Form XIII-7

Form XIII-7
PURCHASE AGREEMENT
1. In this purchase agreement (“Agreement”), _______________________________________
(“Purchaser”) agrees to purchase from ______________________________________ (“Seller”) the
following property described in Exhibit A attached hereto:
Address: ______________________________________Permanent Parcel No. ________________________ (the
“Premises”)
2. The Seller agrees to sell the Premises at the price and terms set forth herein, and in
Addendum 1 (attached hereto) and to deliver a deed conveying marketable title. Purchaser
shall have ____ days from executing this agreement to evaluate the title to the Premises and
deliver in writing any claimed defects in title. Failure to do so within such time shall serve
as a waiver of any such defects. Seller shall have thirty (30) days to remove, or agree to
remove, by the closing date such defects. If Seller fails or refuses to remove such defects
within thirty (30) days from the date of execution hereof, either party may terminate this
Agreement without recourse to the other by written notice to the other party. Failing such
notice this Agreement will be deemed terminated within five (5) business days thereafter.
The
deed
will
be
taken
in
the
following
name(s):
________________________________________________________________________________________________.
3. The agreed purchase price of the Premises is ____________________ Dollars ($_______.00).
Purchaser has paid $_____________ as earnest money to be applied on the purchase price, and
agrees to pay the balance of the purchase price, plus or minus prorations, at the time of
closing, in cash to Seller. The earnest money deposit shall be held by ____________________.
(“Escrow Agent”). This sale,  is  is not contingent on financing. If contingent on
financing, Purchaser shall employ best efforts to procure such financing on commercially
reasonable terms and interest rates.
4. The costs of this transaction shall be paid as follows:
a. Escrow
______x______ Seller
____x_____ Purchaser __50%____
Percentage (if any)
b. Title Examination
______x______ Seller
__________ Purchaser
__100%___
Percentage (if any)
c. Title guaranty or Owners Policy: ______x______ Seller
____x_____ Purchaser __50%____
Percentage (if any)
d. Applicable transfer/conveyance ______x______ Seller
__________ Purchaser
__100%___
Percentage (if any)
e. Broker’s Commission
______x______ Seller
__________ Purchaser
__100%___
Percentage (if any)
The net amount due Seller is (purchase price [Item 3] less Item 4.
5. Purchaser is:  owner-occupant (will occupy Premises as primary residence)  investor
 nonprofit organization  public housing agency other government agency.
6. The sale shall close 45 days from execution of this Agreement. If for any reason Purchaser
does not satisfy the requirements set forth in Paragraph 12 of Addendum 1 within the time
prescribed therein, then this Agreement shall be deemed terminated at Seller’s option,
Seller shall retain any and all earnest money as well as any improvements made to the
Premises up to that point. In such case, Purchaser waives any claims in quantum meruit or
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7.
8.
9.
10.
11.
any other right to compensation or set off, and the parties shall be thereafter fully released
from any liability to one another. Closing shall be held at the office of the Seller.
Lead based paint addendum  is  is not attached; other addendum  is  is not attached
hereto and made part of this Agreement.
If Purchaser defaults, then in addition to any rights under Paragraph 6, Seller may pursue
all remedies available at law. If Seller defaults, Purchaser may seek a refund of any earnest
money and a return of actual direct improvement expenses to the Premises. Purchaser
shall in no way be entitled to remedies in equity, expectancy damages, lost profits or
consequential damages.
Purchaser is purchasing the Premises “AS IS” and “WHERE IS” without reliance on any
warranties or representations of Seller.
This Agreement is not assignable by either party without the written consent of the other.
This Agreement is governed under Ohio law. Risk of loss shall remain on Seller until the
earlier of closing or Purchaser’s possession.
Purchaser(s)’ intended use is:
 owner-occupancy  rental
 resale upon
work completion.
Purchaser(s):____________________________________ Seller(s):______________________________________
Print Name: _____________________________________ Print Name: __________________________________
Date: _____________________________________________ Date: _________________________________________
CERTIFICATION OF BROKER: The undersigned certifies that: (1) neither he/she nor their
agents has declined to sell the Premises to or to make it available for inspection or
consideration by a prospective purchaser due to race, color, religion, sex, familial status,
national origin, or disability; (2) he/she has both provided and explained to Purchaser the
notice regarding use of Seller’s closing agent; (3) he/she has explained to Purchaser the
terms of this Agreement; and (4) he/she is authorized/licensed according to law to act on
one or both parties’ behalf.
Broker’s Business Name and Address:
Broker’s EIN or SSN
_______________________________________________________________
________________________
Broker’s Signature: ________________________________________
Broker’s Phone No. ________________
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ADDENDUM 1
This Addendum (“Addendum”) to the Purchase Agreement (“Agreement”) dated ___________, 20 ______
for the sale of the property at _________________________(“Premises”) by and between
_______________________________, its related or affiliated or co-owned companies (“Purchaser”) and
____________ County Land Reutilization Corporation (“Seller”). The Agreement is subject to the
following additional terms and conditions, which Purchaser acknowledges and agrees to:
1.)
MULTIPLE OFFER NOTIFICATION: Purchaser accepts that multiple offers for Seller
owned property is common and expected. Seller retains the sole and absolute discretion
to accept or reject any offer received. Seller is not obligated to inform Purchaser of the
existence of multiple offers. Purchaser should always consider making the highest and
best offer.
2.)
Purchaser has inspected the Premises and is aware of its present physical condition.
Seller, its Real Estate Broker, agents and employees, have made no representation to
Purchaser concerning the Premises, verbally or in writing,
3.)
The Premises is being sold in its present “AS IS, WHERE IS” physical condition. Purchaser
accepts the Premises “as is”, as of the date of title transfer. Purchaser acknowledges that
the Premises’ “as is” condition may include both patent and latent defects, including, but
not limited to, structural instability, major systems defects (electrical, heating, plumbing),
basement moisture, leaks or flooding, etc. Items of personal property are not included in
the sale. If personal property is left on or about the Premises, Seller makes no warranty,
expressed or implied, as to the condition thereof or title thereto.
4.)
Purchaser was advised that he/she is entitled to fully inspect the Premises whether part of
the Agreement or an Addendum thereto, all at Purchaser’s sole cost. Unless called for in
the Agreement, Purchaser hereby waives the right to such inspections. Purchaser
acknowledges that Purchaser will not receive the Ohio Residential Property Disclosure
Form as Seller has never lived in the Premises and has no knowledge of its history.
5.)
Seller, its Real Estate Broker, their agents and employees make no representations
whatsoever, regarding the existence of any potential environmental hazards in the
Premises, and Purchaser waives any claims or liability against Seller for any harmful
effects there from. These potential environmental hazards include, but are not limited to:
Lead Based Paint, Asbestos, Urea-Formaldehyde Foam Insulation, Radon Gas, Mold or
Black Mold, or any other potentially toxic substances.
6.)
Should the Premises be subject to any Municipal, State, or Federal violations, Purchaser
will be fully responsible for assuming and correcting all violations after title transfer and
no later than 120 days after title transfer. Purchaser shall remain responsible for any
applicable repair escrow funds required by any political subdivision associated with the
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assumption of such violations. Purchaser shall refund to Seller, through escrow and prior
to title transfer, any amount(s) deposited with any municipality pursuant to applicable
law and/or regulation.
7.)
It is agreed that no Seller funds shall be held or retained for final water and sewer bills.
Seller will be responsible for payment of all utilities, including water, electric, gas and
sewer, to the date of title transfer. Purchaser irrevocably agrees to transfer all utility
service into Purchaser’s name within 48 hours of title transfer or execution of the
Agreement. Purchaser agrees to refund Seller for all expenses and all utility charges
incurred by Seller due to Purchaser’s failure to transfer all utility services as indicated
above. All damages, risks, and liabilities of all kind related to the termination of utility
services at the Premises, shall be the Purchaser’s sole responsibility.
8.)
Purchaser shall close by the Agreement closing date. No extension thereof will be given
without Seller’s prior written approval. If Purchaser fails to close, by the closing date or
Seller-authorized extension thereof, through no fault of Seller, then at the option of Seller
and by written notice from Seller to the Purchaser, all remedies in Paragraph 6 of the
Agreement shall apply. Time is of the essence.
9.)
______________________________________ shall serve as Escrow and Title Agent for this
transaction.
10.) Purchaser understands that Purchaser shall not take possession or begin work, in any
form, to the Premises or its grounds, prior to the closing date in the Agreement, unless
specifically authorized in writing by the Seller.
11.) Purchaser acknowledges, and understands, that acceptance of the offer by the Seller does
not constitute loan approval on any loan that may be applied for in conjunction with the
Agreement.
12.) Purchaser will perform all the work in Addendum 2 of the Agreement (the “Work”) and
bring the Premises up to code, procure all applicable building, housing and/or health
permits, and satisfy any outstanding municipal point of sale violations within 120 after
title transfer. Consistent therewith, Purchaser shall secure an official Certificate of
Occupancy from the applicable municipality. If Purchaser does not satisfy the
aforementioned requirements, then, at Seller’s election, it may rescind the Agreement,
retain any improvements to the Premises made to that point, and the Premises shall revert
back to Seller. For this purpose, the parties agree that the deed shall include a reverter
clause authorizing Seller to exercise, for a period of up to one (1) year from the date of
closing, the reversion of the Premises back to the Seller. Notwithstanding the foregoing,
Seller at its election may waive such reverter at any time within such time period. Once
Purchaser completely satisfies the aforementioned requirements, Seller at Purchaser’s
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request, shall quit claim or disclaim (as the case may be) in recordable form any right, title
and interest in and to the Premises and/or such reversionary interest in the Premises.
13.) Purchaser warrants and agrees to the following:
a. Purchaser does not own any real property that is in material violation of state
and/or local building, housing and health codes or have a history of code violations.
b. Purchaser owns no real property with a history of being a site of criminal activity
during Purchaser’s ownership thereof.
c. Purchaser does not own any real property that is tax delinquent, nor has lost title to
any property due to non-payment of taxes within the past three (3) years.
d. The proposed use of the Premises is consistent with current zoning requirements
unless a waiver for nonconforming use has been secured prior to the transfer
e. If Purchaser is a non-_____________ County resident(s), Purchaser must designate a
local agent authorized to accept notice or service of process on behalf of the
Purchaser.
f. Seller reserves the right to require, as a condition to closing, Purchaser to provide
sufficient history of home rehabilitation, community references, and/or sufficient
financial ability to complete all work requirements specified herein.
14.) The Purchaser hereby indemnifies, holds harmless and will defend Seller for any claims,
losses, actions or liabilities arising out of or associated with Purchaser’s presence or work
on the Premises. Purchaser will at all times maintain builder’s risk and general liability
insurance covering against bodily and/or property injury to any person including
Purchaser’s agents, employees, independent contractors, trespassers, guests and/or
invitees. Purchaser shall also maintain the exterior of the Premises from weeds and
debris, and keep the Premises secured from unauthorized entry and boarded as needed,
according to code.
15.) If Purchaser has authorized any work done or improvements made to the Premises within
the period provided by law for the filing of mechanic’s liens, Purchaser shall furnish
evidence satisfactory to Seller of the payment in full for all such labor and materials and
shall indemnify and save harmless the Seller from any claim, loss, cost or expense incurred
by Seller to remove any such lien caused by any such work or improvement.
16.) This transaction is contingent upon Purchaser demonstrating, at Seller’s sole discretion
that Purchaser has the financial ability to complete all code-related requirements specified
herein.
17.) Should any terms and conditions of this Addendum 1 be in conflict with the applicable
Purchase Agreement, then the terms and conditions of this Addendum 1 shall prevail.
Purchaser:
Seller:
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_____________________________________________
______________________________________
Print Name: _______________________________
Print Name: ________________________
Date: ___________________________
Date: ___________________________
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Exhibit A
Legal Description of Property
Permanent Parcel No.:
Property Address:
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ADDENDUM 2
Property Work Plan
Address: ________________________________________ Parcel No._______________
General Requirements:
Estimated Cost:
Roof ________________________________
______________________________________
______________________________________
______________________________________
____________
Electric_______________________________
_______________________________________
_______________________________________
_______________________________________
____________
Plumbing_____________________________
_____________________________________
_____________________________________
_____________________________________
____________
HVAC________________________________
______________________________________
______________________________________
______________________________________
____________
Basement____________________________
_______________________________________
_______________________________________
_______________________________________
____________
Kitchen________________________________
______________________________________
______________________________________
______________________________________
Bathroom_______________________________
_______________________________________
_______________________________________
____________
____________
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Exterior _______________________________
_______________________________________
_______________________________________
_______________________________________
_______________________________________
____________
Other___________________________________
Total:
_____________
Please specify what work will be completed relative to each line item above. Purchaser
must pull permits for the work and satisfy all applicable law, ordinances and/or city
policies and procure a Certificate of Occupancy from the appropriate municipal entity upon
completion of the work. Purchaser agrees to cooperate with ______________ Land Reutilization
Corporation (“Seller”) and allow Seller personnel reasonable access to said premises to
perform bi-monthly renovation inspection(s) up until the Certificate of Occupancy is in fact
procured.
By signing this document (Addendum 2) Purchaser understands and agrees to complete all
of the Work as outlined pursuant to Paragraph 12 of Addendum 1.
______________________________
________________________
Purchaser
____________ Land Reutilization Corporation
______________________________
Title
________________________
Title
______________________________
Date
________________________
Date
______________________________
Home number
______________________________
Work number
______________________________
Mobile number
*Purchaser - please submit to the Seller, with your Purchase Agreement, a list of properties
(minimum of three) that you have owned and were substantially involved with the
renovation thereof during the last three years if you have any.
____________________________________
Housing Specialist Approval
Date
___________________________________
Comments: ___________________________________
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