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HomeMy WebLinkAbout04 1991 Purchase Documents Accounting of Rental Money on 415 S. 3rd The following is based on a 30 day month with 13 days of that month being transfered to Wilkinsons from Blachers. Daily Rents per apartment: Apartment 1 $10 . 00 % 300 Apartment 2 - $ 9. 66 =.�q a Apartment 3 - $ 9. 16 Totals owing to Wilkinsons : Apartment Rent Deposit Total 1 $130. 00 + $150. 00 $280. 00 2 $125. 66 + $145. 00 $270. 66 3 $119 . 16 + no deposit $119. 16 Grand Total $669 . 82 f . chaser Date Purchaser Date ,XA,- &w� r f1 r�'�/ ler Vake eller Date RENTAL UNITS COVERED BY "YES" PORTION OF AGREEMENT " •�di i.t�•.r0 g rr.�•ai'' ' COMPLETE ADDRESS '. 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I I --------------- j j-------- ------ ---+-------- •---------------+------ ------------+ `--------- . :a-." j_."::,--+---- ----- +--------------------• ------------- --rf:� i� .+--.------- ---------- t--,-- r--------------+ 1 r:n�•f ;i:�.�w��:�.r:v?.'!.is� i-'--__---__--r-�-- r---��-- t--------------rr-------_}.--- -------_ r------+ ---.----- +--------- - ----------- I + +—---------—---r r—_------.i.-----——---—--——-------——r--I—---------------—-- I --------- --------+- I 1 itt�w AGREEMENT TO SELL AND PURCHASE o113 r;';":';; (Including Earnest Money Receipt) n1AtToa^ 1 This contract stipulates the terms of sale of this property.Read carefully before signing(Including Information on reverse side).This Is a legally binding contract.If not understood,seek 2 competent advice. Bozeman May 3_ 91 3 _ ,Montana, ,19- 4 Todd Allan & Jeanne Marie Wilkinson, H&W, JTWROS 5 (hereinafter called"Buyer")agrees to purchase,and the undersigned Seller agrees to sell the following described real estate hereinafter referred to as"premises"commonly known as 6 415 S. 3 rd In the 7 City of--.___.-Bo Z_ema n County of Gallatin Montana,legally described as a Lots 8 & 9, Block 28, Park Addition _ 9 _ 10 TOGETHER WITH all fixtures attached to the above-described real properly and attached buildings or structures except: none — 11 ___ 12 The following items of personal property,free of liens and without warranty of condition,are included: 3 refrigerators, 3 stoves 13 14 15 RECEIPT FOR EARNEST MONEY:The undersigned sales representative hereby acknowledges receipt from Buyer of earnest money In the amount of 16 Five Hundred 17 U.S.Dollars J$__S..QQ.t al -)as evidenced by( )cash,(X)check,or( J_ T8 All parties to this transaction agree that such funds will be held in trust by Br i.dger-Real-t y./M 7 k e Basile Broker and 19 deposited pursuant to Montana Stale Law.Earneat_mQney_Doi—to.-be..-deposited unfi l final wri ttP_n A—__,_cce tance of all 20 -.B l 1 d gE r Re a lt. By -o n ailing Real Estate Firm) (Sales Representative) 21 TOTAL PURCHASEPAiCEIS:%ixt-y--Ni e Thous;gnd _-U.S-Dollars 22 IS--_S 9-._nvs0(�0-A--0-�/0—I payable as follows_ 23 earnest money to be applied at closing. 24 S._.___.-__.TBA_---- as additional cash down payment,payable on or botore closing. 25 S-.___._T..B.A balance of the purchase price will be paid as follows: Cash to sellers at -cll ina. Pro cis.. 20 .____-__._____-_.._-._...-.____. to be obtained through a new loan of—_u_—chamems-- 0Q-sing_ 27 - 28 - -------- 29 30 3t - - 32 SPECIAL PRovlsioNs:This-ofter is con tingen-t -up-o-7-up - nhtai-ni ng sui-table financ- 33 _ing- and_-proper-ty-_-appr-ai_sing_Lo.r_.sale.s_pric.e. This offer is also conting-ent 34 _upo.n._.purc_has-e.r_s-_review--and_arc-eptan -e of a--Castle Inspection gepa-t, R,1r___ 35 t.o._pay_-__fo.r that._.-r_e.pott---_Off.e�..a.lso-contingAent-upon ept- 35 _of__ta t.le._pol_icy__ancl _plat A71 c--onting.e.n.cies tore rPi cit ed in � ritin3-i 37 __ediate.1y..._.u.pon__c_omple-tion_.—st is understaod-b-y-_ail-paxtdes t-hat-su�v-ill 3,1 .give. main._.floor. -.te.nants---a--3.0---day-.-notice.--upon-remova-l- in-w-r- t-in-g,--of all - 39 -the_ contingencies..-__.--_._.--__-- 40 - AI - 42 Addendum.Attached: Yes (circle one) 43 DISCOUiIT POINTS_If Buyer obtains financing from'a lender requiring discount points,Seller agrees to pay discount points up to a maximum of 0-percent( %►of the 44 Buyer's loan.Buye=shall pay all other discount points....- --. 45 CONVEYANCE:The Seller shall convey the real property by_ _ Wail dll _Deed,free of alt liens and encumbrances except those described in the 46 title insurance section of this agreement.The Seller shall convey the personal property by bill of sale. 47 TITLE Ito;URANC£ Setter,at Sellers expense,shall furnish Buyer Title Insurance evidenced by a standard form American Land Title Association title insurance commitment in amount 48 equal to the purchase price,committing to insure merchantable title to the real property in The Buyer's name,free and clear of all liens and encumbrances except:encumbrances 49 hereinat:ove mentioned.zoning ordinances,building and use restrictions,reservations in federal patents,beneficial utility easements apparent or of record,easements of record,and 50 ...usual_.-printed -exc_lus_ions_of recor_d.._._--_._-_-_---_--_- 5t _.... ----- ------'- - ------ - --� _.--- _—_— -- 52 11 the Sellers title is not merchantable and cannot be made ruerchantahle before the slated closing dale.30 ADDITIONAL DAYS SHALL BE ALLOWED FOR THE SELLER TO MAKE SUCH 53 TITLE MERG►fANTABLE.Encumbrances to be discharged by the Seller shall be satisfied prior to closing or from Seller's proceeds at time of closing. 5.1 TAXES AND ASSESSMENTS_Seller and Buyer agree to prorale]axes.special improvement assessments for the current lax year,as well as pre-paid rents,If any,as of the date of closing, 55 unless C'he.,•iise agreed 56 - 57 CLOSING DATE:The date of closirg shall be__.-.--.J.urie--15 -.t9-9-1- The parties may,by mutual agreement,agree to close the transaction at any 58 !ur+r,:prier dare specified.11 third party financing is required by the terms of this agreement{includes assumptions,contracts for deeds,and lender financing),the closing shall occur 59 on the date srecrfied or as soon Ihereal]er as financing is complete but no later than �__.,7,..�.---days after the stated closing dale.The Buyer and Seller will deposit with the clos- 60 +ng agent arl mshumenls and monies necessary to complete the purchase in accordance with this agreement.It Buyer fails to make written application for financing,apply for assumption el of an existing loan or contract,or initiate any action required for completion of a contract for deed within(10)days of the dale of acceptance of this agreement,Buyer will be in breach and 62 Seller can exercise Seller's remedies under this agreement.If financing is called for herein and caruml.be obtained,it is agreed that the earnest money will be returned to the buyer. 63 F.H.A_BUYER:The appraised value of the properly being purchased,for mortgage insurance purposes,must not be less than +S_ ty Mine a Thou s cry- _ ra _.__..__._....._ls.._.__._6 9 , fl O O. O O _ J.please refer to this section on the reverse of this form for additional disclosures of your rights. 65 ADDITIONAL TERMS THAT ARE AN INTEGRAL PART OF THIS AGREEMENT ARE PRINTED ON THE REVERSE SIDE OF THIS FORM.PLEASE READ THE REVERSE SIDE OF THIS FORM. -_ iw r,i�w���i,��w ice„i af•�f�wt f„�un rawu�a�w���n�l� YA 11tl1f f.1C!f+YRCtl TYfc wntlGCC4CYT p .tydeiJii�"2ialtatWV6MPO' `M RESIDENTIAL APPRAISAL —*b##a11dii0,o• 001 Property Address Census Tract LENDER DISCRETIONARY USE City Bozeman County G allatin State MT Zip Code 15 9 7 1 Sale Price $ Legal Description Lots 8 & 9, B l o c k, 9 8, W e fs t Park AAddi ti on Date Owner/Occupant $o r Map Reference N I A Mortgage Amount $ Sale Price$ , 69,000 Date of Sale 0 5/0 3/91 PROPERTY RIGHTS APPRAISED Mortgage Type Loan charges/concessions to be paid by seller $ N/A ®Fee Simple Discount Points and Other Concessions R.E. Taxes $ 900 . 00 Tax Year 19 90 HOA $/Mo. 0 Leasehold Paid by Seller $ Lender/Client Western Federal avin s Condominium(HUD/VA) 1941 De Minimis PUD I Source [LOCATION ® Urban F71 Suburban Rural NEIGHBORHOOD ANALYSIS Good Avg. Fair Poor BUILT UP Ei] Over 75% F 25-75% Under 25% Employment Stability ® 0 GROWTH RATE 0 Rapid ® Stable 0 Slow Convenience to Employment Fi] 0 0 PROPERTY VALUES 0 Increasing ® Stable 0 Declining Convenience to Shopping a 0 0 DEMAND/SUPPLY F Shortage ®In Balance F Over Supply Convenience to Schools 0 ® 0 0 MARKETING TIME Under 3 Mos. 3-6 Mos. 71 Over 6 Mos. Adequacy of Public Transportation 0 IYCI 11 PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facilities M ® 0 0 Single Family 70 Not Likely ® OCCUPANCY PRICE RICO) AGE Adequacy of Utilities • 2 4 Family 3 0 Likely 0 Owner 5 ® Property Compatibility o ® 0 0 Multi-family In process [] Tenant 25% D 50 Low 3 0 Protection from Detrimental Cond. 0 ® F F Commercial To: Vacant (0-5%) [g] 250 Hig 100 Police& Fire Protection Ll Industrial Vacant (over 5%)0 Predominant General Appearance of Properties 1:1 ® 0 0 Vacant 185 -- 60 1 Appeal to Market Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS: The area is located near both the downtown area and the univ ersity- _.Most of the hoes in this are.a have been renovated or restored aII_d_ many have,_ subject-like the be.gD -Conyerted—t-g—multi-family use. There are no si C-A Dimensions Topography Level Site Area Corner Lot N Size Zoning Classification R—3 Res._Me d. density Zoning Compliance Conforming Shape R e c t a n a ular HIGHEST& BEST USE:Present Use y Other Use Drainage Appears adt-quatIf UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Averaa Electricity ® Street Asphalt ® M Landscaping Average Gas ® Curb/Gutter Concrete _ ® 0 Driveway ConcrAtp Water ® Sidewalk concrete ® L:] Apparent Easements Hone apparent Sanitary Sewer ® Street Lights 1 n c a n d e s C P In 7 ® 0 FEMA Flood Hazard Yes* No i Storm Sewer AlleyunnpFEMA' Map/Zone COMMENTS (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): There are no apparent adv-p—r easements, encroachments or other adverse conditions affenting the site, GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION Units Foundation Concrete Slab Area Sq.Ft, _NoneRoof Stories Exterior Walls Crawl Space e %Finished Ceiling _ Type (Det,/Att.) a Roof Surface Comp. Basement Ceiling Walls Design(Style) _Sty Gutters & Dwnspts. Galy. Sump Pump No Walls Floor F Existing Yes Window Type No o d D. Dampness * Floor None Proposed N o Storm Sash Some Settlement * Outside Entry Adequacygssm[] Under Construction Screens .omeInfestation * e Energy Efficient Items: Age(Yrs.) 91Z Manufactured House No Al ne Observed walls & gravel Effective Age (Yrs.) / =Basement Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft. 2 1 2 E=1 Finished area ahava grade contains: 11 Rooms; 5 Bedroom(s); 3 ath(s); Square Feet of Gross Living Area SURFACES Materials/Condition HEATING KITCHEN EQUIP. ATTIC IMPROVEMENT ANALYSIS Good Avg. Jair Poor Floors CRt/Vnvl/Avq Type F Air Refrigerator F None Quality of Construction 0 LX1 0 0 Walls Drywall/Avg. Fuel Gas Range/Oven 0 Stairs Condition of Improvements Ll ® M ❑ Trim/Finish Wood/Avo. Condition Aycr. Disposal E] Drop Stair E] Room Sizes/Layout 0 ® 0 El Bath Floor `/i 1 Adequacy A s s . Dishwasher F Scuttle ® Closets and Storage F ® 0 0 Bath Wainscot Metal/Avg. COOLING Fan/Hood Floor Energy Efficiency ® 0 Doors Wood/Avg. Central Compactor Heated Plumbing-Adequacy& Condition L] ® 0 Other None Washer/Dryer[] Finished 0 Electrical-Adequacy& Condition 0 ® 0 Condition Microwave Kitchen Cabinets-Adequacy & Cond. 0 © D 0 Fireplaces} # Adequacy Intercom Compatibility to Neighborhood F CAR STORAGE: Garage 0 Attached Adequate 0 House Entry Appeal& Marketability 0 `11 0 0 No. Cars 0 Carport F Detached Inadequate Outside Entry [� Estimated Remaining Economic Life 3 5 — Yrs. Condition None % Built-In Electric Door Basement Entry Estimated Remaining Physical Life 35 35 Yrs. Additional features: Covered porches are located at each of the three entr s. Depreciation (Physical, functional and external inadequacies,repairs needed,modernization,etc.): The house suffers from h s ' a 1 deterioration from normal agei.__ng_. In addition, some deferred maintenance was observed. No_ recruired repairs are noted. The plumbing ' eating and electrical systems appeared functional and ade uate. General market conditions and prevalence and impact in subject/market area regarding loan discounts,interest buydowns and concessions: General market conditions wear stable. Conventional rates are currently 9. 5% to 10% . FHA and VA financing are common, with discounts aid by the seller of 1 to 4 oints tv2ical. .,..+:-A4,­F„r-7(1 L!)%RR +nrh ns Fnrrn anri WnrmS Inn. *3,r Whitt,—Awl nlHw HAvwn CT nr;R,1 1ranm>ez.asd{ — ,, r ..::....,._