HomeMy WebLinkAbout949032REAL ESTATE SALES CONTRACT 0V- 264
WHEN COMPLETED AND SIGNED BY BOTH PATIS, THIS IS A LEGALLY BINDING
CONTRACT. IF THIS CONTRACT IS NOT FULLY UNDERSTOOD, THE SERVICES OF A
COMPETENT PROFESSIONAL SHOULD BE SOUGHT.
Seller, The Swanson Family Trust Dated December 8, 1990 Dale R. Swanson and Dorothy J. Swanson, Co Trustees
Grantor(s) of Thayne, County of Lincoln, State of Wyoming, hereby agrees to sell to Buyer, Doug D. Wall and
Monica B. Wall, Husband and Wife Grantee (s) of Rock Springs, County of Sweetwater, State of Wyoming, or
Buyer's nominee said Property from the Seller on the terms and conditions set forth in this contract.
ESCRIPTION: The Property is located in Lincoln County, Thayne, Wyoming and is commonly known as Lot 23
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as approximate dimensions of x .S and is legally described as follows:
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Lot 23 in Star Valley Ranch RV Park Plat 1, Lincoln County, Wyoming
1. PURCHASE PRICE is $32,500.00:
2. The Total purchase price to be paid for the Property by the Buyer is payable as follows:
(a) Initial deposit 500.00
(b) Monthly payments to begin October 1, 2009 at $234.80 per month (Interest Rate 8%)
(c) A Balloon payment of $16,000.00 will be due May 1, 2010 $16,000.00
(d) After Balloon payment on May 1, 2010 a balance of $15,846.70 will remain and with a 30 year
mortgage at 8% interest the monthly payment of $117.94 will begin June 1, 2010.
(e) Balance due Seller by Articles of Agreement for warranty deed on September 1, 2014...$ 15,102.77
3. APPORTIONMENT OF PURCHASE PRICE AND DEED: Land $ 32,500.00
It is agreed that the Property will be conveyed by recordable warranty deed, with release of dower and
homestead rights, subject to general real estate taxes for the current year, covenants, restrictions of
record, and easements of record, all of which must be acceptable to Buyer.
4. Buyer will pay for recordation of deed and prorated share of prepaid insurance, taxes, and interest, if
any.
5. The Seller will pay for: Revenue stall s mp, county, and local): Title commitment in the amount
of the purchase price from or any title ins prance company daily licensed to underwrite
title insurance in the state of abstract: ( ) Survey; t ttorney fees; Real estate
commissions; Title abstract; Title opinion letter; F.H.A./V.A. mortgage discount ; Photographs;
) Satisfaction of mortgage and recording fee; ( ) Lead paint inspection; ( ) Home inspection; ( ) Repairs or
replacements required by the F. H. A. or V.A. not to exceed ( )Any other inspections required by
law.
Buyer
RECEIVED 8/20/2009 at 3:40 PM Seller 94, .5-
RECEIVING # 949032
BOOK: 730 PAGE: 264
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
C3 V265
5. PRORATED ITEMS: All rents, water taxes or charges, taxes, assessments, monthly mortgage insurance premiums,
fuel, prepaid service contracts, and interest on existing mortgages shall be prorated as of the date of closing. If Buyer is to
accept the Property, subject to an existing mortgage requiring an escrow deposit for taxes, insurance, and/or other items, all
escrow payments required to be made up to the time of closing shall be made to the escrow holder at Seller's expense and said
escrow balance shall be assigned to the Buyer without compensation to the Seller; it being expressly understood that said
escrow balance is included in the Total Purchase Price. All mortgage payments required of Seller to be made shall be current
as of the time of closing. If the exact amount of real estate taxes cannot be ascertained at the time of closing, Seller agrees to
prorate said taxes on the basis of 110% of the last ascertainable amount.
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6. TITLE AND TITLE INSURANCE: Within f l'-a l-e days [ ] after the date of acceptance of this contract [
] after the date of approval of Buyer's mortgage loan (if any), the Seller will provide and deliver to Buyer or Buyer's Attorney:
[ ] A title commitment for an owner's title insurance olicy in the am of the purchase price (to be issued by a title
insurance company duly licensed by the state of _ to underwrite title insurance); [ ] A title insurance
commitment for a mortgage policy in the amount of $ ] A continuation of abstract.
7. SURVEY: Within "Ov days [ ] after the date of acceptance of this contract[ ] after the date of approval of
Buyer's mortgage loan (if any), the Seller will provide and deliver to Buyer or Buyer's Attorney: [ ] A new spotted certified
survey having all corners staked and showing all improvements upon the Property. [ ] No survey is required.
8. EXAMINATION OF TITLE AND TIME OF CLOSING: If the title evidence and survey as specified above
disclose that Seller is vested with fee simple title to the erty (subject only to the permitted exceptions set forth above
acceptable to Buyer), this sale shall be closed and B perfor the a ree a in this contract, at the office of
Buyer's Attorney, efore [ )
[ a3ays after the mortgage loan approval
[ l ys after acceptance of this contract. If title evidence or survey reveal any defect or condition which is
not acceptable to Buyer, the Buyer shall, within fifteen (15) days, notify the Seller of such title defects and Seller agrees to
use reasonable efforts to remedy such defects and shall have thirty (30) days to do so, in which case this sale shall.be closed
within ten (10) days after delivery of acceptable evidence to Buyer and Buyer's Attorney that such defects have been cured.
Seller agrees to pay for and clear all delinquent taxes, liens, and other encumbrances, unless the parties otherwise agree. If
.Seller is unable to convey to Buyer a good and insurable title to the Property, the Buyer shall have the right to demand all
sums deposited by Buyer and held by or for the,Seller. At the same time, Buyer shall return to Seller all items, if any,
received from Seller, whereupon all rights and liabilities of the parties to this contract shall cease. However, the Buyer shall
have the right to accept such title as Seller may be able to convey and to close this sale upon the other terms as set forth in
this contract.
9. DEFAULT BY BUYER: If Buyer fails to perform the agreements of this contract within the time set forth herein,
Seller may retain, as liquidated damages and not as a penalty, all of the initial deposit specified in paragraph 1(a) above,
it being agreed that this is Seller's exclusive remedy.
10. DEFAULT BY SELLER: If Seller fails to perform any of the agreements of this contract, all deposits made by
Buyer shall be returned to Buyer on demand, or the Buyer may bring suit against Seller for damages resulting from the breach
of contract, or the Buyer may bring an action for specific performance. Buyer's remedies are cumulative and not exclusive of
one another, and all other remedies shall be available in either law or equity to Buyer for Seller's breach hereof.
11. CONDOMINIUM PROVISION: (a) If the subject property is a condominium unit, this contract is subject to the
condition that Seller be able to obtain release or waiver of any right of first refusal or other preemptive rights of purchase
created by the Declaration of Condominium within the time established by said Declaration. If, after making every reasonable
effort, Seller is unable to obtain such release or waiver within the time provided and so notifies Buyer within that time, this
contract shall become null and void and all of Buyer's deposits shall be returned to the Buyer, provided that if said option or
preemptive right is not exercised within the time specified by the Declaration of Condominium, this contract shall remain in
full force and effect for that period of time which the Declaration of Condominium provides for completion of the sale,
should the option or preemptive right not be exercised. If the Declaration.of Condominium contains no such option or
preemptive right, this paragraph (a) shall be null and void and not part of this contract. (b) Seller represents and warrants that
there are no condominium assessments currently due and owing. Seller agrees to pay any assessments, including special
assessments, that have been or will be levied at any time prior to the date of closing. i5v l
Buyer 1~~6N
Seller
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12. ATTORNEY ]FEES AND COSTS: If any litigation is instituted with respect to enforcement of the terms of this
contract, the prevailing party shall be entitled to recover all costs incurred, including, but not limited to, reasonable attorney's
fees and court costs.
13. RISK OF LOSS OR DAMAGE: Risk of loss or damage to the Property by any cause is retained by the Seller
until closing.
14. CONDITION OF THE PROPERTY: Seller agrees to deliver the Property to Buyer in its present condition,
ordinary wear and tear excepted, and further certifies and represents that Seller knows of no latent defect in the Property. All
heating., cooling, plumbing, electrical, sanitary systems; and appliances shall be in good working order at the time of closing.
Seller represents and warrants that the personal property conveyed with the premises shall be the same property inspected by
Buyer and that no substitutions will be made without the Buyer's written consent. Buyer may also inspect or cause to be
inspected the foundation, roof supports, or structural member of all improvements located upon the Property. If any such
system, appliance, roof, foundation, or structural member shall be found defective, Buyer shall notify Seller at or before
closing and Seller shall thereupon remedy the defect forthwith at his/her sole expense (in which case the time for closing shall
be reasonably extended as necessary). If the. costs of such repairs shall exceed 5% of the total purchase price, Seller may elect
not to make such repairs and the Buyer may elect to take the Property in such defective condition and deduct 5% from the
purchase price or Buyer may, at his/her option, elect to terminate this contract and receive the full refund of all deposits and
other sums tendered hereunder. In addition, Seller agrees to remove all debris from the Property by date of possession.
1S. OCCUPANCY: Seller shall deliver possession to Buyer no later than the closing date unless otherwise stated herein.
Seller represents that there are no persons occupying the Property except the following tenants of the Seller:
Seller agrees to deliver exclusive occupancy of the Property to Buyer at the time of closing unless otherwise specifically
stated herein. Seller agrees to provide true and accurate copies of all written leases to Buyer within five (5) days after the date
of acceptance of this contract. Said leases are subject to Buyer's approval. Seller shall provide such letters notifying tenants
to pay rent to the buyer after.closing as Buyer may reasonably request. Seller warrants that any rent rolls and other income
and expense data provided to Buyer are complete and accurate, all of which must be acceptable to Buyer.
16. [ ] MORTGAGE OR THIRD PARTY FINANCING: According to paragraph 1(d) of this contract, it is agreed
that Buyer will require.a new mortgage loan to finance this purchase. The application for this mortgage will be made with a
lender. acceptable to Buyer, and unless a mortgage oan ptable to Buyer, is approved without contingencies other than
those specified in this contract within " ays from the date of acceptance.of this contract; the Seller or Buyer
shall have the right to terminate this contract and, at that time, all sums deposited by Buyer shall be returned to Buyer and
Buyer shall return any surveys and copies of leases received f m S er. Notwithstanding the aforesaid provisions, if Buyer
so requests and if Seller agrees, Seller shall have ays to offer Buyer a purchase money mortgage on said
property at terms acceptable to and approved by Buyer, and this contract shall remain in full force and effect. Said purchase
money mortgage shall be fully subject to the terms and conditions of the paragraph relating to Seller Financing below.
17. [ ] SELLER FINANCING: According to paragraph 1(f) above, it is understood that the Buyer will execute and
deliver at the closing, a Promissory Note to Seller which shall provide for full or partial prepayment without penalty [ ] and
shall bear interest at the rate of. g % per annum beginning on _ / 0 - / - f
in the amount of
$ 3c ' 0 Per-WQ NT1 [ ] such that the amount of such payments shall amortize the debt due in
Se Gow R ikGY years withal] unpaid principal and interest due 5~z COV rIZR6~'r The said Promissory Note shall be
secured by a mortgage acceptable to Buyer and providing for the full and free right of the mortgagor to transfer the Property,
in whole or in part, subject to the mortgage and to substitute for the Property other collateral of equivalent equity value; the
exculpation of the mortgagor from personal liability; thirty (30) days prior written notice to the mortgagor of the mortgagee's
intention to commence foreclosure proceedings and the right of the mortgagor to cure; the subordination of mortgagee's lien
to an existing or future senior encumbrance; the right of first refusal in the mortgagor if the mortgagee shall at any time sell
its interest at a discount; future advances at the option of the mortgagee; the release or portions of the Property from the lien
of the mortgage upon partial principal payments by mortgagor, which said portion shall be released in the same proportion
that the amount of the partial payment bears to the then outstanding principal balance.
Buyer -
Selle t -S .
06267
18. [ ] ARTICLES OF AGREEMENT FOR WARRANTY DEED: If this sale is made by. Articles of
Agreement for warranty deed pursuant to paragraph 1(g) above, then the terms.of paragraph 17 relating to Seller Financing
shall be incorporated in said Articles of Agreement and shall become a part thereof, and the terms relating.to a Promissory
Note and mortgage shall be construed and relate to the Articles of Agreement for warranty deed in lieu of any reference to
Promissory Note and mortgage.
19. F.H.A. FINANCING: It is expressly agreed that, notwithstanding any other provisions of this contract, Buyer shall
not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of any money
deposit or otherwise unless the Seller has delivered to the Buyer a written statement issued by the Federal Housing
Commissioner setting .f rt the appraised value of the Property (excluding closing costs) of not less than
$ D.S. hick statement Seller agrees to deliver to the Buyer promptly after such appraised value statement
is made available to Seller. The Buyer shall, however, have the privilege and option of proceeding with. the consummation of
this contract without regard to the amount of the appraised valuation made by the Federal Housing Commissioner.
20. V.A. FINANCING: It is expressly agreed that, notwithstanding any other provisions of this contract, the Buyer
shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the Property
described in this contract if the Total Purchase Price exceeds the reasonable value of the Property established by the
Department of Veterans Affairs. The Buyer shall, however, have the privilege and option of completing this transaction
without regard to the amount of reasonable value established by the Department of Veterans Affairs.
21. [ ] TERMITE INSPECTION:. Seller agrees to furnish to Buyer, at Seller's expense, an inspection report showing
all buildings on the Property to be free and clear from visible infestation and free from visible dry or wet rot damage by
termites and other wood-destroying organisms. This inspection report is to be furnished by a licensed pest control firm. If a
report shows such visible infestation or damage, Seller shall pay all costs of treatment of such infestation and all costs of
repair of such damage. If the costs of treatment and repair shall exceed 3% of the total sale price, Seller may elect not to
make such treatment and repairs. and Buyer may elect to take the Property in its then condition and deduct 3% from the total
purchase price and complete the transaction or Buyer may terminate this. contract and receive a full refund of all deposits made
by Buyer hereunder. p~
22. [ ] ZONING: Unless the property is properly zoned for. N IA ~b.S- t\w use and there. are no
deed restrictions against such use at the time of closing, the Buyer shall have the right to terminate this contract and receive a
full refund of all deposits made by Buyer hereunder,
23. LEGAL USE: Seller represents and warrants to Buyer that the entire property conforms to all building codes and
restrictions that may be imposed by any governmental agency either national, state, or local. Seller also warrants that there.
are no building code violations on the Property and that Seller has received.no notice of any building code violations for the
past ten years that have not been fully corrected.
24. LOCAL ORDINANCES: Seller shall procure for Buyer, at Seller's expense, all certificates of inspection,
certificates of occupancy, or the like required under the terms of any local ordinance.
25. PERSONAL PROPERTY INCLUDED IN THE PURCHASE PRICE: (Strike items not applicable):
storm and screen doors and windows; awnings; outdoor television antenna; wall-to-wall, hallway, and stair carpeting; window
shades and draperies and supporting fixtures; venetian blinds; window treatments; electric plumbing and other fixtures as
installed; water softener; attached shelving; hardware; trees and shrubs; refrigerator(s) ; stove(s)
air conditioner(s) and such other items as is.listed below or on a rider
attached hereto, all of which personal property is unencumbered and owned by Seller. All such items shall be conveyed from
Seller to Buyer by a Bill Of Sale. O r71L o V 1E
26. [ ] This offer shall terminate if not accepted before (mo./day) 91- 1 (yr.) 0q
27. R.E.S.P.A. COMPLIANCE: Seller and Buyer agree to make all disclosures and do all things necessary to comply
with the provisions of the Real Estate Settlement Procedures Act.of 1974 if it is applicable to this transaction. 1J,~
Buyer Y' O16n'
Seller lb-
28. ADDITIONAL TERMS AND CONDITIONS:
(a) Where the context requires, the terms that Seller and Buyer shall include are in the masculine as well as the feminine and
the singular as well as the plural.
(b) There are no agreements, promises, or understandings between the parties.except as specifically set forth in this contract.
No alterations or changes shall be made to this contract unless the same are in writing and signed or initialed by the parties
hereto.
(c) The provisions of this contract shall survive the closing and shall not merge in any deed of conveyance herein.
(d) This agreement shall be construed under the laws of the State of Y IJYYI <Ot/
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29.REAL ESTATE SALES COMMISSION. The Seller agrees to pay all real estate sales commission due on this
transaction. l/` # c
SW
30.NOTICES: Any notices required to be given herein shall be sent to the parties listed below at their. respective addresses
either by personal delivery or by certified mail - return receipt requested. Such notice shall be effective upon delivery or
mailing.
TIME IS Or THE ESSENCE. OF THIS AGREEMENT.
In witness whereof, the parties signed their names on the dates in the year set forth below.
Buyer(s): _ Buyer's Date of Offer: (modday)
(yr.)
Address:
Address:
Seller(s):
Seller's Date of Acceptance: (mo./day)
~ (yr.)
4 Address: 771 VG rJ Ry
j y
Address: r~ r
X/V
Y
Kila a
Buyer-Wl
Sellec~~
<,y Pic
Doug "all
On l
the within in A
2009, personally appeared before me Doug D. Wall the signer(s) of
who duly acknowledged to me that HE executed the same.
State of C
County of ~r~, r
Residing: ,,q l-nzz Ly
Expires: . 1.~4_ .zp 1,;L
Monica B Wall
otarial Officer
~Fl4RQN WALKER NOTARY PUBLIC
COUNTY OF STATE OF
LINCOLN WYOMING
MY COMMISSB~ EXP FIES JIME 1A, 2012
On , 2009, personally appeared before me Monica B. Wall the signer(s) of
the within i trument, who duly acknowledged to me that SHE executed the same.
State of 11 yo
County of
Notarial Officer
Residing: f-h
Expires: j ,
[1Y
LItER NOTARY PUBLIC
F STATE OF
9 WYOMING
ION EXPIR JUNE 14, 2012
x ; wee
L mo=t 270
Dale R Swanson Trustee
On`- , 4 - ~ , 2009, personally appeared before me Dale R. Swanson Trustee the
signer(s) of the within instrument, who duly acknowledged to me that HE executed the same.
State of
County of
Residing: \ \\,!\O V\ ci t ~
Expires: ~C Q j cC k
Notar' Officer
y Dyanna Parker -Notary Public
County of State of
Lincoln G Wyoming
My Commission Expires June 29, 2011
7 ~c g JLs?y x.~=
0'-W~ ~ , 4wc-~~
Dorothy J. S n Trustee
On 'F-/ y -0 9 , 2009, personally appeared before me Dorothy I Swanson Trustee
the signer(s) of the within instrument, who duly acknowledged to me that SHE executed the
same.
State of ~ Q\,x r,.',cv ,uA
County of
Not~Ti I ffcer
Residing:
ary Public
Expires: lcME
state of 0 Wyoming
June 29, 2011