REIaddicted
01-14-2005, 03:37 PM
Sales Agreement for Trust Land
Residential Land Lease/Trust Unit Sales
1. PROPERTY DESCRIPTION. Buyer agrees to buy from Seller a residential lease for the property located at __________________________ , __________________, ___________________, __________________________ and legally described as:
PROPERTY BEING SOLD IN "AS IS" CONDITION.
The property includes all buildings; plumbing, heating, and electrical fixtures; built-in appliances; shades, shutters, window blinds, and curtain and drapery rods; attached floor coverings; attached fireplace doors and screens; screens, storm windows and doors; and landscaping, fences and mailboxes if any; and
but does not include
2. INTEREST TO BE CONVEYED. The legal interest in the land to be conveyed pursuant to this Sales Contract is a Residential Lease for Trust Land substantially, in the form attached hereto. Legal Title to the subject property is held by:
3. LEASEHOLD SALES PRICE. The sales price is $ ________________.
4. METHOD OF PAYMENT. All monies must be paid by cash, certified check, a cashiers check, or money order. The sale will be completed by the following method:
CASH Buyer will pay the sales price in cash upon Seller's delivery of a residential lease.
Trust Unit Sales Contract is contingent on Buyer’s ability to obtain a Trust Unit Sales Contract from ___________________ in the amount of $ ______________ amortized over ______ years at an annual percentage rate of ____%. Principal and interest payment equal to $________ for ____ months, with the remaining balance to be paid in full the 60th month of the contract
5. SURVEY. At Buyers option, buyer may have the property surveyed at Buyer's expense.
6. CLOSING COSTS. Unless otherwise provided in this contract, Buyer shall pay the cost of recording the Lease and/or security interests and all mortgage closing costs required by mortgagee.
7. PRORATED ITEMS. Interest, rents, and water use, if any, will be prorated to the date of closing. Additional Items :
8. CLOSING DATE. Buyer and Seller will close the sale within seven (7) days after all necessary documents are ready, but in no event later than ______________ .
9. OCCUPANCY. Seller will give occupancy as follows:
Immediately after closing.
_______ days after closing by 12:00 noon.
From the date of closing to the date of vacating, Seller will pay Buyer $__________________ per day as an occupancy charge. At closing, Seller will give $_________________ to Buyer. The Buyer will use this money for the occupancy charge and then reimburse Seller for any unused days.
Seller will deliver the premises to Buyer vacant at closing.
Buyer will assume the responsibility of the tenants.
10. PROPERTY INSPECTION. Buyer has personally inspected the property and accepts it in its AS IS present condition and agrees that there are no additional written or oral understandings except as otherwise provided in this contract.
This offer is contingent upon a satisfactory inspection of the property, at Buyer's expense, by a licensed contractor of Buyer's choice no later than ten (10) business days after the date of this contract. If Buyer is not satisfied with the results of the inspection, upon written notice from Buyer to Seller within seven (7) business days after the date of, this contract shall terminate, and any deposit shall be refunded to Buyer.
Buyer acknowledges that the seller's representative has recommended the Buyer obtain an inspection of the property by a licensed contractor and/or an inspector. Buyer does not desire to obtain an inspection of the property.
11. SELLER'S DISCLOSURE. Seller hereby discloses to Buyer that the property being acquired was constructed prior to 1978 and may contain lead based paint. Testing performed on a sample of units owned by Seller revealed lead based paint contained in baseboards, shelving brackets, and window sills. The following requirements are government-mandated under the Residential Lead-Based Paint Hazard Reduction Act of 1992:
(a) Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provided the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.
(b) Sellers must provide purchasers with a copy of the federal pamphlet entitled Protect Your Family From Lead In Your Home.
(c) Sellers must permit a purchaser a ten (10) day period (unless that parties mutually agree, in writing, upon a different period of time) to have the property tested for lead-based paint before the purchasers become obligated under the buy and sell agreement.
12. ATTORNEY RECOMMENDED. Buyer acknowledges that the Seller's representative has recommended that an attorney be retained if Buyer has any questions about the requirements of this contract.
13. DEFAULT. If Buyer defaults, Seller may enforce this contract or may cancel the contract, keep the deposit, and pursue legal remedies. If Seller defaults, Buyer may enforce this contract or may demand a refund of the deposit and pursue legal remedies (subject to paragraph 19).
14. HEIRS AND SUCCESSORS. This contract binds Buyer, Seller, their personal representatives and heirs, and anyone succeeding to their interest in the property. Buyer shall not assign this contract without Seller's prior written permission.
15. LAND LEASE SUBJECT TO FEDERAL APPROVAL. The legal interest in the property to be conveyed pursuant to this contract is a Residential Lease for Trust Land between Buyer and Seller, which is attached hereto and made a part of this agreement. The Residential Lease for Trust Land is subject to approval by the U.S. Department of Interior.
17. OTHER CONDITIONS.
18. ENTIRE AGREEMENT. Buyer and Seller agree that this is the entire contract and that there are no other written or oral understandings.
19. DEPOSIT. Buyer deposits $ __________ in good faith. This money, which will be applied to the sales price, will be deposited with the Seller's representative. If the conditions in this contract cannot be met by either party, Seller will refund the deposit.
20. DEPOSIT RECEIPT: The Seller's representative has received from Buyer the deposit in the form of __________.
Seller's representative signature: ______________________________
21. BUYER(S) SIGNATURE(S)
Print Salesperson's Name:___________________________
22. SELLER'S ACCEPTANCE: Seller accepts this contract as written or with the following changes:
23. SELLER(S) SIGNATURE(S)
Print Salesperson's Name:___________________________
24. BUYER'S RECEIPT AND ACCEPTANCE OF CHANGES: Buyer has received Seller's acceptance of this contract. If the acceptance was subject to changes, Buyer agrees to accept the changes as written and all unchanged items.
Signature: ______________________________________________
Date: _________________________
Signature: ______________________________________________
Date: ___________________________
THIS IS AN EXAMPLE OF AGREEMENT ONLY
Residential Land Lease/Trust Unit Sales
1. PROPERTY DESCRIPTION. Buyer agrees to buy from Seller a residential lease for the property located at __________________________ , __________________, ___________________, __________________________ and legally described as:
PROPERTY BEING SOLD IN "AS IS" CONDITION.
The property includes all buildings; plumbing, heating, and electrical fixtures; built-in appliances; shades, shutters, window blinds, and curtain and drapery rods; attached floor coverings; attached fireplace doors and screens; screens, storm windows and doors; and landscaping, fences and mailboxes if any; and
but does not include
2. INTEREST TO BE CONVEYED. The legal interest in the land to be conveyed pursuant to this Sales Contract is a Residential Lease for Trust Land substantially, in the form attached hereto. Legal Title to the subject property is held by:
3. LEASEHOLD SALES PRICE. The sales price is $ ________________.
4. METHOD OF PAYMENT. All monies must be paid by cash, certified check, a cashiers check, or money order. The sale will be completed by the following method:
CASH Buyer will pay the sales price in cash upon Seller's delivery of a residential lease.
Trust Unit Sales Contract is contingent on Buyer’s ability to obtain a Trust Unit Sales Contract from ___________________ in the amount of $ ______________ amortized over ______ years at an annual percentage rate of ____%. Principal and interest payment equal to $________ for ____ months, with the remaining balance to be paid in full the 60th month of the contract
5. SURVEY. At Buyers option, buyer may have the property surveyed at Buyer's expense.
6. CLOSING COSTS. Unless otherwise provided in this contract, Buyer shall pay the cost of recording the Lease and/or security interests and all mortgage closing costs required by mortgagee.
7. PRORATED ITEMS. Interest, rents, and water use, if any, will be prorated to the date of closing. Additional Items :
8. CLOSING DATE. Buyer and Seller will close the sale within seven (7) days after all necessary documents are ready, but in no event later than ______________ .
9. OCCUPANCY. Seller will give occupancy as follows:
Immediately after closing.
_______ days after closing by 12:00 noon.
From the date of closing to the date of vacating, Seller will pay Buyer $__________________ per day as an occupancy charge. At closing, Seller will give $_________________ to Buyer. The Buyer will use this money for the occupancy charge and then reimburse Seller for any unused days.
Seller will deliver the premises to Buyer vacant at closing.
Buyer will assume the responsibility of the tenants.
10. PROPERTY INSPECTION. Buyer has personally inspected the property and accepts it in its AS IS present condition and agrees that there are no additional written or oral understandings except as otherwise provided in this contract.
This offer is contingent upon a satisfactory inspection of the property, at Buyer's expense, by a licensed contractor of Buyer's choice no later than ten (10) business days after the date of this contract. If Buyer is not satisfied with the results of the inspection, upon written notice from Buyer to Seller within seven (7) business days after the date of, this contract shall terminate, and any deposit shall be refunded to Buyer.
Buyer acknowledges that the seller's representative has recommended the Buyer obtain an inspection of the property by a licensed contractor and/or an inspector. Buyer does not desire to obtain an inspection of the property.
11. SELLER'S DISCLOSURE. Seller hereby discloses to Buyer that the property being acquired was constructed prior to 1978 and may contain lead based paint. Testing performed on a sample of units owned by Seller revealed lead based paint contained in baseboards, shelving brackets, and window sills. The following requirements are government-mandated under the Residential Lead-Based Paint Hazard Reduction Act of 1992:
(a) Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provided the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.
(b) Sellers must provide purchasers with a copy of the federal pamphlet entitled Protect Your Family From Lead In Your Home.
(c) Sellers must permit a purchaser a ten (10) day period (unless that parties mutually agree, in writing, upon a different period of time) to have the property tested for lead-based paint before the purchasers become obligated under the buy and sell agreement.
12. ATTORNEY RECOMMENDED. Buyer acknowledges that the Seller's representative has recommended that an attorney be retained if Buyer has any questions about the requirements of this contract.
13. DEFAULT. If Buyer defaults, Seller may enforce this contract or may cancel the contract, keep the deposit, and pursue legal remedies. If Seller defaults, Buyer may enforce this contract or may demand a refund of the deposit and pursue legal remedies (subject to paragraph 19).
14. HEIRS AND SUCCESSORS. This contract binds Buyer, Seller, their personal representatives and heirs, and anyone succeeding to their interest in the property. Buyer shall not assign this contract without Seller's prior written permission.
15. LAND LEASE SUBJECT TO FEDERAL APPROVAL. The legal interest in the property to be conveyed pursuant to this contract is a Residential Lease for Trust Land between Buyer and Seller, which is attached hereto and made a part of this agreement. The Residential Lease for Trust Land is subject to approval by the U.S. Department of Interior.
17. OTHER CONDITIONS.
18. ENTIRE AGREEMENT. Buyer and Seller agree that this is the entire contract and that there are no other written or oral understandings.
19. DEPOSIT. Buyer deposits $ __________ in good faith. This money, which will be applied to the sales price, will be deposited with the Seller's representative. If the conditions in this contract cannot be met by either party, Seller will refund the deposit.
20. DEPOSIT RECEIPT: The Seller's representative has received from Buyer the deposit in the form of __________.
Seller's representative signature: ______________________________
21. BUYER(S) SIGNATURE(S)
Print Salesperson's Name:___________________________
22. SELLER'S ACCEPTANCE: Seller accepts this contract as written or with the following changes:
23. SELLER(S) SIGNATURE(S)
Print Salesperson's Name:___________________________
24. BUYER'S RECEIPT AND ACCEPTANCE OF CHANGES: Buyer has received Seller's acceptance of this contract. If the acceptance was subject to changes, Buyer agrees to accept the changes as written and all unchanged items.
Signature: ______________________________________________
Date: _________________________
Signature: ______________________________________________
Date: ___________________________
THIS IS AN EXAMPLE OF AGREEMENT ONLY