BUY
/ SELL AGREEMENT
AMERICAN REAL ESTATE &
LEASING GROUP LLC
Ph (989) 671-3700 Fax (989) 671-9815
Email: americanre3700@sbcglobal.net
This Buy / Sell Agreement made this 17th day of October, 2009, by and between, Manitou Place, LLC, hereinafter called the “Seller, and
(Name): _______________________________________________________________________
(Please note whether husband
and wife, married, single, partnership, corporation, etc.).
(Address): _____________________________________________________________________,
hereinafter called the “Buyer”. The Buyer hereby offers to buy the property commonly described as:
Condominium Unit No. ____ , Manitou
Place Condominium, 100 Fourth Avenue, Tawas City, Michigan, a residential
condominium, according to the Master Deed thereof, recorded August 29,
1. Price. The final bid price of $ ____________plus the 10% “buyer’s premium” of $______________
equals a total purchase price of $________________________________________________Dollars, plus all other amounts specified in this Buy/Sell Agreement shall be paid upon execution and delivery of Warranty Deed by Seller by bank money order, cashier’s check or wire transfer of immediately available funds.
2. Closing. The Sales of the property shall close within ten (10) days after all necessary papers are ready, but not later than 30 days from the date of auction. The Buyer acknowledges receipt prior to the auction sale of a copy of a Commitment for Title Insurance respecting the subject real property and agrees that if the Commitment for Title Insurance is updated and contains no different or additional material requirements or exceptions, the same shall be accepted by the Buyer, without objection or exception by the Buyer, as evidencing marketable title.
3. Acceptance of Premises. Buyer acknowledges that Buyer has made Buyer’s own independent investigation with respect to the property and its condition, including but not limited to zoning, governmental permits/approvals, and/or any environmental concerns and agrees to accept the Property in its present condition. The property is being sold to the Buyer “as is, where is” and “with all faults, physically, environmentally and otherwise.” The Buyer acknowledges and agrees that the Seller and American Real Estate & Leasing Group make no representation or warranty as to the condition of the property, including building improvements and fixtures, mechanical systems, and environmental conditions, and the Seller and American Real Estate & Leasing Group assume no responsibility as to compliance of the property with any laws or regulations, federal, state or local.
Page 1 of 3 Buyer(s)
Initials _____ Seller’s Initials_______
4. Warranties / Waiver. All Property improvements are sold “AS IS” with no warranties of any type. Any repairs or improvements which must be made are the responsibility of the Buyer. Buyer represents and
warrants to Seller that Buyer has had the opportunity to inspect the entire property, including, but not limited
to structural, plumbing, heating, electrical and mechanical components of the property, to buyer’s
satisfaction. Buyer agrees to accept the property in its present “AS IS” condition, with no warranties
concerning its condition or permitted use. Buyer acknowledges that the Property may require repairs, maintenance or refurbishing. Buyer acknowledges that Buyer has had the opportunity to investigate the zoning classification of the property and any other matters of interest pertinent to the property, including, without limitation, its environmental condition and history. All improvements and appurtenances now on the property are included in the sale. The Buyer acknowledges that he or she has had the opportunity review the documents related to this sale, including the Condominium Master Deed, and waives his or her 9 business day “right to rescind”.
5. Hold Harmless / Indemnification. Buyer and Seller acknowledge that American Real Estate & Leasing Group is an agent for the Seller. The Buyer agrees that the Seller and American Real Estate & Leasing Group LLC (The Auctioneer / Broker), including their agents and representatives have made no guarantees or warranties, expressed or implied; and Buyer hereby agrees to indemnify and hold harmless the Seller, and the Broker, their agents and representatives and the aforementioned shall have no liability whatsoever as to any claim or losses which Buyer or their successors or assigns may incur, with respect to this sale, and Buyer shall defend Seller, et al, from any claims of any nature whatsoever that may arise out of the performance of this agreement or any related documents. Both Buyer and Seller agree to waive any claims against the American Real Estate & Leasing Group, if there is a breach of this agreement by either party.
6. Taxes. Property taxes are to be prorated in
accordance with what is customary for prorating real property taxes in
7. Title Insurance. A standard ALTA owner’s policy of Title Insurance in the amount of the purchase price shall be furnished to the Buyer at Seller’s expense by Iosco Abstract and Title Co.
10. Closing. For a cash
sale, the closing fee charged by Iosco Abstract and Title Co. will be divided
evenly between the Buyer and the Seller.
For a mortgage sale, a closing fee will be charged to the Buyer. At closing the Seller will pay the transfer
tax charged by the State of
10. Deposit. Buyer hereby deposits $ 2,500.00 as valuable consideration evidencing Buyer’s good faith to be held in escrow and to be applied to the purchase price. In the event of default by the Buyer, all deposits made hereunder may be forfeited as liquidated damages, or alternatively, at Seller’s election, the Seller may retain such deposit as part of the payment of the purchase price and pursue any legal or equitable remedies against the Buyer. In the event of default by the Buyer, Buyer agrees to relinquish all deposits.
11. Heirs & Successors. This agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, and their respective heirs, personal representatives, successors and assigns.
12. Agreement. This agreement represents the entire understanding and agreement between the parties with respect to the subject matter hereof, supersedes all prior agreements or negotiations between such parties, and may be amended, supplemented or changed only by an agreement in writing which makes specific reference hereto and which is signed by both parties. Time is of the essence regarding this contract.
Page 2 of 3 Buyer(s) Initials ______Seller’s initials ______
______________________________________ ______________________________
______________________________________
____________________________________________________________________________
Phone #’s: cell: _____________________ Work:
_____________________ Home:___________________
Fax #: _____________________________ Email address: _______________________________________
Seller: Date:
Manitou Place LLC
By: _____________________________________ _________________________________
Kenneth J. Myles, member
Acknowledged by Auctioneer
/ Broker:
American Real Estate & Leasing Group, LLC Date:
________________________________________ __________________________________
, associate broker
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