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Virginia Earnest Money Agreement And Real Estate Purchase Contract

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Virginia Earnest Money Agreement And Real Estate Purchase Contract
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EARNEST MONEY AGREEMENT AND REAL ESTATE PURCHASE CONTRACT
WHEN COMPLETED AND SIGNED BY BOTH PARTIES, THIS IS A LEGALLY BINDING CONTRACT. IF
THIS CONTRACT IS NOT FULLY UNDERSTOOD, THE SERVICES OF A COMPETENT PROFESSIONAL
SHOULD BE SOUGHT.
OFFER TO PURCHASE
Seller(s)______________________________________________________________________________,
hereby agrees to sell to Buyer(s)__________________________________________________________,
or Buyer’s nominee/assignee, the real property set forth below and all improvements thereon (herein referred to as the
Property), and Buyer agrees to purchase said Property from the Seller on the terms and conditions set forth in this
contract.
LEGAL DSCRIPTION: ___________________________________________________________________
Also described as ____________________________________________________________________
City_______________________County_______________________State_________________Zip_______
If the legal description is not included at the time of execution, it may be attached to and incorporated herein
afterward.)
1. PURCHASE PRICE: The total purchase price to be paid for the Property by the Buyer is payable as follows:
(a) Initial deposit ................................................................................................ $_____________________
(b) Sum due within ________ days after acceptance of this contract. ….… …. $_____________________
(c) Additional sum due at closing (not including pro-rations) ......................…. ..$____________________
(d) Proceeds of new note and mortgage to be given by Buyer or any lender other than the Seller. …………………….
.. …………………………………………………………………$_____________________
(e) Existing mortgage on the Property which shall remain on the Property but which shall not subject Buyer to any
penalty or fee or increase in the original interest rate of said mortgage .$_____________________
(f) Balance due Seller by promissory note of the Buyer subject to the requirements set forth in this contract
……………………………………………………………………………………….… $_____________________
(g) Balance due Seller by Articles of Agreement/Land Sale Contract for deed…$_____________________
TOTAL PURCHASE PRICE ............................................................................. $ _____________________
2. APPORTIONMENT OF PURCHASE PRICE AND DEED: Land $___________ Building $___________ Personal
Property $_____________. It is agreed that the Property will be conveyed by recordable Statutory Warranty Deed,
with release of dower and homestead rights, subject to general real estate taxes for the current year, covenants,
conditions, restrictions of record, and easements of record, all of which must be acceptable to Buyer.
3. Buyer will pay for recordation of deed and prorated share of prepaid insurance, taxes, and interest, if any.
4. The Seller will pay for: [ ] Revenue stamps (State, county, and local); [ ] Title commitment in the amount of the
purchase price from _____________ or any title insurance company duly licensed to underwrite title insurance in the
state of ____________; [ ] Survey; [ ] ______________ Attorney’s fees; [ ] Appraisal fee; [ ] Real estate
commission; [ ] Title abstract; [ ] Title opinion letter; [ ] F.H.A./V.A. mortgage discount;
[ ] Photographs; [ ] Satisfaction of mortgage and recording fee; [ ] Lead paint inspection;
[ ] Home inspection; [ ] Repairs or replacements required by the F.H.A. or V.A. not to exceed $__________ ; [ ] Any
other inspections required by law. [ ] _______________.
Seller’s Initials___________ Date________ Buyer’s Initials____________ Date_________
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