Fairfield Residential Sales Agreement

THE FAIRFIELD COUNTY BAR ASSOCIATION RESIDENTIAL REAL ESTATE SALES AGREEMENT (Revised May 9, 2007; May 13, 2009) day of AGREEMENT made as of the ________ (hereinafter referred to as the SELLER, of (hereinafter referred to as the BUYER, whether one or more). W I T N E S S E T H: 1. PROPERTY. The SELLER, in consideration of the purchase price hereinafter specified, hereby agrees to sell and convey, and the BUYER hereby agrees to purchase the real property commonly known as _________________________________________________, Connecticut and specifically described in Schedule A attached hereto (the "Premises") subject to the encumbrances and exceptions to title set forth or referred to in paragraph 6(e) and Schedule A (legal description and exceptions, if any) attached hereto. 2. CONSIDERATION. The purchase price is _____________________________________ ) DOLLARS which the BUYER agrees to pay as follows: ($ __________ (a) As a part of the deposit heretofore paid, receipt of which is hereby acknowledged, subject to collection; (b) As the balance of the deposit before or upon the signing of this Agreement, receipt of which is hereby acknowledged, subject to collection; (c) Upon the delivery of the deed by wire transfer or by certified check or official cashier's check drawn by and upon a federally regulated or state chartered bank, the proceeds of which are immediately available; TOTAL 200__ BETWEEN whether one or more), of and $__________________ $__________________ $__________________ $ Any deposit made hereunder shall be paid to the SELLER's attorney who shall hold the same as escrow agent subject to the terms and conditions hereof and release same to SELLER at the time of closing or to the party entitled thereto upon sooner termination of this Agreement. Any other deposits held by other parties shall immediately be forwarded to SELLER's attorney to be held under the same conditions. In the event of any actual or claimed dispute, the SELLER'S attorney may commence an action of interpleader or similar proceeding and may deposit the down payment with a court of competent jurisdiction, whereupon said attorney shall have no further liability or obligation with regard to said funds. Mortgage company checks or similar checks, unless certified, DO NOT represent immediate funds and will not be accepted at the time of closing. Trustee checks are NOT acceptable funds for any payment required under Paragraph 2(c) of this Agreement. In the event SELLER or his attorney accepts Standard Form FCBA Real Estate Contract Rev. May 13, 2009 Page 1 of 12 American LegalNet, Inc. www.FormsWorkFlow.com BUYER's attorney's trustee check in lieu of other funds, BUYER agrees that no stop payment order or direction will be issued with respect to such check(s). This provision shall survive the closing. It is specifically understood and agreed that at closing, BUYER shall tender to SELLER wired funds, or cashier's check(s) or bank, treasurer's or certified check(s) payable to SELLER'S attorney as trustee for SELLER, for the balance of the purchase price due at closing as set forth in this Agreement less the amounts of all mortgage payoffs. Additionally, BUYER'S attorney shall tender to SELLER separate cashier's, bank treasurer's certified check(s) for payoff of SELLER'S mortgage obligations. At least one (1) business day before closing, for each mortgage payoff SELLER shall provide BUYER's attorney with written directions stating the name of payee and the total amount of payoff together with a copy of the associated payoff statement(s). SELLER shall calculate the total payoff amount to include applicable per diems, late charges, etc. and shall be in an amount sufficient to pay the mortgage in full. SELLER shall be responsible to prepare the mortgage payoff package(s) and transmittal(s). Immediately after closing, SELLER'S attorney shall wire or hand deliver or send via overnight carrier the payoff funds and package to the lender(s). 3. DEED. The SELLER, on receiving the total purchase price, shall, at the SELLER's cost and expense, execute, acknowledge, and deliver to the BUYER, or BUYER's permitted assigns, the usual Connecticut full covenant Warranty Deed (or appropriate Fiduciary's Deed) in proper form, to convey to the BUYER, or BUYER's permitted assigns, the fee simple of the Premises, free of all encumbrances except as hereinafter provided. The SELLER shall thereupon pay all real estate conveyance taxes and shall complete and deliver to the BUYER the conveyance tax forms. 4. CLOSING. The deed shall be delivered at the offices of _______________________________, _________________, CT, or at such place in Fairfield County, Connecticut, as may be designated by BUYER's lending institution on the day of , 200__ at A.M./P.M. or sooner by mutual agreement of the parties hereto. 5. FIXTURES. (a) Included in this sale, for the aforesaid purchase price, are the following items, all of which items the SELLER represents are owned by SELLER, not leased, and free from security interests, liens, and other encumbrances, insofar as any of them were located on the Premises at the time of BUYER'S inspection: heating, cooling, electrical and plumbing systems and fixtures, electric light fixtures, installed wall to wall carpeting, security system, stove, storm windows and doors, screens and screen doors, window shades, venetian blinds, curtain rods, awnings, exterior television antennae, any affixed satellite dish(es), weathervanes, mail box(es), all pool equipment, garage door openers with remotes, and existing plants and shrubbery, together with ____________ ______________________________________________________________________________ ____________________________________________________________________________________ (b) Specifically excluded from the sale are: ______________________________________________________________________________ ____________________________________________________________________________________ Standard Form FCBA Real Estate Contract Rev. May 13, 2009 Page 2 of 12 American LegalNet, Inc. www.FormsWorkFlow.com (c) Except as otherwise set forth herein, if any fixtures are leased, SELLER shall provide the name and contact information of the lessor as soon as possible, but not later the two (2) business days before the closing of title. The following fixtures are leased:__ ____________________________________________________________________________________ _________________________________________