HomeMy WebLinkAboutKetchen, Dennis - Real Estate Purshase and Sale Agreement REAL ESTATE PURCHASE AND SALE AGREEMENT
This Contract Controls the Terms of the Sale of Real Property
DATED: January 25, 2008
THIS AGREEMENT is made and entered into on the above date by and between
Dennis D. Ketchen, a single man, hereinafter called "Seller" and the City of Yakima, a
Washington municipality, hereinafter called "Buyer ". Seller agrees to sell and Buyer
agrees to buy the following described real estate, located in Yakima, state of
Washington, commonly known as a portion of 5505 Cowiche Canyon Road, Yakima,
WA 98902, PARCEL NO. 181309- 34013, (hereinafter referred to as "Subject
Property ") and legally described as follows:
That portion of the East 1 /2 of the Southeast 1 /4 of the Northeast 1 /4 of the
Southwest 1 /4 of Section 9, Township 13 North, Range 18 E.W.M. lying South and
East of the right -of -way for the BNSF Railway, Cowiche Branch and lying North
of the following traverse line: commencing at the Southeast corner of the
Northeast 1 /4 of the Southwest 1 /4 of said Section 9, thence North along the center
section line 151.75 feet to the point of true beginning of the traverse line; thence
West along said traverse line to said BNSF Railway right -of -way.
TOGETHER WITH all water rights and appurtenances including after acquired
title, if any, thereunto belonging.
SUBJECT TO future assessments by reason of the inclusion of said premises
within the boundaries of any irrigation entity, district or company and all other
assessment districts, companies and entities.
SUBJECT TO all pending and future litigation adjudicating and determining
ground and surface waters in any water drainage basin of which the Subject
Property is a part.
SUBJECT TO rights reserved in federal patents, state or railroad deeds; building
or use restrictions general to the area; zoning regulations; all rights of way,
easements, reservations, restrictions, Agreements, covenants and conditions
appearing in the record of title or apparent on inspection of said premises and /or
plat.
PURCHASE PRICE: The total price is FIVE THOUSAND EIGHT HUNDRED
DOLLARS ($5,800.00) payable as follows:
REAL ESTATE PURCHASE AND SALE AGREEMENT - 1 Law Offices
WEIGAND 718.127 \rhg \yakima cit \ketchen \psa Ly n Offices - & 2 North Third Street
P.O Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883
The entire purchase price in cash at closing, title to be conveyed by
Statutory Warranty Deed, subject to encumbrances set forth herein.
1. FINANCING: Not applicable.
2. NON FINANCING CONTINGENCIES: None.
3. PROPERTY DISCLOSURE: Buyer's offer is conditioned on Seller providing a
completed Seller's Property Disclosure Form within 3 business days of mutual
acceptance of this Agreement. Buyer shall have business days (3
business days if not filled in) on receipt in which to approve of the disclosure
information, and absent written disapproval delivered to Seller within said three
(3) business days, this condition will be deemed waived. NOTICE: This notice is
to inform you that the real property you are considering for purchase may lie in
close proximity to a farm. The operation of a farm involves usual and customary
agricultural practices, which are protected under RCW 7.48.305, the Washington
right to farm act.
•
4. UTILITIES: All utility charges and fees in connection with the Subject Property
shall be paid and /or pro -rated outside of the escrow and closing directly between
the Seller and Buyer. Buyer has been advised of their right under RCW Ch.
60.80 to require Seller to satisfy, upon closing, all charges assessed by utilities
operated under Washington law and to provide the Closing Agent with all billing
information required for the payment of final utility bills at closing. Buyer hereby
waives and relinquishes his right to require Seller to comply with the provisions of
RCW Ch. 60.80 for the payment of utility charges at the closing of this
transaction. Buyer releases and discharges the Closing Agent of this
transaction, of any and all responsibility or liability for collecting and disbursing
funds for the payment of utility charges for the Subject Property under RCW Ch.
60.80. Seller represents that the Subject Property is served by the following
utilities operated by the state, county or city or other governmental agency which
has lien rights against the Subject Property:
Name of Provider Address
Storm Water
Drainage
Garbage
Irrigation
REAL ESTATE PURCHASE AND SALE AGREEMENT - 2 Law Offices
718.127 \rhg \yakima cit \ketchen \psa LYON WEIGAND & GUSTAFSON PS
Lyon Law Offices - 222 North Third Street
P O Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883
Special Districts
(LID's /ULID's)
5. TITLE: Seller to provide title insurance at closing. Title insurance will be
provided by FIDELITY TITLE COMPANY. Title to the Subject Property is to be
free of all encumbrances, but shall be subject to rights reserved in Federal
Patents, state or railroad deeds; buildings or use restrictions general to the area;
zoning regulations; utility easements of record, rights of way or easements
shown on the plat or visible by inspection; reserved oil and /or mineral rights; and
any future adjudication of surface water rights by any appropriate Federal and /or
state proceeding and further subject to: none except those acceptable to Buyer.
Seller authorizes Closing Agent at Seller's expense, to apply for a preliminary
commitment for a standard form owner's /purchaser's policy of title insurance to
be issued by such title insurance company as the Seller may designate. Said
preliminary commitment, and the title policy to be issued shall contain no
exceptions other than those provided for in such standard form and
encumbrances or defects noted in Paragraph 5 hereof. If title cannot be made so
insurable prior to the closing date called for herein, the earnest money shall,
unless Buyer elects to waive such defects or encumbrances, be refunded to the
Buyer, Tess any costs incurred or advances by Closing Agent for Buyer, and this
Agreement shall be terminated.
6. CLOSING COSTS AND PRO - RATIONS: The cost of Closing Agent's fee and
Closing Agent's document preparation fee shall be paid by Buyer, except those
fees which are expressly limited by Federal Regulation. Buyer shall pay for
excise tax and title insurance as applicable. Taxes for the current year, rents,
interest, Association, Condominium and /or Home Owner's fees, water and other
utility charges constituting liens, shall be pro -rated as of date of closing unless
otherwise agreed. Buyer agrees to pay for remaining heating fuel (excluding
wood) provided that, prior to closing, Seller obtains a written statement as to the
quantity and current price thereof from the supplier. Buyer shall reimburse Seller
for reserves of any assumed mortgage as of said date.
7. CLOSING OF THE SALE: WITH THE UNDERSTANDING THAT TIME IS OF
THE ESSENCE FOR THIS AGREEMENT, this sale shall be closed February 28,
2008, or before on mutual Agreement of Seller and Buyer, which shall also be
the termination date of this Agreement, provided, however, this sale shall be
closed after said date unless Seller or Buyer gives written notice of termination
after said date and before closing to the other party and to Closing Agent. When
notified the Buyer and Seller will deposit, without delay, in escrow with LYON
WEIGAND & GUSTAFSON PS, Closing Agent, all instruments and money
REAL ESTATE PURCHASE AND SALE AGREEMENT - 3 Law Offices
WEIGAND 718.127 \rhg \yakima cit \ketchen \psa Lyon LYON Law Offices - 2 2 GUSTAFSON PS
North Third Street
P.O Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883
required to complete the transaction in accordance with this Agreement. Seller
herein authorizes its lender to furnish payoff or assumption data to Closing Agent
upon request. Closing, for the purpose of this Agreement, is defined as the date
that all documents are executed and the sale proceeds are available for
disbursement to the Seller. Buyer shall deposit Cashier's or Certified check, or
• arrange electronic bank transfer to Closing Agent's trust account at Columbia
River Bank two business days prior to the closing date.
8. POSSESSION: Buyer shall be entitled to possession on date of closing.
9. PROPERTY MAINTENANCE: Seller will perform ordinary maintenance on the
Subject Property and yard as presently exists until the earlier of closing or as
otherwise agreed. Seller will remove all of Seller's personal property, trash,
debris, and all articles not agreed to be left at closing.
10. AGREEMENT TO PURCHASE: Buyer's decision to purchase is not based upon
statements by Closing Agent or any other agent, if any, concerning the Subject
Property unless the facts have been either (1) included as contingencies for the
• purchase or (2) independently verified as true to the complete satisfaction of
Buyer. Except for conditions and contingencies specifically noted
elsewhere in this Agreement, Buyer accepts the Subject Property, building
and improvements in their present condition, as is, (Buyer's knowledge of
the Subject Property has been solely obtained from personal observations, and
representations made by Seller). Buyer hereby acknowledges receipt of copy of
this Agreement. Buyer offers to purchase the above Subject Property on the
above terms and conditions.
11. DEFAULT: If this Agreement is terminated for any reason by Seller, all costs
authorized under this Agreement to be paid by Seller. If Seller defaults, Buyer
shall have right to the following remedies: (1) Commence a lawsuit against the
Buyer for Seller's actual damages; (2) Commence a lawsuit seeking specific
performance of this Agreement and recover any incidental damages; or (3)
Pursue any other rights or remedies available at law or in equity. In the event the
Buyer fails, without legal excuse, to complete the purchase of the Subject
Property, Buyer shall pay all costs authorized under this Agreement.
In the event that Buyer, Seller or Agent shall commence proceedings or institute
suit to enforce any rights hereunder, the prevailing party shah be entitled to costs
and a reasonable attorney's fee. In the event of a trial, the court shall fix the
amount of the attorney's fee. Venue shall lie in Yakima County, Washington.
REAL ESTATE PURCHASE AND SALE AGREEMENT - 4 Law Offices
718.127 \rhg \yakima cit\ketchen\psa LYON WEIGAND & GUSTAFSON PS
Lyon Law Offices - 222 North Third Street
P O. Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883
12. CONVEYANCE:
A. Title shall be by Statutory Warranty Deed free of encumbrances except
those noted in this Agreement.
B. If the Subject Property is subject to an existing contract, mortgage, deed
of trust or other encumbrance which Seller is to continue to pay, Seller
agrees to pay said contract, mortgage, deed of trust or other encumbrance
in accordance with its terms, and upon default, Buyer shall have the right
to make any payments necessary to remove the default, and any
payments so made, shall be applied to payments next falling due on the
contract between Seller and Buyer herein.
13. GENERAL PROVISIONS: Seller and Buyer warrant that Selling Agent has
made no representations concerning the condition of the Subject Property,
boundary lines or size, buyer's financing ability or any other matters concerning
the Subject Property or the parties, unless otherwise noted herein or in writing
separately. Buyer has personally observed the Subject Property and has
reached his own conclusion as to the adequacy and acceptability of the size of
Subject Property based upon said personal inspection. TIME IS OF THE
ESSENCE. THERE HAS BEEN NO VERBAL OR OTHER AGREEMENTS
THAT MODIFY THIS AGREEMENT. THIS AGREEMENT CONSTITUTES THE
FULL UNDERSTANDING BETWEEN SELLER, BUYER AND SELLING AGENT.
14. CONTINGENCY CLAUSE - NON FINANCING: If this Agreement is subject to
Non- Financing Contingencies, it is agreed that Seller may keep the Subject
Property on the market and continue to show it until the contingency has been
met or waived by Buyer. If prior to that time, Seller receives another acceptable
offer to purchase the Subject Property, he shall give Buyer notice of his intent to
accept the new offer. Seller's written notice shall be personally delivered to
Buyer, or sent by certified mail to Buyer's address as indicated hereinabove.
Buyer shall satisfy or waive the applicable non - financing contingency or
contingencies within days (5 business days if not filled in). BUYER MUST
KEEP SELLER AND /OR SELLING AGENT ADVISED OF HIS OR HER
WHEREABOUTS. SELLING AGENT HAS NO RESPONSIBILITY TO BUYER
BEYOND INFORMING SELLER OF BUYER'S LATEST KNOWN
WHEREABOUTS, WHEN REQUESTED. The specified number of days shall
commence on the day after delivery or, if mailed, then on the third day following
its deposit into the mail. In either case, said specified days shall expire at
midnight of the last day unless that day is a Saturday, Sunday or legal holiday, in
which event, it shall expire at midnight the next business day. If within said
specified days, written notice from Buyer that said contingency has been met or
waived is actually received by Seller or Selling Agent, or is delivered to Seller's
address as indicated hereinabove, Buyer's right to purchase hereunder shall
REAL ESTATE PURCHASE AND SALE AGREEMENT - 5 Law Offices USTAFSON PS
718.127 \rhg \yakima cit \ketchen \psa Lyon LYON
Offices O ces - & 2 North Third Street
P O Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883
continue in accordance herewith. In the event that Seller does not receive such
notice from Buyer within the specified number of days, then this Agreement shall
be terminated. BUYER'S CONTINGENCY MAY ONLY BE WAIVED BY
WRITTEN NOTIFICATION TO SELLING AGENT OR SELLER THAT BUYER
HAS REMOVED THE CONTINGENCY AND WILL PROCEED TO CLOSE THE
SALE ACCORDING TO ITS TERMS.
15. INCL ITEMS Th fnllnwing items a i i th gale Unless no t e d
otherwise: water rights and attached irrigation equipment, unless otherwise
specified.
16. NOTICE TO SELLER: SELLER ACKNOWLEDGES THAT LYON WEIGAND &
GUSTAFSON PS REPRESENTS THE BUYER IN THIS TRANSACTION AND
HAS GIVEN (AND WILL GIVE) LEGAL ADVICE OR LEGAL
REPRESENTATION ONLY TO BUYER INCIDENT TO ENTERING INTO
AND /OR CLOSING THIS TRANSACTION. ANY LEGAL ADVICE AND
REPRESENTATION FOR SELLER HAS BEEN ARRANGED BY THE SELLER
THROUGH AN INDEPENDENT ATTORNEY OF SELLER'S CHOICE. SELLER
ACKNOWLEDGES THAT SELLER IS NOT RELYING UPON ANY LEGAL/TAX
ADVICE FROM, OR REPRESENTATION BY LYON WEIGAND & GUSTAFSON
PS, AND THAT SELLER HAS HAD SUFFICIENT OPPORTUNITY TO REVIEW
ALL DOCUMENTS AND MATTERS RELATED TO THIS TRANSACTION WITH
SELLER'S OWN INDEPENDENT ATTORNEY, ACCOUNTANT AND /OR
OTHER ADVISERS PRIOR TO SIGNING THIS PURCHASE AND SALE
AGREEMENT AND IS READY TO COMPLETE THIS TRANSACTION
WITHOUT ANY FURTHER INnEPENDENT ADVICE BY SELL ER'S OWN
ATTORNEY, ACCOUNTANT AND /OR OTHER ADVISER.
17. FIRPTA COMPLIANCE: The Closing Agent is instructed to prepare a certificate
that the Seller is not a "foreign person" within the meaning of the Foreign
Investment in Real Property Act. The Seller agrees to sign this certification. If
the Seller is a foreign person and this transaction is not otherwise exempt from
FIRPTA, the Closing Agent is instructed to withhold from the Seller's funds and
pay to the Internal Revenue Service the appropriate amount under FIRPTA.
18. CASUALTY /LOSS: If, prior to closing, the Subject Property is destroyed or
materially damaged by fire or other casualty, Buyer may elect to terminate this
Agreement, and the remaining earnest money shall be refunded to Buyer.
19. COMPUTATION OF TIME: Unless specified otherwise herein, any periods of
time referenced in this Agreement shall expire at 9:00 p.m. of the last calendar
day of the specified time period, unless the last day is a Saturday, Sunday, or
legal holiday as prescribed in RCW 1.16.050, in which event the specified period
of time shall expire at 9 :00 p.m. on the next business day. Unless otherwise
REAL ESTATE PURCHASE AND SALE AGREEMENT - 6 Law Offices
718.127 \rhg \yakima sit \ketchen \psa LYON WEIGAND & GUSTAFSON PS
Lyon Law Offices - 222 North Third Street
P O. Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883
specified, any period of time of three (3) days or less shall include business days
only.
20. FAXES AND COUNTERPARTS: Facsimile transmission of any signed original
document, and retransmission of any signed facsimile transmission shall be the
same as delivery of an original. At the request of either party, or the Closing
Agent, the parties will confirm facsimile transmitted signatures by signing an
original document. This Agreement may be signed in counterparts.
21. BUYER'S USE OF PROPERTY: Notwithstanding any provisions to the contrary
contained in this Agreement or addenda, the Seller makes no representation,
expressed or implied, regarding the suitability of the property for development or
future use due to changes in government regulations. Buyer has made a full and
complete study of the property to Buyer's sole satisfaction and accepts the
property as is.
22. CLOSING AGENT:
Lyon Weigand & Gustafson PS
222 North Third Street
P.O. Box 1689
Yakima, WA 98907
(509) 248 -7220
23. BUYER'S ACCEPTANCE: Buyer agrees to purchase the Subject Property on
the terms and conditions specified herein.
24. SELLER'S ACCEPTANCE: Seller agrees to sell the Subject Property on the
terms and conditions specified herein. Seller acknowledges receipt of a copy of
this Agreement, signed by both parties.
SELLER
Dennis D. Ketchen
5505 Cowiche Canyon Road
Yakima, WA 98902
(509) 966 -3351
City of Yakima
BUYER:
CITY CONTRACENO t
By: Richard A. Zais, Jr RESOLUTION NO:
REAL ESTATE PURCHASE AND SALE AGREEMENT - 7 Law Offices
718.127 \rhg \yakima cit \ketchen \psa LYON WEIGAND & GUSTAFSON PS
Lyon Law Offices - 222 North Third Street
P.O Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883
INSPECTION ADDENDUM
TO REAL ESTATE PURCHASE AND SALE AGREEMENT
The following is part of the residential Real Estate Purchase and Sale Agreement
( "Agreement ") dated January 25, 2008, between the City of Yakima ( "Buyer ") and
D enn i s fl V ( "Semler ") concerning real property commonly known as a portion of
5505 Cowiche Canyon Road, Yakima, WA 98902; Assessor's Parcel No. 181309-
34013, ( "Subject Property ").
INSPECTION CONTINGENCY. The above referenced Agreement is conditioned on
Buyer's personal approval of a written inspection of the Subject Property and the
improvements on the Subject Property. Buyer's inspection may include, at Buyer's
option, the structural, mechanical and general condition of the improvements to the
Subject Property, an inspection of the Subject Property for hazardous materials, a pest
inspection, and soils /stability inspection.
All inspections are to be performed at the sole cost and expense of Buyer. Buyer shall
not alter the Subject Property or any improvements on the Subject Property without first
obtaining Seiier'S permission. Buyer is solely responsible for interviewing and selecting
inspectors. Buyer shall restore the Subject Property and all improvements on the
Subject Property to the same condition they were in prior to the inspection. Buyer shall
be responsible for all damages resulting from any inspection of the Subject Property
performed on Buyer's behalf. When the terms and conditions of this inspection
contingency have been satisfied, then this contingency shall be deleted from and no
longer a part of the Agreement.
Buyer waives the right to receive an amended real property transfer disclosure
statement pursuant to RCS^! 64.06 based on conditions identified in any inspection or
inspection report(s).
Oil storage tanks. Any inspection regarding oil storage tanks or contamination from
such tanks shall be limited solely to determining the presence or non - presence of oil
storage tanks on the Subject Property, unless otherwise agreed in writing by Buyer and
Seller.
s.• If Seller r . the identified then �
Corrections. II Se IeI agrees to correct the condition(s identified by Buyer, t hen it shall
be accomplished at Seller's expense in a commercially reasonable manner prior to the
closing date. In the case of hazardous materials, "correction" means removal or
treatment (including but not limited to removal or, at Seller's option, decommissioning of
any oil storage tanks) of the hazardous material at Seller's expense as recommended
by and under the direction of a licensed hazardous material engineer or other expert
selected by Seller. Seller's corrections are subject to re- inspection and approval, prior
FINANCING ADDENDUM TO REAL ESTATE Law Offices
PURCHASE AND SALE AGREEMENT - 1 LYON WEIGAND & GUSTAFSON PS
Lyon Law Offices - 222 North Third Street
718.127 \rhg \yakima cit \ketchen \psa P O. Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883
to closing date, by the inspector who prepared Buyer's inspection report, if Buyer elects
to order and pay for such re- inspection.
Additional inspections. If the inspector hired by Buyer recommends further evaluation
of any item by a specialist, Buyer shall have an additional days (3 days if not
filled in) to obtain further evaluation by a specialist at the sole cost and expense to
Buyer. Any further evaluation constitutes an inspection under this contingency, and all
of the terms and conditions of this contingency shall apply.
Check the applicable box to determine the course of action following
inspection. If neither box is checked, option B shall apply.
A. Automatic Waiver if Buyer Does Not Disapprove Inspection
This inspection contingency SHALL CONCLUSIVELY BE DEEMED SATISFIED
(WAIVED) unless Buyer gives notice of disapproval of the inspection report
within days (10 days if not filled in) after mutual acceptance of Agreement.
Buyer may disapprove the inspection for any reason in Buyer's sole discretion. If
Buyer gives a timely notice of disapproval, then the Agreement shall
terminate.
B. Seller's Opportunity to Repair if Buyer Disapproves of
Inspection.
This inspection contingency SHALL CONCLUSIVELY BE DEEMED SATISFIED
(WAIVED) unless within ten (10) days from date of mutual acceptance of the
Agreement, Buyer gives written notice to Seller that disapproves of the inspection
and identifies the conditions to which the Buyer objects and proposes corrections
or modifications to the Subject Property that Buyer will accept to continue with
the purchase of the Subject Property. Seller shall have five (5) business days
after receipt of Buyer's notice for modifications or corrections to provide Buyer
with written notice that either: (1) accepts Buyer's proposal; or (2) proposes a
counteroffer to Buyer's proposal. If Seller fails to provide such written notice,
the Agreement shall terminate. In the event Seller makes a counteroffer,
Buyer shall have five (5) business days from receipt of Seller's counteroffer to
notify Seller in writing that Buyer accepts Seller's counteroffer. If Buyer fails to
notify Seller, the Agreement shall terminate.
FINANCING ADDENDUM TO REAL ESTATE Law Offices
PURCHASE AND SALE AGREEMENT - 2 LYON WEIGAND & GUSTAFSON PS
Lyon Law Offices - 222 North Third Street
718.127 \rhg \yakima cit \ketchen \psa P.O Box 1689
Yakima, Washington 98907
Telephone (509) 248 -7220
Fax (509) 575 -1883