Contract and Satisfaction Guarantee


 

This Contract and Agreement is made and entered into on the day the first payment of any kind or amount towards the purchase of real estate is made to SunSpring Properties LLC (hereinafter called "Seller"). Placing this Contract on Seller's Website or placing a link or reference to it in an auction description, ad, or sales solicitation or offer, and the making of any payment by anyone (hereinafter called "Buyer") provides sufficient proof that both parties have read this contract, are in agreement with each of its provisions, and execute this instrument as a legally binding contract on both parties in accordance with the Federal Electronic Signatures in Global and National Commerce Act, and any other applicable legislation in the USA or any other country. Making a payment on a specific property and/or issue by email of a receipt for payment will identify the pertinent property or properties covered under this contract.

 

Witnesseth, that in consideration of the mutual Covenants to be performed between the respective Parties hereto as hereinafter expressed, it is agreed between the Parties hereto as follows:

 

  1. SATISFACTION GUARANTEE: With the exception of complaints about the condition of streets or roads (most of which will be improved by the city when a building permit is issued), Seller agrees that if Buyer does not like the land being purchased by this Agreement upon visiting within six months of receipt by Seller of the first payment, Seller will swap this property for another available lot of similar size and value. (A $295 processing fee will be charged.) "Gift" lots, waterfront lots, golf course lots, packages of two or more lots, and lots measuring one acre or more are excluded from this satisfaction guarantee clause. (We most likely would not have similar lots available to swap.)
  2. If Buyer is purchasing property on terms, Buyer shall have the right to pay the whole, or any part of the balance remaining unpaid at any time, with no prepayment penalty.
  3. Seller hereby sells and agrees to convey unto Buyer all of Seller's Right, Title and Interest in that certain piece or parcel of land that Buyer is making payment for (hereinafter called "Premises"), subject to: each recorded plat or plats is/are subject to the easements, notes, encumbrances and limitations, and other indicated restrictions, if any, in said plat or plats and subject to the conditions and restrictions as set forth in the applicable Bill of Assurance and Amendments thereto, if any, of record in the office of the Circuit Court Clerk and Ex-Officio Recorder of the County and State in which Premises is recorded; and further subject to the following conditions:
  4. Buyer hereby purchases said Premises of Seller and agrees to pay Seller the full amount of the purchase price plus closing costs and deed processing fees, accrued property taxes, and interest and late payment penalties if any.
  5. Seller warrants that the property taxes and if applicable the Suburban Improvement District "SIDS" (Cherokee Village only) or Property Association fees that were due on the last annual tax delinquency date have been paid, or will be paid by Seller, and Buyer agrees that the taxes and SIDS which are due on the next annual tax delinquency date, and all taxes and SIDS that become due and payable thereafter, shall be paid by Buyer.  Buyer authorizes Seller, at Seller's sole discretion and timing, to pay the property taxes and SID's on behalf of Buyer, and to add an annual banking and service fee of up to $12 to the taxes and fees, plus an annual late penalty of up to $80 to the final loan payout amount if Buyer does not make full payment to Seller by August 1st each year. Deeds will not be issued until all taxes, fees, and late penalties are paid in full.
  6. Replacement Guarantee: If a limited or special warranty deed was issued by Seller and title insurance was not purchased by Buyer, with the exception of Gift Lots, for a two year period from the date the deed was recorded, Seller agrees to swap the lot Buyer is purchasing for another available lot of similar value if any previous owner successfully exercises any legal claim on premises. Buyer is responsible for all costs of any 'quiet title' or other action that may be recommended by an attorney at any time. 
  7. If Buyer shall make all payments as provided, and shall observe and perform all Conditions and Agreements herein made, Seller shall thereupon, by Warranty or Special or Limited Warranty Deed convey Premises to Buyer on the Conditions herein Agreed. Deed/s shall be prepared, signed, notarized, and delivered to Buyer within a reasonable time after Seller has received full payment, or after a trust deed or other instrument, if applicable, has been recorded. If a trust deed or other instrument is carried by Seller, Seller shall promptly release the deed or instrument when full payment has been made by Buyer. Buyer will have Deed/s recorded in Buyer's name and address at the proper County Courthouse within a reasonable time after receiving Deed/s if not already recorded by Seller. Seller reserves the right to sell or otherwise transfer loans to another party at Seller's sole discretion and timing.
  8. If a loan payment is 10 or more days late, Buyer may be charged 10% of the unpaid portion of the regularly scheduled payment as a late fee. Deed/s will not be delivered to Buyer, or trust deed or other instrument if applicable will not be released, until all late fees and any other unpaid penalties, taxes, or SID's are paid in full.
  9. DEFAULT: FAILURE TO MAKE A LOAN PAYMENT FOR TWO CONSECUTIVE MONTHS SHALL CONSTITUTE A "DEFAULT". Failure to make all payments in full as agreed upon in any other note or exchange of emails shall also constitute a Default. If Buyer shall have failed to perform any of the Covenants or Conditions contained in this Contract, and Seller has not extended options in writing that are accepted and adhered to (e.g. refinance), this Contract becomes Void and Forfeited and ALL PAYMENTS ALREADY MADE ARE FORFEITED TO SELLER AS STIPULATED DAMAGES FOR FAILURE TO PERFORM AND FURTHERMORE, SELLER MAY IMMEDIATELY RESELL PREMISES TO ANOTHER BUYER. If Buyer has taken possession of Premises, Seller shall be entitled to immediate peaceable possession of Premises without notice, and may remove Buyer and all persons claiming under Him/Her therefrom. In addition to any other remedy, Seller, upon Default being made, may consider Buyer as a tenant holding over without permission and remove Buyer from said Premises according as the law in such case provides.
  10. All written notices permitted or required by this Contract to be given to the Parties hereto shall be at their respective mailing locations, or to the email addresses indicated on the last payment instrument or receipt. Seller reserves the right to communicate solely by email. Buyer agrees to always keep his or her email address with Seller current until the deed has been issued.
  11. All buildings, trees or other improvements now on said Premises, or hereafter made or placed thereon, shall be considered a part of Premises, and shall be security for the performance of this Contract and may not be removed therefrom, except as may be necessary to improve Premises by constructing a driveway or building site. Buyer shall not commit, or suffer any other person to commit, any waste or damage to Premises and shall keep Premises in its new and/or improved condition. In any event, Seller retains the timber rights until a deed transferring title to Buyer has been publicly recorded.
  12. Buyer accepts Premises as-is, and agrees that no verbal promises of any kind have been made which do not appear in writing. Buyer certifies that Buyer has personally inspected or had a representative inspect, or is otherwise satisfied, and is not relying and shall not hereafter rely upon any written or verbal warranties, representations or statements of Seller whatsoever, except any contained in this document. Buyer understands that lot sizes provided are approximate and may vary when an actual survey is completed, and that percolation tests may be required at Buyer's expense prior to installation of any private septic system. Seller is not responsible if a percolation test fails, if utilities are not available at Premises, or if premises are not accessible by road. Buyer assumes full responsibility as to suitability of Premises, title transfer documents, and zoning for any particular purpose. City halls, property owner associations, and county offices may have maps available, but Buyer is solely responsible for physically locating and/or surveying premises, including Gift lots.
  13. In the event that any provisions of this Agreement shall be held to be invalid, the same shall not affect, in any respect whatsoever, the validity of the remainder of this Agreement. This Agreement form may be changed from time to time by Seller without notice, but any valid earlier version if printed by Buyer at the time a sales/purchase transaction was initiated, and produced and proven valid at the time any dispute may arise, will prevail; otherwise the most current version on Seller's website will be deemed the Agreement entered into.
  14. Failure of Seller to exercise His/Her Rights under this Contract shall not be deemed as a waiver by Seller to exercise said Rights at any time.
  15. Seller may enforce His/Her rights under this Contract in the State of Arkansas or Utah, or may enforce this Contract in any other manner now or hereafter provided. This Agreement and the construction thereof shall be interpreted under the laws of the State of Arkansas, United States of America. Certain provisions and options regarding Arbitration may apply. In any event, Buyer agrees to hold Seller liable only to the extent of returning any money Buyer has actually provided to Seller for the purchase of premises, and not liable for any other conceivable damages or alleged liabilities beyond that amount whatsoever, at any time.
  16. Both parties agree that this Agreement is read, understood, and executed, constituting "a writing signed by You" under any applicable law or regulation as if signed in handwriting by both Parties hereto. Evidence that Buyer has visited any of Seller's Web Pages or has read Seller's auction description or an ad or solicitation containing a link or reference to this Contract or Seller's Website, constitutes proof that Buyer has read and agrees to this contract. Any payment whatsoever made by Buyer to Seller is further proof that Buyer has read and is in agreement with each and every provision and covenant of this Contract.

    Seller's Signature if optionally hand-signed.

    _______________________________________ for SunSpring Properties LLC  Date _______________

 

         Buyer's Signature/s if optionally hand-signed.

 

          _______________________________________ Date________________

          _______________________________________ Date________________
 

Description of property being purchased (if traditional handwritten signatures are applied - if not, property is identified by making a payment on a specific property and/or issue of an email receipt identifying property):

 

____________________________________________________________________________________________________________________________

 

 

You are always welcome to submit for our signature an alternate contract prepared by your own attorney, at your expense, as long as the instrument conforms with applicable Arkansas laws. But it is our belief that the above online contract takes care of the Arkansas legals. (Press control + p to print this page for your records.) If you prefer, we can exchange manual signatures. Just print a copy of this contract, sign it, and send it to us. We'll sign it and get it back to you. We do appreciate your business.

 

Form last updated: February 6, 2015

 

 

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