Price Title

"The purchase price for property is $ , which shall be paid as follows: a. By a down payment in cash on the signing of this contract, receipt of which is by this instrument acknowledged by seller: $ . b. By assumption of an existing encumbrance on property in the form of a mortgage owned by , at [address], City of , County of , State of Georgia, which purchaser by this instrument expressly assumes and agrees to pay. Present principal balance outstanding on the encumbrance: $ . c. By a purchase money mortgage to be executed by purchaser to seller, securing purchaser's [noteor bond] payable in equal installments of $ , or more, including interest, commencing on the day of the month following the close of this transaction and continuing at monthly intervals thereafter on the same day of each successive month. Interest: percent per year. The [noteor bond and mortgage] shall be in a form substantially as set forth in attached Exhibits \" \" and \" .\" Principal amount: $ . d. Additional cash on settlement, in the exact balance of purchase price after crediting foregoing items, with principal balance on existing encumbrance to be computed exactly to close of transaction. Estimated amount: $ . Total: $ . Title to property to be conveyed by seller shall be good and marketable title, clear of all liens, encumbrances, defects, and burdens, except: [state exceptions, such as: utility easements, and agreements with utility companies of record; zoning ordinances; existing rights of way for streets and alleys bordering property; taxes and assessments not delinquent]. Title as required in this agreement shall be evidenced by: [specify, such as: a standard form policy of title insurance issued by a title company acceptable to purchaser, doing business in the (city or county) where property is situated. The policy shall be issued as of the date of closing, shall be in the amount of the purchase price, and shall be a joint owner-mortgagee policy insuring seller and purchaser as their interests may appear]. Seller shall convey title at close of the transaction to [state exact names of grantees and identify, and specify form of tenure, such as: (name of purchaser) and (full name), his, or her spouse, as (joint tenantsor tenants in common or as the case may be)]."