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Purchase Contract  Overview

Understanding the purchase contract can help empower you as a Buyer or Seller  and provide you the tools and knowledge needed to steer negotiations in your favor.  Additionally, it will help you to tailor an offer that makes sense, and is workable, initially; reducing the need for changes through the escrow process.  This is true for both Buyers and Sellers...When you understand the process, you can cover the elements of importance before the transaction begins.

Green text has active links to documents

Here is a sample of some of the important contingencies of a residential contract.
I will send an email with a similar contract summary for your review with the draft of your offer.  Please review it and let me know if any questions or changes.. Changes can be made prior to signing.

Aloha 

I am attaching the offer we discussed on the above property.  I will prep for signatures while you review then send once approved.  Any changes can be made prior to signing, so just let me know if you have any changes or are ready to sign

The main points of the Purchase Contract are as follows..

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C-2 Purchase price $600,000.

10% down with conventional mortgage.  Please provide pre-approval letter to submit with offer, if available.  (Some pre-approvals include Verification of Cash Funds)

B-1 Earnest money deposit, 2k, to be wired within 3 days of acceptance

C-2 3k additional deposit upon release of J-1 contingency (14 days)

H-4 Preapproval Letter submitted with offer  (or 5 days after Acceptance, if not included)

H-1 Verification of cash funds 5 days from Acceptance; a copy of a bank account showing available $ 60k down payment (10%), with your name and financial institution name visible, -or- a letter from your bank stating you have the available funds for the purchase, including closing costs. THIS IS GREAT TO SUBMIT WITH OFFER IF AVAILABLE

F-4 Choice of Escrow - XXX - Escrow Officer

H-4bConditional loan commitment from Lender, 30 days after acceptance,

H-4c any conditions met 10 days prior to closing 

F-7 Vesting as  principal residence. (Homeowners exemption for property taxes will need to be filed after closing) 

I-1 The seller will provide a disclosure statement

J-1 Inspection period 14 days (Please review our brokerage due diligence and Buyers disclosure.  I am happy to assist with finding any additional info or verifying data during the inspection period

F-2 Scheduled closing 45 days from Acceptance or sooner,

F-3a 15 day unilateral extension

K-1/K-2 Survey Seller to have property surveyed by a licensed surveyor within 35 days after Acceptance  ( -OR- na K-1/K-2 No survey or staking at sellers expense; I have noted in Q terms that you may have done at your expense during the escrow period,,K-3 applies. Signed waiver to be included in addenda)

L-2 Termite Inspection Seller to pay for Termite inspection, report to be delivered 14 days prior to closing  (-OR- na L-2 No Termite Inspection paid for by seller; TIR waiver to be included in Addenda)

M-1 Subdivision documents available  (-OR- na M-1 and Q term stating similar to "Regarding M-1 Documents; Buyer agrees to visit HPPOA.net during the J-1 Inspection period to obtain any information regarding Hawaiian Paradise Park Owner's association.  Buyer is aware of one time $300 transfer fee and annual road fees, subject to increase annually, currently $396/yr.")

Addenda-

As-Is Condition Addendum

MLS/TMK/County records/Permits

I am also attaching our Brokerage Buyers docs for you to review.  I will fill out the Big Island Disclosure and send all for your signatures, to be kept on file.

Please let me know if  you have any questions, or would like to change any timelines in the offer.

I can send for your signatures and get the offer out quickly once I hear back from you...

Mahalo

Amy

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