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Purchase Agreement - 784 Leonard St, Akron, OH - Arches LFTY0202 LLC - 783 Leonard St, Akron, OH 44307.pdf

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       CONTRACT FOR THE SALE & PURCHASE OF REAL ESTATE Edward Cochran PARTIES: ____________________________________their heir(s), successors, administrators, 20030 Marchmont Road, Shaker Heights, Ohio 44122 and/or assigns, as Seller who’s address is_________________________________________ and Lofty Holding 783 LFTY0202 Leonard Street Arches LLC LLC __________________________________________ their heir(s), successors, administrators, and/or 11718

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CONTRACT FOR THE SALE & PURCHASE OF REAL ESTATE
Edward Cochran
PARTIES: ____________________________________their heir(s), successors, administrators,
20030 Marchmont Road, Shaker Heights, Ohio 44122
and/or assigns, as Seller who’s address is_________________________________________
and
Lofty Holding
783 LFTY0202
Leonard Street
Arches
LLC LLC
__________________________________________
their heir(s), successors, administrators, and/or
11718
Folkstone
Lane
Los Angeles, CA 9007
assigns, as Buyer who’s address is:__________________________________________.
WITNESSETH: That Seller, in consideration of the payments, covenants, agreements and conditions
herein contained which on the part of the Buyer are to be made, done and performed, has this day sold,
upon the conditions hereinafter recited, to the Buyer the real property legally described as:

783 LEONARD ST, AKRON, OH 44307
SUBJECT PROPERTY: ________________________________________hereinafter
the property,
WPP LOT 19 SUB 7 HERMAN LESS ST .110A
LEGAL DESCRIPTION: ____________________________________
6824686
Parcel #: _____________________________
$70,000
PURCHASE PRICE: _____________________________
SUBJECT TO: Appraisal/Inspection
PAYABLE: Approved Financing.
The sale shall also include all mineral rights owned by the Seller, which have not been previously
reserved or conveyed of record.
EXISTING MORTGAGE(S): Existing financing on subject property will be current in all payments of
principal, interest, late charges, and escrow amounts required by the mortgagee. Buyer will take title
subject to his debt.
EXPENSES: Buyer pays all title settlement and examination fees. Seller is responsible for any
abstracting, prorated taxes and documentary stamps according to appropriate County of record reporting
for conveyance for marketable title.
INSURANCE: As consideration for this purchase the Seller will assign all insurance policies on the
property to the Buyer and Seller will grant a limited power of attorney to the Buyer to deal with the
lender(s) and insurance provider(s)
RISK OF LOSS: If subject property is damaged prior to transfer of title, Buyer has the option of accepting
any insurance proceeds with the title to the property in “as-is” condition or of cancelling this contract.
PRORATIONS: Real property taxes will be prorated based on the current year’s tax without allowance for
discounts, including homestead of other exemptions. Rents will be current and prorated as of the date of
the title transfers.
DEFECTS: Seller warrants subject property to be free from hazardous substances and from violation of
any zoning, environmental, building, health or other governmental codes or ordinance. Seller further



 


     

warrants that there is no material or other known defects or facts regarding this property, which would
adversely affect the values of said property.
NO JUDGEMENTS: Seller warrants that there are no judgments threatening the equity in subject
property, and that there is no bankruptcy pending or contemplated by any titleholder. Seller will not further
encumber the property and an affidavit may be recorded at the Buyer’s expense putting the public on
notice that the closing of this contract will extinguish liens and encumbers hereafter recorded.
RADON GAS & LEAD PAINT: Lead based paint and Radon, a naturally occurring radioactive gas that
may present health risks to persons who are exposed to it over time, may exist in this property. Buyer
may obtain a risk assessment of “the property” by licensed inspectors. Dangerous circumstances and the
conditions, which caused said circumstances will be corrected at Seller’s expense before title transfers.
LICENSURE: Buyers may or may not hold inactive or active real estate license.
POSSESSION: Possession of the property and the occupancy (tenants excepted) with all keys and
garage door openers, will be delivered to the Buyer when title transfers. Leases and security deposit will
transfer to the Buyer with title.
TENANCIES: If this is an income property, Seller shall provide Buyer with an accounting and assignment
of security deposits at closing. Seller agrees to defund and indemnify Buyer for any and all claims,
judgments and lawsuits related to the wrongful withholding of security deposits that arose out of events or
circumstances arising before closing of title. This paragraph shall survive the closing of title.
INSPECTIONS: This contract is contingent upon the inspection and Buyers approval of the property prior
to transfer.
SELLER ACCESS: Seller shall provide Buyer a key or otherwise make property accessible to Buyer
lender, real estate agent, partner, contractor, appraiser or inspector prior to closing. A private showing can
be set up if property is not vacant.
CLOSING: The closing will take place on or before 30
60 days from the acceptance of this agreement,
BluePrint Title
Closing will occur at Discretion Of Title Company - __________________________
and subject to a 30
calendar day period in which the Buyer/Seller shall be permitted to clear any title problems. Seller agrees
to convey marketable title.
2,000.00
EMD: Upon mutual execution, Buyer will deposit $_______________
to the title company as an EMD.
The earnest money will become part of the purchase price of the Property and will be applied to any
applicable down payments and closing costs owed by the Buyer.
OTHER AGREEMENTS: This is a financed or Cash transaction. This agreement is subject to
INSPECTIONS, for determination of value. Furthermore, Buyer is agreeing to purchase property to
rent, lease, assign or sell for profit, Buyer, and Seller agree Buyer is not intending to occupy the
property as primary residence. Seller understands that Buyer is not earning any fee or commissions
from Seller. Seller should not expect representation from Buyer and/or its assigns, representatives with all
legal or financial questions should be answered by Sellers elected legal counsel.
SELLER TO PAY LOFTY AI, INC 3% or $2,500; whichever is greater OF THE PURCHASE PRICE AT
CLOSING AS A SELLER'S MARKETPLACE LISTING FEE.