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Nevada Standard Residential Purchase Agreement Form

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Nevada Standard Residential Purchase Agreement Form Page 2
Nevada Standard Residential Purchase Agreement Form
Property Address
will be assumed by Buyer WITHOUT CREDIT toward the purchase price, EXCEPT AS FOLLOWS:
This Agreement is conditioned upon both parties verifying and approving in writing the amount of any bond or assessment to be
assumed or paid within ten (10) days after receipt of the preliminary title report. In the event of disapproval, the disapproving
party may terminate this Agreement.
4. PROPERTY TAX. Buyer acknowledges that the property may be reassessed upon change of ownership which may result in a tax increase or
decrease.
5. EXISTING LOANS. Seller will, within three (3) days after acceptance, provide Buyer with copies of all notes and deeds of trust
to be assumed or taken subject to. Within five (5) days after receipt Buyer will notify Seller in writing of his or her approval or
disapproval of the terms of the documents. Approval will not be unreasonably withheld. Within three (3) days after acceptance,
Seller will submit a written request for a current Statement of Condition on the above loan(s). Seller warrants that all loans will be
current at close of escrow. Seller will pay any prepayment charge imposed on any existing loan paid off at close of escrow. Buyer
will pay the prepayment charge on any loan which is to remain a lien upon the property after close of escrow. The parties are
encouraged to consult his or her lender regarding prepayment provisions and any due on sale clauses.
6. DESTRUCTION OF IMPROVEMENTS. If the improvements of the property are destroyed, materially damaged, or found to be materi-
ally defective as a result of such damage prior to close of escrow, Buyer may terminate this Agreement by written notice delivered
to Seller or his or her Broker, and all unused deposits will be returned. In the event Buyer does not elect to terminate this Agree-
ment, Buyer will be entitled to receive, in addition to the property, any insurance proceeds payable on account of the damage or
destruction.
7. EXAMINATION OF TITLE. In addition to any encumbrances assumed or taken "subject to", Seller will convey title to the property
subject only to: [1] real estate taxes not yet due; and [2] covenants, conditions, restrictions, rights of way and easements of record,
if any, which do not materially affect the value or intended use of the property.
Within three (3) days after acceptance, Buyer will order a Preliminary Title Report and copies of CC&Rs and other documents of
record if applicable. Within ten (10) days after receipt, Buyer will report to Seller in writing any valid objections to title contained
in such report (other than monetary liens to be paid upon close of escrow). If Buyer objects to any exceptions to the title, Seller
will use due diligence to remove such exceptions at his or her own expense before close of escrow. If such exceptions cannot be
removed before close of escrow, this Agreement will terminate, unless Buyer elects to purchase the property subject to such
exceptions. If Seller concludes he or she is in good faith unable to remove such objections, Seller will so notify Buyer within ten
(10) days after receipt of said objections. In that event Buyer may terminate this Agreement.
8. EVIDENCE OF TITLE will be in the form of a policy of title insurance, issued by .
Owner's policy to be paid by Buyer, Seller, Split 50/50.
Lender's policy to be paid by Buyer, Seller, Split 50/50.
9. PRORATIONS. Rents, real estate taxes, interest, payments on bonds and assessments assumed by Buyer, and homeowners associa-
tion fees will be prorated as of the date of recordation of the deed. Security deposits, advance rentals, or considerations involving
future lease credits will be credited to Buyer.
10. CLOSING. Full purchase price to be paid and deed to be recorded on or before , OR within
days after acceptance. Both parties will deposit with an authorized escrow holder, to be selected by Buyer, all funds and instru-
ments necessary to complete the sale in accordance with the terms of this Agreement. Where customary, signed escrow instructions
will be delivered to escrow holder within days after acceptance. Escrow fee to be paid by .
County/City transfer tax(es), if any, to be paid by .
Homeowner association transfer fee to be paid by .
THIS PURCHASE AGREEMENT TOGETHER WITH ANY ADDENDA WILL CONSTITUTE JOINT ESCROW INSTRUCTIONS
TO THE ESCROW HOLDER.
11. PHYSICAL POSSESSION. Physical possession of the property, with keys and codes to all property locks, alarms, and garage door
openers, will be delivered to Buyer
(check one):
On the date of recordation of the deed, not later than a.m., p.m.;
On the day after recordation, not later than a.m., p.m.
In the event possession is to be delivered before or after recordation, such possession is conditioned upon the execution by both
parties of a written occupancy agreement on P.P. Form 103 or 104, or comparable form, within days after acceptance.
12. FIXTURES. All items permanently attached to the property, including light fixtures and bulbs, attached floor coverings, all attached
window coverings, including window hardware, window and door screens, storm sash, combination doors, awnings, TV antennas,
burglar, fire, smoke and security alarms (unless leased), pool and spa equipment, solar systems, attached fireplace screens, electric
garage door openers with controls, outdoor plants and trees (other than in movable containers), are included in the purchase price
free of liens, EXCLUDING:
.
13. CONDITION OF PROPERTY. Seller agrees that upon delivery of possession to the Buyer: (a) all built-in appliances included in the sale,
and the electrical, plumbing (excluding irrigation systems), heating and cooling systems will be in working order and free of leaks; (b)
the roof will be free of leaks; (c) all broken or cracked glass, including mirrors and shower/tub enclosures and broken seals between
double-pane windows, will be replaced; (d) and existing window and door screens that are damaged will be repaired. Unless specifically
excluded, all of the above are the obligation of the Seller regardless of any disclosures made or conditions discovered by the parties or
Buyer [ ______ ] [ ______ ] and Seller [ ______ ] [ ______ ] have read this page.
CAUTION: The copyright laws of the United States forbid the unauthorized reproduction of this form by any
means including scanning or computerized formats.
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FORM 101-R.2 NEV (03-2002)
Nevada Standard Residential Purchase Agreement Form