New Mexico Purchase and Sale Agreement Form

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New Mexico Purchase and Sale Agreement

NewMexico Purchase and Sale Agreement

Use this form if you are buying or selling property in New Mexico. The form comes in PDF and Word.

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OFFER AND PURCHASE AND SALE AGREEMENT
OFFER
This Offer is given by whose
address is (referred to in
this instrument, individually and collectively, as the “Buyer”) to
whose address is
(referred to in this instrument, individually
and collectively, as the “Seller”).
1. LEAD PAINT DISCLOSURE
THE BUYER ACKNOWLEDGES THAT BEFORE SUBMITTING THIS OFFER, HE, SHE,
THEY OR IT HAS RECEIVED FROM THE SELLER AND REVIEWED:
(a) A COPY OF THE EPA DOCUMENT ENTITLED “PROTECT YOUR FAMILY
FROM LEAD IN YOUR HOME” (EPA 747-K-99-001), OR AN EQUIVALENT LEAD
HAZARD INFORMATION PAMPHLET THAT HAS BEEN APPROVED FOR USE
IN NEW MEXICO BY THE EPA, AND
(b) A COPY OF THE LEAD WARNING STATEMENT, ATTACHED AS EXHIBIT A,
SIGNED BY THE SELLER.
Buyer Signature Buyer Signature
Date and Time Date and Time
If the Buyer has submitted this Offer before Buyer’s receipt from the Seller of the documents
referred to in (a) and (b) above, completed and signed by the Seller, then, notwithstanding
anything to the contrary in this Offer and Agreement, the Seller shall not accept this Offer, and
any purported acceptance by Seller shall be invalid, and the Buyer must resubmit an Offer after
the Seller has provided the documents referred to in (a) and (b) above and has given the Buyer an
opportunity to review those documents.
2. ESTIMATED PROPERTY TAX DISCLOSURE
THE BUYER ACKNOWLEDGES THAT BEFORE SUBMITTING THIS OFFER, HE, SHE,
THEY OR IT (CHECK ONE OF THE TWO BOXES BELOW)
□ HAS RECEIVED A COPY OF THE COUNTY ASSESSOR’S ESTIMATE OF THE
AMOUNT OF PROPERTY TAX LEVY WITH RESPECT TO THE PREMISES
(DESCRIBED IN SECTION 6, BELOW), A COPY OF WHICH IS ATTACHED AS
EXHIBIT B, AND THAT THE COUNTY ASSESSOR’S ESTIMATE IS BASED
UPON THE LISTING PRICE OF THE PREMISES.
□ THAT THE COUNTY ASSESSOR’S ESTIMATE OF THE AMOUNT OF
PROPERTY TAX LEVY WITH RESPECT TO THE PREMISES IS NOT READILY
AVAILABLE AND WAIVES DISCLOSURE OF THE ESTIMATED AMOUNT OF
PROPERTY TAX LEVY.
Buyer Signature Buyer Signature
Date and Time Date and Time
Offer and Purchase and Sale Agreement
Page 2
If the Buyer has submitted this offer before (a) Buyer’s receipt of the County Assessor’s
Estimate of the Amount of Property Tax Levy with respect to the Premises, and (b) Buyer has
not acknowledged that the County Assessor’s Estimate of the Amount of Property Tax Levy is
not readily available and waived disclosure of that estimate, then, notwithstanding anything to
the contrary in this Offer and Agreement, the Seller shall not accept this Offer, and any purported
acceptance by Seller shall be invalid, and the Buyer must resubmit an Offer after receipt or
acknowledgement and waiver of an estimate.
3. OFFER
Buyer hereby offers to purchase from Seller the Premises, upon the terms and conditions set out
in the Purchase and Sale Agreement below.
4. ACCEPTANCE
Seller may accept this Offer by signing this Offer and Purchase and Sale Agreement and
returning one signed copy to Buyer on or before o’clock __.m.,
, 20___. If the Seller accepts this Offer, then it will become a legally binding agreement
for the purchase and sale of the Premises upon the following terms and conditions:
PURCHASE AND SALE AGREEMENT
5. BASIC AGREEMENT
Seller will sell and Buyer will purchase the Premises upon the terms and conditions set forth
below.
6. PREMISES
The term “Premises” refers to that real estate commonly known as and numbered
, , situated in _______________ County, New
Mexico. Exhibit C may contain a more specific description of the Premises.
The Premises includes any and all improvements to the subject real estate, including without
limitation (except as specifically excluded below) buildings on permanent foundations, fixtures,
walls and fencing, landscaping, stove, refrigerator, dishwasher, screens, storms doors and
windows and antennae. The Premises also includes any right, privilege or easement appurtenant
to the Premises, including without limitation any development rights, water and water rights, and
right-of-way and access.
7. EXCLUSIONS FROM SALE
Notwithstanding the foregoing, the following items will be excluded from the sale and purchase:
8. DEPOSIT
At the time this Offer and Purchase and Sale Agreement is signed by the Seller, the Buyer will
deposit the sum of Dollars (US $________) (the
“Deposit”) with the title insurance company identified in Section 13 (“Title Company”). The
Offer and Purchase and Sale Agreement
Page 3
Deposit and any other funds paid to the Title Company prior to closing by the Buyer will be held
by the Title Company in escrow, subject to the terms and conditions of this Agreement. The
deposits shall be held in an interest bearing account. If the transaction contemplated herein
closes, the interest shall be paid to the Seller. If the transaction does not close, the interest shall
be paid to the party entitled to the Deposit. In the event of any disagreement between the parties,
the escrow agent may retain the Deposit and any other funds paid under this Agreement pending
instructions mutually given by the Seller and the Buyer.
9. PURCHASE PRICE AND PAYMENT
The Purchase Price (“Purchase Price”) is
Dollars (US $ ) (including Deposit). The
Buyer will pay the Purchase Price as follows:
$ __________ will be paid to the Title Company as a Deposit coincidentally
with the execution of this Offer and Agreement
$ __________ will be paid at Closing in cash or by certified check
10. DEED AND TITLE POLICY
Subject to the conditions and conditions of this Agreement, upon full compliance by Buyer with
his, her, their or its obligations hereunder, Seller will sell and convey title to Premises to the
Buyer by delivery of statutory warranty deed at Closing. Seller also will cause the Title
Company to issue an owners title insurance policy to the Buyer at Closing, in an amount equal to
the Purchase Price. The statutory warranty deed and the owner’s title insurance policy will be
subject to Title Matters which have been approved by Purchaser, or as to which Purchaser has
waived objection, pursuant to Section 14 below.
11. CLOSING COSTS AND PRORATIONS
Real estate taxes, assessments, rents, and utilities will be prorated between the parties through
the date of Closing. Other costs arising in connection with this transaction will be paid as
described below. Matters not specified will be allocated in accordance with customary
allocations in the county in which the Premises are located, provided that Buyer shall be
responsible for all costs and expenses incurred in connection with any financing or loan arranged
by Buyer to purchase the Premises, and any mortgage, deed of trust, real estate contract or other
agreement or instrument related to that financing or loan, including without limitation all
“prepaid” fees and costs.
Item Buyer Seller N/A
Inspections ___ ___ ___
Title Insurance ___ ___ ___
Title Insurance Commitment ___ ___ ___
Owners Title Insurance Policy ___ ___ ___
Offer and Purchase and Sale Agreement
Page 4
Mortgagee’s Title Insurance Policy ___ ___ ___
Mortgage Costs ___ ___ ___
Appraisal ___ ___ ___
Points ___ ___ ___
Origination Fee ___ ___ ___
Commitment Fee ___ ___ ___
Loan Document Preparation ___ ___ ___
Tax Service Fee ___ ___ ___
Mortgage Insurance ___ ___ ___
Other (Specify) ___ ___ ___
Survey (specify type ____________) ___ ___ ___
Flood Zone Certification ___ ___ ___
Closing Costs ___ ___ ___
Settlement Agent Fee ___ ___ ___
Document Preparation ___ ___ ___
Recording (Buyer’s Documents) ___ ___ ___
Recording (Seller’s Documents) ___ ___ ___
Special Assessment Search ___ ___ ___
12. CLOSING DATE AND POSSESSION
In this Agreement, the term “Closing” refers to the contemporaneous performance by the parties
of their obligations under this Agreement, including, without limitation, the delivery of the deed
by the Seller and the payment of the Purchase Price by the Buyer. Closing will occur at the
offices of the Title Company in , , on _____________ __,
20___, at a time reasonably designated by the Title Company. Upon written notice given by the
Buyer to the Seller, the date of Closing may be advanced to an earlier date which is reasonably
acceptable to Seller. Buyer will be entitled to physical possession of the Premises when the deed
to the Premises has been recorded and the Purchase Price paid to the Seller. Buyer and Seller
acknowledge that the deed may be recorded and the Purchase Price paid to the Seller after the
date of the Closing.
Offer and Purchase and Sale Agreement
Page 5
13. TITLE INSURANCE COMPANY
The parties will appoint ,
whose address is , , ,
(referred to in this Agreement as the “Title Company”) to issue the title insurance required under
this Agreement and to act as the closing agent for the purpose of closing the transactions
contemplated by this Agreement.
14. TITLE CONTINGENCY
On or before __, 20___, Seller will order for the benefit of the Buyer a
commitment for an owner’s title insurance policy, together with an accurate copy of all matters
of record referred in the commitment, including without limitation those matters of record
referred to in Schedule B of the title commitment. The commitment will be ordered from and
issued by the Title Company.
Buyer will have ________ (_______) calendar days after receipt of the commitment and copies
of all matters of record, to review the commitment and to object in writing to any title defect, lien
or encumbrance noted therein (“Title Matter”), excepting those items which appear as standard
exceptions in the title insurance commitments and policies normally issued by the Title
Company.
If, within ________ (_______) calendar days after receipt of the commitment and copies of all
matters of record, Buyer delivers written notice (“Buyer’s Objection Notice”) to Seller specifying
any Title Matter to which Buyer objects, Seller will make a good faith effort to correct or
eliminate the Title Matter(s) specified in the Buyer’s Objection Notice; provided that Seller will
not be required to expend more than ($_______)
in the aggregate to correct or eliminate any specified Title Matter(s); provided however,
notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net
proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage,
lien or other interest granted by Seller or any judgment lien securing a judgment entered against
Seller. The Buyer will be deemed to have accepted all Title Matters not specified in the Buyer’s
Objection Notice.
If the Seller is unable to correct or eliminate any Title Matter objected to by the Buyer, then, on
or before the ________ (_______) calendar day following delivery by Seller to Buyer of written
notice (“Seller’s Notice”) specifying any Title Matter that Seller is unable to correct or eliminate,
Buyer may elect to terminate this Agreement by giving written notice of termination to Seller,
whereupon the Deposit will be refunded to Buyer and all other obligations of the parties
hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this
Agreement by giving written notice of termination to Seller on or before such ________
(_______) Day following delivery of the Seller’s Notice, Buyer will be deemed to have waived
any objections to any Title Matter specified in the Seller’s Notice.
15. FINANCING CONTINGENCY
Buyer’s obligations under this Offer and Agreement will be contingent upon Buyer’s receipt, on
or before the ________ (_______) calendar day following the acceptance of the Offer by Seller,
of a commitment for a residential mortgage loan in the principal amount of
Offer and Purchase and Sale Agreement
Page 6
percent (__%) of the Purchase Price, or such lower amount as Buyer subsequently may apply for,
at currently available interest rates. Buyer will make a good faith application to at least one bank
or other mortgage lender on or before the ________ (_______) calendar day following the
acceptance of the Offer by the Seller, and will diligently prosecute such application. If Buyer
fails to receive a mortgage loan commitment on or before the ________ (_______) calendar day
following the acceptance of the Offer by Seller, and on or before such ________ (_______)
calendar day, Buyer notifies Seller in writing that Buyer is terminating this Agreement because
of such failure, then the Deposit will be refunded to Buyer and all other obligations of the parties
hereunder will cease and this Agreement will be null and void. If the Buyer fails to terminate
this Agreement by giving written notice of termination to Seller on or before such ________
(_______) calendar day following acceptance of the Offer by Seller, Buyer will be deemed to
have waived his, her, their or its rights to terminate the Agreement pursuant to this section.
16. INSPECTION CONTINGENCY
Buyer’s obligations under this Agreement will be contingent upon Buyer’s satisfaction with the
result of such inspections (including without limitation, structural, insect, radon) of the Premises
as Buyer, at his, her, their or its sole cost, may cause to be conducted on or before the f________
(_______) calendar day following the acceptance of the Offer by the Seller. Buyer also will be
entitled to re-inspect the Premises, at the Buyer’s sole cost, within ________ (_______) calendar
days of the Closing for the limited purpose of confirming the condition of the Premises has not
changed since the completion of the inspections referred to above. Buyer and Buyer’s inspectors
and consultants will be entitled to have reasonable access to the Premises from time to time for
the purposes of making such inspections, provided that Buyer will indemnify Seller from any
and all liability, claims, damages, losses, costs or expenses, including attorney fees suffered, paid
or incurred by Seller arising out of or as a consequence of Buyer’s exercise of rights under this
section. If Buyer is not satisfied with the condition of the Premises or any portion thereof and,
on or before the ________ (_______) calendar day following the acceptance of the Offer by the
Seller, Buyer notifies Seller in writing that Buyer is terminating this Agreement because of such
dissatisfaction, then the Deposit will be refunded to Buyer and all other obligations of the parties
hereunder will cease and this Agreement will be null and void. If the Buyer fails to terminate
this Agreement by giving written notice of termination to Seller on or before the ________
(_______) calendar day following acceptance of the Offer by Seller, Buyer will be deemed to
have waived his, her, their or its rights to terminate the Agreement pursuant to this section.
If §56-7-1 N.M.S.A. 1978 Comp. applies to the inspections carried out pursuant to, and the
indemnification obligations arising under, this Section 14, the agreement to indemnify shall not
apply to liability, claims, damages, losses, costs or expenses, including attorney fees, arising out
of (i) the preparation or approval of maps, drawings, opinions, reports, surveys, change orders,
designs or specifications by the indemnitee, or the agents or employees of the indemnitee; or (ii)
the giving of or the failure to give directions or instructions by the indemnitee, or the agents or
employees of the indemnitee, where such giving or failure to give directions or instructions is the
primary cause of bodily injury to persons or damage to property.
17. LEAD HAZARD CONTINGENCY
Buyer’s obligations under this Agreement will be contingent upon Buyer’s satisfaction with the
result of such risk assessments or inspections of the Premises for the presence of lead based paint
Offer and Purchase and Sale Agreement
Page 7
and/or lead based paint hazards as Buyer, at his, her, their or its sole cost, may cause to be
conducted on or before the ________ (_______) calendar day following the acceptance of the
Offer by the Seller. Buyer and Buyer’s inspectors and consultants will be entitled to have
reasonable access to the Premises from time to time for the purposes of making such risk
assessment or inspection, provided that Buyer will indemnify Seller from any and all liability,
claims, damages, losses, costs or expenses, including attorney fees, suffered, paid or incurred by
Seller arising out of or as a consequence of Buyer’s exercise of rights under this section. If
Buyer is not satisfied with the result of such assessment or inspection and, on or before the
________ (_______) calendar day following the acceptance of the Offer by the Seller, Buyer
notifies Seller in writing that Buyer is terminating this Agreement because of such
dissatisfaction, then the Deposit will be refunded to Buyer and all other obligations of the parties
hereunder will cease and this Agreement will be null and void. If the Buyer fails to terminate
this Agreement by giving written notice of termination to Seller on or before the ________
(_______) calendar day following acceptance of the Offer by Seller, Buyer will be deemed to
have waived his, her, their or its rights to terminate the Agreement pursuant to this section.
If §56-7-1 N.M.S.A. 1978 Comp. applies to the inspections carried out pursuant to and the
indemnification obligations arising under, this Section 15, the agreement to indemnify shall not
apply to liability, claims, damages, losses, costs or expenses, including attorney fees, arising out
of (i) the preparation or approval of maps, drawings, opinions, reports, surveys, change orders,
designs or specifications by the indemnitee, or the agents or employees of the indemnitee; or (ii)
the giving of or the failure to give directions or instructions by the indemnitee, or the agents or
employees of the indemnitee, where such giving or failure to give directions or instructions is the
primary cause of bodily injury to persons or damage to property.
18. AS IS
Buyer acknowledges that Buyer will have ample opportunity under Sections 16 and 17 to, and
will, examine the Premises and any personal property included in the transaction contemplated
by this Agreement, and that if Buyer accepts the deed to the Premises and otherwise closes the
transactions contemplated by this Agreement, Buyer will do so on the basis that the Premises and
any such personal property are being accepted “as is”, in their current condition as of the time of
Closing, based solely upon Buyer’s inspection(s) of the Premises. Buyer acknowledges that
neither Seller nor any person acting on behalf of Seller has made any statement, representation or
warranty to Buyer or Buyer’s representative with respect to the Premises or any of the personal
property, or their condition or value, and Buyer is not relying upon any statement, representation
or warranty of Seller with respect to the Premises or the personal property, or their condition or
value.
19. TIME IS OF THE ESSENCE
Time is of the essence with respect to all obligations arising under this Agreement.
20. DEFAULT, REMDIES, ATTORNEY’S FEES
If either party defaults in the performance of his, her, their or its obligations under this
Agreement, the non-defaulting party shall be entitled to all rights and remedies available at law
or in equity, including without limitation, specific performance.
Offer and Purchase and Sale Agreement
Page 8
In any action or proceeding arising out of this Agreement, the prevailing party will be entitled to
recover reasonable costs and expenses incurred paid or incurred by such party enforcing its rights
hereunder, including without limitation attorney fees.
21. NOTICE
Any notice required or permitted hereunder shall be deemed delivered to: (a) the Buyer, (i) if
actually delivered, on the date of delivery; and (ii) if mailed via certified mail, return receipt
requested, or sent by FedEx or other national courier that maintains a record of attempted and
successful deliveries, on the date of first attempted delivery on a business day in the jurisdiction
of attempted delivery, provided the notice is addressed to the Buyer at
__________________________________________________________________________; and
(b) the Seller, (i) if actually delivered, on the date of delivery, and (ii) if mailed via certified mail,
return receipt requested, or sent by FedEx or other national courier that maintains a record of
attempted and successful deliveries, on the date of first attempted delivery on a business day in
the jurisdiction of attempted delivery, provided the notice is addressed to Seller at
_____________________________________________________________________________.
Either party, by notice given pursuant to this section, may designate a substitute recipient and/or
address for notices directed to itself.
22. TAX REPORTING
Seller represent that Seller is not a nonresident alien for purposes of United States income
taxation, and that Seller’s social security number(s) is as follows: _________________________
______________________________.
23. BROKER
The Buyer and Seller warrant and represent, each to the other, that the warranting party has dealt
with no broker or agent, in connection with this transaction, and Buyer and Seller each agree to
indemnify and hold the other harmless from and against any loss or damage, including
reasonable attorneys’ fees and expenses, incurred by such other party as a result of the
misrepresentation by the warranting party of any of the above facts.
24. FACSIMILE DOCUMENTS, COUNTERPARTS AND INITIALING
Facsimile documents which are transmitted by telecommunication and reproduced by electronic
means (“faxed” or “telefaxed”), with electronically reproduced signatures, will be legally
effective and binding.
This Agreement may be executed through the use of separate signature pages or in any number
of counterparts, and each of such counterparts will, for all purposes, constitute one agreement
binding on all the parties, notwithstanding that all parties are not signatories to the same
counterpart.
25. ENTIRE AGREEMENT
The Offer and this Agreement constitutes the sole and exclusive agreement by and among Buyer
and Seller, or any of them, with respect to the subject matter hereof, and any and all other
agreements, understandings or contracts, whether written or oral, howsoever denominated or
Offer and Purchase and Sale Agreement
Page 9
characterized, with respect to the Premises, between the Buyer and the Seller or any of them, are
merged herein and extinguished. The Offer and this Agreement may be amended only by a
writing executed by all of the Parties.
26. GOVERNING LAW
The interpretation and construction of the Offer and this Agreement, and the determination of the
rights and obligations of the parties under each, shall be governed by the laws of the state of New
Mexico, without regard for its conflict of laws principals.
27. SPOUSES
The spouse of each married Seller hereby consents to the transaction contemplated herein, and
agrees to, and will, sign and deliver such deeds and other documents as may reasonably be
requested by the Title Company to evidence such consent and to effect the transfer to Buyer of
any and all rights which each said spouse may have in or to the Premises.
EACH PARTY ACKNOWLEDGES THAT HE, SHE, THEY, OR IT HAS BEEN
ADVISED THAT SIGNING THIS OFFER AND PURCHASE AND SALE AGREEMENT
WILL AFFECT HIS, HER, THEIR OR ITS LEGAL RIGHTS AND RESPONSIBILITIES
WITH RESPECT TO THE PREMISES, AND MAY RESULT IN TAX
CONSEQUENCES. EACH PARTY ACKNOWLEDGES THAT HE, SHE, THEY OR IT
HAS BEEN ADVISED TO OBTAIN COMPETENT LEGAL AND TAX ADVICE
BEFORE SIGNING THIS OFFER AND PURCHASE AND SALE AGREEMENT.
SELLER BUYER
Date Date and Time
Date Date and Time
Offer and Purchase and Sale Agreement
Page 10
EXHIBIT A
LEAD WARNING STATEMENT
Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
Lead Warning Statement
Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is
notified that such property may present exposure to lead from lead-based paint that may place young children at risk
of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage,
including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead
poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is
required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections
in the seller’s possession and notify the buyer of any known lead-based paint hazards. A risk assessment or
inspection for possible lead-based paint hazards is recommended prior to purchase.
Seller’s Disclosure
(a) Presence of lead-based paint and/or lead-based paint hazards (check (i) or (ii) below):
(i) Known lead-based paint and/or lead-based paint hazards are present in the housing
(explain).
_________________________________________________________________________
(ii) Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the
housing.
(b) Records and reports available to the seller (check (i) or (ii) below):
(i) Seller has provided the purchaser with all available records and reports pertaining to
lead-based
paint and/or lead-based paint hazards in the housing (list documents below).
__________________________________________________________________________________
(ii) Seller has no reports or records pertaining to lead-based paint and/or lead-based paint
hazards in
Offer and Purchase and Sale Agreement
Page 11
the housing.
Purchaser’s Acknowledgment (initial)
(c) Purchaser has received copies of all information listed above.
(d) Purchaser has received the pamphlet Protect Your Family from Lead in Your Home.
(e) Purchaser has (check (i) or (ii) below):
(i) received a 10-day opportunity (or mutually agreed upon period) to conduct a risk
assessment or
inspection for the presence of lead-based paint and/or lead-based paint hazards; or
(ii) waived the opportunity to conduct a risk assessment or inspection for the presence of
lead-based paint and/or lead-based paint hazards.
Agent’s Acknowledgement (initial)
(f) Agent has informed the seller of the seller’s obligations under 42 U.S.C. 4852(d) and is
aware of his/her responsibility to ensure compliance.
Certification of Accuracy
The following parties have reviewed the information above and certify, to the best of their knowledge, that the
information they have provided is true and accurate.
Seller Date Seller
Date
Offer and Purchase and Sale Agreement
Page 12
Buyer Date Buyer
Date
Agent Date Agent
Date
EXHIBIT B
COUNTY ASSESSOR’S ESTIMATE OF THE AMOUNT OF PROPERTY TAX LEVY
Offer and Purchase and Sale Agreement
Page 14
EXHIBIT C
DESCRIPTION OF PREMISES