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AGREEMENT FOR PURCHASE & SALE OF REAL ESTATE

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IMPORTANT DISCLAIMER:

This form is provided ‘AS-IS’ without any warranty of any kind, expressed or implied, statutory or otherwise. Any use of this form is at your own risk.

While the information contained herein is designed to provide accurate and authoritative information in regard to the subject matter covered, it is offered with the understanding that the presenter(s) are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional should be sought.

Personal Note from AIG:

Clearly this is a down and dirty contract for selling for cash to another investor. It doesn’t have to be long and drawn out, because there are NO contingencies.

Key Points:

Property is being sold “AS-IS” with NO contingencies. As stated in a previous post I tell people who are making cash offers that they should check the property out and make sure they have financing secure “BEFORE” signing the contract.

Earnest money is NON-REFUNDABLE Unless Seller (me) defaults or is unable to provide clear title, then the money is refunded. This is very important when dealing with double closings since the first leg of the transaction could fall apart. I usually get a minimum of $1,000 earnest money on these transactions.

Closing date is firm, time being of the essence The buyer must be ready to close on or before that date “not on or about like you put on your pro-buyer contracts.”

I choose the closing agent Please don’t leave this one out. If you do a few closings with various other attorneys or title companies and you have to educate or argue with them about such things as “how a double closing works” then you will grow to appreciate the value of using “your” title company and/or attorney for all of your closings. Ask me how I know that!

Seller agrees to convey title by a special warranty deed Doesn’t always fly, but it is easier to pull off if you are using your own attorney/closing agent.

Non-assignable I make all of my contracts to sell non-assignable. You can’t prevent them from selling the house to a third party and having a “triple-closing” but I don’t want my property tied up with someone who is just going to try to assign the contract and who is not prepared to close.

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