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Similar forms

The Maine Sale Agreement form shares similarities with a Purchase Agreement, which is a fundamental document in real estate transactions. Like the Maine Sale Agreement, a Purchase Agreement outlines the terms of the sale, including the purchase price, property description, and conditions of the sale. Both documents serve to protect the interests of both the buyer and seller, ensuring that each party understands their rights and obligations throughout the transaction process.

Another document that resembles the Maine Sale Agreement is the Lease Agreement. While primarily used for rental situations, a Lease Agreement also specifies the terms of an arrangement between two parties regarding property. It includes details such as the duration of the lease, payment terms, and responsibilities for maintenance. Similar to the Sale Agreement, it aims to clarify expectations and protect both parties in the agreement.

The Option to Purchase Agreement is yet another document that bears resemblance to the Maine Sale Agreement. This document gives a potential buyer the right to purchase a property at a specified price within a certain timeframe. Like the Sale Agreement, it includes terms related to the purchase price and conditions under which the sale may occur, providing a framework for the buyer's decision-making process.

The New York ATV Bill of Sale form is a legal document used to record the sale or transfer of an all-terrain vehicle in New York. This form serves as proof of ownership and provides important details about the transaction. Understanding its components is essential for both buyers and sellers to ensure a smooth transfer process. For further information, you can visit nydocuments.com.

A Real Estate Purchase Contract is closely aligned with the Maine Sale Agreement as well. This contract is a legally binding document that outlines the specifics of a real estate transaction, including contingencies, financing details, and closing dates. Both documents aim to formalize the agreement between buyer and seller, ensuring that all parties are aware of their commitments and rights.

The Escrow Agreement also shares similarities with the Maine Sale Agreement, particularly in its role during the transaction process. An Escrow Agreement establishes a neutral third party to hold funds and documents until certain conditions are met, just as the Sale Agreement outlines the handling of earnest money and conditions for closing. Both documents help to ensure that the transaction proceeds smoothly and fairly for both parties.

Lastly, the Seller's Disclosure Statement is another document that complements the Maine Sale Agreement. This statement requires the seller to disclose known issues with the property, providing transparency to the buyer. While the Sale Agreement outlines the terms of the sale, the Seller's Disclosure Statement ensures that buyers are fully informed about the property's condition, which is crucial for making an informed decision.

Misconceptions

Misconception 1: The Maine Sale Agreement is only for residential properties.

Many people believe that the Maine Sale Agreement can only be used for homes. In reality, this form can be utilized for various types of properties, including commercial and vacant land. It is important to tailor the agreement to fit the specific type of property being sold.

Misconception 2: Once signed, the agreement cannot be changed.

Some think that a signed Maine Sale Agreement is set in stone. However, both parties can negotiate changes even after signing. Any modifications must be documented in writing and agreed upon by both the buyer and seller.

Misconception 3: Earnest money is non-refundable.

Many assume that earnest money is lost if the sale does not go through. In truth, the agreement outlines specific conditions under which the earnest money can be returned to the buyer. Understanding these conditions is crucial for both parties.

Misconception 4: The buyer is responsible for all repairs before closing.

It is a common belief that buyers must handle all repairs before the closing date. The Maine Sale Agreement specifies that sellers are responsible for keeping the property in good condition until the sale is finalized. Buyers have the right to inspect the property before closing to ensure it meets agreed-upon conditions.

Documents used along the form

When entering into a property transaction in Maine, several additional forms and documents may be required alongside the Maine Sale Agreement. Each of these documents serves a specific purpose to ensure a smooth and transparent process for both the buyer and seller. Here is a list of commonly used documents:

  • Property Disclosure Form: This form provides essential information about the property's condition, including any known issues or defects. It helps buyers make informed decisions.
  • Lead Paint Disclosure: Required for homes built before 1978, this form informs buyers about the potential presence of lead-based paint and any known hazards.
  • Title Search Report: This document verifies the property's ownership history and ensures there are no liens or encumbrances that could affect the sale.
  • Home Inspection Report: Conducted by a professional inspector, this report outlines the condition of the home and identifies any necessary repairs or maintenance.
  • Financing Pre-Approval Letter: This letter from a lender confirms that the buyer is qualified for a mortgage, providing assurance to the seller regarding the buyer's financial capability.
  • Closing Disclosure: This document details the final terms of the mortgage, including loan costs and closing costs, ensuring transparency before the closing date.
  • Earnest Money Receipt: This receipt confirms the deposit made by the buyer to demonstrate their serious intent to purchase the property.
  • Agency Disclosure Form: This form outlines the roles of real estate agents involved in the transaction, ensuring both parties understand the nature of their representation.
  • Home Warranty Agreement: This optional agreement offers protection for the buyer against unexpected repairs or replacements of home systems and appliances after the sale.
  • Employment Application PDF Form: This standardized document is essential for job seekers applying for positions, collecting critical information such as work history, education, and references. For more information, check out PDF Templates.
  • Closing Statement: This final document summarizes all financial transactions related to the sale, including the distribution of funds and any adjustments made at closing.

Each of these documents plays a crucial role in the real estate transaction process. By understanding their importance, both buyers and sellers can navigate the complexities of property sales with greater confidence and clarity.

Form Preview Example

PURCHASE AND SALE AGREEMENT

,

 

,

 

Effective Date

Effective Date is defined in Paragraph 24 of this Agreement.

 

1.

PARTIES: This Agreement is made between

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(''Buyer'') and

 

 

 

 

 

 

 

 

 

 

 

 

 

(''Seller'').

2.

DESCRIPTION: Subject to the terms and conditions hereinafter set forth, Seller agrees to sell and Buyer agrees to buy (

all

 

part of ; If "part of" see para. 26 for explanation) the property situated in municipality of

 

 

 

 

 

 

,

County of

 

, State of Maine, located at

 

 

 

 

 

 

and

described in deed(s) recorded at said County's Registry of Deeds Book(s)

 

 

 

 

, Page(s)

.

 

 

 

.

3.FIXTURES: The Buyer and Seller agree that all fixtures, including but not limited to existing storm and screen windows, shades and/or blinds, shutters, curtain rods, built-in appliances, heating sources/systems including gas and/or kerosene-fired heaters and wood stoves, sump pump and electrical fixtures are included with the sale except for the following:

.

Seller represents that all mechanical components of fixtures will be operational at the time of closing except:

.

4.PERSONAL PROPERTY: The following items of personal property are included with the sale at no additional cost, in ''as is''. condition with no warranties:

 

 

 

 

 

 

 

.

Seller represents that such items shall be operational at the time of closing, except:

 

 

 

5. PURCHASE PRICE: For such Deed and conveyance Buyer agrees to pay the total purchase price of $

 

.

Buyer

has made; or

will make within

 

business days of the date of this offer, a deposit of earnest money in the amount

$

 

 

. If said deposit is to be made after the submission of this offer and is not made by the above deadline, this

offer shall be void and any attempted acceptance of this offer in reliance on the deposit being made will not result in a binding contract.

Buyer agrees that an additional deposit of earnest money in the amount of $

 

will be paid

.Failure by Buyer to make this additional deposit in compliance with the above terms shall constitute a default under this Agreement. The remainder of the purchase price shall be paid by a certified or cashier's check upon delivery of the Deed.

This Purchase and Sale Agreement is subject to the following conditions:

6. EARNEST MONEY/ACCEPTANCE:

 

 

(''Agency'') shall hold

said earnest money and act as escrow agent until closing; this offer shall be valid until

 

 

(date)

 

AM

PM; and, in the event of non-acceptance, this earnest money shall be returned promptly

to Buyer. In the event that the Agency is made a party to any lawsuit by virtue of acting as escrow agent, Agency shall be entitled to recover reasonable attorney's fees and costs which shall be assessed as court costs in favor of the prevailing party.

7.TITLE AND CLOSING: A deed, conveying good and merchantable title in accordance with the Standards of Title adopted by the Maine Bar Association shall be delivered to Buyer and this transaction shall be closed and Buyer shall pay the balance due and

execute all necessary papers on(closing date) or before, if agreed in writing by both parties. If

Seller is unable to convey in accordance with the provisions of this paragraph, then Seller shall have a reasonable time period, not to exceed 30 days, from the time Seller is notified of the defect, unless otherwise agreed to in writing by both Buyer and Seller, to remedy the title. Seller hereby agrees to make a good-faith effort to cure any title defect during such period. If, at the later of the closing date set forth above or the expiration of such reasonable time period, Seller is unable to remedy the title, Buyer may close and accept the deed with the title defect or this Agreement shall become null and void in which case the parties shall be relieved of any further obligations hereunder and any earnest money shall be returned to the Buyer.

8. DEED: The property shall be conveyed by adeed, and shall be free and clear of all

encumbrances except covenants, conditions, easements and restrictions of record which do not materially and adversely affect the continued current use of the property.

9.POSSESSION, OCCUPANCY, AND CONDITION: Unless otherwise agreed in writing, possession and occupancy of premises, free of tenants and occupants, shall be given to Buyer immediately at closing. Said premises shall then be broom clean, free of all possessions and debris, and in substantially the same condition as at present, excepting reasonable use and wear. Buyer shall have the right to view the property within 24 hours prior to closing for the purpose of determining that the premises are in substantially the same condition as on the date of this Agreement.

2006

Page 1 of 4 - P&S

Buyer(s) Initials

 

Seller(s) Initials

 

 

 

 

Remax By The Bay 970 Baxter Boulevard,

Portland ME 04103

 

 

Phone: (207) 773-2345

Fax: (207) 773-2525

T8332340.ZFX

Laura Sosnowski

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10.RISK OF LOSS, DAMAGE, DESTRUCTION AND INSURANCE: Prior to closing, risk of loss, damage, or destruction of premises shall be assumed solely by the Seller. Seller shall keep the premises insured against fire and other extended casualty risks prior to closing. If the premises are damaged or destroyed prior to closing, Buyer may either terminate this Agreement and be refunded the earnest money, or close this transaction and accept the premises "as-is" together with an assignment of the insurance proceeds relating thereto.

11.PRORATIONS: The following items, where applicable, shall be prorated as of the date of closing: collected rent, association

fees, (other). The day of closing is counted as a Seller day. Metered utilities such as electricity,

water and sewer will be paid through the date of closing by Seller. Fuel in tank shall be paid by Buyer at cash price as of date of closing. Real estate taxes shall be prorated as of the date of closing (based on municipality's fiscal year). Seller is responsible for any unpaid taxes for prior years. If the amount of said taxes is not known at the time of closing, they shall be apportioned on the basis of the taxes assessed for the preceding year with a reapportionment as soon as the new tax rate and valuation can be ascertained, which latter provision shall survive closing. Buyer and Seller will each pay their transfer tax as required by State of Maine.

12.PROPERTY DISCLOSURE FORM: Buyer acknowledges receipt of Seller's Property Disclosure Form and is encouraged to seek information from professionals regarding any specific issue or concern. The disclosure is not a warranty of the condition of the property and is not part of this Agreement.

13.DUE DILIGENCE: Buyer is encouraged to seek information from professionals regarding any specific issue or concern. Agent makes no warranties regarding the condition, permitted use or value of Sellers' real or personal property. This Agreement is subject to the following investigations, with results being satisfactory to Buyer:

TYPE OF INVESTIGATION YES NO

RESULTS REPORTED

TYPE OF INVESTIGATION YES

 

NO RESULTS REPORTED

 

 

 

 

 

TO SELLER

 

 

 

 

 

 

 

 

TO SELLER

 

a.

General Building

 

 

 

Within

 

days

h. Mold

 

 

 

Within

 

days

b.

Chimney Level II

 

 

 

Within

 

days

i.

Lead Paint

 

 

 

Within

 

days

c.

Environmental Scan

 

 

 

Within

 

days

j.

Arsenic Treated Wood

 

 

 

Within

 

days

d.

Sewage Disposal

 

 

 

Within

 

days

k.

Pests

 

 

 

Within

 

days

e.

Water Quality

 

 

 

Within

 

days

l.

Pool

 

 

 

Within

 

days

 

(including but not limited to radon, arsenic, lead, etc.)

 

m. Zoning

 

 

 

Within

 

days

f.

Water Quantity

 

 

 

Within

 

days

n.

Flood Plain

 

 

 

Within

 

days

g. Air Quality

 

 

 

Within

 

days

o.

Code Conformance

 

 

 

Within

 

days

 

(including but not limited to asbestos, radon, etc.)

 

p.

Insurance

 

 

 

Within

 

days

 

 

 

 

 

 

 

 

q.

Other

 

 

 

 

 

Within

 

days

All investigations will be done by persons chosen and paid for by Buyer in Buyer's sole discretion. If the result of any investigation or other condition specified herein is unsatisfactory to Buyer, Buyer will declare the Agreement null and void by notifying Seller in writing within the specified number of days, and any earnest money shall be returned to Buyer. If the result of any investigation or other condition specified herein is unsatisfactory to Buyer in Buyer's sole discretion, and Buyer wishes to pursue remedies other than voiding the Agreement, Buyer must do so to full resolution within the time period set forth above; otherwise this contingency is waived. If Buyer does not notify Seller that an investigation is unsatisfactory within the time period set forth above, this contingency is waived by Buyer. In the absence of investigation(s) mentioned above, Buyer is relying completely upon Buyer's own opinion as to the condition of the property. Since the determination on the acceptability of the results of the above investigations rests exclusively with Buyer, Seller's signature on this Agreement shall constitute written authorization to release the earnest money to Buyer if Buyer terminates the Agreement under this paragraph and Seller agrees to hold the agency holding the earnest money harmless for returning the earnest money to Buyer in the event of such termination.

14.HOME SERVICE CONTRACTS: At closing, the property

Program to be paid by

Seller

Buyer at a price of $

will

will not be covered by a Home Warranty Insurance

.

15. FINANCING: This Agreement

is

is not subject to Financing. If subject to Financing:

 

 

a. This Agreement is subject to Buyer obtaining a

 

 

loan of

 

% of the purchase price, at an

interest rate not to exceed

 

 

 

 

% and amortized over a period of

 

 

years.

b. Buyer to provide Seller with letter from lender showing that Buyer has made application and, subject to verification of

information, is qualified for the loan requested within days from the Effective Date of the Agreement. If Buyer

fails to provide Seller with such letter within said time period, Seller may terminate this Agreement and the earnest money shall be returned to Buyer.

c. Buyer to provide Seller with loan commitment letter from lender showing that Buyer has secured the loan commitment

withindays of the Effective Date of the Agreement. If Buyer fails to provide Seller with this loan

commitment letter within said time period, Seller may deliver notice to Buyer that this Agreement is terminated three business days after delivery of such notice unless Buyer delivers the loan commitment letter before the end of the three-day period. If the Agreement is terminated under the provision of this sub-paragraph, the earnest money shall be returned to Buyer.

d.Buyer hereby authorizes, instructs and directs its lender to communicate the status of the Buyer's loan application to Seller or Seller's agent.

e.After (b) or (c) are met, Buyer is obligated to notify Seller in writing if the lender notifies Buyer that it is unable or unwilling to proceed under the terms of the financing. Any failure by Buyer to notify Seller within two business days of receipt by Buyer of notice from the lender shall be a default under this Agreement.

f.

Buyer agrees to pay no more than

 

points. Seller agrees to pay up to $

 

toward Buyer's

 

actual pre-paids, points and/or closing costs, but no more than allowable by Buyer's lender.

 

2006

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Buyer(s) Initials

 

Seller(s) Initials

 

 

 

 

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T8332340.ZFX

g. Buyer's ability to obtain financing

is

is not subject to the sale of another property. See addendum Yes

No

.

h.Buyer may choose to pay cash instead of obtaining financing. If so, buyer shall notify seller in writing and the Agreement shall no longer be subject to financing, and Seller's right to terminate pursuant to the provisions of this paragraph shall be void.

16.AGENCY DISCLOSURE: Buyer and Seller acknowledge they have been advised of the following relationships:

 

of

 

is a

Licensee

 

Agency

 

Laura & Michael Sosnowski

of

Remax By the Bay

is a

Licensee

 

Agency

 

Seller Agent

Disc Dual Agent

Seller Agent

Disc Dual Agent

X

Buyer Agent

Transaction Broker

Buyer Agent

Transaction Broker

If this transaction involves Disclosed Dual Agency, the Buyer and Seller acknowledge the limited fiduciary duties of the agents and hereby consent to this arrangement. In addition, the Buyer and Seller acknowledge prior receipt and signing of a Disclosed Dual Agency Consent Agreement.

17.MEDIATION: Except as provided below, any dispute or claim arising out of or relating to this Agreement or the property addressed in this Agreement shall be submitted to mediation in accordance with the Maine Residential Real Estate Mediation Rules. Buyer and Seller are bound to mediate in good faith and pay their respective mediation fees. If a party does not agree first to go to mediation, then that party will be liable for the other party's legal fees in any subsequent litigation regarding that same matter in which the party who refused to go to mediation loses in that subsequent litigation. This clause shall survive the closing of the transaction. Earnest money disputes subject to the jurisdiction of small claims court will be handled in that forum.

18.DEFAULT: In the event of default by the Buyer, Seller may employ all legal and equitable remedies, including without limitation, termination of this Agreement and forfeiture by Buyer of the earnest money. In the event of a default by Seller, Buyer may employ all legal and equitable remedies, including without limitation, termination of this Agreement and return to Buyer of the earnest money. Agency acting as escrow agent has the option to require written releases from both parties prior to disbursing the earnest money to either Buyer or Seller.

19.PRIOR STATEMENTS: Any representations, statements and agreements are not valid unless contained herein. This Agreement completely expresses the obligations of the parties.

20.HEIRS/ASSIGNS: This Agreement shall extend to and be obligatory upon heirs, personal representatives, successors, and assigns of the Seller and the assigns of the Buyer.

21.COUNTERPARTS: This Agreement may be signed on any number of identical counterparts, such as a faxed copy, with the same binding effect as if the signatures were on one instrument. Original or faxed signatures are binding.

22.ADDENDA: Lead Paint - Explain:

Yes

No ; Other -

Yes

No

The Property Disclosure Form is not an addendum and not part of this Agreement.

23. SHORELAND ZONE SEPTIC SYSTEM: Seller represents that the property does

does not contain a septic system within

the Shoreland Zone. If the property does contain a septic system located in the Shoreland Zone, Seller agrees to provide certification at closing indicating whether the system has/has not malfunctioned within 180 days prior to closing.

24.EFFECTIVE DATE/NOTICE: Any notice, communication or document delivery requirements hereunder may be satisfied by providing the required notice, communication or documentation to the party or their agent. Withdrawals of offers and counteroffers will be effective upon communication, verbally or in writing. This Agreement is a binding contract when signed by both Buyer and Seller and when that fact has been communicated. Agent is authorized to complete Effective Date on Page 1 of this Agreement. Except as

expressly set forth to the contrary, the use of "by (date)" or "within X days'' shall refer to calendar days being counted from the

Effective Date as noted on Page 1 of the Agreement, beginning with the first day after the Effective Date and ending at 5:00 p.m. Eastern Time on the last day counted.

25.CONFIDENTIALITY: Buyer and Seller authorize the disclosure of the information herein to the agents, attorneys, lenders, appraisers, inspectors, investigators and others involved in the transaction necessary for the purpose of closing this transaction. Buyer and Seller authorize the lender and/or closing agent preparing the closing statement to release a copy of the closing statement to the parties and their agents prior to, at and after the closing.

26.OTHER CONDITIONS:

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Page 3 of 4 - P&S

Buyer(s) Initials

 

Seller(s) Initials

 

 

 

 

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T8332340.ZFX

A copy of this Agreement is to be received by all parties and, by signature, receipt of a copy is hereby acknowledged. If not fully understood, contact an attorney. This is a Maine contract and shall be construed according to the laws of Maine.

Seller acknowledges that State of Maine law requires buyers of property owned by non-resident sellers to withhold a prepayment of capital gains tax unless a waiver has been obtained by Seller from the State of Maine Revenue Services.

Buyer acknowledges that Maine law requires continuing interest in the property and any back up offers to be communicated by the listing agent to the Seller.

Buyer's Mailing address is

 

 

 

.

 

 

 

 

 

 

BUYER

DATE

BUYER

DATE

Seller accepts the offer and agrees to deliver the above-described property at the price and upon the terms and conditions set forth and agrees to pay agency a commission for services as specified in the listing agreement.

Seller's Mailing address is

 

 

 

.

 

 

 

 

 

 

SELLER

DATE

SELLER

DATE

COUNTER-OFFER: Seller agrees to sell on the terms and conditions as detailed herein with the following changes and/or conditions:

The parties acknowledge that until signed by Buyer, Seller's signature constitutes only an offer to sell on the above terms and the offer will expire unless accepted by Buyer's signature with communication of such signature to Seller by (date)

(time)

 

 

 

AM

 

PM.

 

 

 

 

 

 

 

 

 

 

 

SELLER

 

 

 

 

DATE

SELLER

DATE

The Buyer hereby accepts the counter offer set forth above.

BUYER

DATE

BUYER

DATE

EXTENSION: The time for the performance of this Agreement is extended until

 

 

.

 

 

 

 

 

DATE

 

 

 

 

 

 

 

BUYER

DATE

SELLER

DATE

 

 

 

 

 

 

 

BUYER

DATE

SELLER

DATE

Maine Association of REALTORS®/Copyright © 2006

All Rights Reserved.

Page 4 of 4 - P&S

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T8332340.ZFX

File Attributes

Fact Name Details
Effective Date The Effective Date is defined in Paragraph 24 of the Maine Sale Agreement.
Parties Involved This Agreement is made between the Buyer and the Seller.
Fixtures Included All fixtures, such as built-in appliances and heating systems, are included in the sale unless otherwise specified.
Earnest Money The Buyer must provide a deposit of earnest money, which must be made within a specified number of business days.
Governing Law This Agreement is governed by the laws of the State of Maine.

Detailed Guide for Using Maine Sale Agreement

Completing the Maine Sale Agreement form is a crucial step in the property transaction process. This form outlines the terms and conditions agreed upon by the buyer and seller. It is essential to fill it out accurately to ensure a smooth transaction and avoid potential disputes later on. Below are the detailed steps to guide you through the process of filling out the form.

  1. Effective Date: Write the effective date of the agreement in the designated space. This date is significant as it marks the start of the agreement.
  2. Parties: Clearly state the names of the buyer and seller in the appropriate sections labeled "Buyer" and "Seller."
  3. Description: Provide a detailed description of the property being sold, including the municipality, county, and specific address. Include the deed information, such as book and page numbers, as recorded at the county's Registry of Deeds.
  4. Fixtures: List any fixtures included in the sale. Indicate any exceptions to the fixtures included, if applicable.
  5. Personal Property: Specify any personal property that is included in the sale, noting that it is sold "as is" and without warranties. Mention any exceptions if necessary.
  6. Purchase Price: Fill in the total purchase price and any deposit amounts. Ensure to note deadlines for earnest money deposits and any additional deposits required.
  7. Earnest Money/Acceptance: Indicate the agency holding the earnest money and the offer's validity period. Include any conditions related to the return of earnest money in case of non-acceptance.
  8. Title and Closing: Specify the closing date and ensure that the seller agrees to provide a good and merchantable title. Include any provisions regarding title defects.
  9. Deed: Confirm that the property will be conveyed free of encumbrances, except for specific conditions that do not affect its use.
  10. Possession: State the terms of possession and occupancy. Confirm that the property will be in good condition at closing.
  11. Risk of Loss: Acknowledge that the seller bears the risk of loss or damage to the property before closing.
  12. Prorations: List items that will be prorated at closing, such as taxes and utilities, and clarify who is responsible for each.
  13. Property Disclosure Form: Confirm that the buyer has received the seller's property disclosure form and understands its implications.
  14. Due Diligence: Outline any investigations the buyer intends to conduct and specify deadlines for reporting results.
  15. Home Service Contracts: Indicate whether a home warranty will be provided and at what cost.
  16. Financing: If applicable, fill out details regarding financing, including loan amounts, interest rates, and deadlines for providing lender documentation.
  17. Agency Disclosure: Acknowledge the relationships of the agents involved in the transaction.
  18. Mediation: Include any agreements regarding mediation for disputes arising from the contract.
  19. Default: State the remedies available to both parties in the event of a default.
  20. Prior Statements: Confirm that any prior representations are not valid unless included in the agreement.
  21. Heirs/Assigns: Acknowledge that the agreement is binding on heirs and assigns.
  22. Counterparts: Note that the agreement may be signed in counterparts.
  23. Addenda: Specify any additional conditions or disclosures related to the agreement.
  24. Effective Date/Notice: Clarify how notices will be communicated between parties.
  25. Confidentiality: Agree to the disclosure of information necessary for closing.
  26. Other Conditions: Include any additional terms or conditions as needed.

Once the form is completed, both parties should review it thoroughly to ensure all information is accurate. Signing the agreement signifies acceptance of the terms and initiates the process of transferring ownership. It is advisable to consult with a real estate professional or attorney if there are any uncertainties during this process.