NEW HOME PURCHASE AGREEMENT
Escrow Program
THIS AGREEMENT, Dated this _______ day of _____________, 20 ____, by and between NEW CENTURY HOMES, INC., hereinafter referred to as "New Century," and ________________________________ of_________________________________, hereinafter referred to as "Buyer," is to set forth the terms and conditions whereby New Century will cause a new home to be built for the Buyer.
IN CONSIDERATION of the mutual covenants and promises set forth herein, the parties agree as follows:
1. New Century agrees to cause a new home to be built for the Buyer, to the specifications agreed upon by the Buyer and New Century, and to sell the said new home to the Buyer under the following terms and conditions.
2. Buyer agrees to buy the said new home from New Century and to pay for the new home as set forth below:
3. The initial purchase price of the new home shall be arbitrarily set at $95.00 per square foot of living area in the home selected by the Buyer. For purposes of calculation these figures will be accepted by both parties, however, the actual sale and purchase price shall be determined at the time of execution of the NEW HOME CONSTRUCTION AND COMMITMENT AGREEMENT called for in Paragraph 7 herein. New Century hereby warrants to the Buyer that the final sale and purchase price of the new home to be built will be in line with the appraised value of like homes in the same area. The arbitrary price of the new home is hereby deemed to be $95 times ________ square feet for a total purchase price of $_____________.
4. The Buyer hereby deposits the initial amount of $____________ to apply toward the construction and ultimate purchase of the new home, which amount will be used to open an escrow account as called for in the ESCROW AGREEMENT, Exhibit A attached hereto and made a part hereof by this reference. The money so deposited shall be treated as set forth in the said ESCROW AGREEMENT.
5. The Buyer further agrees to deliver into the said escrow account the sum of $____________ each month hereafter to apply toward the construction and purchase of the new home. The money so deposited shall be treated as set forth in the said ESCROW AGREEMENT. Failure of the Buyer to meet the monthly payment set forth herein shall not cause any penalty to the Buyer, other than the possibility of delaying the time when the new home will be built.
6. The Buyer agrees to execute the ESCROW AGREEMENT with New Century, which agreement will provide for the management and control of the money to be paid to New Century by the Buyer.
7. At such time as New Century deems there are sufficient funds in the Buyer's escrow account to serve as the down payment on the home to be built the buyer agrees to execute the NEW HOME CONSTRUCTION AND COMMITMENT AGREEMENT with New Century to cover the details of the construction of the new home for the Buyer.
8. Concurrent with the execution of this document Buyer agrees to execute a CHECK LIST of pertinent points concerning the overall construction and escrow programs, which CHECK LIST shall be Exhibit C, attached hereto and made a part hereof by this reference.
9. The lot on which the new home will be built for the Buyer is as set forth in Exhibit B, the NEW HOME CONSTRUCTION AND COMMITMENT AGREEMENT, made a part hereof by this reference.
10. Determination of the time to build will be partly based on the following criteria:
11. New Century shall have the sole authority to determine when the escrow account is sufficient to warrant building the new home.
12. At such time as the new home is completed it will be tendered to the Buyer. Within 30 days after the home is tendered the Buyer will obtain financing and pay, at closing, to New Century the entire balance of the purchase price, or, Buyer will request and New Century will provide for the payment of the balance due on the new home secured by a Trust Deed or an approved Uniform Real Estate Sales Contract, at the option of New Century, providing for a 30 year loan with equal monthly amortization payments at interest rates as set forth in the said CHECK LIST.
13. Priorities in the allocation of any benefits to equally qualified Buyers will be based on the order in which the Buyers entered the program.
14. Buyer specifically understands that all of the money paid into the escrow account along with the interest credited to the account will be applied toward the construction and ultimate purchase of the new home, however, the Buyer also understands that should the Buyer elect to not continue with the purchase program the maximum cash amount that will be refunded is only EIGHTY PERCENT (80%) of the actual cash that has been paid into the escrow account by the Buyer and that none of the interest will be refunded. Buyer will also receive the UXI Barter Credits that have been credited to the Buyer's Account in accordance with the terms and conditions of the ESCROW AGREEMENT. Buyer must give New Century a THIRTY (30) day written notice of intent to withdraw and said notice must be sent by registered mail through the U. S. Postal Service, postage prepaid, properly addressed to New Century at the address of New Century as provided to the Buyer. Notice shall be deemed to have been properly given when delivered.
15. In the event of any problems between New Century and the Buyer, New Century's total maximum liability shall be a refund as set forth in Paragraph 14 herein.
16. Upon payment in full to New Century, or upon conversion of the balance due to a Trust Deed, New Century will, at closing, provide the Buyer with a policy of Title Insurance covering the real property to be delivered by New Century to the Buyer. In the event the balance due is carried on a Uniform Real Estate Sales Contract the Title Insurance shall be handled as provided therein.
17. At such time as New Century is paid in full, New Century will, at closing, provide the Buyer with a Warranty Deed covering the real property and a Bill of Sale covering the personal property being delivered hereunder.
18. In the event the Buyer provides the building lot, the said lot will be conveyed to New Century by Warranty Deed and the price of the home and lot to the Buyer will be reduced accordingly. New Century shall not be obligated to build unless the lot is delivered to New Century free and clear of all encumbrances, however, New Century, at its option, may do so.
19. At closing, New Century will convey all of its right, title and interest in and to the building lot and the construction thereon by Warranty Deed to the Buyer, except that, New Century shall have the right to reserve unto itself all oil and mineral rights pertaining to the property. Such reservation shall only be valid if in the opinion of New Century it is necessary to protect the rights of other property owners who have purchased from New Century and are adjacent to the said construction.
20. Buyer agrees to accept the property subject to any zoning regulations and ordinances of the City, Town, Village, County or State in which the land is situated, any easements of record, encroachments or restrictions of record, provided they do not exceed those referred to in the policy of Title Insurance to be provided by New Century hereunder, and any statement of facts an accurate survey may show provided they do not make the title unmarketable.
21. It is understood and agreed that all understandings and agreements heretofore had between the parties are merged into this agreement and the attached Exhibits, cited herein, which alone fully and completely expresses their agreement, and that the same is entered into only after full investigation, neither party relying upon any statement or representation, not embodied in this contract, made by the other.
22. If two or more persons constitute the Buyer then the word "Buyer" shall be construed to read "Buyers" whenever the sense of this agreement so requires.
23. If any part or portion of this agreement shall be held to be illegal or invalid then the balance of the contract shall be unaffected so long as the basic meaning of the agreement is not altered.
24. This agreement may not be changed or terminated orally. The stipulations aforesaid are to apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties.
25. All notices between the parties hereto, except the Buyer's notice to withdraw and the escrow account statements shall be sent by registered mail, postage prepaid, through the U. S. Postal Service properly addressed to the respective party. Such notices shall be deemed to have been delivered when deposited in the mails. Withdrawal notices shall be handled as provided for in Paragraph 14 and the escrow account statements may be sent by regular mail.
IN WITNESS WHEREOF, this agreement has been duly executed as of the day and date first above written in the City of ____________________________, County of ______________________________, State of __________________________, and in the case of a dispute shall be resolved in the Superior Common Law Court of the Utah Republic, pursuant to common law principles.
| NEW CENTURY HOMES, INC.:
by: ____________________________________________ by: ____________________________________________ |
BUYER:
by: ______________________________________________ by: ______________________________________________ |
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Standard Home Purchase Contract
Work for Your Down Payment
Home Equity Exchange Program
Escrow Program
Program Information
Escrow Agreement
Check List
Escrow Home Purchase Contract
Construction Commitment
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