Download Contract for Sale of Farm or Vacant Land

McElroy 160 Gentry County MO Bid Instructions
1.
Line 3 of Contract: Fill in Buyer name as you will take title to the
farm.
2. Line 4 of Contract: Fill in purchase price in total dollars only. The
sellers minimum acceptable sales price is $232,000.00 Interested
parties are advised to make their best possible bid. Please fill in total
dollars only on purchase price. Any reference to acres will disqualify
bid. Sellers reserve the right to reject any and all bids. Bid amount is
not subject to financing, so be sure you have loan arrangements
made.
3. Escrow amount shall be a minimum of 10% of the purchase price.
4. Title insurance and Closing Costs are to be split equally between
buyer and seller (see paragraph 11 of contract).
5. Closing May 31, 2012 10 am. Buyer may close remotely by signing
Closing Statements, and wire transfer.
6. Sign and initial all pages, and be sure to include escrow deposit
made payable to First American Title with Contract offer form. Only
the successful bidders check will be cashed after notice & executed
contract is provided to the buyer.
Bids are to be returned and opened privately Friday May 4, 2012 at
10 am at Barnes Realty’s Missouri office:
Barnes Realty McElroy 160 Bid opening
18156 Hwy 59
Mound City MO 64470
Successful bidder will be notified by close of business that day.
Please provide email, name, and phone contact information here:
________________________________________________________
________________________________________________________
Buyer’s Initials:______________________
Seller’s Initials:______________________
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Contract for Sale of Farm or Vacant Land
This is a legally binding contract. If not understood, seek competent advice.
Seller and Buyer, enter this Contract as of the Contract date defined below. The parties mutually agree as follows:
1. PROPERTY. Seller will sell and Buyer will buy the property described on Exhibit A, attached on the following specific
terms:
2. NAME(S) OF SELLER(S): Dick McElroy & Ruth Ann McElroy
3. NAME(S) OF BUYER(S): ____________________________________________________________________________
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PURCHASE PRICE. Buyer will pay a purchase price of ________________________________________________ for the
property as follows: (10% of Purchase price include check with offer)______________________ as earnest money at the
time of the execution and delivery of this Contract, which earnest money shall be delivered to First American Title (Escrow
Agent) to be placed in an escrow account as soon as practicable, but not later than ten (10) banking days after the date of final
acceptance of this Contract by all parties; and, at closing, Buyer will execute any note and deed of trust or assumption
agreement provided for in this Contract and will pay the balance of the purchase price, if any, in cash or by certified check.
CLOSING. This Contract will be closed at the office of First American Title, in St Joseph Missouri, on or before May 31,
2012 at 10 am or at such other time and place as the parties may mutually agree. This Contract together with any addenda
will constitute escrow instructions to the Escrow Agent. If Seller must take additional steps to deliver marketable title, then
the time of closing may be extended as provided above. Possession will be delivered to Buyer at closing, subject to the rights
of No One, who occupies the premises. If there is any charge for conducting the closing, the charge shall be paid half by
Buyer and Half by Seller. Buyer shall pay the cost of recording the deed.
The property to be conveyed Includes all existing improvements on the property and appurtenances, fixtures and affixed
equipment now located thereon, if any, including: fencing and other attached fixtures, trees, bushes, shrubs and plants, feed
bunks in the fence, installed fences and gates, propane tanks not under lease, water association rights and telephone rights
where applicable, hog and cattle waterers in the fence or permanently installed, grain storage buildings and hog and cattle
shades on permanent foundations, auger and conveyor systems. All grain, crops, livestock, hay, silage, and non-affixed
personal property on the real estate are reserved by the Seller or Seller's tenant. Seller is not retaining any mineral rights.
The following items are excluded from the sale: Tractor and machinery stored in the barn & Travel Trailer is not included
with the sale.
FINANCING This Contract is not subject to Buyer obtaining financing.
CONTRACT CONTINGENCIES This Contract is not subject to any contingencies, except the title requirements described
below and financing contingencies above if so described.
ACCESS TO PROPERTY. Seller will permit inspections of the property by Buyer personally, or by third-party inspectors
selected by Buyer, or as required by Buyer's lender, upon reasonable advance notice to Seller. Buyer and Buyer's salesperson
may be present during inspections.
TITLE INSURANCE. A Title Insurance Company licensed in Missouri will deliver a preliminary title insurance policy to
Buyer as soon as possible after this contract is fully executed by all parties. A final, formal commitment will be delivered not
later than ten days prior to the date of closing. This will be a commitment to issue an owner's policy of title insurance in the
amount of the purchase price of the property issued by said Title Insurance Company. The commitment will name Buyer as
the proposed insured and will provide that a policy will be issued immediately after Seller's deed to Buyer is placed of record.
The cost of the of the owner's title insurance policy will be split equally by buyer and seller, and the cost of the mortgagee's
title insurance policy, if any, will be paid by Buyer.
TITLE OBJECTIONS. At least 5 days before the closing date, Buyer shall notify Seller in writing of any objection Buyer has
to any title exceptions disclosed by the title insurance commitment or survey or any matter rendering the title unmarketable.
Any such matters to which Buyer does not so object shall be deemed to be permitted exceptions to the status of Seller's title
(the "Permitted Exceptions"). With regard to items to which Buyer does so object, Seller shall have until closing to cure the
objections. If Seller does not cure the objections by closing, this Contract shall automatically be terminated and the earnest
money returned to Buyer unless Buyer waives the objections on or before closing.
TITLE STANDARDS. "Marketable title" has the meaning contained in Title Standard 4 of the Missouri Bar. If the title
insurance commitment discloses any encumbrance or defect which causes Seller not have marketable title, such encumbrance
or defect will not constitute a valid objection by Buyer if Seller furnishes the affidavits or other documentation required to
remove the encumbrance or defect. It is understood that any existing liens will be paid out of sale proceeds.
SELLER TO CONVEY BY WARRANTY DEED. If Seller has marketable title to the real property, Seller will deliver to
Buyer at closing a general warranty deed free and clear from all liens and encumbrances, except the Permitted Exceptions (or
a fiduciary deed where applicable).
TAXES, ASSESSMENTS. Seller will pay in full all state, county and municipal taxes and assessments, general and special,
which are a lien on the property; except taxes for this calendar year, which will be prorated as the date of delivery of the
deed. If the amount of taxes cannot then be ascertained, proration will be computed on the amount of general taxes for the
Buyer’s Initials:______________________
Seller’s Initials:______________________
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preceding calendar year.
16. PARTIES TO PERFORM PROMPTLY; LIQUIDATED DAMAGES. Because of the commitments of the parties, time is of
the essence of this Contract. If Seller has kept Seller's part of this Contract by furnishing marketable title and Buyer fails to
comply with the terms of this Contract by the scheduled closing date, then the earnest money will be paid to Seller as
liquidated damages, actual damages being difficult if not impossible to ascertain, and this Contract may or may not be
thereafter operative, at the option of Seller. Each party shall have all remedies available at law or in equity for breach by the
other party. Escrow Agent will not be liable for it until actually in the form of cash in the holder's possession. If Buyer fails to
pay additional earnest money when due (if required) or if the earnest money is to be paid over to Seller as liquidated damages
because of Buyer's failure to comply with this Contract, then the earnest money will go first toward reimbursing expenses of
Seller or listing broker incurred in this transaction, and the balance to be paid one-half (1/2) to Seller and one-half (1/2) to
listing broker in lieu of compensation; provided, however, that the broker will in no event receive an amount greater than the
agreed compensation. If Buyer and Seller have a dispute over the return or forfeiture of earnest money held in the
aforementioned escrow account, the deposit may be held in the escrow account until Escrow Agent obtains written release
from all parties consenting to disposition or until a civil action is filed to determine disposition, at which time Escrow Agent
may pay the funds into court. However, in the absence of a pending civil action or written release and upon passage of sixty
(60) days from the date of the dispute, Escrow Agent may disburse the earnest money to either party to the transaction based
upon a good faith decision by Escrow Agent that the opposite party has failed to perform as agreed, but this disbursement
shall only be made after the broker has given fifteen (15) days' written notice by certified mail to all parties concerned at their
last known address setting forth Escrow Agent's proposed action.
17. ATTORNEYS' FEES, COURT COSTS. If a suit is filed concerning this property or Contract against any party or broker or
salesperson under this Contract, or out of the sale or actions or representations of the sale, then the prevailing party in the
litigation will be entitled to reasonable attorneys' fees and court costs. This clause will survive the closing or termination of
this Contract and will apply if any litigation is brought concerning this property or Contract.
18. FACSIMILE SIGNATURES. -Facsimile signatures,' as that term is commonly used with reference to facsimile machines
used in transmitting documents, signatures, photocopies, etc., will be and hereby are declared by all parties to this Contract to
be the same as an original signature to this Contract. A facsimile of the Contract, including the signature portion thereof, will
be treated and relied upon by all parties hereto as an original Contract and an authentic signature with the same legal effect as
though the facsimile were an original document to which a genuine signature has been affixed.
19. CONSTRUCTION. The terms "Seller" and "Buyer" may be either singular or plural according to whichever is evidenced by
the signatures below. Paragraph captions in this Contract are intended solely for convenience of reference and will not be
deemed to modify, place any restriction upon, or explain provisions of this Contract. If any date for performance falls on a
day other than a business day, such date shall be extended to the next succeeding business day.
20. BROKER DISCLAIMER. No broker or salesperson makes any guarantee or representation as to the title to the property, or
discrepancies that a survey may reveal, or the repair or condition of any of the buildings or improvements on the property.
Barnes Realty has made every effort to present accurate information on the property. Most information comes from outside
sources: County/Government/Seller and human error can occur. Buyer has satisfied himself with the information presented
and had determined the information is true and accurate and that the property is well suited for his intended use. Buyer
agrees not to bring suit against Barnes Realty for inaccurate information coming from outside sources.
21. SELLER DISCLOSURE STATEMENT. A seller property condition disclosure statement is not a substitute for any
inspections that Buyer may wish to obtain. Except as disclosed either in this Contract or any such seller property condition
disclosure statement, neither Seller nor any broker or salesperson has made any representations not specifically set forth.
No seller property condition disclosure statement will be provided by Seller.
FOREIGN INVESTMENT. Seller represents that Seller is not a foreign person as described in the Foreign Investment in
Real Property Tax Act and agrees to deliver to Buyer an affidavit at closing to that effect which shall contain Seller's tax
identification number.
22. REAL ESTATE BROKERAGE RELATIONSHIP DISCLOSURE It is understood and agreed that the broker has made
appropriate disclosures to both the buyer and seller and that the Broker is working as a Sellers Agent on this particular
transaction, Buyer is unrepresented. Listing Agent and owner Dick McElroy is a licensed agent in the State of Missouri.
23. By signing below, the salespersons confirm making disclosure of this brokerage relationship to the appropriate parties.
(All lines below must be completed.)
Selling Broker's Firm Name: _Barnes Realty
Listing Broker's Firm Name: Barnes Realty
24. LEAD-BASED PAINT DISCLOSURE. A Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
(DSC-2000) IS___ IS NOT _x__attached to this Contract and signed by Seller, Buyer and the listing broker or salesperson.
25. BINDING EFFECT/ASSIGNABILITY/SECTION 1031 EXCHANGE: This Contract is binding on and shall inure to the
benefit of the parties and their respective heirs, successors and permitted assigns. Buyer may not assign this Contract without
the written consent of Seller if: (a) Seller is taking back a note and deed of trust as part of the Purchase Price, or (b) Buyer is
assuming the existing note. Assignment does not relieve the parties from their obligations under this Contract. The parties
acknowledge that Buyer may desire to acquire, and/or Seller may desire to sell, the Property as part of a like-kind exchange
Buyer’s Initials:______________________
Seller’s Initials:______________________
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(“Exchange”) pursuant to 1031 of the Internal Revenue Code (the “Code”). Each party agrees to cooperate with the other
and its qualified intermediary/third-party facilitator in connection with any such Exchange, provided however, in no event
shall Closing hereunder be delayed or affected by reason of an Exchange, nor shall consummation of an Exchange be a
condition precedent or subsequent to any obligation of the parties under this Contract. No party shall be required to incur any
cost or expense or to acquire or hold title to any real property, for purposes of consummating and Exchange at the request of
another party (the “Requesting Party”). In addition, no party shall, by this Contract or acquiescence to an Exchange by a
Requesting Party, have its rights or obligations hereunder affected in any manner, or be deemed to have warranted to a
Requesting party that such Exchange in fact complies with the Code. A Requesting Party shall reimburse each other party of
any cost or expense incurred by such non-requesting party with respect to an Exchange.
26. Missouri law requires persons who are convicted of certain crimes, including certain sexually violet crimes, to register with
the sheriff of the county in which they reside. If you, as the Buyer, desire information regarding those registrants, you may
find information at http://www.mshp.dps.mo.gov/CJ38/search.jsp or by contacting your local sheriffs office.
APPROVED AND ACCEPTED:
XBuyer ___________________________________ Date _____________ 20___ SS#
XBuyer ___________________________________ Date _____________ 20___ SS#
Seller hereby _____ accepts
_____counter offers the foregoing offer set forth in this Contract on the terms specified herein. A counter offer form
which amends the terms of this Contract is attached and incorporated into this Contract.
X Seller ________________________________ Date ____________ 20___ SS#_________________
X Seller ________________________________ Date ____________ 20___ SS#_________________
Buyer accepts Seller's counter offer. BUYER'S INITIALS _________________
The "Contract date" is the date this document was accepted by the last party to sign. The Contract date is___________________
20___[may be filled in after execution and delivery of this Contract by both parties].
Buyer’s Initials:______________________
Seller’s Initials:______________________
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EXHIBIT “A” LEGAL DESCRIPTION
All the land owned by the sellers in Sections 14 & 15 of Township 64, Range 30 of Gentry County, MO
More commonly described as: McElroy 160 (Legal description on updated abstract or title insurance commitment to govern.)
Buyer’s Initials:______________________
Seller’s Initials:______________________
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