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Iowa Residential Real Estate Purchase Agreement Form

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Iowa Residential Real Estate Purchase Agreement Form Page 3
Iowa Residential Real Estate Purchase Agreement Form
F. The inspection of any part of the property not covered in 9B(1) or the remedy of any condition not addressed in 9B(1), including but not
limited to cosmetic conditions that the BUYERS require shall be addressed in Paragraph 27 of this Purchase Agreement.
10.
WOOD DESTROYING INSECT INSPECTION. Select (A) or (B)
A.
By AM/PM on , 20 , BUYERS may, at BUYERS' expense, have the property inspected for termites or other
wood destroying insects by a licensed Pest Inspector. If active infestation or damage due to prior infestation is discovered, SELLERS shall
have the option of either having the property treated for infestation by a licensed Pest Exterminator and having any damage repaired to the
BUYERS' satisfaction, or declaring this Purchase Agreement void. This provision shall not apply to fences, trees, shrubs, or out buildings
other than garages. BUYERS may accept the property in its existing condition without such treatment or repairs.
IF BUYERS ARE
OBTAINING VA FINANCING, THEN THE COST OF THE TERMITE INSPECTION SHALL BE BORNE BY THE SELLERS.
B.
BUYERS acknowledge that they have been advised of their right of a pest inspection and have declined to make said
Initials inspection unless required by lending institution at which time said inspection would be at BUYERS' expense and the BUYER will
have the same rights as under paragraph 10A if active infestation or damage due to prior infestation is discovered.
11.
INSURANCE. SELLERS shall bear the risk of loss or damage to the property prior to closing or possession, whichever first occurs. SELLERS
agree to maintain existing insurance and BUYERS may purchase additional insurance. In the event of substantial damage or destruction prior to
closing, this Purchase Agreement shall be null and void, unless otherwise agreed by the parties. The property shall be deemed substantially
damaged or destroyed if it cannot be restored to its present condition on or before the closing date; provided, however, BUYERS shall have the
option to complete the closing and receive insurance proceeds regardless of the extent of damages.
12.
USE OF PURCHASE PRICE. At time of settlement, funds of the purchase price may be used to pay taxes and other liens and to acquire
outstanding interests, if any, of others.
13.
ABSTRACT AND TITLE. SELLERS, at their expense, shall promptly obtain an abstract of title to the Real Estate continued through the date of
acceptance of this offer, and deliver it to BUYERS for examination. It shall show merchantable title in SELLERS' names in conformity with this
Purchase Agreement, Iowa law, and Title Standards of the Iowa State Bar Association. The abstract shall become the property of the BUYERS
when the purchase price is paid in full. SELLERS shall pay the costs of any additional abstracting and title work due to any act or omission of
SELLERS, including transfers by or the death of SELLERS or their assignees. If, at the time of closing there remain unresolved title objections,
the parties agree to escrow from the sale proceeds a sufficient amount to protect the BUYERS' interests until said objections are corrected,
allowing a reasonable time for the corrections of said objections; provided, however, that if the commercial mortgage lender of the BUYERS will
not make the mortgage funds available with such escrow, the provisions for escrow for title defects shall not be applicable.
14.
JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. If SELLERS, immediately preceding acceptance of the offer, hold title to the Real
Estate in joint tenancy with full right of survivorship, and the joint tenancy is not later destroyed by operation of law or by acts of the SELLERS, then
the proceeds of this sale, and continuing or recaptured rights of SELLERS in the Real Estate, shall belong to SELLERS as joint tenants with full
right of survivorship and not as tenants in common; and BUYERS, in the event of the death of either SELLER, agree to pay any balance of the
price due SELLERS under this contract to the surviving SELLER and to accept a deed from the surviving SELLER consistent with paragraph 7.
15.
JOINDER BY SELLER'S SPOUSE. SELLER'S spouse, if not a title holder immediately preceding acceptance of this offer, executes this contract
only for the purpose of relinquishing of all rights of dower, homestead and distributive share or in compliance with Section 561.13 of the Iowa
Code and agrees to execute the deed or real estate contract for this purpose.
16.
REMEDIES OF THE PARTIES.
A. If BUYERS fail to timely perform this contract, SELLERS may forfeit it as provided in the Iowa Code, and all payments made shall be
forfeited or, at SELLERS' option, upon Thirty (30) days written notice of intention to accelerate the payment of the entire balance because of
such failure (during which thirty days such failure is not corrected) SELLERS may declare the entire balance immediately due and payable.
Thereafter this contract may be foreclosed in equity and the Court may appoint a receiver.
B. If SELLERS fail to timely perform this contract, BUYERS have the right to have all payments made returned to them.
C. BUYERS and SELLERS also are entitled to utilize any and all other remedies or actions at law or in equity avail