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Purchase and Sales Agreement - 1315 E 114th St, Cleveland, OH 44106.pdf

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dotloop signature verification: dtlp.us/o7Z0-eVy8-mikz RESIDENTIAL PURCHASE AGREEMENT OFFER, RECEIPT AND ACCEPTANCE 1 BUYER: The undersigned Black Cannon LFTY0221 LLC ___________________________________________________________ offers to buy the 2 PROPERTY: Located at 1315 East 114th Street __________________________________________________________________________, 3 City Cleveland ______________________________________________________, Ohio, Zip Code 44106 ______________________. 4 5 120-04-119

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dotloop signature verification: dtlp.us/o7Z0-eVy8-mikz

RESIDENTIAL PURCHASE AGREEMENT
OFFER, RECEIPT AND ACCEPTANCE
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BUYER: The undersigned Black Cannon LFTY0221 LLC
___________________________________________________________ offers to buy the

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PROPERTY: Located at 1315 East 114th Street
__________________________________________________________________________,

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City Cleveland
______________________________________________________, Ohio, Zip Code 44106
______________________.

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120-04-119
Permanent Parcel No. __________________________,
and further described as being: ______________________
_____________________________________________________________________________________________

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The property, which Buyer accepts in its “AS IS” PRESENT PHYSICAL CONDITION, shall include the land, all
appurtenant rights, privileges and easements, and all buildings and fixtures, including such of the following as are
now on the property: all electrical, heating, plumbing and bathroom fixtures; all window and door shades, blinds,
awnings, screens, storm windows, curtain and drapery fixtures; all landscaping, disposal, TV antenna, rotor and
control unit, smoke detectors, garage door opener(s) and All
_________ controls; all permanently attached carpeting.
The following selected items shall also remain: ☐ satellite dish; ☐ range and oven; ☐ microwave; ☐ kitchen
refrigerator; ☐ dishwasher; ☐ washer; ☐ dryer; ☐radiator covers; ☐ window air conditioner; ☐ central air
conditioning; ☐ gas grill; ☐ fireplace tools; ☐ screen, ☐ glass doors and ☐ grate; ☐ all existing window
treatments; ☐ ceiling fan(s); ☐ wood burner stove inserts; ☐ gas logs; and ☐ water softener. Also included:
_____________________________________________________________________________________________
Fixtures NOT Included:___________________________________________________________________________
________________________________________________________
PRICE: Buyer shall pay the sum of ……………………………………………….. $ 92,319.59
______________________________________
Escrow
Earnest money payable to Ohio Real Title First Title &
or_______________________
in the amount of 1,500.00
$__________________
In the form of a ☐ check ☐ other promissory note
__________________________ which shall be
within 3 days upon receipt of a binding agreement (as defined
redeemed immediately
on lines 202-212) and ☐ ______________________________________________
Balance of cash to be deposited in escrow ………………………………………………… 90,819.59
$_______________________________
Mortgage loan to be obtained by Buyer ………………………………………………….... $_______________________________
☐Conventional, ☐ FHA, ☐ VA, ☐ Other CASH
____________________________
The
seller
agrees
to
pay
$2,550
in
rent
credit
to
Black Cannon LFTY0221 LLC and $2,769.59 to Lofty AI, Inc.
_____________________________________________________________________________________________
Buyer will have an appraisal at their expense. Title and
escrow: First Title & Escrow.
_____________________________________________________________________________________________

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FINANCING: Buyer shall make a written application for the above mortgage loan and provide documentation to
Seller of said application within n.a.
__________________ days and shall obtain a commitment for that loan no later
than n.a.
_________________ days after acceptance of this offer. If the closing date cannot occur by the date of closing
due to no fault of either party, any government regulation or lender requirement, the date of closing shall be
extended for the period necessary to satisfy these requirements, not to exceed fourteen (14) business days. At the
Seller’s written election, if, despite Buyer’s good faith efforts, that commitment has not been obtained, then this
Agreement shall be null and void. Upon signing of a mutual release by Seller and Buyer, the earnest money deposit
shall be returned to the Buyer without any further liability of either party to the other or to Brokers and their agents.
(see line 202)

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CLOSING: All funds and documents necessary for the completion of this transaction shall be placed in escrow with
the lending institution or escrow company on or before 12/15/2022
________________________________, and title shall be
recorded on or about 12/15/2022
_____________________________.

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POSSESSION: Seller shall deliver possession to Buyer of the property within 0_________ days by 3:00
___________ (time),

Page 1 of 6

JC

10/30/22
11:37 AM CDT
dotloop verified

BUYER’S INITIALS AND DATE

RESIDENTIAL PURCHASE AGREEMENT
NEOHREX – Amended: August 2015

OMf

11/01/22
11:08 PM CET
dotloop verified

SELLER’S INITIAL AND DATE

dotloop signature verification: dtlp.us/o7Z0-eVy8-mikz

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Property Address: 1315 East 114th Street, Cleveland, OH 44106
______________________________________________________________________________
☐ AM ☐ PM after Buyer(s) and Seller(s) have signed their closing documents and the title company has received
the funds. Subject to Buyer’s rights, if any, the premises may be occupied by the Seller free for 0
________ days.
Additional 0____ days at a rate of n.a.
$______________ per day. Insurance coverage and payment and collection of
fees for use and occupancy after recording of title are the sole responsibility of Seller and Buyer.

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TITLE: Seller shall convey a marketable title to Buyer by general warranty deed and/or fiduciary deed, if required,
with dower rights released, free and clear of all liens and encumbrances whatsoever, except a) any mortgage
assumed by Buyer, b) such restrictions, conditions, easements (however created) and encroachments as do not
materially adversely affect the use or value of the property. c) zoning ordinances, if any, and d) taxes and
assessments, both general and special, not yet due and payable. Seller shall furnish an Owner’s Fee Policy of Title
Insurance in the amount of the purchase price. Seller shall have thirty (30) days after notice to remove title defects.
If unable to do so, Buyer may either a) accept Title subject to each defect without any reduction in the purchase
price or b) terminate this agreement, in which case neither Buyer, Seller nor any broker shall have any further liability
to each other. And both Buyer and Seller agree to sign a mutual release, releasing earnest money to Buyer. (see line
202)

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PRORATIONS: General taxes, annual maintenance fees, subdivision charges, special assessments, city and county
charges and tenant’s rents, collected or uncollected, shall be prorated as of the date the title has been recorded.
Taxes and assessments shall be prorated based upon the latest available tax duplicate. However, if the tax duplicate
is not yet available or the improved land is currently valued as land only, taxes and assessments shall be prorated
based upon 35% of the selling price times the millage rate. The escrow agent is instructed to contact the local
governmental taxing authority, verify the correct tax value of the property as of the date the title has been recorded
and pay the current taxes due to the date the title has been recorded. If the property being transferred is new
construction and recently completed or in the process of completion at the time the agreement was signed by the
parties, the escrow agent is instructed to make a good faith estimate of the taxes to be owed on the value of the
improved property to the date the title has been recorded and reserve sufficient funds in escrow from Seller’s net
proceeds to pay those taxes when they become due and payable after the title has been recorded. The escrow agent
is instructed to release the balance of the funds on reserve to Seller once they receive notice from the local county
auditor that the taxes on the land and improvements have been paid in full to the date the title has been recorded.
Buyer acknowledges that the latest available tax duplicate may not reflect the accurate amount of taxes and
assessments that will be owed. Seller agrees to reimburse Buyer directly outside of escrow for any increase in
valuation and the cost of all passed or levied, but not yet certified, taxes and assessments, if any, prorated to the
date the title has been recorded. Seller is not aware of any proposed taxes or assessments, public or private, except
the following: __________________________________________________________________________________
_____________________________________________________________________________________________
In the event the property shall be deemed subject to any agricultural tax recoupment (C.A.U.V.),
☐ Buyer ☐ Seller agrees to pay the amount of such recoupment.
CHARGES/ESCROW INSTRUCTIONS: This agreement shall be used as escrow instructions subject to the Escrow
Agent’s usual conditions of acceptance.
Seller shall pay the following costs through escrow: a) deed preparation b) real estate transfer tax, c) any amount
required to discharge any mortgage, lien or encumbrance not assumed by Buyer, d) title exam and one half the cost
of insuring premium for Owners Fee Policy of Title Insurance, e) pro-rations due Buyer, f) Broker’s commissions, g)
one-half of the escrow fee (unless VA/FHA regulations prohibit payment of escrow fees by Buyer in which case Seller
shall pay the entire escrow fee), and h) ______________________________________________________________.
Tenant security deposits, if any, shall be credited in escrow to the Buyer. The escrow agent shall withhold
$___________________________________ from the proceeds due Seller for payment of Seller’s final water and
0
sewer bills. Seller shall pay all utility charges to date of recording of title or date of possession whichever is later.
Buyer shall pay the following through escrow (unless prohibited by VA/FHA regulations): a) one-half of the escrow
fee b) one half the cost of insuring premiums for Owners Fee Policy of Title Insurance; c) all recording fees for the
deed and any mortgage, d) $250 commission to Century 21 HomeStar. If the closing date cannot occur by the date
of closing due to any government regulation or lender requirement, the date of closing shall be extended for the
period necessary to satisfy these requirements, not to exceed fourteen (14) business days. The Selling and Listing
Brokers request and the Seller(s) and Buyer(s) hereby authorize and instruct the escrow agent to send a copy of their
fully signed, Buyers and Sellers, Closing Disclosures and/or

JC

Page 2 of 6

10/30/22
11:37 AM CDT
dotloop verified

BUYER’S INITIALS AND DATE

OMf

RESIDENTIAL PURCHASE AGREEMENT
NEOHREX – Amended: August 2015

11/01/22
11:08 PM CET
dotloop verified

SELLER’S INITIAL AND DATE