STANDARD PURCHASE CONTRACT

THIS PURCHASE CONTRACT (this “Agreement”) is made effective as of [Effective Date], by and between [Seller Name] (“Seller”), and [Buyer Name] (“Buyer”).

AGREEMENT

The parties agree as follows:

1. Agreement of Purchase and Sale

Subject to the terms, covenants and conditions of this Agreement, Seller shall sell to Buyer and Buyer shall purchase from Seller the “Property” described as follows:

(Parcel Number(s) and Legal Description(s) attached hereto as Exhibit “A”)

2. Purchase Price

Buyer shall pay [Total Purchase Price] as the Purchase Price for the Property, as follows:

2.1 Down Payment

A down payment of [Down Payment Amount] shall be due within two (2) days of execution of this Agreement.

2.2 Remaining Balance – Cash Transaction

The remaining balance of [Remaining Balance] shall be paid in full on or before Closing via cashier’s check, wire transfer, certified funds, or money order.

2.3 Remaining Balance – Seller Financing

The remaining balance of [Remaining Balance] shall accrue interest at [Interest Rate]% per annum, amortized over [Number of Months] months, and paid in equal monthly installments of principal and interest in the amount of [Monthly Payment Amount], commencing on [Start Date] and continuing monthly thereafter until [Maturity Date], at which time all remaining principal and accrued interest shall be due in full. Final payment may include a balloon payment.

3. Processing and Service Fees

Buyer shall pay a one-time processing fee of [Processing Fee] upon execution of this Agreement or upon full performance, depending on payment structure.

Under Seller Financing, Buyer shall additionally pay a monthly servicing fee of [Monthly Service Fee]. All service fees are non-refundable.

4. Property Taxes

Property taxes for the current year shall be prorated and handled as follows:

Taxes attributable to periods prior to transfer shall be the responsibility of Seller.
Taxes attributable to periods after transfer shall be the responsibility of Buyer.
Under Seller Financing, property taxes may be collected monthly and remitted by Seller to the County Treasurer when due.

Buyer shall be responsible for all taxes, assessments, penalties, and interest accruing after transfer of title.

5. Possession and Use

Buyer shall receive full and exclusive possession and use of the Property:

Upon full performance and payment under a Cash Transaction; or
Upon execution of this Agreement under Seller Financing, subject to termination upon default.

Seller retains legal title until all obligations under this Agreement have been fully satisfied.

6. Closing and Delivery of Deed

6.1 Closing (Cash Transaction)

Time is of the essence. Closing shall occur on or before [Closing Date], unless extended in writing by mutual agreement. Failure to close shall result in termination of this Agreement, and any earnest money may be retained as liquidated damages.

6.2 Delivery of Deed (All Transactions)

Upon full performance of this Agreement, Seller shall execute and deliver a Special Warranty Deed conveying legal title to Buyer. Seller shall record the deed within thirty (30) days of final payment and provide a recorded copy within seven (7) days thereafter. Title shall be conveyed free and clear of all liens and encumbrances.

7. Closing Costs and Adjustments

All customary closing costs, taxes, utilities, assessments, and similar charges shall be prorated as of the closing or funding date. Buyer shall be responsible for transfer taxes and recording fees unless otherwise agreed in writing.

PURCHASE CONTRACT TERMS AND CONDITIONS

1. Integration with Purchase Contract

Any capitalized terms not otherwise defined are defined in this Agreement. In the event of conflict, the Purchase Contract controls.

2. Payments

Buyer shall make all payments in approved legal tender or wire transfer. Payments shall be applied in the following order: late fees, service fees, interest, then principal.

3. All Sales Final

All sales are final.

4. Prepayment

Buyer may prepay in full or in part at any time without penalty. Partial prepayments shall be applied first to accrued amounts, then principal, without changing installment due dates.

5. Late Payments

Late payments shall incur liquidated damages of $10 per payment if more than five (5) days overdue. NSF fees of $25 apply to returned payments.

6. Acceleration Clause; Default Interest Rate

If Buyer defaults and fails to cure within thirty (30) days of written notice, Seller may declare all remaining amounts immediately due and payable.

7. Condition of Property

Buyer accepts the Property “as is, where is, and with all faults,” without warranties or representations of any kind. Buyer assumes full responsibility for all inspections, repairs, and conditions.

8. Title Insurance Policy

Seller may, at its discretion, provide a standard owner’s title insurance policy. Any additional coverage shall be at Buyer’s expense.

9. Third Party Agent

If an escrow or servicing agent is used, such agent shall act in accordance with this Agreement. In the event of conflict, this Agreement controls.

Buyer shall be responsible for all agent fees unless otherwise stated.

10. Real Estate Taxes and Assessments

Taxes and assessments shall be prorated as of the Effective Date. Buyer shall assume responsibility for all future taxes and assessments.

11. Hold Harmless and Insurance

Buyer shall maintain liability insurance and hold Seller harmless from all claims arising from ownership or use of the Property.

12. Insurance Proceeds

Insurance proceeds shall be applied toward Buyer’s payment obligations under this Agreement.

13. Injury or Damage

Buyer shall indemnify and hold Seller harmless from all claims, damages, or injuries occurring on the Property after execution.

14. Condemnation

Any condemnation proceeds shall be applied toward Buyer’s payment obligations.

15. Waste, Repair and Liens

Buyer shall maintain the Property and shall not permit liens, waste, or damage to occur.

16. Compliance with Laws

Buyer shall comply with all laws, codes, and regulations affecting the Property.

17. Assignment

Seller may assign this Agreement. Buyer may not assign without prior written consent.

18. Notices

All notices shall be in writing and delivered by recognized delivery methods and deemed effective upon receipt.

19. Defaults and Remedies

Upon default and failure to cure within thirty (30) days after notice, Seller may terminate this Agreement and retain all payments as liquidated damages. Buyer shall surrender possession upon termination.

20. Time of the Essence

Time is of the essence.

21. Brokers

No brokerage commissions are due unless otherwise stated. Buyer shall indemnify Seller against any claims arising from Buyer’s actions.

22. Attorneys’ Fees

The prevailing party shall be entitled to recover attorneys’ fees and costs.

23. Amendment

This Agreement may only be amended in writing signed by both parties.

24. Recording

Neither party shall record this Agreement.

25. Entire Agreement

This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements or understandings.

26. No Agency

Nothing in this Agreement creates a partnership, joint venture, or agency relationship.

27. Jurisdiction and Venue

This Agreement shall be governed by the laws of the State of Colorado, with venue in Boulder County, Colorado.

28. Headings; Gender

Headings are for convenience only and shall not affect interpretation.

29. Severability

If any provision is invalid, the remaining provisions shall remain in full force and effect.

30. Authority

Each signatory represents that they have authority to bind the entity they represent.

31. Legal Counsel

Buyer acknowledges opportunity to seek independent legal counsel.

32. Counterparts

This Agreement may be executed in counterparts, each of which is deemed an original.

EXHIBIT A

Parcel Number(s): [Parcel Number(s)]
Legal Description(s): [Legal Description]

EXHIBIT B (IF APPLICABLE)

Buyer hereby appoints Seller as attorney-in-fact under a limited power of attorney to execute documents necessary to complete transfer of title. This power is coupled with an interest and is irrevocable.

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