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Iowa Residential Real Estate Purchase Agreement Form

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Iowa Residential Real Estate Purchase Agreement Form
Iowa Residential Real Estate Purchase Agreement Form
RESIDENTIAL REAL ESTATE PURCHASE AGREEMENT
This form approved by the Iowa City Area Association of REALTORS®
Date of Agreement__________________________________ 20_________
TO
(SELLERS:),
1.
REAL ESTATE DESCRIPTION. The undersigned BUYERS hereby offer to buy real estate in _________________________________________
County, Iowa, locally known as: ___________________________________________________________________________________________
and FOLLOWING THE LEGAL DESCRIPTION CONTAINED IN THE TITLE DOCUMENT BY WHICH THE SELLER RECEIVED TITLE TO THE
PROPERTY, SUBJECT TO APPROVAL OF BUYER'S ATTORNEY, or described as follows:
with any improvements located there on, easements of record and appurtenant servient estates, and subject to the following: (a) any zoning and
other ordinances; (b) any covenants of record; (c) any easements of record for public utilities, roads and highways; and (d) _________________
(consider: liens, other easements, interests of others) designated the Real Estate; provided BUYERS, on possession, are permitted to make the
following use of the Real Estate: _________________________________________________________________________________________
If applicable, see HOMEOWNERS ASSOCIATION/CONDOMINIUM ASSOCIATION/COMMON INTEREST COMMUNITY ADDENDUM (HOA).
2.
PURCHASE PRICE. The Purchase Price shall be $___________________, ( _____________________________________________________
_____________________________________________) and the method of payment shall be as follows: $ ______________________________
with this offer to be deposited upon acceptance of this offer, in the trust account of__________________________________________________
_____________________________________________________________________________________________________________________
to be delivered to the SELLERS upon performance of SELLERS' obligations and satisfaction of BUYERS' contingencies, if any, and the balance
of the purchase price as designated below.
Select: (A) (B) and/or (C) or (D)
A.
NEW MORTGAGE: Check (CONV) (FHA) or (VA)
This Purchase Agreement is contingent upon the BUYERS obtaining a written commitment for a first real estate mortgage for _______% of the
purchase price with interest on the promissory note secured thereby of not more than _________% amortized over a term of not less than _____
years, with a balloon due date of not less than _________ years. BUYERS agree to pay no more than _________% for loan origination fees and
points, and to pay in addition all other customary loan costs. BUYERS agree upon acceptance of this offer to immediately make application for
such mortgage with a commercial mortgage lender and to exercise good faith efforts to obtain a mortgage commitment as above provided. Upon
receiving written loan commitment, (supported by the lender's required appraisal), BUYERS shall release this contingency in writing. If BUYERS
have not delivered a written financing contingency release containing the above terms, or terms acceptable to BUYERS on or before
_______________________________, 20_______________, at ___________________ ( A.M. P.M. Noon ) either SELLERS or
BUYERS may declare this Purchase Agreement null and void and all payments made hereunder shall be returned. BUYERS shall pay the
balance of the purchase price at the time of the closing by combination of BUYERS' personal funds and the net mortgage proceeds.
B.
CASH: BUYERS will pay the balance of the purchase price in cash at the time of closing. This Purchase Agreement is not contingent upon
BUYERS obtaining such funds.
C.
OTHER FINANCING TERMS:
D.
If a Mortgage Assumption, Installment contract Assumption, or Installment contract Sale, see attached addendum.
3.
POSSESSION. If BUYERS timely perform all obligations, possession for the Real Estate shall be delivered to BUYERS on __________________
_________________________________, 20________ with any adjustments of rent, taxes, insurance, interest, and other applicable matters to be
made as of the date of transfer of possession. Closing of the transaction shall occur after approval of title and vacation of the premises by the
SELLERS, in the condition ready for BUYERS' possession. Possession shall not be delivered to the BUYERS until completion of the closing,
which shall mean delivery to the BUYERS of all title transfer documents and receipt of the purchase price funds then due from BUYERS. If by
mutual agreement the parties select a different possession or closing date, they shall execute a separate agreement setting forth the
terms
thereof.
4.
REAL ESTATE TAXES. SELLERS shall pay all real estate taxes which are due and payable and constitute a lien against the above described
Real Estate and any unpaid real estate taxes for any prior years. Except for the tax proration hereinafter set forth, BUYERS shall pay all
subsequent real estate taxes. SELLERS shall also pay a prorated share of the real estate taxes for the fiscal year ending June 30, 20_________,
and payable in the fiscal year commencing July 1, 20_________, based upon one of the following formulas: Select (A) (B) or (C).
A.
Net taxes payable in the current fiscal year in which possession is given to BUYERS. (Do not select this alternative if the current year's
taxes are based upon a vacant lot or partial construction assessment.)
B.
Net taxes paid in the current fiscal year of possession (plus/minus) __________% thereof.
C.
An amount calculated based upon the assessed valuation, legislative tax rollback, and real estate tax exemptions that will actually be
applicable to and used for the calculation of taxes payable in the fiscal year commencing July 1, 20_________. If, at the time of closing, the
tax rate is not certified, then the most current, certified tax rate shall be used.
5.
SPECIAL ASSESSMENTS. Select: (A) or (B)
A.
SELLERS shall pay all special assessments which are a lien on the Real Estate as of the date of closing.
B.
SELLERS shall pay all installments of special assessments which are a lien on the Real Estate and, if not paid, would become delinquent
during the calendar year this offer is accepted, and all prior installments thereof. All other special assessments shall be paid by BUYERS.
Buyers' Initials________________ Sellers' Initials________________ Acknowledge they have read this page.
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Iowa Residential Real Estate Purchase Agreement Form
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