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Iowa Purchase Agreement Form

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Iowa Purchase Agreement Form Page 2
Iowa Purchase Agreement Form
PURCHASE AGREEMENT
Southwest Iowa Association of REALTORS®
Date of Offer _______________________, 20____
II. PURCHASE OFFER: The undersigned Buyer ________________________________________________________
hereby offers to purchase the real property locally known as (address)________________________________________
City_________________________________, Iowa. Zip______________________ County_______________________
legally described as _____________________________________________________________________________
________________________________________________________________________________________________
Subject to and together with any reasonable easements, zoning restrictions, restrictive covenants and mineral
reservations of record, if any, and agree as follows:
The purchase price shall be $____________________and upon acceptance the earnest money in the amount of
$_________will be deposited (cashed) and held in trust by !Listing Broker or !other
_________________________________. Buyer to pay the balance of the purchase price in the form of a
cashiers check, certified check or money order at closing.
! A. NEW MORTGAGE: This agreement is contingent upon the Buyer obtaining one of the following loans: !Conv.
!FHA !VA !USDA Rural Development, at __________________________________________________
Lender. Mortgage not to exceed $________________________with note interest at ____% or less for ______years.
Buyer agrees, upon the final acceptance of this contract, to make loan application within ______ calendar
days and to make a good faith effort to obtain a loan as stated above. If Buyer has NOT obtained full written
commitment including appraisal, or loan denial on or before _____________ (date), this contract shall be null and
void unless both parties have agreed to a timely signed extension. The Buyer hereby gives the Seller’s Agent
permission to monitor the loan process.
! VA Escape Clause/FHA Amendatory Clause is attached.
! Letter from the lender attached. ! Letter to follow within:_______calendar days.
If the original loan application is denied, the Buyer authorizes and instructs the Lender to provide the denial letter
in writing to the Buyer, the Seller, and all real estate licensees involved in the transaction. Upon notification of
denial, the contract shall be void and the earnest money will be refunded to Buyer, upon written release of both
parties, unless Seller and Buyer mutually agree in writing within two (2) calendar days from receipt of notification of
loan denial that an additional loan application to another lender will be made or that additional loan information will
be submitted to the original lender.
! 1. If this property does not appraise at the purchase price or greater, or the appraisal includes any required
repairs, Buyer and Seller have the option to amend the purchase price in writing, or negotiate appraisal required
repairs. If no agreement is reached this contract is void and earnest deposit to be returned to the Buyer upon
written release of both parties.
! 2. This offer is contingent upon and subject to Buyer closing and obtaining proceeds of the sale of Buyer’s
property located at (address) _______________________________________________________________.
! B. CASH in the form of a cashier’s check, certified check or money order to be paid on settlement date.
This offer is not contingent upon Buyer obtaining financing. Seller has the right to receive verification of funds.
! C. OTHER FINANCING TERMS/CONTINGENCIES:________________________________________________
Iowa Purchase Agreement Form