Real Estate Purchase and Sale Agreement

The purchase price to be paid as follow:

1. EARNEST MONEY Deposit: Upon acceptance, Buyer will place in escrow the earnest money deposit of (EMD) $ 1,000 in the form of promissory note, wire or cashier’s to be deposited with Closing Agent within 48 hours of acceptance and ratification of offer.

2. Offer Acceptance: The singing of this document dose NOT transfer property ownership. This document is acceptance of offer. Transfer of title and funds for this property will be executed by Quality Title Company.

3. Acceptance: This instrument will become a binding contact when accepted by the Buyer and signed by both Buyer and Seller. If it is not accepted and signed by the Seller prior to: 48 hours of receipt of this contract, this contract shall be void.

4. INSPECTION:  Property to be purchased in AS-IS condition, this contract is contingent upon the Buyer’s inspection and approval of the property.  Seller agrees to provide access to Buyer’s representatives prior to transfer of title for inspection, repair estimate, and to market the property.

5. CLOSING DATE AND TRANSFER OF TITLE: This transaction shall close on or before __________(2024).  Closing will be held at the office of W. Grady McDonald, Atty. Quality Title Group 6389 N, Quail Hollow Rd, Suite, 201 Memphis, Tennessee 38120 – phone (901-249-4787) fax (901-474-0450) closings -grady@qualitytitlepro.com (Closing Agent).  Buyer and Seller will pay their appropriate Closing cost.

6. PRORATIONS: Real property taxes will be prorated based on the current year’s tax without allowance for discounts, including homestead or other exemption. Rent will be current and be prorated as of the date title transfers from proceeds from seller.

7. JUDGMENTS: Seller warrant that there are no judgments threatening the equity in subject property, and that there is no bankruptcy pending or contemplated by any titleholder.  Seller will not further encumber the property and an affidavit may be recorded at Buyer’s expense putting the public on notice that the closing of this contract will extinguish liens and encumbrances hereafter recorded.

EXISTING MORTGAGS(S):  Mortgage balance will be paid in full with funds from seller from this transaction. If there are any back taxes or fees owned of any kind (i.e. liens, judgments), the sum total of these amount will be deducted from the seller’s agree upon proceeds.

8. Marketing:  Seller agree to give the buyer permission to market property on the MLS or other platforms, as buyer may exercise the right to market property prior to closing in order to expedite post-closing rehab and sale.

9. Remedies: If seller / buyer refuses,  to perform obligations under this agreement, including the furnishing of good title as defined in this agreement and transfer of possession, purchaser may either: (a) cancel the contract and recover all deposits and other amounts paid by purchaser under this  agreement, and all expenses paid or incurred; or (b) pursue any remedy available to purchaser, in law or equity, including an action to compel specific performance of this contract, or for damages for breach, separately or alternatively, including any reasonable attorney fees and suit expenses.

10. Assignability: The right and interest of purchaser under this agreement may be assigned without the prior written consent of seller. dated and signed by both

11. No modification of this contract shall be valid or binding unless such modification is in writing, duly   dated and signed by both parties.                               

12 ADDENUMS:  N/A

The undersigned have read the above information, understand it and verify that it is correct.