10-08-2014 Council Agenda - Laserfiche WebLink

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261. Property located at 3096 Lahore Road PURCHASE AGREEMENT: VACANT LND (RESIDENTIAL) 260. Page7 Date )-el1V x✓ 711 2-o(,c-f Little Canada MN 55109 262, DUAL AGENCY REPRESENTATION 263. PLEASE CHECK ONE OFTHE FOLLOWING SELECTIONS: 264. Dual Agency representation DOES NOT apply in this transaction. Do not complete lines 265-281. 265. ❑ Dual Agency representation DOES apply in this transaction, Complete the disclosure in lines 266-281. 266. Broker represents both the Seller(s) and the Buyer(s) of the Property involved in this transaction, which creates a 267. dual agency.This means that Broker and its salespersons owe fiduciary duties to both Seller(s) and Buyer(s). Because 288. the parties may have conflicting interests, Broker and its salespersons are prohibited from advocating exclusively for 269. either party. Broker cannot act as a dual agent in this transaction without the consent of both Seller(s) and Buyer(s). 270. Seller(s) and Buyer(s) acknowledge that 271, (1) confidential information communicated to Broker which regards price, terms or motivation to buy or sell will 272. remain confidential unless Seller(s) or Buyer(s) instructs Broker in writing to disclose this information. Other 273. information will be shared; 274. (2) Broker and its salespersons will not represent the interest of either party to the detriment of the other; and 275. (3) within the limits of dual agency, Broker and its salespersons will work diligently to facilitate the mechanics of 276. the sale. 277. With the knowledge and understanding of the explanation above, Seller(s) and Buyer(s) authorize and instruct Broker 278. and its salesperson to act as dual agents in this transaction. 279. Seller Buyer 280. Seller Buyer 281. Date Date 282. CLOSING COSTS: Buyer or Seller may he required to pay certain closing costs, which may effectively increase the 283. cash outlay at closing or reduce the proceeds from the sale. 284. ENTIRE AGREEMENT: This Purchase Agreement and any addenda or amendments signed by the parties shall 285. constitute the entire agreement between Buyer and Seller. Any other written or oral communication between Buyer 286. and Seller, including, but not limited to, e-mails, text messages, or other electronic communications are not part of this 287. Purchase Agreement. This Purchase Agreement can be modified or canceled only in writing signed by Buyer and 288. Seller or by operation of law. All monetary sums are deemed to be United States currency for purposes of thls 289. Purchsae Agreement. 290. ELECTRONIC SIGNATURES: The parties agree the electronic signature of any party on any document related to this 291. transaction constitute valid, binding signatures. 292. FINAL ACCEPTANCE: To be binding, this Purchase Agreement must be fully executed by both parties and a copy 293. must be delivered. 294. SURVIVAL: All warranties specified in this Purchase Agreement shall survive the delivery of the deed or contract 295. for deed. 296. OTHER: 297 298 299. 300. 301. 302. 303. 9