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Real Estate Contract Residential Short Form LPB 44-05(ir-l) - Washington
| Real Estate Contract Residential Short Form Form. This is a Washington form and can be used in Limited Practice Board Statewide . |
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When recorded return to: REAL ESTATE CONTRACT (RESIDENTIAL SHORT FORM) ANY OPTIONAL PROVISION NOT INITIALED BY ALL PERSONS SIGNING THIS CONTRACT-WHETHER INDIVIDUALLY OR AS AN OFFICER OR AGENT -- IS NOT A PART OF THIS CONTRACT. 1. PARTIES AND DATE. This Contract is entered into on between , ______________________________________________________________________________________ as "Seller" and ________________________________________________________________________________________ as "Purchaser." 2. SALE AND LEGAL DESCRIPTION. Seller agrees to sell to Purchaser and Purchaser agrees to purchase from Seller the following described real estate in __________________________ County, State of Washington: Abbreviated Legal: (Required if full legal not inserted above.) Tax Parcel Number(s): 3. PERSONAL PROPERTY. Personal property, if any, included in the sale is as follows: LPB 44-05(ir) rev. 3/2009 Page 1 of 10 American LegalNet, Inc. www.FormsWorkFlow.com No part of the purchase price is attributed to personal property. 4. (a) PRICE. Purchaser agrees to pay: $ _________________________ Total Price Less $_________________________________________ Down Payment Less $ ________________________________________ Assumed Obligation(s) Results in $ ____________________________________ Amount Financed by Seller. (b) ASSUMED OBLIGATIONS. Purchaser agrees to pay the above assumed obligation(s) by assuming and agreeing to pay that certain ___________________________________ dated ___________________ (Mortgage/Deed of Trust/Contract) recorded as Auditor's File No. ___________________________________. Seller warrants the unpaid balance of said obligation is $ _____________________________ which is payable $_________________________ on or before the ________ day of_________________________ ( ) including ( ) plus interest at the rate of ___________ % per annum on the declining balance thereof; and a like amount on or before the _____________ day of each and every _____________________ thereafter until paid in full. (month/year) NOTE: Fill in the date in the following two lines only if there is an early cash out date on the assumed obligation. NOTWITHSTANDING THE ABOVE, THE ENTIRE BALANCE OF PRINCIPAL AND INTEREST IS DUE IN FULL NOT LATER THAN _________________________________, __________. ANY ADDITIONAL ASSUMED OBLIGATIONS ARE INCLUDED IN ADDENDUM (c) PAYMENT OF AMOUNT FINANCED BY SELLER. Purchaser agrees to pay the sum of $__________________________ as follows: $ _____________________ or more at purchaser's option on or before the ______________ day of _______________________________ ( ) including ( ) plus interest from _________________________ at the rate of ____________% per annum on the declining balance thereof; and a like amount or more on or before the _________________ day of each and every _______________________ thereafter until paid in full. (month/year) NOTE: Fill in the date in the following two lines only if there is an early cash out date on the amount financed by seller. NOTWITHSTANDING THE ABOVE, THE ENTIRE BALANCE OF PRINCIPAL AND INTEREST IS DUE IN FULL NOT LATER THAN ____________________________________________________. LPB 44-05(ir) rev. 3/2009 Page 2 of 10 American LegalNet, Inc. www.FormsWorkFlow.com Payments are applied first to interest and then to principal. Payments shall be made at _________________________ _________________________________________ or such other place as the Seller may hereafter indicate in writing. 5. FAILURE TO MAKE PAYMENTS ON ASSUMED OBLIGATIONS. If Purchaser fails to make any payments on assumed obligation(s), Seller may give written notice to Purchaser that unless Purchaser makes the delinquent payment(s) within 15 days, Seller will make the payment(s), together with any late charge, additional interest, penalties, and costs assessed by the Holder of the assumed obligation(s). The 15-day period may be shortened to avoid the exercise of any remedy by the Holder of the assumed obligation(s). Purchaser shall immediately after such payment by Seller reimburse Seller for the amount of such payment plus a late charge equal to five percent (5%) of the amount so paid plus all costs and attorney fees incurred by Seller in connection with making such payment. (a) OBLIGATIONS TO BE PAID BY SELLER. The Seller agrees to continue to pay from payments received hereunder the following obligation, which obligation must be paid in full when Purchaser pays the purchase price in full: That certain _____________________________________ dated (Mortgage/Deed of Trust/Contract) 6. ______________________________, recorded as Auditor's File No. __________________________. ANY ADDITIONAL OBLIGATION TO BE PAID BY SELLER ARE INCLUDED IN ADDENDUM (b) EQUITY OF SELLER PAID IN FULL. If the balance owed the Seller on the purchase price herein becomes equal to the balance owed on prior encumbrances being paid by Seller, Purchaser will be deemed to have assumed said encumbrances as of that date. Purchaser shall thereafter make payments directly to the holders of said encumbrances and make no further payments to Seller. Seller shall at that time deliver to Purchaser a fulfillment deed in accordance with the provisions of paragraph 8. (c) FAILURE OF SELLER TO MAKE PAYMENTS ON PRIOR ENCUMBRANCES. If Seller fails to make any payments on any prior encumbrance, Purchaser may give written notice to Seller that unless Seller makes the delinquent payments within 15 days, Purchaser will make the payments together with any late charge, additional interest, penalties, and costs assessed by the holder of the prior encumbrance. The 15day period may be shortened to avoid the exercise of any remedy by the holder of the prior encumbrance. Purchaser may deduct the amounts so paid plus a late charge of 5% of the amount so paid and any attorneys' fees and costs incurred by Purchaser in connection with the delinquency from payments next becoming due Seller on the purchase price. In the event Purchaser makes such delinquent payments on three occasions, Purchaser shall have the right to make all payments due thereafter directly to the holder of such prior encumbrance and deduct the then balance owing on such prior encumbrance from the then balance owing on the purchase price and reduce periodic payments on the balance due Seller by the payments called for in such prior encumbrance as such payments become due. 7. OTHER ENCUMBRANCES AGAINST THE PROPERTY. The property is subject to encumbrances including the fo
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