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VIRGINIA ASSOCIATION OF REALTORS RESIDENTIAL CONTRACT OF PURCHASE This is a legally binding contract. VAR FORM 600 REV. 07 2014 Page 1 of 9 c SELLER FINANCING Seller agrees that or of the Purchase Price shall be evidenced by a note made by Purchaser payable to Seller bearing interest at a rate of per year amortized as follows The note shall be secured by a deferred purchase money first second OR specify priority that i the note shall be due and payable in full if the Property or any interest...therein is transferred sold or conveyed ii Purchaser shall have the right to prepay the note at any time in whole or in part with a premium penalty of of the amount prepaid or provided if applicable iv a late payment charge not exceeding five percent of the payment may be assessed by Seller for any payment more that seven 7 calendar days late v the note and deed of trust shall otherwise be in form satisfactory to Seller vi other terms Such financing shall be contingent upon review and approval...of Seller of a current credit report on each Purchaser and a current personal financial state of each Purchaser which documents must be provided to Seller within business days following execution of this Contract by both parties. Unless such assessment or inspection. Check as applicable i Purchaser reserves the right to conduct a risk assessment or inspection for lead-based paint and/or lead-based paint hazards OR ii Purchase waives the right to conduct a risk assessment or inspection for...lead-based paint and/or lead-based paint to information on sexual offenders registered under Chapter 23 sec19. 2-387 et seq. of Title 19. 2. Such information may be obtained by contacting your local police department or the Department of State Police Central Records Exchange at 804 674-2000 or www. vsp.state. va.us/. NOTICE OF DISCLOSURE PURSUANT TO VIRGINIA RESIDENTIAL PROPERTY DISCLOSURE ACT Disclosure is not attached. Attachment does not become part of this Contract. If Seller fails to...deliver the Property in the condition required by this paragraph 14 or if the presettlement or preoccupancy inspection reveals material damage or changes necessitating repairs occurring after any prior inspection of the Property and Seller refuses to make the appropriate repairs Purchaser shall have the right to adjustment to the Purchase Price. WELL AND SEPTIC a If the Property is served by an on-site well or other natural water source Seller agrees to provide Purchaser with a certificate dated...not more than 30 days prior to settlement from the appropriate governmental authority or from an acceptable private company indicating that the water is free from contamination by coliform bacteria. If this Contract is contingent on Purchaser s obtaining FHA or VA financing the certificate shall also state that the water is free from levels of lead unacceptable to FHA or VA. 3 55-525. 16 et seq. of Title 55 of the Code of Virginia provides that the purchaser or borrower has the right to select...the settlement agent to handle the closing of this transaction. The settlement agent s role in closing this transaction involves the coordination of numerous administrative and clerical functions relating to the collection of documents and the collection and disbursement of funds required to carry out the terms of the contract between the parties. If part of the purchase price is financed the lender for the purchaser will instruct the settlement agent as to the signing and recording of loan...documents and the disbursement of loan proceeds. VA/FHA LOAN a It is expressly agreed that notwithstanding any other provision of this Contract the Purchaser shall not be obligated to complete the purchase of the Property or to incur any penalty by forfeiture of earnest money Deposits or otherwise unless the Purchaser has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner Department of Veterans Affairs or a Direct Endorsement lender...setting forth the appraised value of the Property excluding closing costs as not less than the Purchase Price. The Purchaser shall have the privilege and option of proceeding with consummation of this Contract without regard to the amount of the appraised valuation by giving Seller written notice thereof within three 3 days after receipt of notification of the appraised value. Purchaser s failure to obtain the alternative financing shall be at Purchaser s risk and shall not relieve Purchaser of...the consequences set forth in this paragraph 5 should Purchaser fail to pursue as required in this paragraph 5 the financing set forth in paragraph 3. VA/FHA LOAN a It is expressly agreed that notwithstanding any other provision of this Contract the Purchaser shall not be obligated to complete the purchase of the Property or to incur any penalty by forfeiture of earnest money Deposits or otherwise unless the Purchaser has been given in accordance with HUD/FHA or VA requirements a written...statement by the Federal Housing Commissioner Department of Veterans Affairs or a Direct Endorsement lender setting forth the appraised value of the Property excluding closing costs as not less than the Purchase Price. REAL PROPERTY Purchaser agrees to buy and Seller agrees to sell the land and all improvements thereon located in the County or City of Virginia and described as legal description and more commonly known as together with all fixtures located thereon if present as of the date of...this Contract including without limitation blinds ceiling fans curtain rods and brackets built-in dishwasher door knockers garage door openers and controls gas fireplace logs and inserts installed floor and wall coverings installed mirrors light fixtures mailbox and post built-in range shades shrubs exterior plants and trees shutters smoke and heat detectors storm windows and storm doors switch and receptacle covers television antenna e window screens and screen doors together with the items of...personal property described in paragraph 2 the Property. PERSONAL PROPERTY The following items of personal property are included in this sale PURCHASE PRICE The Purchase Price of the Property is Dollars certified check or wired funds subject to the prorations described herein and from the following sources a THIRD PARTY FIRST TRUST This sale is contingent on Purchaser s obtaining OR assuming a conventional FHA VA VHDA or other describe principal amount of or of the Purchase Price bearing...interest at a fixed rate not exceeding per year or at an adjustable rate with an initial rate not exceeding per year and a maximum rate during the term of the loan not exceeding per year or at the market rate of interest at the time of settlement amortized over a term of years and requiring not more than a total of loan discount points excluding a loan origination fee or an assumption fee not exceeding acknowledge that the balance set forth above is approximate and that the principal amount to...be assumed will be the outstanding principal balance on the date of settlement and ii Purchaser shall assume all obligations of Seller under such loan. b THIRD PARTY SECOND TRUST This sale is also contingent on Purchaser s obtaining a loan secured by a second deed of trust lien on the Property in the principal amount of or of the Purchase Price bearing interest at a rate not exceeding per year amortized as follows more than a total of loan discount points excluding the origination fee.