1. DEPOSIT: Buyer hereby authorizes the
Sales Agent to deliver to Seller the balance of the
deposit paid hereinabove as soon as the buyer receives a firm mortgage
commitment in accordance with paragraph # 3 hereof. In the event that
the seller, as of the date of this
agreement, is in contract to purchase the land referred to herein, then this
contract in its entirety shall be subject to the sellers ability to take
title to the said land within 45 days of the
date hereof. In the event that the seller does not take title within the
stated time period, this
agreement shall terminate and all deposit monies will be refunded to the
buyer.
2. Extras: Any and all orders for extras must be in writing, signed for by
the purchasers
and paid for in full in advance, for work requested. Payments for extras are
not refundable
after construction of the house has begun. The following items are
included in the purchase price given
above______________________________________________________
____________________________________________________________________
____________________________________________________________________.
3. Mortgage Financing: The purchasers agree to make immediate applications
for a mortgage
loan in the amount of $________________on what is commonly known as
a___________ mortgage, at the prevailing rates of interest. Either party
hereto reserves the right to void this agreement by written notice to the
other party if the mortgage loan has not been arranged or this provision
waived by the purchaser within ninety (45) days from
the date hereof. In the event of cancellation of the agreement for the
reason that the mortgage commitment
cannot
be obtained within the time frame allotted above, seller agrees to refund to
buyer any deposit monies paid on account, and this agreement shall then be null and void.
Seller shall not be
obligated to commence construction prior to the financing commitment
contemplated herein.
4. No Cloud on Title: The parties hereby agree that this contract shall not
be recorded in the Office of the Clerk or of the Register of this County in
which the lands and premises are located, and that this contract shall not
operate as a lien or encumbrance against the said lands and premises. Should
the buyer violate this provision and record the contract in the Office of
the Registry or the Clerk of the County in which the premises are located,
then the seller reserves the right to cancel this contract, whereupon the
same shall become null and void.
5. Priority: It is further agreed that this
contract is subject and subordinate in every particular to any
construction mortgage now or hereafter to be placed upon said premises for
any sum
of money loaned or to be loaned to the seller for construction purposes,
however, said premises shall be released from lien of said mortgage at or
before closing of title. Seller reserves the right to pay any mortgage or
lien on the property from the balance due at
closing.
6. Title: Marketable title shall be conveyed by Bargain and Sale Deed, with
covenants versus grantor, free and clear of all encumbrances, except as
specified hereinafter described subject however, to zoning ordinances, restrictions
and assessments of record, such state of facts as an accurate survey may
disclose and such additional assessments and restrictions as seller may determine
necessary and expedient to impose hereafter provided the forgoing do not
prevent the use of the premises for dwelling purposes. Title hereunder does
not include or extend to areas within the bed of any street or roadway
abutting the subject premises as the same are shown and laid down on
the filed map herein referred to which street areas have been, may or are to
be deducted and/or conveyed to the municipality.
7. Fire and other casualty: Loss or damage to said premises by fire, storm
or other casualty
between the date hereof and the closing hereunder are the responsibility of
the seller.
8. Adjustments: Taxes for current year, water rent, sewer rent, and premium
on existing fire
insurance policy, if any, are to be apportioned as of the date of closing.
9.Miscellaneous: _________________________________________________
_______________________________________________________________
_______________________________________________________________
10. Disputes: In the event of a dispute between the parties during the
construction of the
proposed dwelling, the seller reserves the right to cancel this agreement,
in its entirety, by
refunding the deposit monies paid on account of the purchase price and there
shall be no further liability on the part of either party to the agreement.
11. Real Estate Commission: A real estate
commission of % of the sales price or $__________, shall be paid to
listing and selling realtors at the time of closing if applicable.
12. Possession: The buyer may enter into and
upon the land and premises and take possession thereof upon the delivery of
the deed and closing of title and upon full payment of the balance of the
monies due under this agreement.
13. Closing of title: Closing of title is to take place immediately after
completion, as defined herein, at the office of the sellers attorney, or as
designated by the lending institution. The closing date shall be on or about
the____________day of _______________. Anything contained to the
contrary notwithstanding, seller shall have the right to accelerate the time
of Closing in the event the dwelling is completed and the Certificate of
Occupancy issued and the Final Approval of the lending institution has been
obtained prior to the above mentioned date.
14. Completion: The issuance of the Certificate of Occupancy by the Township
officials and
the final approval of the construction by the lending institution shall
constitute final completion
of all items of construction. The delivery of the deed and the acceptance of
same by the
buyer shall be deemed as an acceptance by the buyer of the dwelling erected
on said lot as being in good condition and ready for occupancy and an
acknowledgement that all requirements have been met by the seller.
15. Delay in Completion: In the event
completion is delayed due to Acts of God, inclement weather, strikes,
lockouts or other labor disputes, acts of war, emergency proclamations or
government regulations affecting either seller or any of seller’s
suppliers of material or labor, or for any reason beyond the seller’s
control, it is agreed that the closing date hereunder shall be extended for
a period of time sufficient to enable the seller to complete the building in
accordance with the contract.
16. Default of seller: In case seller is unable
to convey title as herein set forth, or if seller does not construct or
complete said dwelling house, then the sole liability of the seller under
this contract shall be returned to the buyer of the monies paid on account
without interest, and there shall be no further liability on the part of the
seller to the buyer except to reimburse buyer for reasonable outlays buyer
may incurred for the title examination, not to exceed $ 400.00.
17. Default of Buyer: Should buyer fail to make
payment of any additional monies as herein mentioned or should buyer default
in either event, seller may elect to cancel this agreement, and retain all
monies paid herein as liquidated damages.
18. Assignment: This contract shall not be sold,
assigned or transferred without prior written consent of the seller endorsed
hereon. The seller reserves the right to cancel this contract in the event
buyer violates this provision, and retain all monies paid herein as
liquidated damages.
19. Water: The contract price includes a
well to a depth of up to 200 feet. If it is necessary to dig deeper in order
to secure water, the buyer agrees to pay an additional charge of $ 10.00 per
foot beyond 200 feet, or the going rate. The contract includes a ½
hp well pump. If additional depth requires a larger pump, purchaser will be
responsible for the difference in cost greater than the ½ hp pump
cost. Purchaser agrees to pay builder $ 10.00 a foot or cost per
foot if
well casing goes beyond 50 feet and $ 5.00 a foot or cost per foot if grouting goes
beyond 50 feet. Buyer will also pay builder for wire and piping for
buyers portion of well beyond the 200 ft.. If 10" inch casing is
required due to site conditions, buyer shall be responsible for all of that
cost.
20. Closing charge: All charges in connection
with the closing of tile, including, but not limited to title insurance,
fire insurance, special insurance if required by the mortgage, service or
origination charges, recording, photos, appraisal and inspection fees, and
buyers legal fees are to be paid at or before the closing by the buyer who
will execute and deliver the bond and mortgage and all other necessary
closing instruments to the lender.
21. Rock and other ground conditions, placement of house: Seller agrees to
give written notice to purchaser in the event the seller determines that
the lot requires special excavation, blasting, or the basement requires
special treatment because of rock or other ground conditions encountered.
Upon receipt of said notice, purchaser shall have (7) seven days to either
(1) accept a increase in price for the handling of said condition or
conditions or (2) cancel said contract and receive by uncertified check
without interest all deposit monies paid herein. If the purchaser does not
make his determination in writing, within 7 days after written notice from
the seller, seller shall have the right to tender the return of the afore
made deposits and in such event, the contract shall become null and void
without further liability to either party. Seller has the right to
locate the house and position the driveway on the plot
in accordance with the seller’s best judgment on
the basis of topography of the lot.
Seller shall have the right to reverse the house and
garage if, in seller’s judgment, such reversal is
required. Service walk shall be
constructed by placement of stepping stones.
22. Use and Occupancy: It is expressly understood that the purchaser may not
use or occupy
the dwelling to be constructed as described herein until such time as they
have paid all monies
due the seller under this agreement.
23. Landscaping: The seller shall grade and seed only the areas the seller
cleared in the construction of the house, except that in such areas which
are contoured by means of embankments. Seller may cover same with wood chips
or other similar material in place of seeding. Wooded areas will not be
landscaped. Areas which have not been cleared in construction will be left
in their natural state. Trees which are dead within the landscaping area
will be removed upon request in writing from the purchaser prior to
landscaping or closing of title, whichever is first. Removal of such trees
will be accomplished by cutting the tree as close to the ground as is
feasible leaving the stump in place. Rock or boulders encountered within the
plot will be removed. Trees left on the site are not guaranteed as to life
or health. If an asphalt driveway is requested under the terms of this
contract & is ordered as an optional item, its construction over
previously disturbed earth and its restricted usage by way of limited
automobile wheel pattern may tend to cause depressions, variations and minor
cracking of the surface which shall not be considered defects. No retaining
walls will be installed unless in the sole opinion of the seller one is
necessary and in such event seller will install, at no additional cost, a
minimum size dry wall constructed of native rubble stone. Easement areas in
which channels or channel extensions are located will not be landscaped.
24. Survey: Seller shall supply a survey to
buyer for which buyer agrees to pay seller the sum of $ 500.00 or cost,
whichever is greater.
25. Homeowner’s
Warranty: At the time of closing, seller shall deliver to buyer the
guarantee that is required under the New Home Warranty and Builder’s
Registration Act.
26. Road Assessment: In the event that a road
assessment for either paving, drainage or any other assessment in connection
with the improvements of the road is assessed against this property, it will
be the sole obligation of the purchaser to pay for said assessments. The
parties agree that the consideration for the purchaser paying the sole
obligation of the road assessment is reflected in the contract price of the
premises.
27. Permits: This agreement is subject to
the seller’s ability to secure all necessary
permits as required by all applicable government authorities.
28. Attorney review: If the buyer or
seller elects to consult an attorney, this contract shall be subject to such
attorney’s review of all of it’s
terms and conditions within 5 (five) business days (exclusive of Saturdays,
Sundays and legal holiday’s) from the date of the
delivery of the signed contract to the buyer and seller. If neither buyer
nor seller exercises the right to have and attorney review this contract
within the time permitted, this contract will be legally binding as written.
If the attorney for the buyer or seller disapproves of this contract he must
notify the broker and other parties named in this contract within the time
permitted, otherwise this contract will be legally binding as written. An
attorney’s notice of disapproval shall be served
upon the Broker's) either by certified mail or telegram, effective upon
sending, or by personal delivery, effective upon receipt. The parties may
agree in writing to extend the time for attorney review. It is recommended
that the Broker's be immediately informed of any revisions suggested by the
attorney's.
29. R-value: Statement is attached hereto and
made a part hereof. (See Schedule A.)
30. Driveway: The standard driveway included in
the price of this agreement shall be of a size sufficient to create a 2
(two) car off street Area. Its location shall be solely at the discretion of
the seller. Said driveway shall be constructed of quarry processed stone. In
the event that a garage is provided for in the agreement, the driveway shall
give access from the street to said garage. Turnaround areas will not be
provided unless specifically required by the municipal authorities. Should
the Municipal Authorities require the driveway or any portion thereof be
paved with asphalt or concrete, then the buyer agrees to pay the seller for
the cost of said pavement in addition to the purchase price mentioned here
in. If the "Town" requires additional driveway paving, other than
the "opening" which is bonded by the buyer, buyer will be responsible
for that cost. Additional driveway provisions are contained in item #23.