Michigan Agreement to Purchase Real Estate - Free Download
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AGREEMENT TO PURCHASE REAL ESTATE
The undersigned (herein “Purchaser”) hereby offers to purchase from the owner (herein “Seller”) the real estate
located at _____________________________in the city of__________________________, County
of_________________, State of___________________________, the legal description of which
upon the following terms and conditions:
1. Purchase Price and Conditions of Payment
The purchase price shall be _______________________________________Dollars ($___________) to be paid in
accordance with subparagraph________________________, below:
A: Cash. The purchase price shall be paid in its entirety in cash at the time of closing the sale.
B: Cash Subject to New Mortgage. The purchase price shall be paid in cash at the time of closing the sale
subject, however, to Purchaser’s ability to obtain a first mortgage loan within __________days after the
acceptance of this offer by Seller in the amount of $______________, payable in not less than
______________monthly installments, including interest at a rate not to exceed _____________% financing. If
such financing cannot be obtained within the time specified above then either Purchaser or Seller may terminate
this agreement and any earnest money deposited by Purchaser will be promptly refunded.
C: Cash Subject to Existing Mortgage. The purchase price shall be paid in cash at the time of closing the sale
after deducting from the purchase price the then outstanding balance due and owing under the existing mortgage
in favor of _____________, dated_____________, 20___, in the original amount of $________________; of such
mortgage debt is approximately $________________ as of _________________, 20____.
D: Cash With Assumption of Existing Mortgage. The purchase price shall be paid in cash at the time of the
closing of the sale after deducting from the purchase price the then outstanding balance due and owing under the
existing mortgage in favor of _______________, dated_________________, 20___,having a present balance of
approximately $___________________________, as of _______________, 20___, which the purchaser hereby
assumes and agrees to pay in accordance with its terms and to perform all of its provisions; purchaser shall pay
any and all payments coming due after the closing of the sale. Any transfer fees required by the mortgage shall be
E: Sale by Land Contract. The purchase price shall be paid in accordance with the certain land contract
attached hereto and incorporated into this contract by this reference. The down payment to be made at the time of
closing this sale shall be $_____________and the balance of $____________shall be paid at the rate of
___________% per annum.
2. Earnest Money Deposit
As earnest money Purchaser deposits $__________________with the broker which shall be applied to the
purchase price at the time of closing the sale. In the event that this offer is not accepted by Seller this earnest
money deposit shall be promptly refunded to Purchaser by the broker. In the event that this offer is accepted by
Seller and Purchaser shall fail to perform the terms of this agreement the earnest money deposit shall be forfeited
as and for liquidated damages suffered by Seller. Seller is not, however, precluded from asserting any other legal
or equitable remedy, which may be available to enforce this agreement.