1. Cash+ Addendum
- This agreement sets forth the responsibilities and obligations between Trade In Holdings LLC, its affiliates and/or assignee (“Buyer”) and WILLIAM S & MISHELLE E MURPHY (“Seller”) of 15639 W Peak View Rd Surprise AZ 85387 (“Property”) as participants in the Cash+ Program (“Program”).
- Acknowledgment: Buyer and Seller acknowledge this agreement is an addendum to the attached Arizona Residential Purchase Contract between Buyer and Seller. Any provision(s) in this agreement supersede any provision in the Original Purchase Contract and other addenda if applicable.
- Original Purchase Price: $365,000.
- Resale list price: $365,000.
2. Cancellation
- The Buyer may cancel this agreement and contract without recourse during the due diligence period outlined in the original purchase contract. Cancellation of the original purchase contract will also terminate this agreement without recourse. The Seller may cancel this addendum and contract by signing the Buyer’s cancellation agreement.
3. Disclosures
- Members of Trade In Holdings LLC hold active real estate licenses in the State of Arizona; members Jason and Kala Laos are also the owners of the brokerage JK Realty LLC.
- The buyer is not a wholesaler per ARS 44-5101 and this contract may be assigned to a third party without additional fees to the Seller for program capital purposes only. In the event the contract is assigned Trade In Holdings LLC will maintain program management and resale.
4. Title and Escrow
- Title company to be and earnest money to be deposited in the amount of $2500 with: escrow3@ultraescrow.com Ultra Escrow 4400 MacArthur Blvd Suite 801 • Newport Beach CA 92660 (657) 859-2830. Seller to pay the Owner’s title insurance policy all property/intangible tax transfer fees any gross receipts tax and any fees required to order the HOA & Disclosure documents or capital improvement fees on the first closing. Buyer and seller to pay their own portion of the escrow fees recording fees and/or attorney fees if it applies.
5. Closing
- Prior to closing Seller agrees to provide Buyer a full set of exterior and interior photos showing the property is vacant and understands Buyer cannot close escrow until vacancy has been confirmed. Seller may request up to two (2) days of a post possession at which time both parties will sign Buyer’s Late Checkout Addendum.
- Seller agrees to leave the property in a clean and broom-swept condition with all trash and debris removed. In the event the property needs to be cleaned cleared of debris or needs preparation for resale Seller agrees the cost will be deducted from their Seller holdback.
6. Inspections Response and Timelines
- Any Due Diligence Fee/Option Fee does not apply.
- Buyer’s due diligence and inspection period shall be fifteen (15) days commencing after contract acceptance. Day one starts the following day. In which the document named Buyers Inspection Notice and Sellers Response (BINSR) will be used to respond and negotiate the due diligence/inspection period.
7. Service fee
- Seller agrees to a program service fee to the Buyer of six percent (6.0%) of the original purchase price. In the event the property resells for more than the original purchase price Seller agrees that the six percent (6.0%) program service fee will apply to the higher sales price. This fee shall be paid at closing and reflected as a Seller's concession to the Buyer.
8. Resale fee
- Seller agrees to a program resale fee to Buyer of seven-and-a-half percent (7.5%) of the original purchase price. In the event the property resells for more than the original purchase price Seller agrees that the seven-and-a-half percent (7.5%) program resale fee will apply to the higher sales price. This fee shall be paid at closing and reflected as a Seller's concession to the Buyer.
9. Resale Listing
- Upon closing of the original purchase contract and Seller vacating the property unless otherwise agreed upon by the parties Buyer will immediately list the property for resale with the agent of Seller’s choosing namely: Robb Krautbauer of Mountain View Realty.
- Seller has the right to set the resale listing price. If the property is still actively listed for sale after fourteen (14) days Buyer has the right and sole discretion to set the resale listing price.
10. Holdback
- Seller and Buyer agree that there will be a holdback of Seller proceeds in the amount of $73,000 (20%) of the original purchase price. The Seller holdback will be held by the Buyer and will be disbursed to the Seller after the resale of the property.
- The calculation to disperse the Seller holdback to the Seller is as follows: the purchase price of the subsequent final sale plus the Seller holdback amount less the following debits: the original purchase price any repair costs any repair credits any buyer concessions or closing costs that are negotiated in the resale offer any real estate transfer taxes any stamp or intangible tax any any any gross receipts tax any additional capital improvement fees any HOA monthly fees over $200 any property insurance over $250 per month and any difference in the service fee or resale fee. If the debits exceed the holdback amount no proceeds will be due back to the Seller and the Buyer will absorb any additional loss.
11. General Release; Class Action Waiver
- To the fullest extent permitted by applicable law Seller hereby releases Buyer and its agents representatives employees officers members partners affiliates attorneys any real estate brokerages and/or agents and advisors (collectively the “Buyer Parties”) from any and all claims loses liabilities and demands arising from or in any way related to: (i) the valuation of the property by Buyer (ii) Buyer and Broker’s activities in connection with the sale and resale (iii) Buyer’s improvements if any to the Property and/or (iv) Buyer’s exercise of its discretion in connection with the resale transaction (collectively the “Released Claims”). Buyer acknowledges that the Released Claims do not include Buyer’s obligation to distribute proceeds to the Seller as outlined in paragraph 10 referenced herein.
12. Indemnification
- Seller agrees to indemnify defend (with counsel of Buyer’s choice) and hold Buyer as well as any real estate brokerages and/or agents and each of their respective agents representatives employees officers members partners affiliates and attorneys harmless from any claim loss liability or demand arising from or in any way related to the resale of the Property. Any of the foregoing parties not in direct agreement with the Seller is an intended third-party beneficiary of the foregoing indemnification obligations by Seller.
- Seller acknowledges they have reviewed section 10 and understand how the holdback is disbursed.
13. By signing below Seller and Buyer acknowledge and agree to the terms and provisions outlined in this Agreement.
