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Specifies binding legal terms including time-is-of-the-essence default provisions, parties (seller and buyer), property and estate conveyance details, purchase price, and purchase-money payment and deposit workflow. 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DATE OF OFFER:    \n2. TIME IS OF THE ESSENCE. Time is of the essence of this Contract. The failure of Seller or Buyer to perform any act as provided in this Contract by a prescribed date or within a prescribed time period shall be a default under this Contract and the non-defaulting party, upon written notice to the defaulting party, may declare this Contract null and void and of no further legal force and effect. In such event, all Deposit(s) shall be disbursed in accordance with the Deposit paragraph of this Contract.  \n3. SELLER:    \n4. BUYER:    \n5. PROPERTY: Seller does sell to Buyer and Buyer does purchase from Seller, all of the following described Property (hereinafter “Property”) known as   located in   City/County, Maryland, Zip Code   , together with the improvements thereon, and all rights and appurtenances thereto belonging.  \n6. ESTATE: The Property is being conveyed:   in fee simple or   subject to an annual ground rent, now existing, in the amount of   Dollars ($  ) payable semi-annually, as now or to be recorded among the Land Records of   City/County, Maryland.  \n7. PURCHASE PRICE: The Purchase Price is   Dollars ($  ) .  \n8. PAYMENT TERMS: The payment of the purchase price shall be made by Buyer as follows:  \n(a) Buyer □ has delivered OR □ will deliver within   Days of the Date of Contract Acceptance an initial Deposit by way of   in the amount of   Dollars ($  ) .  \n(b) An additional Deposit by way of   in the amount of   Dollars ($  ) to be paid    \n   .  \n(c) All Deposits will be held in escrow by:    \nIf Deposit will not be held by a Maryland licensed real estate broker, the parties shall execute a separate written Escrow Agreement that complies with Section 10-802 of the Real Property Article, Annotated Code of Maryland.(d) The purchase price less any and all Deposits shall be paid in full by Buyer in cash, wired funds, bank check, certified check or other payment acceptable to the settlement officer at settlement.  \n(e) Buyer and Seller instruct broker named in subparagraph (c) above to place the Deposits in: (Check One)  \n□ A non interest bearing account; OR  \n□ An interest-bearing account, the interest on which, in absence of default by Buyer, shall accrue to the benefit of Buyer. Broker may charge a fee for establishing an interest bearing account.  \n9. DEPOSIT: If the Deposit is held by a Broker as specified in Paragraph 8(c) of this Contract, Buyer hereby authorizes and directs Broker to hold the Deposit instrument without negotiation or deposit until the parties have executed and accepted this Contract. Upon acceptance, the initial Deposit and additional Deposits (the “Deposit”), if any, shall be placed in escrow as provided in Paragraph 8(e) of this Contract and in accordance with the requirements of Section 17-502(b)(1) of the Business Occupations and Professions Article, Annotated Code of Maryland. If Seller does not execute and accept this Contract, the initial Deposit instrument shall be promptly returned to Buyer. The Deposit shall be disbursed at settlement. In the event this Contract shall be terminated or settlement does not occur, Buyer and Seller agree that the Deposit shall be disbursed by Broker only in accordance with a Release of Deposit agreement executed by Buyer and Seller. In the event Buyer and/or Seller fail to complete the real estate transaction in accordance with the terms and conditions of this Contract, and either Buyer or Seller shall be unable or unwilling to execute a Release of Deposit agreement, Buyer and Seller hereby acknowledge and agree that Broker may distribute the Deposit in accordance with the provisions of Section 17-505(b) of the Business Occupations and Pro","cbCaimNXA9Cer4xw","https://ap.wps.com/l/cbCaimNXA9Cer4xw","pdf",478816,"English","# Section One: General Contract Provisions\n## Date of Offer\n## Time Is of the Essence\n## Seller\n## Buyer\n## Property\n## Estate\n## Purchase Price\n## Payment Terms\n## Deposit\n## Settlement\n## Addenda/Disclosures\n## Electronic Signatures","[{\"question\":\"What does “Time is of the Essence” mean in this contract?\",\"answer\":\"It means each party must perform required acts by the prescribed dates or within prescribed time periods. Failure to perform can constitute a default, allowing the non-defaulting party to declare the contract null and void after written notice.\"},{\"question\":\"How are deposits handled under the payment terms?\",\"answer\":\"An initial deposit and any additional deposit are delivered or will be delivered as required after acceptance. Deposits are held in escrow by the named party, with instructions on whether the escrow account is non-interest bearing or interest-bearing for the buyer’s benefit.\"},{\"question\":\"When does the contract allow electronic signatures?\",\"answer\":\"The contract permits electronic execution by buyer and seller using electronic signatures pursuant to the Maryland Commercial Law Article, Section 21-101 et seq., subject to the contract’s stated acknowledgments.\"}]","Residential Contract of Sale - Section One: General Contract Provisions | PDF",1789583099]