1. ORAL AUTHORIZATION TO MAKE OR ACCEPT OFFER
 

The Buyer and the Seller understand that the (insert either: Buyer; Seller) has only given oral authorization to the person signing below on behalf of the (insert either: Buyer; Seller) to make or accept offers to purchase this property. Therefore, this Agreement does not bind the parties until the (insert either: Buyer; Seller) accepts this Agreement on its own behalf in writing and communicates that fact to the other party. Until that time, the Buyer is free to purchase another property and the Seller is free to sell this property to another buyer.

2. DISCLOSURE OF PRINCIPAL AS LICENSEE OR AS RELATIVE OF LICENSEE
 

The (insert either: Buyer; Seller) (insert either: is; is a relative of) a real estate (insert either: broker; sales agent) licensed as such under the laws of the State of  ___________who may share in the brokerage fee paid for this transaction.

3. UNDISCLOSED PURCHASER
 

The Buyer is acting on behalf of an undisclosed purchaser. The Buyer (does; does not) have written authorization from the undisclosed purchaser to make this offer to purchase on the terms and conditions stated. If the Buyer is acting without the written authorization of the undisclosed purchaser as represented above, the Buyer will be personally liable to the Seller under the terms of this Agreement.

4. CONTINGENT ON SALE OF BUYER'S HOME
 

This Agreement is contingent upon (insert any of the following: Buyer's acceptance of an offer to purchase; the written approval of any financing required under an accepted offer to purchase; the closing of the sale of Buyer's property located at ____________________________________
_________________________________________________________________________
on or before 5:00 P.M. of the ___________ day of ________ , 19 ____, which Buyer shall use his/her/their best efforts to pursue. Buyer's property is listed exclusively with a licensed real estate broker regularly doing business in the State of ___________. If the Buyer's property is not now listed, it will be so listed on or before the ______ day of _________, 19 _____.

Notice of compliance with the requirements of this paragraph will be given by Buyer to the Seller at:

Street____________________________________________________________________

City/State/Zip______________________________________________________________

If this notice is not given, then this Agreement is voidable at the option of the Seller by written notice to the Buyer at:

Street____________________________________________________________________

City/State/Zip______________________________________________________________

If the Seller by reason of this paragraph chooses to make this agreement null and void, the earnest money deposit will be returned to the Buyer.

5. CONTINGENT ON SELLER PURCHASING ANOTHER HOME
 

This Agreement is contingent upon the Seller's executing an Agreement to purchase another home on or before 5:00 P.M. of the _______ day of ___________, 19_______ .

The Seller agrees to make a reasonable and diligent effort to pursue this purchase. If the Seller does not deliver to the Buyer in a timely manner evidence of Seller's having purchased another home, this Agreement shall automatically become null and void, and the earnest money deposit will be returned to the Buyer. Evidence of Seller's purchase will be delivered to the Buyer at:

Street_____________________________________________________________________

City/State/Zip_______________________________________________________________
 

6. OPTION TO KEEP HOUSE ON MARKET ("72-HOUR" OR "KICK-OUT" CLAUSE)
 

The Buyer and the Seller agree that the Seller has the right to continue to offer the property for sale and to accept offers subject to the rights of the Buyer. If the Seller accepts such an offer, the Seller must notify the Buyer at:

Street ____________________________________________________________________

City/State/Zip ______________________________________________________________
 

The Buyer has __________________(Insert time period) from receipt of Seller's notice to either: (1) remove the applicable contingencies and provide reasonable evidence of Buyer's ability to perform under the agreement, or (2) allow the Agreement automatically to become null and void. In the latter case, the earnest money deposit will be returned to the Buyer.

7. SECONDARY ("BACKUP") CONTRACT
 

The Buyer acknowledges that this Agreement is a Secondary Contract, and the Buyer is aware that there is a pre-existing Agreement (Primary Contract) to sell this property which was executed on the __________ day of _________, 19_______ . If the Primary Contract is canceled, withdrawn or otherwise made null and void, the Seller will so notify the Buyer as provided as provided in paragraph 18 (Notices) at:

Street _____________________________________________________________________
 
City/State/Zip _______________________________________________________________
 

Upon timely receipt of the notice, this Agreement becomes the Primary Contract. If the Primary Contract has not been canceled, withdrawn or otherwise made null and void on or before 5:00 P.M. of the day _____________of ___________, 19_____ , then this Secondary Contract shall automatically be null and void; and the earnest money deposit will be returned to the Buyer.

8. SIMULTANEOUS IDENTICAL COUNTER OFFERS
 

The Buyer understands that the Seller has written __________(Insert number) counteroffers including this one and will sell the property to the Buyer who first communicates to the Seller an acceptance.

9. REPAIRS TO BE MADE BY SELLER
 

The Seller agrees to make the following repairs prior to closing or to allow a credit to the Buyer in the amount stated below against the cash portion of the purchase price:
 

List Repairs Below		Credit Amount

 

10. HOME OWNER WARRANTY INSURANCE
 

The Buyer will obtain a home owner's warranty insurance policy to be paid for by the (insert either: Buyer; Seller) at closing. The Buyer acknowledges that he/she/they (insert either: has; has not) read the attached facsimile policy, paying particular attention to exclusions from coverage, deductible amounts, and coverage limitations. This policy does not limit warranties provided elsewhere under this Agreement.

11. THIRD-PERSON APPROVAL CONTINGENCY
 

This Agreement is contingent upon the approval of _________________________________
as to all of its terms and conditions on or before 5:00 P.M. of the ___________day of __________, 19________ . No notice of approval is required. However, if timely notice of disapproval is not received by the Seller at:

Street ____________________________________________________________________
 
City/State/Zip ______________________________________________________________
 

this contingency clause become null and void and the Agreement shall remain in full effect and force. If timely notice of disapproval is given, this Agreement is automatically null and void and the earnest money deposit will be returned to the Buyer.

12. FLEXIBLE SETTLEMENT DATE
 

Settlement shall take place between the _________day of _______________, 19 _____,
and the ___________ day of ___________, 19______ . The exact date will be decided by ____________(insert either: Buyer, Seller) who will provide at least __________days notice to the other party at: 

Street ____________________________________________________________________
 
City/State/Zip ______________________________________________________________
 
In the absence of such notice, settlement shall be on the last day stated above.

13. INTEREST-BEARING EARNEST MONEY DEPOSIT
 

The Buyer and the Seller authorize the _____________(insert either: listing; selling) real estate office to place the earnest money deposit in an interest-bearing account at ________________________
where it shall be held in trust. The interest income shall be the property of _______________(insert either: Buyer, Seller). This party attaches to the Agreement ______________________________
dollars in the form of ________________________ which shall reimburse the real estate office for the cost, and compensate the office for the service of establishing this account.

14. SUBORDINATION CLAUSE
 

The instrument securing the Buyer's note to the Seller or, if applicable, the Uniform Real Estate Contract between the Buyer and the Seller for the portion of the purchase price indicated in Paragraph 2 of the Real Estate Purchase Contract shall contain a provision permitting the subordination of the instrument securing the Buyer's obligation to pay the Seller. This subordination shall enable a recognized financial institution which lends money to the buyer within __________ days of this Agreement to take a position on the record prior to that of the Seller. The amount of this loan shall not exceed ____________________ dollars; it shall bear interest at a rate not in excess of _____________ per cent per annum; monthly principal and interest payment shall not exceed ___________________ dollars; and no principal payments other than those included in the monthly amount stated above shall be required before the _____________day of _________, 19_______ . The proceeds of the loan to which the Seller's interest will be subordinated must be used only to finance improvements on the securing property. The proceeds may also be used to pay a reasonable fee for a loan which otherwise meets the requirements of this paragraph. This right of subordination may be exercised only ___________________(insert number of times) times.

15. OFFER ABOVE LISTED PRICE
 

The Buyer acknowledges that the listed price for this property is $_______________________ . Nonetheless, the Buyer has willingly offered a purchase price which is higher than the listed price. Therefore, the Buyer agrees to hold harmless the brokerages involved in this transaction with respect to the amount of the purchase price.

16. CREDIT REPORT CONTINGENCY
 

The Buyer authorizes the Seller to obtain at Seller's expense a credit report from a Consumer Credit Bureau and to use the report in evaluating the creditworthiness of the Buyer for a note to be taken back by the Seller from the Buyer in this transaction. If in the Seller's sole discretion the report is unsatisfactory, the Seller shall so notify the Buyer on or before the _____________ day of _________, 19_________ at: 

Street ___________________________________________________________________

City/State/Zip _____________________________________________________________
 
The timely receipt of the notice will make this Agreement null and void, and the earnest money deposit will be returned to the Buyer. If this Agreement is not so made null and void, this contingency will automatically expire and this Agreement will remain in full force and effect.