Offer to Purchase Note and Deed of Trust, Mortgage or Real Estate Contract
THIS OFFER TO PURCHASE, is made on ____________________________________________________by and between ___________________________________________________________________________, the undersigned (Seller) and ____________________________________________________________________________________(Purchaser), and/or
his successors and assigns, whose address is _____________________________________________________________.
This offer is subject to and contingent upon ___________________________________ (Purchaser), and/or its investor’s inspection and approval of the property and all documents including, but not limited to, credit, appraisal and title work. The FICO credit score of the payor on the below referenced Promissory Note is represented to be a minimum of_______. The appraisal value of the property that secures the below referenced Promissory Note is represented to be a minimum of $_____________________.
Seller agrees to sell and convey to Purchaser, and Purchaser agrees to buy, upon the terms and conditions set herein, the Promissory Note secured by that certain (Trust Deed, Mortgage, Real Estate Contract) , wherein the payor owes a current principal balance of approximately $___________________, carrying interest on the principal balance at the rate of _________% per annum, and requiring a monthly principal and interest payment of $_______________.
The agreed upon purchase price is $_______________, provided there are no underlying problems. If the contract has to be renegotiated a verbal commitment from the seller will be binding.
A faxed copy of this document is deemed binding upon both parties.
The subject property is located in the county and state of _______________________ and is legally described as follows:
City ___________________________________, State _______________________
ADDITIONAL LEGAL DESCRIPTION TO BE PROVIDED AND VERIFIED BEFORE CLOSING
Seller warrants that there are no prior liens or encumbrances on the property subject to the Instrument except as stated below:
All normal closing costs will be the responsibility of the Seller, including but not limited to:
• Escrow fees
• Credit reports
• Title insurance policy
In the event that Seller decides to not sell the Promissory Note, Seller will be responsible for any costs incurred by Purchaser prior to Seller notifying Purchaser that the Promissory Note will not be sold.
By _________________________________________ Date:________________________
(This document if produced for educational purposes only)
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