Capital Region Standard Form Contract For Purchase And Sale Of Real Estate

CAPITAL REGION MULTIPLE LISTING SERVICE, INC.STANDARD FORMCONTRACT FOR PURCHASE AND SALE OF REAL ESTATETHIS IS A LEGALLY-BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, WE RECOMMEND ALL PARTIES TO THE CONTRACTCONSULT AN ATTORNEY BEFORE SIGNING.1.IDENTIFICATION OF PARTIES TO THE CONTRACTA.SELLERThe Seller isresiding at(the word "Seller" refers to each and all parties who have an ownership interest in the property).B.PURCHASERThe Purchaser isresiding at(the word "Purchaser" refers to each and all of those who sign below as Purchaser).2.PROPERTY TO BE SOLDinCounty, State of New York. This propertyincludes all the Seller's rights and privileges, if any, to all land, water, streets and roads annexed to, and on all sides of theproperty. The lot size of the property is approximately.3.ITEMS INCLUDED IN SALEHeating and Lighting FixturesBuilt-in Kitchen AppliancesBuilt-in Bathroom and Kitchen CabinetsDrapery Rods and Curtain RodsShades and BlindsWall-to-Wall Carpeting as placedStorm Windows and ScreensStorm and Screen DoorsWater Softeners (if owned by Seller)Plumbing FixturesPumpsAwningsTelevision AerialsSmoke DetectorsAlarm SystemsShrubbery, Trees, Plants and Fencing in the GroundFireplace insert, doors and/or screenThe items listed above, if now in or on said premises are represented to be owned by the Seller, free from all liens andencumbrances, and are included in the sale "as is," on the date of this offer, together with the following items:4.ITEMS EXCLUDED FROM SALEThe following items are excluded from the sale:5.PURCHASE PRICEThe purchase price isDOLLARS ($) The Purchaser shall pay the purchase price as follows:a.$b.$c.$d.$e.$deposit with this contract and held pursuant to paragraph 17 herein.additional deposit onin cash, certified check, bank draft or attorney escrow account check at closing.6.MORTGAGE CONTINGENCYThis Agreement is contingent upon Purchaser obtaining approval of aconventional,FHA orVA (if FHA or VA seeattached required addendum) ormortgage loan of $for a term of not more thanyears at an initialfixed oradjustable nominal interest rate not to exceedpercent. Purchaser agrees to usediligent efforts to obtain said approval and shall apply for the mortgage loan withinbusiness days after the SellerThe property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known aslocated in the city, villageor town ofA.of, then either Purchaser or Seller may within five business days of such date terminate this contract by written notice toUpon receipt of such notice, this agreement shall be deemed cancelled, null and void and all deposits made hereunder shall bereturned to Purchaser.B.Seller's Contribution:At closing, as a credit toward prepaids, closing costs and/or points, Seller shall credit to Purchaser$or% of thePurchase Price ormortgage amount.Page 1 of 3REVISED 11/19/03Buyer's InitialsSeller's Initials.has accepted this contract. Purchaser agrees to apply for such mortgage loan to at least one lending institution or licensedmortgage broker. Upon receipt of a written mortgage commitment or in the event Purchaser chooses to waive this mortgagecontingency, Purchaser shall provide notice in writing toPurchaser's receipt of the mortgage commitment or of Purchaser's waiving of this contingency. Upon receipt of such notice thiscontingency shall be deemed waived or satisfied as the case may be. In the event notice as called for in the preceding sentencehas not been received on or before American LegalNet, Inc. www.FormsWorkFlow.com 7.MORTGAGE EXPENSE AND RECORDING FEESThe Mortgage recording tax imposed on the mortgagor, mortgage and deed recording fees, expenses of drawing papers and anyother expenses to be incurred in connection with procuring a mortgage, shall be paid by the Purchaser.8.OTHER TERMS (if any)9.TITLE AND SURVEYA40-year abstract of title, tax search and any continuations thereof, or afee title insurance policy, shall be obtained at thePurchaser orSeller. (If both boxes are checked, the option of whether an Abstract of Title or fee policy is providedshall be that of the party paying for same.) The Seller shall cooperate in providing any available survey, abstract of title or titleinsurance policy information, without cost to Purchaser. The Purchaser shall pay the cost of updating any such survey or the cost ofa new survey.10.CONDITIONS OF PREMISESThe buildings on the premises are sold 223as is224 without warranty as to condition, and the Purchaser agrees to take title to the buildings223as is224 and in their present condition subject to reasonable use, wear, tear and natural deterioration between the date hereof and theclosing of title: except that in the case of any destruction within the meaning of the provisions of Section 5-1311 of the GeneralObligations Law of the State of New York entitled 223Uniform Vendor and Purchaser Risk Act,224 said section shall apply to this contract.Page 2 of 3Buyer's InitialsSeller's Initialsexpense ofA.and, if premises are not free from infestationor damage, then Purchaser shall have the option, by written notice to be given within five (5) days after date in this paragraph, tocancel this contract.B., or other qualified person,no laterthanThe following buildings or items on the premises are excluded from this inspection11.CONDITIONS AFFECTING TITLE12.DEEDThe property shall be transferred from Seller to Purchaser by means of a Warranty Deed, with Lien Covenant, or13.NEW YORK STATE TRANSFER TAX AND MORTGAGE SATISFACTIONThe Seller agrees to pay the New York State Real Property Transfer Tax as set by law and further agrees to pay the expenses ofprocuring and recording satisfactions of any existing mortgages.14.TAX AND OTHER ADJUSTMENTSThe following, if any, shall be apportioned so that the Purchaser and Seller are assuming the expenses of the property and incomefrom the property as of the date of transfer of title:a.rents and security deposits. Seller shall assign to Purchaser all written leases and security deposits affecting the premises.b.taxes, sewer, water, rents, and condominium or homeowner association fees.c.municipal assessment yearly installments except as set forth in item 11.d.fuel, based upon fair market value at time of closing as confirmed by a certification provided by Seller's supplier.assessments payable after the date of the transfer of title to the property, and any state of facts which an inspection and/or accuratesurvey may show, provided that nothing in this paragraph renders the title to the property unmarketable.; also subject to any existing tenancies, any unpaid installments of street or other improvementThis Agreement is contingent upon determination by a Certified Exterminator or other qualified professional that the premises arefree from infestation or damage by wood-destroying organisms; this determination to be made at Purchaser's expense and to becompleted byThis Agreement is contingent upon a written determination, at Purchaser's expense, by a New York State registered architect orlicensed engineer, by a third party who isthat the premises are free from any substantial structural, mechanical, electrical, plumbing, roof covering, water or sewer defects.The term substantial to refer to any individual repair which will reasonably cost over $1000.00 to correct. This contingency shallbe deemed waived unless the Purchaser shall notify, as called for in paragraph 22, of such substantial repair(s), and furthermore supplies awritten copy of the inspection report. If the Purchaser so notifies, then this agreement shall be deemed cancelled, null and voidand all deposits made hereunder shall be returned to Purchaser or, at Purchaser's option, said cancellation may be deferred for aperiod of ten (10) days in order to provide the parties an opportunity to otherwise agree in writing.The Seller shall convey and the Purchaser shall accept the property subject to all covenants, conditions, restrictions and easementsof record and zoning and environmental protection laws so long as the property is not in violation thereof and any of the foregoingdoes not prevent the intended use of the property for the purpose ofdeed, furnished by the