Completing Residential Purchase Agreement for Home Purchase

School: University of Nebraska, Lincoln - Course: FINA 382 - Subject: Accounting

RELU 3410 : Contract Exercise:Residential Purchase Agreement Instructions: 1)Complete the Residential Purchase Agreementusing the information provided below. The template is a PDF file available on CANVAS. Group work is encouraged. You are planning to purchase a home according to the following factors. Anything not addressed here but you feel should be addressed in the contract, please fill-in as you like. Buyer: Lisa Simpson Buyer Agent: None Seller: Dave Matthews Seller Agent: David Grohl Address: 13803 Springview Drive, Papillion, NE 68133 (Built in 2012) Legal Description: Lot 999 Clearwater Falls, Sarpy County, Nebraska All curtains, the refrigerator, and a chest freezer in the basement will be included with the property. Seller is conveying a general warranty deed. There are no liens or encumbrances on the property. The sales price is $295,000 The earnest deposit is $3,000. Buyer to put down 10% of the purchase price on the home. Balance financed with a 30-year Veterans Affairs (VA) loan with a 3.5% interest rate, which will have a monthly principle & interest payment not to exceed $1,193. Real estate taxes are to be prorated based on the year in which closing taxes place (Provision B). Loan application must be made within 5 days; if not approved in 30 days, buyer may rescind contract. Standard title insurance is required Buyer will be allowed to have a final walk through 24 hours before closing. Buyer chooses to have a home inspection conducted Home warrantyAis accepted and paid by buyer for $475 Closing date is scheduled for April 29thof this year, at 1:00 PM.Possession transfers at closing. The property is in S.I.D district #243 Seller has until 11:59 PM two days from today to accept your offer.