       EARNEST MONEY CONTRACT FOR SALE OF RESIDENTIAL PROPERTY 

       This Agreement, hereinafter referred to as "Contract", is entered 
       into on the __________ day of __________, 19_____, by and between 
       ________________________________________________________________, 
       hereinafter referred to as "Buyer", and 
       ________________________________________________________________, 
       hereinafter referred to as "Seller", under the terms and 
       conditions set forth below. 
       
       PROPERTY:  Seller agrees to sell and convey to Buyer, and Buyer 
       agrees to purchase and acquire from Seller, on the conditions and 
       for the considerations stated below, the following real property 
       and improvements, hereinafter referred to as "Property", 
           
           (legal description and street address of Property) 
           
       together with all the appurtenances belonging or appertaining to 
       the Property, and all right, title, and interest of Seller in and 
       to any and all roads, easements, streets, and ways bounding the 
       Property, and rights of egress and ingress to the Property, free 
       and clear of any easements, interests, or restrictions, save and 
       except those shown in the records of the County/Borough/Parish 
       Clerk's Office records. 

       CONSIDERATION:  The consideration for this sale and the purchase 
       is the sum of $__________._____, payable in two installments as 
       follows: 
           
       1. An Earnest Money Deposit in the amount of $__________.____, 
       paid in cash to Seller upon execution of this Contract.
       2. The balance of the purchase price, $__________._____, either 
       a), to be paid in cash to Seller at time of closing, or b), by 
       delivery from Buyer to Seller of a Promissory Note executed upon 
       consummation of this sale in favor of Seller by Buyer.

       If Seller is required to satisfy or discharge any existing 
       outstanding lien on the Property, Buyer may reduce the amount of 
       payment under subsection 2 above by the amount of said lien, and 
       deliver that amount at the time of closing in cash proceeds 
       payable jointly to Seller and the lienholder. 
          
       It is agreed that in the event Buyer fails to consummate this 
       Contract as specified herein for any reason except title defects, 
       or upon the failure of Buyer to comply with any of the other 
       stipulated prerequisites to closing, the Earnest Money Deposit 
       shall be retained by Seller as liquidated damages, and both Buyer 
       and Seller shall be released from all liabilities under this 
       Contract.  It is further agreed that in the event Seller fails to 
       consummate this Contract as specified herein for any reason, or 
       upon the failure of Seller to comply with any of the other 
       stipulated prerequisites to closing, the Earnest Money Deposit 
       shall be returned to Buyer by Seller within a period of not more 
       than ten (10) days from such failure, and both Buyer and Seller 
       shall be released from all liabilities under this Contract.  
                  
                                  
       TITLE:  Good and merchantable title to the Property shall be 
       conveyed from Seller to Buyer via Warranty Deed at closing.  In 
       addition, Seller agrees to furnish an Owner's Title Policy within 
       thirty (30) days of the execution of this Contract.  If the title 
       company issues a title report committing itself to issue the 
       Owner's Title Policy, then all parties agree that Seller shall 
       have complied with Seller's obligation to furnish a good and 
       merchantable title. 
            
       If the title company's attorney objects to the title, Seller 
       shall have a reasonable time, not to exceed thirty (30) days from 
       the date the objections are made known to Seller in writing, in 
       which to cure the defects in such a way as will show good and 
       merchantable title, with any curative documentation to be filed 
       by Seller and at Seller's expense. 

       PERSONAL PROPERTY AND FIXTURES:  All fixtures and articles of 
       personal property attached to or used in connection with the 
       Property are represented to be owned by Seller, free and clear of 
       all liens and encumbrances except as stated in this Contract, and 
       are included in this sale.  They are as follows: 

            ( ) Range or stove       ( ) Furnace 

            ( ) Shades               ( ) Air conditioning unit 

            ( ) Venetian Blinds      ( ) Kitchen & Bathroom cabinets 

            ( ) Draperies            ( ) Mail box 

            ( ) Screens              ( ) Washer & dryer 

            ( ) Refrigerator         ( ) Shrubbery 

            ( ) Mirrors              ( ) Lighting fixtures 

            ( ) ____________________ ( ) ____________________ 

            ( ) ____________________ ( ) ____________________ 

             
       
       RISK OF LOSS:  Risk of loss by fire or other casualty damage to 
       the Property, or commencement of or notice of commencement of 
       condemnation proceedings against the Property prior to closing 
       shall be on the Seller, and the happening of any one or more of 
       the events described above shall grant Buyer the right a) to the 
       return of the Earnest Money Deposit from Seller within a period 
       of not more than ten (10) days from such event, with both Buyer 
       and Seller being released from all liabilities under this 
       Contract; or b) to accept the Property and improvements as 
       damaged and be entitled to a reduction in price in the amount of 
       the insurance proceeds received for the loss or damage. 
       
       INSPECTIONS:  At closing Seller will certify the structural 
       integrity of the Property, and that all heating, plumbing, air 
       conditioning, gas, and electrical systems and equipment are in 
       good working order, and will deliver an inspection certificate of 
       no termite infestation or damage from a local bonded termite 
       company.  Buyer may, prior to closing, make an independent 
       inspection in person or by designated inspectors of any of the 
       foregoing, at the convenience of Seller. 

       CLOSING:  If both Seller and Buyer honor their obligations as set 
       forth in this Contract, the parties shall proceed to closing on a 
       mutually acceptable date not earlier than thirty (30) nor later 
       than ninety (90) days after the execution of this Contract.  At 
       closing, the following shall occur in addition to the events 
       described above:  Seller shall deliver possession of the Property 
       to Buyer, and Seller shall furnish evidence of payment of all 
       taxes on the Property for the year __________, and certificates 
       of taxes paid from all authorities assessing taxes on the 
       Property; taxes for the current year shall be pro-rated between 
       Seller and Buyer as of the closing date.  At closing Seller shall 
       also execute any other documents necessary to finalize this 
       Contract; and Buyer shall pay all, if any, remaining moneys owed 
       to Seller, and execute any other documents necessary to finalize 
       this Contract. 
                        
       Simultaneously with completion of the closing, Seller shall 
       deliver to Buyer actual and physical possession of the Property, 
       together with all improvements, in substantially the same 
       condition as exists on the date of this Contract, normal wear and 
       use excepted. 

       LIMITED OCCUPANCY AFTER CLOSING:  Seller is hereby granted a 
       limited right of occupancy to the Property for a period not to 
       exceed ninety (90) days after closing, and pursuant to the 
       following terms and conditions: 

       1. Seller will pay to Buyer at address listed below the sum of 
       $___________._____ per month, in advance, beginning at closing. 
       Buyer will retain an additional $__________._____ from the 
       proceeds of this sale until Seller has surrendered possession of 
       the Property to Buyer. 

       2. Seller shall pay all costs of utilities and other expenses 
       incurred as a result of Seller's occupancy during the term of 
       this section of this Contract. 

       3. Seller agrees that Seller shall not improve, decorate, or 
       alter the premises in any manner without the written consent of 
       Buyer.  Any sums expended by Seller on the Property shall be paid 
       for by Seller, and Seller shall not receive any refund or credit 
       for those sums. 

       4. In the event Seller shall refuse or fail to vacate the 
       Property within the term stated above, it is expressly agreed 
       that Buyer shall commence a Forcible Detainer action and Writ of 
       Possession, or any other proceedings at law which are necessary 
       to secure the Property, with all court costs and attorneys fees 
       incurred by Buyer to be paid by Seller.  Seller further agrees to 
       leave the premises in good repair and condition, cleaned and free 
       of trash. 

       5. Any holding over by Seller at the expiration of the term 
       stated above shall be deemed a tenancy at will, at a rental per 
       day of three (3) times the amount provided in paragraph (1) 
       above, and Seller hereby specifically agrees that Seller will not 
       acquire, by virtue of this occupancy or the inclusion of this 
       section, any homestead rights of any nature, and specifically 
       waives any homestead rights to the Property. 
            
       NOTICE:  Any notice required or permitted to be given under this 
       Contract by one party to the other shall be in writing and shall 
       be given and deemed to have been served and given if delivered in 
       person to the address set forth below for the party to whom the 
       notice is given, or if placed in the United States mail, postage 
       prepaid, Certified Mail, Return Receipt Requested, and addressed 
       to the party at the address specified below: 
           
       Seller: ________________________________________ 
               ________________________________________ 
               ________________________________________ 
               
       Buyer:  ________________________________________ 
               ________________________________________ 
               ________________________________________ 

       
       From time to time either party may designate another address for 
       all purposes of this Contract by giving to the other party not 
       less than five (5) days advance written notice of the change of 
       address in accordance with the provisions of this paragraph. 

       MISCELLANEOUS PROVISIONS: 
       
       Neither Buyer nor Seller shall have the right to transfer or 
       assign their interest in this Contract without the prior written 
       consent of the other party. 

       Time is of the essence in this Contract, and all time limits 
       shall be strictly construed and rigidly enforced. 

       A failure or delay in enforcement of the rights granted by this 
       Contract by Buyer or Seller shall not constitute a waiver of that 
       party's rights or a basis for estoppel. 

       If any provision of this Contract shall, for any reason, be 
       determined to be unenforceable, in whole or in part, the 
       invalidity of that specific provision shall not invalidate any 
       other provision, and all other provisions shall remain in full 
       force and effect unless removal of the invalid provision destroys 
       the legitimate purposes of this Contract, in which event this 
       Contract shall be cancelled. 

       Delays in the performance of any duties under this Contract not 
       due to the fault of, and not within the reasonable preventive 
       control of, the defaulting party, including but not limited to, 
       fire, flood, labor disputes, natural disasters, acts of God, 
       civil disorders, riots, insurrections, or other similar events, 
       shall not cause a default in the performance.  The parties shall 
       extend the time of performance for a period of time equivalent to 
       the length of delay, or for such other reasonable period of time 
       as agreed to between the parties. 

       This Contract shall be binding on, extend to, and inure to the 
       benefit of the heirs, successors, and assigns of the respective 
       parties. 

       This Contract constitutes the entire agreement between the 
       parties.  Any change in this Contract shall be effective only if 
       in writing and duly executed by the respective parties. 

       Signed on this __________ day of __________, 19_____. 



       ______________________________    ______________________________ 
       Buyer                             Seller 



       ______________________________    ______________________________ 
       Buyer                             Seller 

       
       
       STATE/COMMONWEALTH OF __________
       COUNTY/BOROUGH/PARISH OF __________ 

       BEFORE ME, the undersigned authority, on this day personally 
       appeared _____________________________________________ {name(s)}, 
       known to me to be the person(s) whose name(s) is(are) subscribed 
       to the foregoing instrument, and acknowledged to me that 
       he(she)(they) executed said instrument for the purposes and 
       consideration therein expressed. 

       GIVEN under my hand and seal of office on this __________ day of 
       __________, 19_____. 
                                                                        


                                               _________________________ 
                                               Notary Public's Signature 
                                                                        
                                               (seal/stamp)
