The Kansas Estate Contract form is a legal document used in residential real estate transactions. It outlines the agreement between a seller and a buyer regarding the sale of property, including details about the purchase price, included items, and any contingencies. For those looking to engage in a property sale or purchase, filling out this form is a crucial step in the process; click the button below to get started.
The Kansas Estate Contract form is a crucial document in the residential real estate transaction process, serving as a binding agreement between the buyer and seller. This form outlines essential details, including the names and marital statuses of the parties involved, as well as the specific property being sold. It provides a clear legal description of the property, ensuring both parties understand what is included in the sale. Key provisions address items that will remain with the property, such as fixtures and appliances, while also allowing for additional inclusions or exclusions as specified by the seller. The contract includes financial terms, detailing the purchase price and payment methods, as well as any earnest money deposits required. It also covers important contingencies, such as the need for financing or appraisal, which can affect the sale. Furthermore, the form incorporates addenda that may be necessary, like disclosures regarding property condition and lead-based paint, ensuring compliance with legal requirements. Overall, the Kansas Estate Contract form is designed to protect the interests of both buyers and sellers, providing a structured framework for the transaction.
RESIDENTIAL REAL ESTATE SALE CONTRACT
1THIS CONTRACT is made between: (PRINT NAMES AND INDICATE MARITAL STATUS; IF NOT
2 COMPLETED, SELLER'S NAMES TO BE INSERTED BY LICENSEE ASSISTING SELLER PRIOR TO
3 PRESENTATION TO SELLER)
4
5 SELLER: ____________________________________________________________________________
6BUYER: _____________________________________________________________________________
7
8 Bank-Owned Property (check if applicable): If the real property is bank-owned and the titled owner
9 of record is not known at the Effective Date of this Contract, BUYER and SELLER agree the name of the
10SELLER is amended to as it is stated in the Deed at Closing and is incorporated herein by reference and in
11any amendments and addenda. SELLER warrants it has full authority to sign and perform on this Contract
12on behalf of the titled owner of record.
13
14CONTRACT, ADDENDA, INCLUSIONS AND PROCESSES
161. PROPERTY. BUYER agrees to purchase and SELLER agrees to sell the real property and the
17improvements thereon (the "Property") commonly known as:
18__________________________________________________ ______________________________
19
Street Address
City
Zip
County
20
21
STATE: (CHECK ONE)
Missouri
Kansas
22
23LEGAL DESCRIPTION: (As described below)
24__________________________________________________________________________________
25_________________________________________________________________________________
26_________________________________________________________________________________
27__________________________________________________________________________________
29This Contract, including the Fixtures, Equipment and Appliances paragraph of the Seller’s Disclosure
30and Condition of Property Addendum (“Seller’s Disclosure”), not the MLS, or other promotional material,
31provides for what is included in the sale of the Property.
32
33Items listed in the “Additional Inclusions” or “Exclusions” below supersede the Seller’s Disclosure and
34the pre-printed list below. If there are no “Additional Inclusions” or “Exclusions” listed, the Seller’s
35Disclosure and the pre-printed list below govern what is or is not included in the sale.
36
37IF THERE ARE DIFFERENCES BETWEEN THE SELLER’S DISCLOSURE AND THE PRE-PRINTED
38LIST BELOW, THE SELLER’S DISCLOSURE GOVERNS. Unless modified by the Seller’s
39 Disclosure and/or the “Additional Inclusions” and/or the “Exclusions”, all existing
40improvements on the Property (if any) and appurtenances, fixtures and equipment (which
41SELLER agrees to own free and clear) whether buried, nailed, bolted, screwed, glued or
42otherwise permanently attached to the Property are expected to remain with Property, including,
43but not limited to:
44
45
Bathroom mirrors (wall mounted/
Lighting and light fixtures
Shelving, racks and towel bars
46
hung)
Mounted Entertainment System
(if attached)
47
Fences
Brackets
Storm windows, doors & screens
48
Fireplace grates, screens and/or
Other mirrors (if attached)
Window blinds, curtains, coverings and
49
glass doors (if attached)
Plumbing equipment and fixtures
mounting components
50Floor Coverings (if attached)
Residential Real Estate Sale Contract 2013
Page 1 of 16
51 Improvements on the Property include a manufactured/mobile home. (A manufactured/mobile
52home may be considered personal property unless certain requirements have been met.)
53
54a. Additional Inclusions. The following items, if any, supersede the Seller’s Disclosure and the pre-
55
printed list before; are considered to be part of the Property, and are included in the sale.
56
_______________________________________________________________________________
57
58
59
60
61
62
b. Exclusions. The following items, if any, supersede the Seller’s Disclosure and the pre-printed list
63
64
before; are not considered to be part of the Property, and are not included in the sale.
65
66
67
68
69
70
71
72c. Limited Home Warranty. (Check if applicable):
74
1.
SELLER
BUYER, at a cost not to exceed $
, agrees to purchase a home
75
warranty plan from
____ (vendor) to be paid at
76
Closing. A home warranty plan is a limited service Contract covering repair or replacement of
77
the working components of the Property for one year from the Closing Date subject to the terms
78
and conditions of the individual plan with a per claim deductible of $ ___________.
79
80
2.
The (Check
one)
Licensee assisting SELLER
Licensee assisting BUYER will be
81
responsible for making arrangements for the home warranty plan, submitting required
82
documentation for such to the Closing Agent prior to the Closing Date. Broker may receive a fee
83
from the warranty company.
84
85Home warranty plans may not cover pre-existing conditions and are not a substitute for
86inspections.
882. ADDITIONAL TERMS AND CONDITIONS._______________________________________________
89__________________________________________________________________________________
90__________________________________________________________________________________
91__________________________________________________________________________________
92__________________________________________________________________________________
93__________________________________________________________________________________
94__________________________________________________________________________________
95__________________________________________________________________________________
973. ADDENDA. The following Addenda (riders, supplements, etc.) are attached hereto and are a part of
98this Contract (Check applicable boxes):
100
Seller’s Disclosure and Condition of Property Add.
Dispute Resolution/Mediation Addendum
101
Lead Based Paint Disclosure Addendum
Other: ________________________________
102
Contingency for Sale and/or Closing Add.
103
(see FINANCIAL TERMS paragraph)
104
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105 a. Effective Date. The Effective Date will be the date of final acceptance by the last party to sign
106this agreement or a Counter Offer Addendum, and Addendum(s) including the following signed by
107all parties and attached hereto: The Brokerage Relationship Disclosure Paragraph of this
108agreement; SELLER completes and BUYER and SELLER have signed a Seller’s Disclosure
109and Condition of Property Addendum and, if applicable, a Lead Based Paint Disclosure
110
Addendum for the Property.
111
112b. Seller’s Disclosure Status. SELLER confirms information contained in the Seller’s Disclosure and
113Condition of Property Addendum is current as of the Effective Date of the Contract. SELLER
114
understands that the law requires disclosure of any material defects, known to SELLER, in the
115
Property to prospective Buyer(s) and that failure to do so may result in civil liability for damages.
116
117c. Entire Agreement and Manner of Modifications. This Contract and all attachments constitute the
118
complete agreement of the parties concerning the Property; supersede all previous agreements,
119
and may be modified or assigned only by a written agreement signed by all parties.
120
121
d.
Parties. This is a Contract between SELLER and BUYER. If SELLER or BUYER constitutes two or
122
more persons, the terms "SELLER" or "BUYER" will be construed to read "SELLERS" or "BUYERS"
123
whenever the sense of the Contract requires.
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125
Unless identified as SELLER or BUYER, Listing Broker and any Cooperating Broker and their
126
Agents (collectively referred to as "Broker") and any Escrow or Closing Agent are acting as Agents
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only and are not parties to this Contract.
128
129
SELLER and BUYER acknowledge Broker may have a financial interest in third parties providing
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specialized services required by this Contract including, but not limited to: Lender, title insurance
131
company, Escrow Agent, Closing Agent, warranty company, wood infestation/mechanical/structural
132
or other inspectors and repair personnel. SELLER and BUYER agree Broker will not be responsible
133
for the conduct of third parties providing specialized services whether those services were arranged
134
by SELLER, BUYER, or Broker on behalf of either.
135
136
e.
Notices. Any notice or other communication required or permitted hereunder may be delivered in
137
person, by facsimile, United States Postal Service, courier service or email to the address set forth
138
in this Contract or such other address or number as will be furnished in writing by any such party.
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Such notice or communication will be deemed to have been given as of the date and time so
141
delivered. Delivery to or receipt by the Licensee assisting BUYER will constitute receipt by BUYER
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and delivery to or receipt by the Licensee assisting SELLER will constitute receipt by SELLER.
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144
f.
Electronic Transaction. All parties agree this transaction may be conducted by electronic means,
145
including email, according to the Uniform Electronic Transaction Act as adopted in Kansas and
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Missouri.
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147PURCHASE PRICE, FINANCIAL TERMS AND CLOSING AND POSSESSION
149
4. PURCHASE PRICE. The Purchase Price for the Property is ……
$ _________________
150
which BUYER agrees to pay as follows:
151
152
a. Earnest Money in the form of: (Check one)
153
Personal check OR
Other ______________________________
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in the amount of …………………………………………………
$________________(a)
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Deposited with: (Check one)
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Listing Broker
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Escrow Agent
158
SELLER (BUYER acknowledges that funds payable to and held by
159
SELLER WILL NOT be held subject to the terms in Earnest Money
160
and Additional Deposits paragraph.)
161
162
b. Additional Earnest Money on or before
________
$________________(b)
163
164
Deposited within 5 business days with: (Check one)
165
166
167
168
SELLER WILL NOT be held subject to the terms of Earnest Money
169
170
171
c. Total Amount Financed by BUYER (Zero if Cash Sale)
$________________(c)
172
(not including financed mortgage insurance premiums,
173
DVA Funding Fee or other closing costs, if any)
174
175
d. Balance of Purchase Price to be paid in CERTIFIED FUNDS
$________________(d)
176(Purchase Price less a, b & c of this paragraph) on or before Closing Date
178e. Total Additional Seller Expenses (Each line $0 if left blank):
180
Additional SELLER paid costs. In addition to any other costs SELLER
181
agreed to pay herein, SELLER agrees to pay other allowable closing
182
costs permitted by Lender(s) and/or prepaid items for BUYER, not
183
to exceed:
$________________
184
185
Lender(s) approved down payment assistance costs.
186
187
TOTAL ADDITIONAL SELLER EXPENSES NOT TO EXCEED:
188
189f. Other Financing Costs.
1911. Loan Costs. BUYER agrees to pay all customary costs necessary to obtain the Loan(s)
192
(including but not limited to, origination fees, discounts or buy-downs) unless otherwise agreed.
193
194
Private Mortgage Insurance (PMI). BUYER will pay any up front PMI premium and annual
195
renewal premiums or will finance the PMI as a part of the Loan(s), if required by Lender(s).
196
197
3.
FHA Mortgage Insurance (MIP). BUYER will pay any up front MIP premium and annual
198
renewal premiums or will finance MIP as a part of the Loan(s).
Page 4 of 16
199
4.
DVA Funding Fee as required by Lender(s) will be paid at Closing by the BUYER or financed
200
as part of the Loan(s).
201
5.
Flood Insurance. BUYER agrees to pay for flood insurance if required by Lender(s).
202
2035. APPRAISED VALUE CONTINGENCY.
205If Financing is being obtained, the appraisal must be completed before the Loan commitment
206due date.
208If a cash sale, BUYER may within _______ calendar days from the Effective Date of this Contract
209(within the Inspection Period if left blank) obtain, at BUYER’S expense, an appraisal of the Property by
210an independent licensed appraiser.
211
212If the final appraised value of the Property, as determined by BUYER’S Lender’s appraiser or if a
213cash sale, BUYER’S appraiser, is not equal to or greater than the Purchase Price, BUYER may
214notify SELLER in writing, attaching a copy of the appraisal, and the following will occur:
215
216
a. SELLER or BUYER may seek a reconsideration of value by the appraiser, to be completed within
217
_____ calendar days (7 days if left blank) of delivery of the BUYER’S notice. If such
218
reconsideration finds a value equal to or greater than the Purchase Price, the transaction will move
219
forward to Closing.
220
221
b. If such reconsideration finds a value less than the Purchase Price, BUYER and SELLER will have
222
_____ calendar days (5 days if left blank) to agree upon an acceptable Purchase Price in writing. If
223
BUYER and SELLER fail to agree to an acceptable Purchase Price within the time period stated
224above, either party may cancel the Contract by written notice to the other, and BUYER’S Earnest
225
Money will be subject to the provisions of the Earnest Money and Additional Deposits paragraph of
226
the Contract.
227
2286. SALE CONTINGENCY. In the event the sale is contingent upon the sale and/or Closing of BUYER’S
229Property, the Contingency For Sale and/or Closing Of Buyer’s Property Addendum must be
230attached.
231
2327. FINANCIAL TERMS.
234THIS IS A CASH SALE. BUYER must provide written verification from a depository of funds on
235deposit within ____ calendar days (5 days if left blank) which are sufficient to complete the Closing on
236this Contract.
237
238 THIS IS A FINANCED SALE. This Contract is contingent upon BUYER obtaining the financing
239described in this paragraph.
240
241BUYER may obtain Loan(s) different from those described herein provided that the terms of the Loan(s)
242do not result in additional costs to SELLER, delay the Closing date, or change the Loan approval time
243frame. These changes must be agreed in writing, by both parties, within 3 days of BUYER’S knowledge
244and no later than ____ business days before Closing Date (15 days if left blank).
245
246BUYER and SELLER are hereby informed any changes to the terms below after the Effective Date of
247the Contract have the potential to delay Closing and/or change costs due to federal regulations.
Page 5 of 16
248
a. Type Of Financing. Loan(s) will be
owner-occupied Loan(s) or
investment Loan(s).
249
250b. Loan Types/Terms. BUYER will obtain a Loan(s) upon the following terms.
252
Type:
Primary Loan
Secondary Loan
253
Conventional
254
FHA
255
DVA
256
Other_________________
257
Not Applicable
258
259Interest Rate:
260
Fixed Rate
261
Adjustable Rate
262
Interest Only
263
Other___________________
264
265
Amortization Period
_________years
266
Principal Amount or LTV
____________
267
268
All Loan amounts will include financed mortgage insurance premiums or DVA funding fee, if any,
269according to the provisions described herein (the “Loan”). The Loan(s) will be secured by a
270
mortgage/deed of trust on the Property or as otherwise required by Lender(s), and repayable in
271
monthly installments.
272
273c. The Loan(s) will bear interest as follows:
275
_____ interest rate not exceeding ______% per annum or
276
_____ the prevailing rate at closing
277
278
279
280
281BUYER has the option to “lock in” the foregoing interest rate or to “float” the interest rate.
282
283If BUYER locks in a rate, BUYER agrees to accept the “locked” rate and terms even if different than
284
those stated above. If BUYER floats the rate, BUYER agrees to accept the rate and terms available
285from BUYER’S Lender(s) for which BUYER qualifies at Closing.
287d. Loan Application(s).
289
BUYER IS PRE-APPROVED (See attached Lender(s) letter(s).) BUYER has submitted
290
information to _______________________ / ____________________ (“Lender(s)”) who has
291checked BUYER’S credit and indicated BUYER can qualify for a Loan(s) in an amount equal to or
292greater than the Loan(s) contemplated in this Contract, subject to satisfactory appraisal of the
293
Property and any other conditions set forth in the attached Lender(s) letter(s). The pre-approval
294
must indicate the BUYER’S credit is acceptable to Lender(s) and indicate whether or not the pre-
295
approval is subject to the sale and Closing of the BUYER’S current property.
296
297
BUYER IS NOT PRE-APPROVED. Within ___________ calendar days (5 days if left blank)
298
after the Effective Date of this Contract, BUYER will complete a written application.
Page 6 of 16
299
BUYER agrees to authorize Lender(s) to perform all required services (credit report, appraisal, etc.),
300
pay the fees required by Lender(s), and provide Lender(s) with all information requested within
301
_______ calendar days (15 days if left blank) after Effective Date.
302
303SELLER is aware that pre-approval is not a guarantee that BUYER will receive Lender(s)
304Loan approval(s).
306e. Loan Approval(s). BUYER agrees to make a good faith effort to obtain a commitment for the
307
Loan(s) within __________ calendar days (30 days if left blank) from the Effective Date of this
308Contract (the “Loan Approval Period”) or within ________ calendar days (3 days if left blank) prior to
309
the Closing Date, whichever is earlier.
310
311
If BUYER is unable to obtain a commitment for the Loan(s) within the Loan Approval Period,
312
SELLER may cancel this Contract by written notice.
313
Upon written evidence of rejection provided by BUYER’S Lender(s), BUYER or SELLER may
314
315
cancel this contract by written notice.
316
317In either case, BUYER’S Earnest Money will be subject to the provisions of the Earnest Money and
318
Additional Deposits paragraph of the Contract.
319
320
f. Lender Appraisal Requirements. In addition to any other costs or sums to be paid by SELLER
321
pursuant to this Contract, SELLER agrees to pay an amount not to exceed $____________ (zero if
322
left blank) for requirements contained in the Lender’s appraisal. Appraisal and/or Lender(s)
323
requirements will include inspections and/or repairs, but not any for which BUYER has agreed to be
324
responsible elsewhere in this Contract.
325
326
If appraisal and/or Lender(s) requirements exceed the amount in this blank and if SELLER and
327
BUYER have not agreed in writing to a resolution of the excess appraisal and/or Lender(s)
328
requirements prior to the Closing Date, or within the time period (no less than 5 business days)
329
specified in a written demand by either party, this Contract will be cancelled and disposition of
330BUYER’S Earnest Money will be subject to the provisions of the Earnest Money and Additional
331
Deposits paragraph of the Contract.
332
3338. CLOSING AND POSSESSION. On or before _______________ (“Closing Date”), SELLER will
334execute and deliver into escrow with the title company(s) or other Closing Agent(s), a general warranty
335deed (or special warranty deed or fiduciary deed, if SELLER is a corporation, association, financial
336institution or fiduciary) and all other documents and funds necessary to satisfy SELLER’S obligations
337under this Contract.
338
339On or before the Closing Date, BUYER will execute and deliver into escrow with the title company(s) or
340other Closing Agent(s), all documents (including note(s), mortgage(s)/deed(s) of trust, and any other
341documents required by BUYER’S Lender(s), if BUYER is obtaining financing) and funds (including Loan
342proceeds, if BUYER is obtaining financing) necessary to satisfy BUYER’S obligations under this
343Contract.
344
345SELLER and BUYER acknowledge all funds required for Closing must be in the form of
346cashier’s check, wire transfer or other certified funds.
347
348When all documents and funds have been executed and delivered into escrow with the title company(s)
349or other Closing Agent(s), the Closing will be completed. SELLER will deliver possession of the
350Property to BUYER on ___________________________ at _____ o’clock ____. m., (if left blank,
351Possession will be 5:00 P.M. on the Closing Date).
Page 7 of 16
352BUYER must not occupy the Property or place personal property in or on it prior to completion
353of the Closing and disbursement or availability of SELLER’S proceeds, if any, unless otherwise
354agreed upon in writing by the BUYER and the SELLER.
355
356CONDITION, MAINTENANCE AND INSPECTIONS OF THE PROPERTY
3589. UTILITIES. SELLER agrees to leave all utilities on until the date of possession unless otherwise agreed.
359
360The BUYER will pay SELLER for the amount of fuel left in tank(s) at Closing based upon SELLER’S
361actual cost at time of purchase, if applicable. SELLER will have tank read no earlier than 7 days and no
362later than 3 days prior to the Closing Date and provide documentation to BUYER.
363
36410. MAINTENANCE OF PROPERTY. SELLER will maintain the Property in its present condition
365through the Possession Date. SELLER agrees to perform ordinary and necessary maintenance,
366upkeep and repair to the Property and to keep the improvements on the Property fully insured, unless
367otherwise disclosed, until delivery of SELLER’S deed to BUYER.
368
369SELLER must advise BUYER in writing of any substantial change in the condition of the Property prior
370to Closing.
371
372Unless otherwise agreed in writing, SELLER must remove all possessions, trash and debris, and clean
373the Property, upon vacating or prior to delivery of Possession.
374
37511. CASUALTY LOSS. If before delivery of the deed to BUYER, improvements on the Property are
376damaged or destroyed by fire or other causes including those that could be covered by what is known
377as fire and extended coverage insurance, then the SELLER must notify the BUYER in writing within 24
378hours of such damage. The parties agree that the risk of that damage or destruction will be borne as
379follows:
380
381
a. If the damage is minor, SELLER may repair or replace the damage done to the Property if the work
382
can be completed before the Closing Date.
383
384
If the SELLER elects to repair or replace the damage done to the Property, but repair/replacement
385
cannot be completed prior to the Closing, with written agreement between the parties one of the
386
following options will be chosen:
387
388
1. SELLER will pay for repair/replacement after Closing; or
389
390
2. The parties will extend the Closing Date to such time as repairs/replacement can be completed;
391
or
392
3. With consent of BUYER’S Lender(s), 1.5 times the estimated cost of repair/replacement will be
393
394
escrowed until repair/replacement is complete with any funds remaining after payment for
395
repairs/replacement being remitted to the party that funded the escrow.
396
397
b. If SELLER elects not to repair or replace the damage done to the Property, or if the damage is not
398
minor, the BUYER may enforce or cancel this Contract by written notice to SELLER within 10 days
399
after receiving notice of such damage to the Property.
400
401
1. If BUYER elects to enforce this Contract, the Purchase Price will not be reduced and the
402
Property will be conveyed in its existing condition at the time, provided SELLER must furnish
403
BUYER with a copy of the insurance damage assessment and be responsible for paying the
404
insurance deductible and assign SELLER’S fire and extended coverage proceeds to BUYER at
405
Closing.
Page 8 of 16
406
2. If BUYER and SELLER mutually agree upon the cost of repairs, then SELLER may pay the
407
cost of those repairs.
408
40912. SURVEY. BUYER may, at BUYER’S expense, obtain a "Staked Survey” of the Property no later than
410_____ calendar days (10 days if left blank) prior to the Closing Date to assure there are no defects,
411encroachments, overlaps, boundary line or acreage disputes, or other such matters that would be
412disclosed by a survey.
413
414BUYER acknowledges a Mortgage Inspection Report or "Loan Survey" normally required by a lending
415institution is not a "Staked Survey”. A title insurance company typically requires a "Staked Survey” in
416order to provide survey coverage to the BUYER.
417
418Within 2 calendar days of BUYER’S receipt of Survey, BUYER must notify SELLER of any
419encroachments of any improvements upon, from, or onto the Property or any building setback line,
420property line, or easement, which encroachment will be deemed to be a title defect. SELLER must
421remedy such defects as are susceptible of being remedied prior to the Closing Date. If SELLER does
422not remedy the defects in title, BUYER will have one of the following options:
423
424
a. Completing this purchase and accepting the title that SELLER is able to convey without adjustment
425
in the Purchase Price; or
426
b. Cancelling this Contract. BUYER’S Earnest Money will be subject to the provisions of the Earnest
427
428
Money and Additional Deposits paragraph of the Contract.
429
43013. INSPECTIONS. BUYER may, within _____ calendar days (10 days if left blank) (the "Inspection
431Period") after the Effective Date of this Contract, at BUYER’S expense, have property inspections by an
432independent, qualified inspector(s) which may include, but are not limited to:
433
434appliances, plumbing (including septic system), electrical, heating system, central air conditioning,
435fireplace, chimney, foundation, roof, siding, windows, doors, ceilings, floors, insulation, drainage, interior
436and exterior components, any wall, decks, driveways, patios, sidewalks, fences, slabs, pest infestation,
437health and/or environmental concerns (including lead based paint, mold, asbestos and radon) as
438provided below and in the Additional Disclosures Including Those Mandated by State or Federal Law
439paragraph.
440
441a. Property Insurability. It is recommended homeowner’s insurance availability be ascertained
442
during the Inspection Period.
443
444
b. Factors Affecting Inspections. BUYER acknowledges such inspections may not identify
445
deficiencies in inaccessible areas of the Property and may be limited by weather conditions at the
446
time of the inspection. It is recommended BUYER check with Lender(s) and/or local government
447
authority regarding septic inspection.
448
449c. Access to Property and Re-Inspections. SELLER must provide BUYER reasonable access to the
450Property to conduct the inspections, re-inspections, inspection of any corrective measures
451
completed by SELLER and/or final walk through prior to the Closing Date.
452
453
d. Damages and Repairs. BUYER will be responsible and pay for any damage to the
454
Property resulting from the inspection(s).
455
456
e. Quality of Repairs. SELLER agrees any corrective measures which SELLER performs
457
pursuant to the following provisions will be completed in a workmanlike manner with good- quality
458
materials.
Page 9 of 16
459f. Wood-Destroying Insects. SELLER AGREES TO PAY TO HAVE THE PROPERTY TREATED
460
for control of infestation by wood-destroying insects if a written inspection report of a certified pest
461
control firm reveals evidence of active infestation, or evidence of past untreated infestation, or
462
otherwise recommends treatment in the main dwelling unit, or included additional structures
463
identified below or on the Property within 30 feet of such unit or structure(s) (or as otherwise
464
required by government regulations if BUYER is obtaining an FHA/VA or other government program
465
Loan(s)). BUYER will pay for any inspections requested by BUYER and/or required by BUYER’S
466
Lender(s).
467
468The inspection report must be delivered WITHIN THE INSPECTION PERIOD, or any treatment
469will be at the BUYER’S expense.
471
1. If treatment is required, SELLER will provide BUYER with a certificate evidencing treatment by a
472
certified pest control firm of SELLER’S choice, which certificate BUYER agrees to accept.
473
Treatment will be completed no earlier than ninety (90) calendar days prior to the Closing Date.
474
475
2. Additional structures to be included in the inspection are: ______________________________
476
____________________________________________________________________________
477
478
479
3. Any damage or repair issues related to wood-destroying insect infestations must be identified as
480
Unacceptable Conditions and addressed as set forth below.
481
482g. What If Buyer Does Not Conduct Inspections? If BUYER does not conduct inspections,
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BUYER will have waived any right to cancel or renegotiate this Contract pursuant to the inspection
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provisions.
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h. What is an Unacceptable Condition? An Unacceptable Condition is any condition identified in a
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written inspection report prepared by an independent qualified inspector(s) of BUYER’S choice,
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which condition is unacceptable to BUYER and not otherwise excluded in this Contract.
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490i. What If Buyer Does Not Give Timely Notice Of Unacceptable Conditions? If BUYER conducts
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inspections but fails to notify SELLER of Unacceptable Conditions prior to the expiration of the
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Inspection Period, BUYER will have waived any right to cancel or renegotiate this Contract pursuant
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to these inspection provisions.
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j. What Is Not An Unacceptable Condition? The following items will not be considered
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Unacceptable Conditions and cannot be used by BUYER as a reason to cancel or renegotiate this
497Contract. Any items marked Excluded (EX) on Seller’s Disclosure and Condition of Property
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Addendum in addition to the following items will not be considered.__________________________
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502k. What If Buyer's Inspections Reveal Unacceptable Conditions? If BUYER’S inspections reveal
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Unacceptable Conditions, BUYER may do any one of the following:
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ACCEPT THE PROPERTY "AS IS". BUYER may notify SELLER the inspections are
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satisfactory or do nothing. In either case, BUYER will have waived any right to cancel or
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renegotiate due to any Unacceptable Conditions; or
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CANCEL THIS CONTRACT by notifying SELLER in writing within the Inspection Period; or
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OFFER TO RENEGOTIATE with SELLER by notifying SELLER in writing within the Inspection
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Period and identifying the Unacceptable Conditions.
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To complete the Kansas Estate Contract form, follow the steps outlined below. Ensure all sections are filled out accurately to facilitate a smooth transaction process.
Once the form is completed, it will need to be signed by both the Seller and Buyer to finalize the agreement. Ensure all parties retain a copy for their records.
The Kansas Estate Contract form is a legal document used in real estate transactions within the state of Kansas. It outlines the terms and conditions under which a buyer agrees to purchase a property from a seller. This contract includes important details such as the purchase price, legal description of the property, and any inclusions or exclusions related to the sale.
The contract is made between the seller and the buyer. Both parties must print their names and indicate their marital status on the form. If the seller's names are not completed, they will be inserted by the licensee assisting the seller before presenting the contract to them.
The property description should include the street address, city, zip code, and county of the property being sold. Additionally, a legal description of the property must be provided to clearly identify the boundaries and specifics of the real estate being transferred.
In the contract, "Additional Inclusions" refer to items that are included in the sale but are not listed in the Seller’s Disclosure. Conversely, "Exclusions" are items that are specifically not included in the sale. These sections allow both parties to clarify what will or will not be part of the transaction.
A Limited Home Warranty is an optional agreement that covers repair or replacement of certain components of the property for one year from the closing date. The seller or buyer can agree to purchase this warranty, which can provide peace of mind regarding potential repairs after the sale.
The purchase price is outlined in the contract and specifies how the buyer will pay for the property. This includes details about earnest money, additional deposits, and the balance to be paid at closing. The contract also allows for various forms of payment, including personal checks or certified funds.
If the appraisal value is less than the agreed purchase price, the buyer has the right to notify the seller. Both parties can then seek a reconsideration of the appraisal. If they cannot agree on a new purchase price, either party may cancel the contract, and the buyer's earnest money will be handled according to the contract's provisions.
Yes, changes to the contract can be made, but they must be documented in writing and signed by both parties. This is important to ensure that all modifications are legally binding and recognized by both the buyer and seller.
If the buyer's purchase is contingent upon the sale of their current property, a specific addendum must be attached to the contract. This addendum outlines the conditions under which the sale can proceed, ensuring that all parties are aware of the contingencies involved.
Notices and communications required under the contract can be delivered in various ways, including in person, by fax, through the postal service, courier, or email. The contract specifies that delivery to the licensee assisting either the buyer or seller constitutes delivery to the respective party.
Incomplete Seller and Buyer Information: Failing to print full names and indicate marital status can lead to confusion and potential legal issues.
Incorrect Property Address: Not providing the correct street address, city, zip, and county can cause complications in the sale process.
Neglecting Bank-Owned Property Checkbox: If the property is bank-owned, not checking the appropriate box can result in misunderstandings about the seller's authority.
Omitting Legal Description: Failing to include a complete legal description of the property can create issues during the closing process.
Ignoring Additional Inclusions and Exclusions: Not specifying items that are included or excluded from the sale can lead to disputes later on.
Failure to Provide Accurate Financial Terms: Incorrectly stating the purchase price or financial terms can complicate the financing process and lead to delays.
Not Checking for Required Addenda: Missing necessary addenda, such as the Seller’s Disclosure or Lead-Based Paint Disclosure, can result in legal liability.
The Kansas Estate Contract form is often accompanied by several other important documents that help facilitate the real estate transaction process. Each of these documents serves a specific purpose and provides essential information to both buyers and sellers. Below is a list of commonly used forms that may accompany the Kansas Estate Contract.
Understanding these accompanying documents is crucial for a smooth transaction. Each form plays a vital role in ensuring that both buyers and sellers are informed and protected throughout the process. Proper attention to these details can help prevent misunderstandings and facilitate a successful real estate transaction.
The Kansas Estate Contract form is similar to the Purchase Agreement used in real estate transactions. Both documents outline the terms and conditions under which a buyer agrees to purchase property from a seller. They specify details such as the property description, purchase price, and any contingencies that may affect the sale. Like the Kansas Estate Contract, the Purchase Agreement also includes provisions for disclosures and warranties related to the property condition.
Another document that shares similarities is the Residential Sale Contract. This contract is specifically designed for residential properties and includes many of the same elements as the Kansas Estate Contract. Both documents detail the rights and obligations of the buyer and seller, including the inclusion or exclusion of specific items in the sale. They also address the process for handling earnest money and closing costs, ensuring clarity for both parties involved.
The Lease Purchase Agreement is another comparable document. This agreement allows a buyer to lease a property with the option to purchase it later. Like the Kansas Estate Contract, it establishes terms for the transaction, including the purchase price and duration of the lease. Both documents aim to protect the interests of the buyer and seller, providing a clear framework for the transaction.
The Option to Purchase Agreement is also similar in nature. This document grants a buyer the right to purchase a property at a predetermined price within a specified time frame. Much like the Kansas Estate Contract, it outlines the responsibilities of both parties and the conditions under which the purchase can occur. This agreement ensures that the buyer has the opportunity to secure financing or make arrangements before finalizing the purchase.
The Real Estate Sales Contract is another document that mirrors the Kansas Estate Contract. It serves as a binding agreement between the buyer and seller, detailing the essential terms of the sale. Both contracts include provisions for contingencies, disclosures, and the closing process, ensuring that both parties understand their obligations and rights throughout the transaction.
Lastly, the Closing Disclosure is a document that, while different in purpose, complements the Kansas Estate Contract. It provides a detailed account of the final terms of the loan, including all costs associated with the purchase. Both documents work together to ensure transparency and understanding of the financial aspects of the real estate transaction, helping to prevent misunderstandings at closing.
When filling out the Kansas Estate Contract form, it's important to be thorough and accurate. Here’s a helpful list of things to do and avoid to ensure a smooth process.
By following these guidelines, you can help ensure that your experience with the Kansas Estate Contract form is efficient and successful.
Understanding the Kansas Estate Contract form can sometimes be confusing. Here are six common misconceptions that people often have:
By understanding these misconceptions, buyers and sellers can navigate the Kansas Estate Contract with greater confidence and clarity.
When filling out and using the Kansas Estate Contract form, several important points should be considered to ensure clarity and legal compliance. Here are some key takeaways: