"THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING
REAL ESTATE PURCHASE AGREEMENT
(Subject to Existing Liens)
PURCHASE AGREEMENT dated this  day of              , 20 by
(individually/collectively) as ""Seller"" whose address is                                      , and
                                             , as ""Buyer"" whose
address is                                                   ."
"1. THE PROPERTY. The parties hereby agree that Seller will sell and Buyer will buy the
following Property, located in and situate in the County of                   , State of                        , to wit (enter legal description):  "
"Unless specifically excluded, all other items will be included, whether or not affixed to the Property or structures. Seller expressly warrants that Property, improvements, building or structures, the appliances, roof, plumbing, heating and/or ventilation systems are in good and working order and that Seller owns such Property free and clear of any encumbrances except those specifically stated herein. This clause shall survive closing of title.
2. ENCUMBRANCES
a. The Property will be transferred subject the following liens:"
   "(list all deeds of trust, taxes or HOA dues owed, other liens that will not be satisfied at closing)"
"SELLER WARRANTS that this/these is/are the only encumbrance(s) burdening the Property and any others unrecorded or undisclosed by Seller, including any unpaid bills that would give rise to a mechanic's lien, statutory lien, or other attachment, and such undisclosed debts shall be paid in full by Seller upon notice and Seller does hereby indemnify Buyer for any and all costs and fees associated with such encumbrances.
If such encumbrances are not paid at Closing, Seller shall execute any and all necessary documents including but not limited to a limited power of attorney given to Buyer or its agent, authorization to"
"release information to Buyer or Buyer’s agent and other documents necessary for Buyer to service the loan if Buyer so chooses.
b. Buyer will pay only the purchase price for the Property and will not assume or pay off any liens or underlying loans or other debts unless specifically stated in this agreement. Seller understands that any debts or liens now on the Property, if not paid off or satisfied may still be the Seller’s responsibility.
3. PURCHASE PRICE AND EARNEST MONEY.
The total purchase price to be paid by Buyer will be $       paid as follows: Earnest money deposit*                   $
Loan payoff (approximate amount)              $
Credit for taking Property subject to existing loans**   $  Amount to cure loan default (if any)              $
Seller financing if any***                    $
Balance Due to/from Seller at Closing             $ "
"* To be paid into escrow with  (escrow agent)
** All lien amounts are estimates based upon Seller’s disclosures and are subject to change. The Parties agree that the purchase price and credit may be adjusted to reflect the actual principal balance, including outstanding payments due on the loan but in no case will the purchase price be higher than the credit for taking the Property subject to the existing loan. In the event that the existing balance of the liens taken subject to are less than as stated herein, the purchase price shall be reduced accordingly, and any cash due seller at closing shall be reduced.
*** Seller financing, if any, shall be a non-recourse note and deed of trust or mortgage to seller which
shall be a lien junior to all existing liens on the Property at Closing, and shall be prepared by purchase in advance of Closing for Seller to review containing the following terms:"
"The purchase price shall include any and all of Seller’s rights to the current tax or insurance escrows and this amount shall not be credited to Seller at Closing.
4. INSPECTION AND MARKETABLE TITLE
a. Inspection. Buyer shall have the right to inspect all aspects of the Property, including, but not limited to, the physical condition of the property, the value of the property, the title, the encumbrances and any matters not shown by public record and shall have the right, up to the time of Closing to terminate this Agreement for any reason, in the Buyer's sole discretion. Upon such termination, all things of value given by Buyer shall be returned and the parties will have no further rights against each other with respect to this Agreement.
b. Damages to Premises. Seller warrants that when the sale is closed the improvements, if any, on"
"the Property will be in the same location and condition as they are in on the date this Agreement is signed by Seller, natural wear and tear being excepted. However, should the premises be destroyed or substantially damaged before the Closing, then at the election of the Buyer, this
Agreement may be cancelled; or Buyer may schedule and complete Closing and Seller shall assign any rights to any insurance proceeds or other claims or rights accruing before or after the transfer of the General Warranty Deed. This section shall survive Closing.
c. Marketable Title. Seller agrees to furnish at Closing marketable title to said Property and
agrees to convey said Property by Warranty Deed to Buyer at Closing, subject only to the following liens:"
" 5. EARNEST MONEY AND DEFAULT .
a. Earnest money in the amount of $          shall be paid, at the sole discretion of Buyer, in good funds or as a promissory note to Seller.
b. If the transaction contemplated hereby fails to close solely due to a default by Buyer, the Deposit, if any, shall be retained by Seller as liquidated damages hereunder; thereafter, neither party shall have any further liability or obligation hereunder. This section shall apply also in the event that no earnest money was required by the Seller modified only in that no money shall be retained.
c. If the transaction contemplated hereby fails to close due to a default by Seller, the earnest money shall be returned to Buyer, without prejudice, however, subject to the right of Buyer to pursue all legal and equitable remedies available to Buyer, including, but not limited to, specific performance which will be an action to force the sale of the house under the terms of this Agreement.
6. CLOSING. Closing shall occur on or about              , 20 at            00
in the AM PM. Seller shall deliver at closing a General Warranty Deed subject only to those liens and encumbrances specifically set forth herein and a title policy and any other requested documents. Buyer shall pay any and all costs of such policy and the Closing costs for the transaction. Seller shall pay all utilities to the date of possession and any escrows shall be assigned to Buyer. No later than the end of closing on the Closing date defined herein, Seller shall surrender possession to the Property in broom clean condition and free of all personal items and debris. Seller agrees and understands that any personal property left on premises will be considered trash and will be disposed of without consideration to Seller. If Seller remains in possession after closing date and time, Seller shall be subject to removal by eviction proceeding.
7. SELLER HAS NO RIGHTS TO PROPERTY UPON CLOSING. At closing, Buyer shall fulfill its duties under this Agreement upon the payment of all monies, less any credits, due to Seller or to an escrow agent. Buyer shall have the right to claim full ownership of the Property and at that time Seller will disclaim any right to ownership to the Property. Seller shall have no right to possession or re
purchase of the property at a future time, and Buyer has made no representations, oral or in writing,"

"express or implied, that seller may have the option or right to re-purchase the property at a later time.
8. ACCESS. Buyer shall be entitled a key and be entitled, upon no less than 24 hours notice to access to inspect, show other parties, including, but not limited to, partners, lenders, inspectors and/or
contractors prior to Closing. Buyer may place an appropriate sign on the Property prior to Closing for prospective tenants and/or assignees.
9. ASSIGNMENT. Buyer may assign, without limitation this Agreement to any person or entity prior to Closing. Buyer may, at Buyer’s option, give notice to Seller within 48 hours of Buyer’s intent to assign this Agreement, and if Seller does not object in writing to such assignment, Buyer shall have no further duty to Seller under this Agreement. Assignment may also include Buyer taking title at closing in a different entity or trust as indicated in this Agreement, and Seller acknowledges, agrees and understands that by Buyer taking title in a different entity or trust, it us an assignment of this Agreement as stated above, and Buyer need not give Seller notice of any assignment prior to closing.
10. DUE ON SALE DISCLOSURE. Seller also understands that ANY existing security instrument (mortgage or deed of trust) not discharged or satisfied at transfer of title by the Buyer may have a “due on sale"" clause that may be exercised by the lender. The owner of the security instrument may, by right, choose to accelerate the loan and demand full payment from Seller for the amounts due under the loan. Buyer makes no promise, claim or representation that Buyer will discharge or assume liability for said obligations that are secured by said security instruments in event of such acceleration. In the event that said lender does accelerate said loan, Buyer may, at his option transfer title to the property back to seller by quitclaim without recourse, but is not required to do so.
11. SELLER’S ACKNOWLEDGMENTS (seller must initial below to each paragraph).
a. Seller understands that in engaging in this transaction Seller is giving up any equity that may exist in the property or any proceeds that may ensue from the sale of property, and is waiving all rights he/she/they may have under state law for cure or redemption if the property if the property
is in foreclosure or otherwise in default."

" (Seller’s initials)
b. Seller understands that Buyer is not acting as an agent or representative of Seller. Additionally, this Agreement in no way should be understood to create a partnership, joint venture, fiduciary, consultant, or any other business relationship between the parties except that of buyer and seller. This Agreement has been drafted by Buyer, for Buyer’s benefit. Before signing this Agreement,
Seller has been advised and given the opportunity to seek such advice before and after execution."
" (Seller’s initials)
c. At any time after transfer of title, Buyer may, at Buyer’s option, tender a quitclaim deed to Seller subject to all existing liens and Seller shall waive any and all claims against Buyer. Buyer, may, at Buyer’s option, record said deed with the County Clerk and Recorder’s Office but is in
no way obligated to do so."
" (Seller’s initials)"
"d. Seller acknowledges that Buyer is not buying this Property to live in, but rather for investment, and may make a profit from this transaction in the renting or resale of the property,
and Seller is satisfied with Buyer making and keeping all profits in doing so.  "
"(Seller's initials)
e. Seller understands that he/she cannot deduct mortgage interest paid by Buyer, even though he/she may continue to receive a form 1098 from the underlying lender(s)."
" (Seller's initials)
f. Seller understands that while he/she is transferring full and complete ownership of the Property to Buyer, the underlying loan obligation is still his/her obligation and will continue to appear on his/her credit report until it is paid off. Unless stated in writing in this Agreement, Buyer has made not promises or agreements to Seller that Buyer will pay off the underlying loan prior to its
maturity, which is on         , 20   ."
" (Seller's initials)
g. Seller is satisfied with the terms and conditions of this Agreement and has agreed to sell the Property because it is in Seller’s best interest to do so. Seller is signing this Agreement, without duress, after being fully informed and with sufficient understanding of all terms and conditions
contained therein."
   " (Seller's initials)
h. Seller understands that he/she may be selling the Property for less than its full market value but has chosen to do so because circumstances dictate that an immediate sale, even at a discounted price, is in Seller’s best interest. These reasons include, but are not limited to the
following (Seller to write in, example, “I cannot afford payments” and/or “I need a quick sale”):"
"12. ENTIRE AGREEMENT. This Agreement, together with other documents contemplated hereby constitute the final written expression of all of the agreements between the parties, and is a complete and exclusive statement of those terms. No addition to or modification of any provision of this Agreement shall be binding upon any party unless made in writing and signed by all parties. Seller understands that seller has no right or option to re-purchase or live in the property once ownership has been transferred to Buyer, and Buyer has made no representations, oral, in writing, express or by implication that Seller will have the opportunity to re-gain ownership of the property.
13. GOVERNING LAW. This Agreement has not been approved by the real estate commission of the State of                , and all questions relating to its validity, interpretation, performance and enforcement (including, without limitation, provisions concerning limitations of
action), shall be governed by and construed in accordance with the laws of such state."
"14. SEVERABILITY. If for any reason whatsoever, any one or more of the provisions of this Agreement shall be held or deemed to be illegal, inoperative, unenforceable or invalid as applied to any particular case or in all cases, such circumstances shall not have the effect of rendering such provision illegal, inoperative, unenforceable or invalid in any other case or of rendering any of the other provisions of this Agreement illegal, inoperative, unenforceable or invalid. Furthermore, in lieu of each illegal, invalid, unenforceable or inoperative provision, there shall be added automatically, as part of this Agreement, a provision similar in terms of such illegal, invalid, unenforceable or inoperative provision as may be possible and as shall be legal, valid, enforceable and operative.
ADDITIONAL TERMS:
Executed this  day of  20 at  O’clock in the    AM  PM"
"  Seller Seller
Address:   Address:   Phone:
Phone:   Fax:
Fax:  "
"Buyer
Address:  Phone:  Fax:
E-mail:  "
"STATE OF  )"    ") ss:"
"COUNTY OF  )
This contract was sworn to and subscribed before me this  day of           ,
20 by  
who signed by his/her/their own free will."
"NOTARY PUBLIC"            
"STATE OF  "    "{SEAL}"
"Authorization to Release Information
Authorization dated this day of , 20 . Borrower(s):
Loan / Account # Property Address
To:
and / or their agents / assigns.
I / We, the undersigned, hereby authorize you to release any information regarding the above referenced loan / account to _                and / or their agents / assigns. This form may be duplicated in blank and or sent via facsimile transmission. This authorization is a continuous authorization for said persons to receive information about this loan / account, including duplicates of any notices sent to me / us regarding this account.
Borrower                         Borrower
SSN #                           SSN #
DOB:                           DOB:"