AI Purchase & Sale Agreement

This Purchase and Sale Agreement (the "Agreement") is made and entered into as of [[Agreement Date]], by and between:

Seller: [[Seller Full Legal Name(s)]] ("Seller"), whose address for notices is [[Seller Notice Address]]

Buyer: [[Buyer Full Legal Name(s)]] ("Buyer"), whose address for notices is [[Buyer Notice Address]]

Seller agrees to sell and convey to Buyer, and Buyer agrees to purchase from Seller, the real property described herein on the terms and conditions set forth below.

1. Property Description

The real property that is the subject of this Agreement (the "Property") is located at [[Property Street Address, City, State, ZIP Code]].

Legal description: [[Full Legal Description of Property, including lot, block, subdivision, county, and recording references]].

Assessor's Parcel Number(s): [[Assessor's Parcel Number(s)]].

The Property includes all buildings, improvements, fixtures, and appurtenances thereon, and all rights, privileges, and easements appurtenant thereto.

Included personal property and fixtures: [[List of Included Appliances, Window Treatments, Lighting, and Other Personal Property - or "none additional"]].

Excluded items: [[List of Excluded Items - or "none"]].

The Property is sold subject to all easements, restrictions, and encumbrances of record that do not materially impair the current use of the Property, except as otherwise provided herein.

2. Purchase Price

The total purchase price for the Property is [[Purchase Price in Words]] ($[[Purchase Price in Numerals]]) (the "Purchase Price").

The Purchase Price shall be paid as follows:

• Earnest money deposit as set forth in Section 3.

• Balance due at Closing in immediately available funds, or by wire transfer, cashier's check, or other method acceptable to the escrow holder.

3. Earnest Money Deposit

Within [[Earnest Money Deposit Deadline - e.g. 3 business days]] after the Effective Date (Acceptance), Buyer shall deposit with the Escrow Holder the sum of [[Initial Earnest Money Amount - typically 1% to 3% of Purchase Price]] as earnest money.

Buyer may increase the deposit by [[Additional Earnest Money Amount, if any]] on or before [[Additional Deposit Due Date]].

The earnest money shall be held by [[Escrow Holder Name and Address or Title Company]] (the "Escrow Holder") in a non-interest-bearing account unless otherwise required by applicable law or agreed in writing.

The earnest money shall be applied to the Purchase Price at Closing, or disbursed as provided in this Agreement upon termination or default.

4. Financing Contingency

This Agreement is contingent upon Buyer obtaining a firm written commitment for a loan in the amount of [[Loan Amount]] (or such lesser amount as Buyer elects) on terms reasonably acceptable to Buyer.

Buyer shall apply for financing within [[Financing Application Deadline - e.g. 5 business days]] after Acceptance and shall pursue such application diligently and in good faith.

The financing contingency shall be deemed removed or satisfied upon the earlier of: (a) delivery to Seller of a loan commitment letter; or (b) expiration of [[Financing Contingency Period - e.g. 30 days]] after Acceptance without Buyer having given written notice of cancellation.

If Buyer is unable to obtain financing despite good faith efforts, Buyer may terminate this Agreement by written notice to Seller prior to expiration of the contingency period and receive a full refund of the earnest money deposit, less any non-refundable fees actually incurred by escrow or lender as documented.

5. Appraisal Contingency

This Agreement is contingent upon the Property appraising at or above the Purchase Price by a licensed appraiser acceptable to Buyer's lender (if any).

Buyer shall order the appraisal promptly after Acceptance.

If the appraised value is less than the Purchase Price, Buyer shall notify Seller in writing within [[Appraisal Objection Period - e.g. 3 business days]] after receipt of the appraisal report.

Within [[Appraisal Resolution Period]] days after such notice, the parties may agree in writing to amend the Purchase Price or other terms. If no agreement is reached, Buyer may terminate and receive refund of earnest money.

6. Inspection and Due Diligence Contingency

Buyer shall have the right, at Buyer's sole expense, to conduct such inspections, tests, surveys, and due diligence investigations of the Property as Buyer deems appropriate, including but not limited to:

• General physical inspection by licensed home inspector.

• Pest, termite, and wood-destroying organism inspection.

• Roof, chimney, plumbing, electrical, HVAC, and structural inspections.

• Sewer line scope or septic system evaluation.

• Environmental assessments if warranted.

• Review of HOA documents, surveys, title, permits, and zoning.

• Any other inspections Buyer reasonably requires.

Seller shall provide reasonable access to the Property during normal business hours upon reasonable notice. Buyer shall restore the Property to its prior condition after inspections.

Buyer shall complete all inspections and deliver to Seller either: (a) written notice of approval or removal of this contingency; or (b) written request for repairs or price adjustment; or (c) written notice of cancellation, on or before [[Inspection Contingency Deadline - e.g. 17 days after Acceptance]].

If Buyer fails to deliver timely notice, this contingency shall be deemed waived.

7. Title and Title Insurance

Seller shall convey marketable fee simple title to the Property by [[Type of Deed - e.g. General Warranty Deed or Grant Deed]], free and clear of all liens, encumbrances, and exceptions except:

• Current real property taxes and assessments not yet due.

• Easements, restrictions, and other matters shown on the preliminary title report that do not materially adversely affect the current use or value of the Property.

• Any other exceptions approved by Buyer in writing.

Seller shall, within [[Title Report Delivery Days - e.g. 5 business days]] after Acceptance, deliver to Buyer a current preliminary title report or commitment for title insurance in the amount of the Purchase Price issued by [[Title Company Name]].

Buyer shall have [[Title Review Period - e.g. 10 days]] after receipt to review the title report and deliver written objections to any title matters.

Seller shall have until Closing to cure any valid title objections. If Seller is unable or unwilling to cure, Buyer may terminate and receive refund of earnest money.

At Closing, Seller shall cause to be issued to Buyer an owner's policy of title insurance in the amount of the Purchase Price, and a lender's policy if applicable.

8. Escrow and Closing

Escrow shall be opened with the Escrow Holder identified above promptly after Acceptance. This Agreement shall constitute escrow instructions.

Closing shall occur on or before [[Closing Date]] (the "Closing Date"), or such earlier or later date as the parties may agree in writing.

At Closing, Seller shall deliver to Escrow Holder:

• The deed duly executed and acknowledged.

• All keys, codes, remote controls, and access devices.

• Any required transfer declarations or affidavits.

• Any other documents required by escrow or law.

Buyer shall deliver the balance of the Purchase Price and execute all required documents.

Possession of the Property shall be delivered to Buyer at [[Possession Time on Closing Date or other agreed time]], in broom-clean condition, free of Seller's personal property and debris, with all systems in working order (reasonable wear and tear excepted).

9. Prorations and Adjustments

All real property taxes, HOA assessments, rents, interest, utilities, and other items of income and expense shall be prorated as of the Closing Date on a per diem basis using a 30-day month / 360-day year, or as otherwise required by local custom or law.

Security deposits held by Seller under any existing leases or tenancies shall be transferred to Buyer at Closing, together with an accounting.

Seller shall pay any transfer taxes, recording fees for the deed, and any other closing costs customarily paid by sellers in the jurisdiction. Buyer shall pay any costs customarily paid by buyers, including lender fees and title policy premiums beyond the base owner's policy, unless otherwise agreed.

10. Sale of Buyer's Property Contingency

If applicable, this Agreement is contingent upon the closing of the sale of Buyer's current property located at [[Buyer's Current Property Address]] on or before [[Buyer's Property Sale Contingency Date]].

Buyer shall provide Seller with written evidence of the listing and material progress toward closing within [[Evidence Deadline - e.g. 5 days]] of Seller's request.

If Buyer's sale does not close by the contingency date through no fault of Buyer, Buyer may terminate this Agreement and receive full refund of earnest money.

11. HOA / Condominium Documents Contingency

If the Property is subject to a homeowners association, condominium association, or similar common interest community, Seller shall, within [[HOA Documents Delivery Deadline - e.g. 5 business days]] after Acceptance, deliver to Buyer copies of:

• The declaration, bylaws, articles, and rules and regulations.

• The most recent financial statements, budget, and reserve study.

• Minutes of the last 12 months of meetings.

• Any special assessments or pending litigation notices.

• The current certificate of insurance and any other required documents.

Buyer shall have [[HOA Review Period - e.g. 10 days]] after receipt to review the documents and either approve or deliver written notice of cancellation if the documents disclose material adverse information.

12. Representations and Warranties of Seller

Seller represents and warrants to Buyer as follows:

• Seller is the sole owner of the Property with full power and authority to sell and convey it.

• There are no pending or, to Seller's knowledge, threatened legal proceedings affecting the Property except as disclosed in writing.

• Seller has not received any notice of condemnation, rezoning, or material change in zoning or permitted uses.

• To Seller's actual knowledge, there are no material latent defects in the Property not discoverable by reasonable inspection.

• All appliances and systems included in the sale are in working order as of the date of this Agreement, except as disclosed.

• Seller is not aware of any hazardous materials on or under the Property except as may be disclosed in environmental reports provided to Buyer.

• There are no tenants or occupants other than as disclosed, and no leases other than those assigned to Buyer at Closing.

These representations shall survive Closing for a period of [[Survival Period - e.g. 1 year]] or as required by law.

13. Representations and Warranties of Buyer

Buyer represents and warrants that:

• Buyer has the financial ability to complete the purchase or has made financing arrangements satisfactory to Buyer.

• Buyer has conducted or will conduct such due diligence as Buyer deems sufficient.

• Buyer is purchasing the Property for [[Intended Use - e.g. personal residence, investment, or other]].

14. Default and Remedies

If Buyer defaults under this Agreement and fails to cure within any applicable cure period, Seller may, as its sole remedy, terminate this Agreement and retain the earnest money deposit as liquidated damages, or pursue other remedies available at law or equity, including specific performance.

If Seller defaults, Buyer may terminate and receive refund of all deposits plus actual damages, or seek specific performance of this Agreement.

15. Liquidated Damages

The parties agree that if Buyer defaults, it would be impractical or extremely difficult to fix the actual damages to Seller. Therefore, the earnest money deposit is a reasonable estimate of such damages and shall constitute liquidated damages. Buyer initials: [[Buyer Initials]] Seller initials: [[Seller Initials]]

16. Mediation and Dispute Resolution

Prior to filing any lawsuit, the parties agree to attempt in good faith to resolve any dispute arising out of this Agreement through mediation before a mutually acceptable mediator in [[Mediation Location - e.g. the county where the Property is located]].

If mediation does not resolve the dispute within [[Mediation Period - e.g. 30 days]], either party may pursue remedies in the courts of [[Governing State]] or binding arbitration as agreed.

The prevailing party in any dispute shall be entitled to recover reasonable attorneys' fees and costs from the other party.

17. Assignment

Buyer may assign this Agreement only with the prior written consent of Seller, which consent shall not be unreasonably withheld. Any assignment shall not relieve Buyer of liability hereunder unless Seller expressly releases Buyer in writing.

18. Notices

All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed duly given when: (a) delivered personally; (b) sent by certified mail, return receipt requested; (c) sent by overnight courier with tracking; or (d) sent by email with confirmation of receipt, to the addresses set forth above or to such other address as a party may designate by written notice.

19. Governing Law and Venue

This Agreement shall be governed by and construed in accordance with the laws of the State of [[Governing State or Jurisdiction]], without regard to conflicts of law principles.

Any legal action arising out of this Agreement shall be brought exclusively in the state or federal courts located in the county where the Property is situated, and each party consents to such jurisdiction and venue.

20. Entire Agreement; Amendments