MS-2010-00145-1.tif I
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EQUAL HOUSING
OPPORTUNITY
THIS IS A LEGALLY BINDING AGREEMENT,
IF NOT UNDERSTOOD, SEEK LEGAL ADVICE.
RESIDENTIAL PURCHASE AGREEMENT
This agreement is made and entered into b and between the Three Rivers Housing
Development Corporation, a Nebraska Nonprofit Corporation, hereinafter referred to as
"Seller," and Shannon R. and Katie J. Staples, hereinafter referred to as "Buyer."
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The undersigned, as Buyer, agrees to purchase the followin g Property:
Address: 2237 Wright Street Blair, NE 68008
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Legal Description: BC Pilt:hers Add Pt Lots 3 & 4 11 PC3
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including all fixtures and equipment permanently attached to the Property provided Seller has a
marketable title in fee simple. The only personal property included is as follows:
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Seller agrees to furnish a title insurance policy insuring marketability and Buyer shall be furnished a
current title insurance commitment by Seller at least 5 days before closing. The cost of title insurance
issued for this sale, if any, shall be equally divided between Buyer and Seller. Buyer has option of
selecting, or approving as selected by Seller, the title insurance company. However, if Buyer and Seller
agree, Seller may furnish an abstract of title certified to date in lieu of title insurance. If any defects in title
are found in the abstract Buyer agrees to furnish a copy of a written title opinion from Buyer's attorney
showing the defects. Buyer agrees that should a valid title defect exist, Seller has a reasonable time to
correct said defect. If the title defects are not cured within a reasonable time period, the Buyer may declare
this Agreement null and void, and the deposit shall be refunded. Seller agrees to convey to Buyer by
warranty deed free and clear of all liens, encumbrances, special assessments levied or assessed, except and
subject to all easements and restrictions or covenants now of record. Seller agrees to pay any assessments
for items such as paving, curbing, sidewalk or utilities previously constructed, now under construction, or
ordered to be constructed by public authority but not yet assessed. The documentary stamp tax shall be paid
by the Seller.
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Purchase Price: Buyer agrees to pay $ 97,500.00 DOLLARS, on the following terms: an earnest
money deposit of $ 500.00 at this time as shown by the receipt herein. If paid by check, it will be
cashed. The earnest money deposit will be transferred to the listing broker on acceptance, if the selling
broker is other than the listing broker. All monies shall be deposited in a trust account, to be held until the
time of closing or until transferred to an escrow agent by agreement of Buyer and Seller; balance to be paid
as shown in the following:
41 All Cash: Balance of $ shall be paid in cash, or by certified or
cashier's check at time of delivery of deed, no financing being required.
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97,000.00 - -- shall be paid in cash, or by certified or
42 Conditional Upon Loan: Balance of $
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cashier's check at time of delivery of deed, contingent upon Buyer's ability to obtain a loan, to be secured
by first mortgage or deed of trust, on above described Property in the amount of $ _. The loan shall
be VA FHA _, USDA XXXX CONVENTIONAL _, P.M.I. _, or
with terms
providing for initial interest not exceeding TBD% per annum, plus mortgage insurance, if required,
amortized over not less than years, with initial monthly principal and interest payment of not
more than $ TBD plus taxes and insurance. Loan origination or service fees shall be paid by Buyer. Seller
shall pay a fee of not more than N/A % of Buyer's loan as stated above to lender, but this amount shall not
exceed the total percentage charges made by the lender, and shall not include any costs incurred by the
lender and charged to Buyer in connection with the loan. Buyer agrees to make application for the loan
within 30 days of acceptance of this offer, sign all papers, pay all costs, except as provided herein, and to
establish escrow reserves for taxes and insurance if required by Lender. If the loan is not approved within
30 days from date of acceptance,
this offer shall be null and void, and the deposit shall be returned to
Buyer. However, if processing of the application has not been completed by the lending agency within the
above time, such time limit shall be automatically extended until the lending agency has, in he normal
course of its business, advised either approval or rejection.
#5 Other Provisions:
Purchase pi ice inclu $10 000 00 for interior repairs including bu not limited t o installation of floorng
in all main floor rooms li ht fixtures bathroom re airs & misc. Seller to provide $10,000 credit for down
payment assistance after bu er makes necess4U repairs and re laces roof com letes fill around foundation
and re airs concrete to avoid future drain issues in basement area. The materials for these re airs to be
rovided by seller. Electrical upgrades will be made based on H S established b the previous
inspections. If the exterior paint tests positive for LBP necessM abatement will be erformed by a LBP
traine painter, or new siding will replace existing including window and door wraps. All windows to be
re lazed or replac at buyers discretion based on cost effective and funding availability.
Tax Proration: The following clause which is checked shall determine the method of tax proration (Check
one):
Taxes, Provision A: ALL consolidated real estate taxes which become delinquent in the year in which
clo_ sing takes place shall be treated as though all are current taxes, and those taxes shall be prorated as of
date of _ possession, — closing, or . Real estate taxes for prior years shall be
paid by Seller.
_ Taxes, Provision B: ALL consolidated real estate taxes for the year in which closing takes place shall
be prorated, based on current assessment and tax rate, as of date of _____p ossession, XXXXX closing, or
Real estate taxes for prior years shall be paid by Seller.
The closing of the sale shall be on the day of
or 5 working days
after loan approval, whichever shall last occur. Possession of Property to be
but not before closing.
Buyer requests a termite and wood destroying insect inspection of the building(s) at Buyer's expense
(except should Buyer obtain a VA loan, the expense shall be paid by Seller). Should evidence of termites or
wood destroying insects be found, the building(s) shall be treated at Seller's expense. Buyer agrees to
accept the treated property. If visible evidence of previously treated infestation which is now inactive is
found, treatment shall not be required. Should damage from such insects be found, the damage shall be Seller does not
corrected at he cost n e exp excess of such amount, Buyer Shall have he option of declarrin �
declaring sAgreement null
elect to pay
and void and be entitled to full return of the earnest money.
S ER
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S LLER'
STATE OF
o ) ss.
COUNTY OFC
The foregoing purchase agreement was acknowledged before me on A r � lJ) 1 _� -4 S' = o
Notary Putt lie, GENERAL NOTARY - State of Nebraska
VIRGINIAJ. KERMOADE
Commission expires J C 1 / ;� [ %/< My Comm. Exp. July 30, 2012
(seal)
RECEIPTS FOR FULLY EXECUTED PURCHASE AGREEMENT
Buyer acknowledges receipt of executed copy of this agreement and the SID statement by Neb. Rev. Stat..
'31-727.03. if applicable.
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Date
(Buyer)
Date
(Buyer)
Seller acknowledges receipt of executed copy of this agreement.
Date
(Seller)
Date
(Seller)
BUYER PLEASE NOTE
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At closing Buyer is required to have cash or certified or cashier's check for the balance of Buyer's
payments.
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SF,LLER PLEASE NOTE
Upon termination of Seller's insurance at closing, Seller should insure all personal property remaining on
the premises prior to delivery of possession.
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