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purchase contract and escrow instructions - 85-104 alawa pl, waianae, hi 96792.pdf

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Authentisign ID: Envelope 38075AB2-E9EB-EF11-88F8-002248264582 Docusign ID: 2E52FF3B-40A7-4E31-ABFA-51D7CC9D08BA D547D7CB-64FE-4D7B-8510-77C4C22AFED6 PURCHASE CONTRACT AND ESCROW INSTRUCTIONS THIS PURCHASE CONTRACT AND ESCROW INSTRUCTIONS (“Contract”), is effective as of the latest date this Contract is executed by the Parties as set forth below (the “Effective Date”), and comprises the entire contract and agreement between Seller (defined in Section 1.9 below) and Buyer (defined in Section 1.9 below). 1.​ BASIC TERMS. This Section 1 defines the Basic Terms of this Contract. ​ 1.1​ Property Address:​ 85-104 Alawa Pl, Waianae, HI 96792 _______________________________________________ 1.2​ Property APN(s): ​ TBD in Escrow _______________________________________________ 1.3 ​ Legal Description:​ To be determined during escrow period. ​ ​ ​ ​ ​ OR ​ ​ ​ ​ ​ ☐ See Exhibit A attached (if lengthy); ​ ​ ​ ​ ​ OR ​ ​ ​ ​ ​ (X) To be provided by Escrow Agent. ​ ​ ​ ​ ​ 1.4 ​ ​ ​ ​ ​ The Property: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.5​ ​ “Purchase Price” of 674,899.13 $_____________ to be paid as follows: 660,899.13 X Approximate or ☐ Exact) ​ ​ ​ (☐ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,000 Earnest Money Deposit To Be Submitted After Inspection Period. $_____ ​ ​ ​ ​ (X) Cash or ☐ Promissory Note) ​ ​ ​ ​ (the "Deposit") ​ ​ $ 642,899.13 ___________ Approximate Existing 1st Mortgage ​ ​ ​ ​ ​ (Buyer Purchasing Subject To) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ___________ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $______________​ ​ ​ ​ ​ ​ ​ ​ The real property bearing the street address in Section 1.1, the APN in Section 1.2 and the legal description in Section 1.3 together with all improvements, fixtures, and appurtenances thereon or incidental thereto, plus the personal property described in Section 1.12. ​ Approximate Existing 2nd Mortgage (Buyer Purchasing Subject To) New Loan to Buyer (From Lender Other Than Seller) ​ ​ ​ ​ ​ $ Seller Carryback Financing (Purchase price, less mortgages, less amount to cure loan defaults). ​ ​ ​ ​ Seller Initials: ___ / ___​ ​ $______________ 1​ Amount to cure loan defaults (if any) Buyer Initials: ___ / ___ Authentisign ID: Envelope 38075AB2-E9EB-EF11-88F8-002248264582 Docusign ID: 2E52FF3B-40A7-4E31-ABFA-51D7CC9D08BA D547D7CB-64FE-4D7B-8510-77C4C22AFED6 ​ ​ ​ ​ ​ ​ ​ ​ ( (X) Approximate or ☐ Exact) ​ ​ ​ ​ ​ 14,000 $_______________​ Realtor Commission OTHER: COE. ______________________ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 32,000 18,000 $______________​ Cash at COE​ paid to Sellers at COE. X Exact) (☐ Approximate or ☐ ​ ​ 1.6​ ​ ​ ​ ​ ​ Listing Agent Commission paid by buyer at ​ ​ ​ ​ Close of Escrow:​ (“COE”)​ ​ ​ ​ X ☐​ 11th 18th On or before March _______________ , 2025; or March 14th March 19th ☐​ ____ days after Effective Date; or ​ ​ ☐​ ____ days after _____________________________ ​ ​ 1.7​ ​ ​ ​ ​ ​ Escrow Agent:​ ​ _________________________________________. ​ ​ ​ TBD Closed Title __________________________ ​ Escrow Officer: ___________________ ​ Telephone: ____________________ ​ Email: ______________________ 1.8 Association(s): ​ ​ _______________________________________________ _______________________________________________ 1.9​ Parties:​ Seller: Manuel Barajas ​_______________________​ & Cindy A. ​ Becerra ​ ​ (Collectively the "Seller") ​ ​ ​ ​ ​ Address: _____________________________ ​ ​ ​ ​ ​ Seller’s Agent Telephone: 808-597-4019 _________________________ ​ ​ ​ ​ ​ Agent Email: pedro.garciajr@yahoo.com _________________________ ​ ​ ​ ​ ​ Seller's Agent Name: Pedro Garcia Seller's Agent Brokerage: eXp Realty Juan Morales Ventures Holdings LLC Buyer: Mora ___________________ ​ ​ ​ ​ Seller Initials: ___ / ___​ ​ Address: ​ 2​ ______________________​ Buyer Initials: ___ / ___ Authentisign ID: Envelope 38075AB2-E9EB-EF11-88F8-002248264582 Docusign ID: 2E52FF3B-40A7-4E31-ABFA-51D7CC9D08BA D547D7CB-64FE-4D7B-8510-77C4C22AFED6 ​ ​ ​ ​ ​ Telephone: ​ 305-877-6886 _____________________ ​ ​ ​ ​ ​ Email:​​ jmoraventures@gmail.com _____________________ ​ 1.10​ Inspection Period: 108 _____ Business Days ​ 1.11​ Specific Closing Costs to be Paid as Follows: ​ ​ Escrow fees and costs (NOT INCLUDING AGENT COMMISSION): ​ ​ ☐​ 50% by Buyer and ☐ 50% by Seller; OR ​ ​ (X)​ 100% by Buyer ​ ​ ☐​ 100% by Seller. ​ ​ Standard Title Policy: ​ ​ ☐​ Seller ​ ​ (X)​ Buyer ​ ​ HOA transfer fee(s): ​ ​ ☐​ Seller ​ ​ (X)​ Buyer ​ ​ HOA capital improvement and reserve fees: ​ ​ ☐​ Seller ​ ​ (X)​ Buyer ​ ​ HOA disclosure fee(s): ​ ​ ☐​ Seller ​ ​ (X)​ Buyer​ ​ ​ Closing fee of up to $______ (if closing at law firm not through Escrow Agent): ​ ​ ☐​ Seller ​ ​ (X)​ Buyer Seller Initials: ___ / ___​ 3​ Buyer Initials: ___ / ___ Authentisign ID: Envelope 38075AB2-E9EB-EF11-88F8-002248264582 Docusign ID: 2E52FF3B-40A7-4E31-ABFA-51D7CC9D08BA D547D7CB-64FE-4D7B-8510-77C4C22AFED6 ​ ​ 1.12​ ​ Personal property to be included in the sale includes all items set forth in Section 2 and the following: ​ ________________________________________________________________________ ​ ​ 1.13​ Addendums and Acknowledgments: ​ ​ X ☐​ Subject To Addendum (See attached). ​ ​ ☐​ Post-Closing Possession Addendum (See attached). ​ ​ X ☐​ Seller Acknowledgements (See attached or executed at COE). ☐​ Seller Carryback. If part of the Purchase Price set forth in Section 1.5 is to be through "Seller Carryback Financing", the amount subject to the "Seller Carryback Financing" will be evidenced by a non-recourse promissory note executed by Buyer as borrower and secured by a mortgage or deed of trust on the Property and delivered by Buyer to Seller dated the date of Closing and payable in installments of $ per month for ___ years (the "Loan"). The Loan may be prepaid at any time without penalty. The Loan will not be due on sale. The payment will ☐ or ☐ will not include one-twelfth annual taxes and insurance for the Property. The payments to be made to Seller will be: ☐ principal only; ☐ interest only; or ☐ principal and interest (The loan between buyer and seller will be amortized over a period of ____ years). If the payment is to include taxes and insurance and if after said amounts are deducted from the payment, the remaining amount is not enough to cover the interest rate and/or principal amount set forth above, the remaining amount will be considered full payment and any interest rate will be adjusted accordingly. ​ 1.14​ Additional Terms and Conditions: ☐ ​ The Property will be transferred subject to the following liens and encumbrances (list all deeds of trust, mortgages, HOA dues owed and other liens or encumbrances that will not be satisfied at closing): ​ ____________________________________________________________ ​ ____________________________________________________________ ​ ____________________________________________________________ ☐ ​ This Contract and the Buyer's performance hereunder is conditioned upon the combined reinstatement amount for Seller's existing loan(s) being equal to or less than $____________. Seller Initials: ___ / ___​ 4​ Buyer Initials: ___ / ___ Authentisign ID: Envelope 38075AB2-E9EB-EF11-88F8-002248264582 Docusign ID: 2E52FF3B-40A7-4E31-ABFA-51D7CC9D08BA D547D7CB-64FE-4D7B-8510-77C4C22AFED6 ​ ​ X ​ ☐ Acquisition: This is a preliminary contract which Other: Trust _____________________________________________________ ​ ​ ​ ​ will later be replaced by official trust documen ______________________________________________________ There is a balloon payment in 10 years. ​ ​ ​ ______________________________________________________ Solar lease of $107 per month until 2044 to be taken over by buyer. If the home mortgage is paid off, solar lease to be transferred to buyer through Sunrun or current servicer. ​ 1) Seller and Buyer agree to a balloon payment of the full remaining balance due at ________ months ("Balloon Date"). 2) The Balloon Date is contingent upon an appraisal showing Buyer has at least ___ (30% if left blank) equity in the Property. If Buyer's equity is not equal to or greater than the specified percentage as of the balloon date, the balloon date shall automatically be extended by 12 months and the monthly payment to Seller increased by $100. This process shall continue until Buyer attains the equity percentage above. 3) Appraisals shall be at Buyer's expense, and no liens placed after COE shall be considered in the equity calculation. ​ 1.15​ Occupancy. Seller represents and warrants: ​ ​ ​ ​ ​ ​ X ​ ☐ ​ ​ There are no parties in occupancy of the Property other than Seller and Buyer will be given occupancy of the Property at Closing unless otherwise specified herein: __________________________________________; OR ​ ​ ​ ​ ​ ​ ​ ​ ☐​ Buyer understands that the Property is leased and the tenant may continue in possession of the Property after Closing unless otherwise agreed in writing. Seller will make payment to Buyer at Closing for the amount of the security deposits for any existing lease for the Property. ​ ​ ​ 2.​ PURCHASE AND SALE OF PROPERTY. For the Purchase Price and in accordance with the terms and conditions set forth in this Contract, Seller agrees to sell and Buyer agrees to buy the Property identified in Section 1.4. The personal property to be conveyed as part of the Property includes, but is not limited to, built in appliances, ceiling fans, remote controls to operate any fixture or equipment on the Property, central vacuum, hose and attachments, draperies and other window coverings, fireplace equipment (affixed), floor coverings (affixed), free standing range/oven, garage door openers, light fixtures, mailbox, media antennas/satellite dishes (affixed), outdoor fountains and lighting, outdoor landscaping, shutters and awnings, smart home devices and access thereto (i.e. video doorbell, automated thermostat), flush-mounted speakers, storage sheds, storm windows and doors, gas-log, pellet and wood-burning stoves, built in BBQ grills, affixed timers, towel, curtain and drapery rods, wall mounted TV brackets and hardware (excluding TVs), water-misting systems, window and door screens, sun shades, solar systems owned by Seller, security system and alarms owned by Seller, water softeners owned by Seller, water purification systems owned by Seller, pool and spa covers and equipment, and any personal items or property left upon or at the Property after COE. Seller Initials: ___ / ___​ 5​ Buyer Initials: ___ / ___ Authentisign ID: Envelope 38075AB2-E9EB-EF11-88F8-002248264582 Docusign ID: 2E52FF3B-40A7-4E31-ABFA-51D7CC9D08BA D547D7CB-64FE-4D7B-8510-77C4C22AFED6 3.​ PURCHASE PRICE; METHOD OF PAYMENT. The Purchase Price shall be paid by Buyer pursuant to the provisions of Section 1.5. 4.​ STATUS OF TITLE. 4.1​ Title Documents. As soon as practical following the Effective Date of this Contract, Escrow Agent shall cause to be issued and delivered to Buyer: (a) a current commitment for an ALTA Residential Owner’s Policy of Title Insurance (“Title Report”); and (b) copies of all documents referenced as exceptions therein (together with the Title Report, the “Title Documents"). 4.2​ Buyer’s Review of Title. Buyer shall have ten (10) days from receipt of the Title Documents or from any amendments thereto to provide Seller with notice of any items shown in the Title Documents for which Buyer disapproves. 4.3​ Seller’s Spouse to Execute Contract or Disclaimer Deed. If Seller is married and the spouse has not executed this Contract, Seller’s spouse shall execute this Contract or execute and deliver a disclaimer deed for the Property to the Escrow Agent within three (3) days from the Effective Date. 5.​ DISCLOSURE ​ 5.1​ Septic or Alternative Wastewater Treatment Facility. If the Property