against the Seller.
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B. Maintenance of Property:
Seller shall maintain the Property in its present condition until its possession is delivered to Buyer, subject
to repairs in response to any inspection. Buyer may inspect the Property prior to closing to determine whether Seller has complied
with this paragraph. Seller shall remove all debris and personal property not included in the sale.
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C. Casualty Loss:
Risk of loss by damage or destruction to the Property prior to the closing shall be borne by Seller. In
the event any damage or destruction is not fully repaired prior to closing, Buyer, at Buyer's option, may either
(a)
terminate this Agreement or (b) elect to close the transaction,
in which event Seller's right to all insurance
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proceeds resulting from such damage or destruction shall be assigned in writing by Seller to Buyer.
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D. Utilities/Municipal Services:
Seller shall pay for all municipal services and public utility charges through the day of possession.
9. SURVEY:
Buyer shall receive a
(check ONE)
SURVEYOR LOCATION REPORT, which is a survey where corner markers are not set;
BOUNDARY SURVEY, which is a survey where corner markers of the Property are set prior to closing; WAIVED, no survey required
at
(Check ONE)
BUYER'S expense; SELLER'S expense. The survey shall (1) be received prior to closing and certified as of a
current date, (2) be reasonably satisfactory to Buyer, (3) show the location of all improvements and easements, and (4) show the flood
zone designation of the Property.
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10. FLOOD AREA/OTHER:
Buyer
may may not
terminate this Agreement if the Property requires flood insurance or Buyer
may not
terminate this Agreement if the Property is subject to building or use limitations by reason of the location.
13. INSPECTIONS: (Check paragraph letter A or B)
A. BUYER RESERVES THE RIGHT TO HAVE THE PROPERTY INSPECTED (including Lead-Based Paint)
independent of and in
addition to any inspections required by FHA, VA, or Buyer's lender(s). All inspections are to be at Buyer's expense
(unless
noted otherwise or required by lender)
by licensed inspectors or qualified contractors selected by Buyer within the following time
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INSPECTION/RESPONSE PERIOD:
Buyer shall order all INDEPENDENT INSPECTIONS immediately after acceptance of the Purchase
Agreement. Buyer shall have days
beginning the day following the date of acceptance of the Purchase Agreement
to
respond to the inspection report(s) in writing to Seller
(see "Buyer's Inspection Response").
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may
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C. ASSUMPTION: (Attach Financing Addendum)
D. CONDITIONAL SALES CONTRACT: (Attach Financing Addendum)
E. OTHER METHOD OF PAYMENT: (Attach Financing Addendum)
6. TIME FOR OBTAINING FINANCING: Buyer agrees to make written application for any financing necessary to complete this
transaction or for approval to assume the unpaid balance of the existing mortgage within days after the acceptance
11. HOMEOWNER'S INSURANCE:
Completion of this transaction shall be contingent upon the Buyer's ability to obtain a favorable written
commitment for homeowner's insurance within
days after acceptance of this Agreement.
12. ENVIRONMENTAL CONTAMINANTS ADVISORY/RELEASE:
Buyer and Seller acknowledge that Listing Broker, Selling Broker and all
salespersons associated with Brokers are NOT experts and have NO special training, knowledge or experience with regard to the
evaluation or existence of possible lead-based paint, radon, mold and other biological contaminants ("Environmental Contaminants")
which might exist and affect the Property. Environmental Contaminants at harmful levels may cause property damage and serious illness,
including but not limited to, allergic and/or respiratory problems, particularly in persons with immune system problems, young children
and/or the elderly.
Buyer is STRONGLY ADVISED to obtain inspections (see below) to fully determine the condition of the Property and its environmental
status. The ONLY way to determine if Environmental Contaminants are present at the Property at harmful levels is through inspections.
Buyer and Seller agree to consult with appropriate experts and accept all risks for Environmental Contaminants and release
and hold harmless all Brokers, their companies and sales associates from any and all liability, including attorney's fees and
costs, arising out of or related to any inspection, inspection result, repair, disclosed defect or deficiency affecting the
Property, including Environmental Contaminants. This release shall survive the closing.
periods. Seller shall have water, gas, electricity and all operable pilot lights on for Buyer's inspections.
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(Property Address)
Page 2 of 5 (Purchase Agreement)
Indiana Purchase Agreement (Improved Property) Form