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Real Estate Contract Residential Short Form. This is a Washington form and can be use in Limited Practice Board Statewide.
Tags: Real Estate Contract Residential Short Form, LPB 44-05(ir-l), Washington Statewide, Limited Practice Board
LPB 44-05(ir) rev. 3/2009 Page 1 of 10 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: American LegalNet, Inc. www.FormsWorkFlow.com LPB 44-05(ir) rev. 3/2009 Page 2 of 10 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 Auditor222s 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 . American LegalNet, Inc. www.FormsWorkFlow.com LPB 44-05(ir) rev. 3/2009 Page 3 of 10 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. 6. (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) , recorded as Auditor222s 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 15-day 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 following listed tenancies, easements, restrictions, and reservations in addition to the obligations assumed by Purchaser and the obligations being paid by Seller: American LegalNet, Inc. www.FormsWorkFlow.com LPB 44-05(ir) rev. 3/2009 Page 4 of 10 ANY ADDITIONAL NON-MONETARY ENCUMBRANCES ARE INCLUDED IN ADDENDUM 8. FULFILLMENT DEED. Upon payment of all amounts due Seller, Seller agrees to deliver to Purchaser a Statutory Warranty Deed in fulfillment of this Contract. The covenants of warranty in said deed shall not apply to any encumbrances assumed by Purchaser or to defects in title arising subsequent to the date of this Contract by, through, or under persons other than the Seller herein. Any personal property included in the sale shall be included in the fulfillment deed. 9. LATE CHARGES. If any payment on the purchase price is not made within ten (10) days after the date it is due, Purchaser agrees to pay a late charge equal to 5% of the amount of such payment. Such late payment charge shall be in addition to all other remedies available to Seller and the first amounts received from Purchaser after such late charges are due shall be applied to the late charges. 10. NO ADVERSE EFFECT ON PRIOR ENCUMBRANCES. Seller warrants that entry into this Contract will not cause in any prior encumbrance (a) a breach, (b) accelerated payments, or (c) an increased interest rate; unless (a), (b), or (c) has been consented to by Purchaser in writing. 11. POSSESSION. Purchaser is entitled to possession of the property from and after the date of this Contract or , whichever is later, subject to any tenancies described in paragraph 7. 12. TAXES, ASSESSMENTS, AND UTILITY LIENS. Purchaser agrees to pay by the date due all taxes and assessments becoming a lien against the property after the date of this Contract. Purchaser may in good faith contest any such taxes or assessments so long as no forfeiture or sale of the property is threatened as the result of such contest. Purchaser agrees to pay when due any utility charges which may become liens superior to Seller's interest under this Contract. If real estate taxes and penalties are assessed against the property subsequent to date of this Contract because of a change in use prior to the date of this Contract for Open Space, Farm, Agricultural, or Timber classifications approved by the County or because of a Senior Citizen's Declaration to Defer Property Taxes filed prior to the date of this Contract, Purchaser may demand in writing payment of such taxes and penalties within 30 days. If payment is not made, Purchaser may pay and deduct the amount thereof plus 5% penalty from the pay