Purchase and Sale Agreement Purchase and Sale. For and in consideration of mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned buyer _____________________________________________________ (“Buyer”) agrees to buy and the undersigned seller Seller’s Name (“Seller”) agrees to sell all that tract or parcel of land, with such improvements as are located thereon, described as follows: All that tract of land known as: 8209 Penn Way Court Franklin TN 37064, as recorded in Williamson County Registers Office, deed book(s) 3675, page(s) 599, and further described as: Lot # 123 Brandon Park Downs, together with all fixtures, improvements, and appurtenances, all being hereinafter collectively referred to as the “Property”, as more particularly described as is recorded with the Register of Deeds of the county in which the Property is located and is made a part of this Purchase and Sale Agreement (“Agreement”) by reference. The Seller in consideration of the sum of ($ ) ___________________________________________________________________ DOLLARS as earnest money and in part payment of the purchase price has this day sold and shall convey good and marketable, fee simple title by valid warranty deed to Buyer, or such person as he may in writing direct, the following described real estate: 8209 Penn Way Court Franklin TN 37064, as recorded in Williamson County Registers Office according to most current available tax records Subject to restrictions contained in deed of record in Deed Book 3675, Page 599; including Restrictive Covenants of record in Register’s Office for Williamson County Tennessee (Provided) Property being sold and purchased in “AS IS” condition without contingencies of any kind Sellers, agents and auctioneers assume no responsibility, or liability of percolation, environmental reports and/or soil test results, and offer no guarantee as to building permits Subject to state and local planning, zoning, codes and building regulations. Subject to all visible, non visible, recorded and unrecorded easements Subject to all matters shown on Title Commitment (provided) Auction announcements made at sale become a part of this contract and are binding Purchase Price. The total purchase price for the Property shall be __________________________________________________________________ U.S. Dollars, ($ ) (“Purchase Price”), and is subject to all prorations, adjustments and announcements made the day of sale and shall be paid by Buyer at the Closing by cash, wire transfer of immediately available funds, cashier’s check or certified check. Earnest Money. Buyer has deposited the sum of $__________________________________________dollars with RealtyTrust Auctioneers, LLC (“Holder”). The Earnest Money has been received by Holder and is to be applied as part of the Purchase Price at Closing. The Earnest Money shall be deposited in Holder’s escrow account. In the event any Earnest Money check is not honored, for any reason, by the financial institution from which it is drawn, this Agreement shall automatically terminate and Holder shall notify the parties of the same. Holder shall disburse Earnest Money as outlined in the Agreement. No party shall seek damages from Holder, nor shall Holder be liable for any such damages, and all parties agree to defend and hold harmless the Holder for any matter arising out of or related to the performance of Holder’s duties hereunder. In the event the Buyer or Seller notifies Holder of a dispute regarding disposition of Earnest Money that Holder cannot resolve, Buyer and Seller
agree to interplead the Earnest Money into a court of competent jurisdiction. Holder shall be reimbursed for, and may deduct from, any funds interpleaded, its costs and expenses, including reasonable attorney’s fees. The prevailing party in the interpleaded action shall be entitled to collect from the other party the costs and expenses reimbursed to the Holder, and upon payment of such funds into the court registry, Holder shall be released from all further liability in connection with the funds delivered. The agent/broker mentioned in this contract is RealtyTrust Auctioneers, LLC Title. The Seller or his agent/broker, at seller’s expense, agrees to make application to a Tennessee State licensed Title Company for a title examination on the above property and if, after examination by this Company the title is found insurable and marketable the buyer hereby agrees to accept this commitment to issue title insurance in its usual form and to comply with this Agreement, and it is agreed that such report shall be conclusive evidence of good title subject to the exceptions therein stated, otherwise that the Earnest Money is to be refunded. If Buyer desires to purchase a Title Insurance Policy, then that Policy will be issued based upon the commitment of Title Insurance provided by Seller. Should the Buyer default in the performance of this Agreement, then the Earnest Money shall be forfeited as liquidated damages. But such forfeiture shall not prevent suit for the specific performance of this Agreement by the Seller. Purchase and Sale Agreement to be closed as soon as possible, but no later than October 28, 2011 or as here in provided in the notice to close. Notice to Close. This transaction shall be consummated (“Closing”) at the office of Gullett Sanford Robinson & Martin, PLLC, by October 28, 2011. RealtyTrust Auctioneers, LLC, through its agents or Attorney, may give notice to close to the Buyer, and failure to close on or before the specified Closing Date will result in a forfeiture of the Earnest Money from which the agent/broker will take his compensation and any unpaid advertising money, without the necessity of answering to any court or person. It is agreed by the Buyer and Seller that the agent/broker is a party to this Agreement for the purpose of enforcing the agent/brokers rights therein. That the agent/broker has fully performed his service and has no further duties, obligation or liabilities to either the Buyer or Seller. 1. Sellers Escrow Deposits – None 2. Taxes for Current Year – Pro-rate; Back taxes, if any to be paid by seller 3. Sellers Fire / Hazard Insurance – The risk of hazard or casualty loss or damage to the
Property shall be borne by the Seller until transfer of title. 4. Existing Leases or Rents – None 5. Possession – Possession Date of Deed, plus 30 days 6. Owners Title Policy / Title Insurance – Paid by Buyer
Conveyance to be subject to existing Building Restrictions and/or Zoning/Codes Ordinances Agency: This document also serves as confirmation that the licensee’s / firms agency status was communicated orally prior to the auction beginning. Inspection, Water Supply and Waste Disposal Notification: Buyer agrees that adequate time was given to carefully inspect the property and I/we have been made aware that it is my responsibility as an informed Buyer to satisfy myself regarding the condition of the property, including but not limited to water supply and waste disposal systems.
Other Provisions. A. Entire Agreement. This Agreement constitutes the sole and entire agreement between the parties hereto, and no modification of this Agreement shall be binding unless signed by all parties. No representation, promise, or inducement not included in this Agreement shall be binding upon any party hereto. B. Time of Essence. Time is of the essence of this Agreement. C. Terminology. As the context may require in this Agreement: (1) the singular shall mean the plural and vice versa, and (2) all pronouns shall mean and include the person, entity, firm, or corporation to which they relate. D. Notices. Except as otherwise provided herein, all notices and demands required or permitted hereunder shall be in writing and delivered either (1) in person, (2) by a prepaid overnight delivery service, (3) by facsimile transmission (FAX), (4) by the United States Postal Service, postage prepaid, registered or certified return receipt requested or (5) Email. Notice shall be deemed to have been given as of the date and time it is actually received. Receipt of notice by the Firm representing a party as a client pursuant to a written agency agreement shall be deemed to be notice to that part for all purposes herein. E. Governing Law and Venue. This Agreement is intended as a contract for the purchase and sale of real property and shall be interpreted in accordance with the laws and in the courts of the state of Tennessee. THIS AGREEMENT shall be binding upon the undersigned and their respective successors, and assigns. The above proposition is hereby accepted on the _______ day of _______________, 2011