RESIDENTIAL CONTRACT OF SALE
This is a Legally Binding Contract; If Not Understood, Seek Competent Legal Advice.
THIS FORM IS DESIGNED AND INTENDED FOR THE SALE AND PURCHASE OF IMPROVED SINGLE FAMILY
RESIDENTIAL REAL ESTATE LOCATED IN MARYLAND ONLY. FOR OTHER TYPES OF PROPERTY INCLUDE
1. DATE OF OFFER:
4. PROPERTY: Seller does sell to Buyer and Buyer does purchase from Seller, all of the following described Property
located in City/County, Maryland, Zip Code ,
together with the improvements thereon, and all rights and appurtenances thereto belonging.
PURCHASE PRICE: The purchase price is
Dollars ($ ).
8. SETTLEMENT: Date of Settlement or sooner if agreed to in writing by the parties.
(hereinafter "Property") known as
Page 1 of 10 10/11Buyer / Seller /
TIME IS OF THE ESSENCE.
Time is of the essence of this Contract. The failure of Seller or Buyer to perform any act as provided
in this Contract by a prescribed date or within a prescribed time period shall be a default under this Contract and the non-defaulting
party, upon written notice to the defaulting party, may declare this Contract null and void and of no further legal force and effect. In such
event, all Deposit(s) shall be disbursed in accordance with Paragraph 19 of this Contract.
5. ESTATE: The Property is being conveyed: in fee simple or subject to an annual ground rent, now
existing or to be created, in the amount of
Dollars ($ ) payable semi-annually, as now or to be recorded among the
7. PAYMENT TERMS: The payment of the purchase price shall be made by Buyer as follows:
An initial Deposit by way of in the amount of
in the amount of
Dollars ($ )
to be paid
(If not a Maryland licensed real estate broker, the parties may execute a separate escrow deposit agreement.)
) at the time of this offer.
An additional Deposit by way of
All Deposits will be held in escrow by:
The purchase price less any and all Deposits shall be paid in full by Buyer in cash, wired funds, bank check, certified
check or other payment acceptable to the settlement officer at settlement.
Buyer and Seller instruct broker named in paragraph (c) above to place the Deposits in: (Check One)
A non-interest bearing account;
OR An interest bearing account, the interest on which, in absence of default by Buyer, shall accrue to the benefit
of Buyer. Broker may charge a fee for establishing an interest bearing account.
9. FINANCING: Buyer’s obligation to purchase the Property is contingent upon Buyer obtaining a written commitment for a
loan secured by the Property as follows:
(Check) Conventional Loan as follows: FHA Financing Addendum
Gift of Funds Contingency AddendumLoan Amount $
Owner Financing AddendumTerm of Note Years
VA Financing AddendumAmortization Years
Interest Rate %
No Financing Contingency
Loan Origination/Discount Fees (as a % of loan amount):
Buyer agrees to pay %;
Seller agrees to pay %.
Buyer shall receive the benefit of any reduction in fees.
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Land Records of
Real Estate Professionals, Inc. 518 Eastern Boulevard Baltimore, MD 21221 443-604-7008 410-918-9499 sample