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HomeMy WebLinkAbout63500_1004764_Fully executed contract1 2 /Z;;4 Prudentldi Prudential Colorado Properties 3 Chad Brasington 4 5 Colorado Properties Ph: Fax: 970 - 926 -6503 6 he printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate 7 Commission. (CBS4- 10 -11) (Mandatory 1 -12) 8 9 10 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL 11 AND TAX OR OTHER COUNSEL BEFORE SIGNING. 12 13 14 CONTRACT TO BUY AND SELL REAL ESTATE 15 (LAND) 16 17 Q Property with No Residences) 18 (❑ Property with Residences - Residential Addendum Attached) 19 20 21 Date: 312612012 22 23 24 AGREEMENT 25 26 27 1. AGREEMENT. Buyer, identified in § 2.1, agrees to buy, and Seller, identified in § 2.3, agrees to sell, the 28 Property described below on the terms and conditions set forth in this contract (Contract). 29 30 31 2. PARTIES AND PROPERTY. 32 33 2.1. Buyer. Buyer, Jordan Kuppinger, will take title to the Property described below as ❑ Joint 34 Tenants ❑ Tenants In Common ® Other in severalty 35 36 2.2. Assignability and Inurement. This Contract ❑ Shall 0 Shall Not be assignable by Buyer 37 without Seller's prior written consent. Except as so restricted, this Contract shall inure to the benefit of and be 38 binding upon the heirs, personal representatives, successors and assigns of the parties. 39 40 2.3. Seller. Seller, Stephen F. Avery and Molly Avery, is the current owner of the Property Y 41 described below. 42 2.4. Property. The Property is the following legally described real estate in the County of 44 Eagle Colorado: 45 Subdivision: ELENI ZNEIMER SUBDIVISION Lot: 4 46 47 known as No. 1699 BUFFEHR CREEK RD Vail CO 81657, 48 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, 49 and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property). 50 51 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 52 2.5.1. Fixtures. All fixtures attached to the Property on the date of this Contract. 53 Other Fixtures: n/a 54 y Property 55 If an fixtures are attached to the Pro ert after the date of this Contract, such additional fixtures are also included 56 in the Purchase Price. 57 2.5.2. Personal Property. If on the Property whether attached or not on the date of this Contract: 59 n/a 60 Other Personal Property: 61 any plans, studies or maps pertinent to the property in the possession of the seller at the time of 62 63 this offer shall be included in this sale at no additional cost to the Buyer, and any tap fees paid 64 for by the seller shall be transferred to the buyer at closing at no additional cost to the buyer. 65 66 The Personal Property to be conveyed at Closing shall be conveyed by Seller free and clear of all 67 taxes (except personal property taxes for the year of Closing), liens and encumbrances, except 68 n/a . Conveyance shall be by bill of sale or other applicable legal instrument. 69 70 2.5.3. Trade Fixtures. With respect to trade fixtures, Seller and Buyer agree as follows: 71 n/a 72 73 The Trade Fixtures to be conveyed at Closing shall be conveyed by Seller free and clear of all taxes 74 (except personal property taxes for the year of Closing), liens and encumbrances, except 75 n/a 76 77 Conveyance shall be by bill of sale or other applicable legal instrument. 78 2.5.4. Water Rights, Water and Sewer Taps. 79 80 2.5.4.1. Deeded Water Rights. The following legally described water rights: 81 n/a 82 83 quit claim, if CBS4- 10 -11. CONTRACT TO BUY AND SELL REAL ESTATE - Land Page 1 of 15 Seller(s) Initials: Buyer(s) Initials: CTMeContracts.eom - ©2012 CTM Software Corp. 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 Any water rights shall be conveyed by ® applicable Deed ❑ Other applicable legal instrument. ❑ 2.5.4.2. Well Rights. If any water well is to be transferred to Buyer, Seller agrees to supply required information about such well to Buyer. Buyer understands that if the well to be transferred is a Small Capacity Well or a Domestic Exempt Water Well used for ordinary household purposes, Buyer shall, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in the Department of Natural Resources (Division), Buyer shall complete a registration of existing well form for the well and pay the cost of registration. If no person will be providing a closing service in connection with the transaction, Buyer shall file the form with the Division within sixty days after Closing. The Well Permit # is n/a 2.5.4.3. ❑ Water Stock Certificates: if applicable, sewer and tap fees shall be tranfered to the buyer (if already paid for by the seller) 2.5.4.4. Water Tap Sewer Tap Note: Buyer is advised to obtain, from the provider, written confirmation of the amount remaining to be paid, if any, time and other restrictions for transfer and use of the tap. 2.5.4.5. Other Rights: n/a 2.5.5. Growing Crops. With respect to growing crops, Seller and Buyer agree as follows: n/a 2.6. Exclusions. The following items are excluded (Exclusions): n/a 3. DATES AND DEADLINES. Item No. lReference Event Date or Deadline 1 1§ 4.2 Alternative Earnest Money Deadline 72 hours after MEC Title and Association 2 § 7.1 Record Title Deadline 7 days after MEC 3 § 7.2 Exceptions Request Deadline 7 days after MEC 4 § 8.1 Record Title Objection Deadline 21 days after MEC 5 § 8.2 Off - Record Title Deadline 7 days after MEC 6 § 8.2 Off - Record Title Objection Deadline 21 days after MEC 7 § 8.3 Title Resolution Deadline 21 days after MEC 8 § 7.3 Association Documents Deadline 7 days after MEC 9 § 7.3 Association Documents Objection Deadline 21 days after MEC 10 § 8.5 Right of First Refusal Deadline n/a Seller's Property Disclosure 11 § 10.1 Seller's Property Disclosure Deadline 7 days after MEC Loan and Credit 12 § 5.1 Loan Application Deadline 7 days after MEC 13 § 5.2 Loan Conditions Deadline 21 days after MEC 14 § 5.3 Buyer's Credit Information Deadline n/a 15 § 5.3 Disapproval of Buyer's Credit Information Deadline n/a 16 § 5.4 Existing Loan Documents Deadline n/a 17 § 5.4 Existing Loan Documents Objection Deadline n/a 18 § 5.4 Loan Transfer Approval Deadline n/a Appraisal 19 § 6.2 Appraisal Deadline 18 days after MEC 20 1§ 6.2 Appraisal Objection Deadline 21 days after MEC Survey 21 1§ 9.1 Current Survey Deadline 7 days after MEC 22 § 9.2 Current Survey Objection Deadline 21 days after MEC Inspection and Due Diligence 23 § 10.2 Inspection Objection Deadline 21 days after MEC 24 1§ 10.3 1 Inspection Resolution Deadline 22 days after MEC CBS4- 10 -11. CONTRACT TO BUY AND SELL REAL ESTATE - Land Page 2 of 15 Seller(s) Initials: Buyer(s) Initials: � , CTMeContracts.com - ©2012 CTM Software Corp. 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 25 § 10.5 Property Insurance Objection Deadline n/a Amount 26 § 10.6 Due Diligence Documents Delivery Deadline 7 days after MEC 27 10.7 Due Diligence Documents Objection Deadline 21 days after MEC $20,000.00 28 § 10.8 Environmental Inspection Objection Deadline 0413012012 Monday 29 § 10.8 ADA Evaluation Objection Deadline 0413012012 Monday 30 § 11.1 Tenant Estoppel Statements Deadline n/a 31 1§ 11.2 Tenant Estoppel Statements Objection Deadline 7 Closing and Possession n/a 32 § 12.3 Closing Date 511512012 Tuesday 33 §17 Possession Date after successful closing ITOTAL 34 §17 Possession Time n/a 35 § 28 Acceptance Deadline Date 312712012 Tuesday 36 § 28 Acceptance Deadline Time 37 n/a n/a n/a 38 n/a n/a n/a 190 191 Note: Applicability of Terms. 192 An box, blank or line in this Contract left blank or completed with the abbreviation "N /A ", or the word "Deleted" 193 y P 194 means such provision in Dates and Deadlines (§ 3), including any deadline, is not applicable and the 195 corresponding provision of this Contract to which reference is made is deleted. 196 197 198 The abbreviation "MEC" (mutual execution of this Contract) means the date upon which both parties have signed 199 this Contract. 200 201 202 4. PURCHASE PRICE AND TERMS. 203 204 4.1. Price and Terms. The Purchase Price set forth below shall be payable in U.S. Dollars by Buyer as 205 follows: 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 Item No. Reference Item Amount Amount 1 § 4.1 Purchase Price $500,000.00 2 § 4.2 Earnest Money $20,000.00 3 § 4.5 New Loan $350,000.00 4 § 4.6 Assumption Balance 5 § 4.7 Seller or Private Financing 6 n/a n/a 7 n1a n/a 8 § 4.3 Cash at Closing $130,000.00 9 ITOTAL $500,000.00 $500,000.00 221 222 223 224 4.2. Earnest Money. The Earnest Money set forth in this section, in the form of 225 226 personal check shall be payable to and held by Land Title Guarantee 227 (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit shall 229 229 be tendered with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline (§ 23o 3) for its payment. If Earnest Money Holder is other than the Brokerage Firm identified in § 33 or § 34, Closing 231 Instructions signed by Buyer, Seller and Earnest Money Holder must be obtained on or before delivery of Earnest 232 233 Money to Earnest Money Holder. The parties authorize delivery of the Earnest Money deposit to the company 234 conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has 235 agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing 236 237 affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on 238 the Earnest Money deposited with the Earnest Money Holder in this transaction shall be transferred to such fund. 239 4.2.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest 241 241 Money, if other than at the time of tender of this Contract is as set forth as the Alternative Earnest Money 242 Deadline (§ 3). 243 4.2.2. Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates, 244 245 Buyer shall be entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as 246 set forth in § 25 and, except as provided in § 24, if the Earnest Money has not already been returned following 247 receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer, 248 249 written mutual instructions, i.e., Earnest Money Release form, within three days of Seller's receipt of such form. 250 4.3. Form of Funds; Time of Payment; Funds Available. CBS4- 10 -11. CONTRACT TO BUY AND SELL REAL ESTATE - Land Page 3 of 15 Seller(s) Initials: Buyer(s) Initials: CTMeContracts.com - ©2012 CTM Software Corp. 1087 1088 1089 1090 1091 1092 1093 1094 1095 1096 1097 1098 1099 1100 1101 1102 1103 1104 1105 1106 1107 1108 1109 1110 1111 1112 1113 1114 1115 1116 1117 1118 1119 1120 1121 1122 1123 1124 1125 1126 1127 1128 1129 1130 1131 1132 1133 1134 1135 1136 1137 1138 1139 1140 1141 discretion, and disapproval may be for any reason whatsoever. Seller agrees to cooperate with Purchaser in such inspection, provided that Seller incurs no cost or expense and provided further that Purchaser shall indemnify and hold Seller harmless from any property damage or personal injury claims or expenses arising out of the performance of such inspection. B) This purchase contract is expressly contingent upon the successful closing of the real estate at 511 Tulip, Vero Beach, FL. 91657. The aforementioned property is currently under contract with NO contingencies prior to their scheduled closing date of May 2, 2012. 31. ATTACHMENTS. The following are a part of this Contract: n/a Note: The following disclosure forms are attached but are not a part of this Contract: n/a SIGNATURES Date: 312612012 Buyer: Jordan Kuppinger Address: Phone: Fax: Electronic Address: juppinger@hotmail.com [NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 32] Date: 312612012 Seller: Stephen F. Avery Address: Phone: Fax: Electronic Address: Date: 312612012 Seller: Molly Avery Address: Phone: Fax: Electronic Address: 32. COUNTER; REJECTION. This offer is ❑ Countered ❑ Rejected. Initials only of party (Buyer or Seller) who countered or rejected offer END OF CONTRACT TO BUY AND SELL REAL ESTATE 33. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Buyer) Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit and, while not a party to the Contract, agrees to cooperate upon request with any mediation concluded under § 23. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 24, if the Earnest Money has not CBS4- 10 -11. CONTRACT TO BUY AND SELL REAL ESTATE - Land Page 14 of 15 Seller(s) Initials: Buyer(s) Initials: C CTMeContracts.eom - ©2012 CTM Software Corp. already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder shall release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money shall be made within five days of Earnest Money Holder's receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker agrees that if Earnest Money Holder is other than the Brokerage Firm identified in § 33 or § 34, Closing Instructions signed by Buyer, Seller, and Earnest Money Holder must be obtained on or before delivery of Earnest Money to Earnest Money Holder. Broker is working with Buyer as a ❑ Buyer's Agent ❑ Seller's Agent ® Transaction - Broker in this transaction. ❑ This is a Change of Status. Brokerage Firm's compensation or commission is to be paid by ® Listing Brokerage Firm ❑ Buyer ❑ Other n/a Brokerage Firm's Name: Prudential Colorado Properties Date: 3/26/2012 Broker's Name: Chad Brasington Address: 27 Main St #105 Edwards, CO 81632 Ph: Fax: 970 - 926 -6503 Email: chad @vail.net 34. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Seller) Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit specified in § 4.1 and, while not a party to the Contract, agrees to cooperate upon request with any mediation concluded under § 23. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder shall release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money shall be made within five days of Earnest Money Holder's receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker agrees that if Earnest Money Holder is other than the Brokerage Firm identified in § 32 or § 33, Closing Instructions signed by Buyer, Seller, and Earnest Money Holder must be obtained on or before delivery of Earnest Money to Earnest Money Holder. Broker is working with the Seller as a ❑ Seller's Agent ❑ Buyer's Agent ® Transaction - Broker in this transaction. ❑ This is a Change of Status. Brokerage Firm's compensation or commission is to be paid by ® Seller ❑ Buyer ❑ Other n/a Brokerage Firm's Name: Slifer Smith & Frampton Real Estate Date: Broker's Name:Tom Vucich Address: 126 Riverfront Lane, Suite C -100 Avon, CO 81620 Ph: (970)748 -5420 Fax: (970)748 -5421 Email: tvucich @slifer.net, hdyer @slifer.net CBS4- 10 -11. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) CBS4- 10 -11. CONTRACT TO BUY AND SELL REAL ESTATE - Land Page 15 of 15 Seller(s) Initials: Buyer(s) Initials: C CTMeContracts.eom - ©2012 CTM Software Corp.