This Purchase and Sale Agreement, dated March 5, 2021, outlines the transaction between sellers John Francis Schley, Frank John Schley, Steven Mark Schley, and Julie Maria Fulton and buyer VHO Residential LLC for the property at 3214 D Street, Hayward, CA. The agreement sets a purchase price of $690,000 with an earnest money deposit of $138,000 to be placed in escrow within one business day. Closing is to occur within 21 days, with the buyer bearing all closing costs and taxes. The property is sold "as‑is" with no inspection period; risk of loss provisions allow the buyer to accept insurance proceeds or cancel the contract if damage occurs before title transfer. The sellers warrant no judgments, bankruptcies, or encumbrances and agree to provide a 14‑day access window. Default provisions stipulate liquidated damages to the seller if the buyer defaults and allow the buyer to recover costs if the seller defaults. All contingencies are removed by the buyer. The agreement includes mediation, attorney‑fees recovery, severability, and successor‑binding clauses. Net proceeds are allocated among the four sellers in specified dollar amounts, with a 25% share of any outstanding taxes or fees deducted proportionally. The contract is signed by all parties and becomes binding upon acceptance.
Topics
Parties, Property, and Sale Price
Identification of the buyer (VHO Residential LLC), sellers (the Schley family and Julie Fulton), the subject property address, legal description, and the agreed purchase price of $690,000.
Earnest Money Deposit and Funding Mechanics
Requirement for a $138,000 earnest money deposit to be placed in escrow within one business day, its treatment as part of the purchase price, and conditions for its return if title does not transfer.
Closing Timeline, Costs, and Prorations
Closing to occur within 21 days at a buyer‑designated location, buyer responsibility for all closing costs and transfer taxes, and prorations of property taxes and rents.
As‑Is Condition, Risk of Loss, and Inspection Waiver
Seller warranties that the house, systems, and appliances are sold "as‑is" with no inspection period; risk‑of‑loss clause giving buyer options to accept insurance proceeds or cancel if damage occurs before title transfer.
Default Remedies and Liquidated Damages
If buyer defaults, seller retains all deposited funds as liquidated damages; if seller defaults, buyer may pursue all legal remedies and recover costs, with an extension provision for buyer defaults.
Contingency Removal and Buyer Obligations
Buyer expressly removes all contingencies, limiting the ability to recover the deposit if the transaction does not close, regardless of property condition or loan approval.
Allocation of Net Proceeds to Sellers
Specific dollar allocations of the purchase price to each seller (John, Frank, Steven, Julie) and a proportional reduction for any outstanding taxes or fees.
Dispute Resolution: Mediation and Attorney Fees
Mandated mediation for unresolved disputes with equal cost sharing, and provision for prevailing party to recover reasonable attorney’s fees.