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112 -REC Jacob North Printing Co. Lincoln, NE 68524
<br />THIS IS A LEGALLY BINDING AGREEMENT, 2 0 0 1 1 3 1 O
<br />IF NOT UNDERSTOOD, SEEK LEGAL ADVICE.
<br />This contract form has been prepared by the Nebraska Real Estate Commission. It is intended to include provisions common to most transactions. Its use
<br />is not mandatory and it will not be suitable for contract having or requiring unusual provisions.
<br />RESIDENTIAL PURCHASE AGREEMENT
<br />(Broker's Name or Firm and Address)
<br />Nebraska
<br />The undersigned, as Buyer, agy es to purchase the following Property:
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<br />� ( ( �1�� tY Legal Description: R R 1 C d�
<br />Address: -' �
<br />including all fixtures and equipment permanently attached to the Property provided Seller has a marketable title in fee simple. The only personal proper-
<br />ty included is as follows: ._
<br />Seller agrees to furnish a title insurance policy insuring marketability and Buyer shall be furnished a current title insurance commitment by Seller at least
<br />5 days before closing. The cost of title insurance issued for this sale, if any, shall be equally divided between Buyer and Seller. Buyer has option of select-
<br />ing, or approving as selected by Seller, the title insurance company. However, if Buyer and Seller agree, Seller may furnish an abstract of title certified
<br />to date in lieu of title insurance. If any defects in title are found in the abstract Buyer agrees to furnish a copy of a written title opinion from Buyer's attor-
<br />ney showing the defects. Buyer agrees that should a valid title defect exist, Seller has a reasonable time to correct said defect. If the title defects are not
<br />cured within a reasonable time period, the Buyer may declare this Agreement null and void, and the deposit shall be refunded. Seller agrees to convey to
<br />Buyer by warranty deed or _ free and clear of all liens, encumbrances, special assessments levied or assessed,
<br />except _ and subject to all easements and restrictions or covenants now of record. Seller agrees to pay any
<br />for items or utilities constructed, now under construction, or ordered to be constructed by
<br />assessments such as paving, curbing, sidewalk previously
<br />public authority but not yet assessed. The documentary stamp tax shall be paid by the Seller.
<br />Buyer agrees to pay $ &),hOG7 a ce DOLLARS, on the following terms: an earnest money deposit of $ 13 at this time as shown by
<br />the receipt herein. If paid by check, it will be cashed. If a realtor is involved, the earnest money deposit will be transferred to the listing broker on accep-
<br />tance, if the selling broker is other than the listing broker. All monies shall be deposited in a trust account, to be held until the time of closing or until
<br />transferred to an escrow agent by agreement of Buyer and Seller; balance to be paid as shown in Paragraph(s)#_ following:
<br />#1 All Cash:
<br />Balance of $ shall be paid in cash, or by certified or cashier's check at time of delivery of deed, no financing being required.
<br />#2 Conditional Upon Loan:
<br />Balance of $ shall be paid in cash, or by certified or cashier's check at time of delivery of deed, contingent upon Buyer's ability to I
<br />obtain a loan, to be secured by first mortgage or deed of trust, on above described Property in the amount of $ . The loan shall be VA,
<br />FHA_, CONVENTIONAL_, P.M.L , or , with terms providing for initial interest not exceeding % per annum, plus mortgage
<br />insurance, if required, amortized over not less than years, with initial monthly principal and interest payment of not more;tthan $ plus
<br />taxes and insurance. Loan origination or service fees shall be paid by Buyer. Seller shall pay a fee of not more than ._% of Buyer's loan as stated above
<br />to lender, but this amount shall not exceed the total percentage charges made by the lender, and shall not include any costs incurred by the lender and
<br />charged to Buyer in connection with the loan. Buyer agrees to make application for the loan within _ days of acceptance of this offer, sign all papers,
<br />pay all costs, except as provided herein, and to establish escrow reserves for taxes and insurance if required'by Lender. If the loan is not approved with-
<br />in days from date of acceptance, this offer shall be null and void, and the deposit shall be returned to Buyer. However, if processing of the applica-
<br />tion has not been completed by the lending agency within the above time, such time limit shall be automatically extended until the lending agency has,
<br />in the normal course of its business, advised either approval or rejection.
<br />#3 Assume Existing Loan:
<br />Buyer agrees to assume and pay the existing mortgage or deed of trust note balance in favor of in the approx-
<br />imate amount of $ and pay the balance in cash, or by certified or cashier's check at the time of delivery of deed. It is understood that
<br />the note terms provide a current interest rate of _% per annum and payments of approximately $ per . The payment included
<br />Interest on the existing loan and any mortgage insurance premium shall be prorated to date of closing. Buyer
<br />agrees to reimburse Seller for the amount in the escrow reserve account which is to assigned to Buyer. Seller agrees that loan and escrow reserves will
<br />be current at time of closing. Buyer agrees to pay assumption fees, if any. Buyer _ does or does not agree to obtain a release of liability of Seller
<br />before closing.
<br />#4 Seller Financing:
<br />Balance to be evidenced by with Seller. Buyer to pay an additional cash payment, certified or cashier's check of $ -
<br />at time of execution of the instruments, and closing. The remainder of $S-2, 0:L =t / , or more, which monthly payments shall include interest at the
<br />rate of KZ1 per annum computed monthly on the unpaid portion of the principal. The debt shall be amortized over-J-0- years with a balloon payment
<br />on All other terms and conditions of the instruments shall be as mutually agreed upon. The instruments and cost of preparation with-
<br />_.
<br />in _ days after acceptance of this offer. Buyer's _, Seller's � attorney shall prepare the instruments and cost of preparation shall be paid by
<br />. Buyer's �, Seller's attorney shall review and approve all said instruments within days of receipt.
<br />#5 Other ovisions: 1
<br />GU. "_
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<br />ax mratton:
<br />The following clause which is checked shall determine the method of tax proration (Check one):
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<br />Taxes, Provision A: ALL consolidated real estate taxes which become delinquent in the year in which closing takes place shall be treated as though
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<br />all are current taxes, and those taxes shall be prorated as of date of possession, closing, or . Real estate taxes for prior years
<br />shall be paid by Seller.
<br />' Taxes, Provision B: ALL consolidated real estate taxes for the year in which closing takes place shall be prorated, based on current assessment and
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<br />tax rate, as of date of possession, closing, or Real estate taxes for prior years shall be paid by Seller.
<br />The closing of the sale shall be on the _ day of c 6<�, or days after loan approval, whichever shall last occur. Possession of
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<br />Property to be - _ but not before closing.
<br />Buyer requests a termite and wood destroying insect inspection of the building(s) at Buyer's expense (except should Buyer obtain a VA loan, the
<br />expense shall be paid by Seller). Should evidence of termites or wood destroying insects be found, the building(s) shall be treated at Seller's expense.
<br />Buyer to the treated If visible evidence of previously treated infestation which is now inactive is found, treatment shall not be
<br />agrees accept property.
<br />required. Should damage from such insects be found, the damage shall be corrected at Seller's expense. However, if the cost required for repairs exceeds
<br />I % of the purchase price, and Seller does not elect to pay the cost in excess of such amount, Buyer shall have the option of declaring this Agreement null
<br />and void and be entitled to full return of the earnest money.
<br />Seller agrees to maintain the heating, air conditioning, water heater, sewer, plumbing, electrical system and any built in appliances in their present
<br />condition until delivery of possession. Seller represents that there are no latent defects in the Property of which the Seller is aware. Seller agrees to install
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<br />smoke detectors as required by law.
<br />Except for by the two Seller's total liability for any costs for maintenance, repairs or replacements required
<br />the costs required preceding paragraphs,
<br />by terms of this Agreement or by Buyer's lender, shall not exceed $� ° "' . Should maintenance, repairs or replacement exceed the stated amount
<br />and Seller does not elect to pay the cost in excess of such amount, Buyer shall have the option of declaring this Agreement null and void and to the return
<br />of the earnest money.
<br />This offer is based upon Buyer's personal inspection or investigation of the Property. Buyer agrees to accept the Property in its present condition,
<br />except as provided here. n, f „ ��, i. ca Pic], of In nr rlmmnoe to the Pronerty.
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