CONTRACT OF SALE






This is a Legally Binding Contract: If Not Understood, Seek Competent Advice


THIS AGREEMENT OF SALE, this 4th day of May, Two Thousand and four, between:

Mr. Arron Cohen and Mrs. Esther Cohen, Seller, and                                                                                                               Buyer.


Witness that the said seller does hereby bargain and sell unto the said Buyer, and the Buyer does hereby purchase from the Seller the following described property, situate and lying in Baltimore County, State of Maryland:


BEING known and designated as: 7434 Prince George Road, Baltimore, Maryland 21208

 

Bid Price                        $  


Buyer’s Premium          $                                     (5% of Bid Price)


Contract Price                $  


Cash Down Payment (non-refundable) day of auction      $ 10,000.00

.


Note: If balance is not paid when due, deposit shall be retained as liquidated damages.

 

Warranty                       Upon payment as above provided of the unpaid purchase

Deed                              money, a deed for the property containing covenants of special warranty and further assurance shall be executed at the Buyer’s expense by the Seller, which shall convey the property to the Buyer.

 

Title                               Title to the property shall be good and merchantable, free of liens and encumbrances except as specified herein or insurable by a standard ALTA policy without special premium and except: use and occupancy restrictions of public record which are generally applicable to properties in the immediate neighborhood or the subdivision in which the property is located, and publicly recorded easements for public utilities and any other easements which may be observed by an inspection of the property. If the seller is not able to convey marketable title the purchaser’s only remedy is the return of the deposit.


Insurance                      It is also understood and agreed that the Seller shall immediately have all of the insured policies on the property so endorsed as to protect all parties hereto, as their interests may appear, and shall continue said insurance in force during the life of this contract. In the event it shall be determined by the Buyer that the property is inadequately insured by the Seller, the Buyer shall have the right at Buyer’s option and expense, to obtain such insurance, or additional insurance, as shall be satisfactory to Buyer.

 

Default                          If the Buyer defaults, in addition to any other legal or

Forfeiture                      equitable remedies available to Seller, the Seller may

Venue                            declare the deposit forfeited and resell the property at the risk and expense of the defaulting Buyer. In such event, the defaulting Buyer shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of the resale, and reasonable commissions and attorney’s fees incurred by either the Seller and/or Seller’s Agent for the resale and/or litigation arising out of this action. In the event of said default, the parties herein agree to the disbursement of the deposit money by the holder for any resale deficiency, expenses, or any other cost incurred or disbursement due as a result of said default. This shall not be considered liquidated damages and settlement thereof unless so agreed to in writing by amendment hereto. The parties respective rights and obligations regarding the contract of sale shall be governed by the laws of the State of Maryland. The Buyer hereby submits to the jurisdiction of the courts for the county in which this property is located.

 

Agency                         The Seller recognizes Robert McArtor, Advantage Real Estate Auction Sales, LLC as the agency negotiating this contract and agrees to pay said agency a fee for services rendered in the amount provided for in the agreement to sell.

 

Improvements              The improvements hereon are being sold in “AS IS” condition without warranty of any kind except as stated herein.

 

Inclusions                     Included in the purchase price are all permanently attached fixtures and equipment including but not limited to heating, plumbing, electrical and related systems.

 

Adjustments                 Ground rent, all taxes general or special, and all other public or governmental charges or assessments against the premises which are, or may be, payable on an annual basis (including Metropolitan District, Sanitary Commission or other benefit charges, assessments, liens or encumbrances for sewer, water, drainage, or other public improvements completed or commenced on or prior to the date hereof or subsequent hereto), are to be adjusted and apportioned as of the date of sale, and are to be assumed and paid hereafter by Buyer, whether assessments have been levied or not as of date of sale.

 

Stamps                         The cost of all documentary stamps, recordation tax and

Recordation and          transfer tax, where required by law, shall be paid by the

Transfer Taxes             Buyer.

 

Possession                   Possession of the premises shall be given to Buyer at Settlement.

 

Time of the                   Time shall be the essence of this agreement.

Essence

 

Risk of Loss                 The herein described property is to be held at the risk of the Seller until legal title has passed or possession has been given to Buyer. If, prior to the time legal title has passed or possession has been given to Buyer, all or a substantial part of the property is destroyed or damaged, without fault of the Buyer, then this contract, at the option of the Buyer, shall be null and void and of no further effect, and all monies paid hereunder shall be returned promptly by Seller to Buyer.

 

Entire                            This contract contains the final and entire agreement

Agreement                    between the parties hereto, and neither they nor their agents shall be bound by any terms, conditions or representations not herein written. The parties hereto hereby bind themselves, their heirs, personal representatives, successors and assigns for the faithful performance of this contract.

 

                                      Witness the handle and seals of the parties hereto the day and year first above written.

 

 

 

 

 

 

                                                                             

Witness as to Buyer Signature                             Buyer Signature              Date

 

 

                                                                                                                                            

Witness as to Buyer Signature                             Buyer Signature                          Date

 

 

                                                                                                                                            

Witness as to Seller Signature                             Seller Signature                          Date

 

 

 

 

STATE OF MARYLAND COUNTY OF BALTIMORE

 

                                      On the                day of                                         ,                         before

Me the undersigned officer personally appeared                                                                                                                                                                         known to me to be the person(s) whose name(s) is/are subscribed to me within the instrument and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof I hereunto set my hand and official seal.