Sales Contract Package

If a bid has been accepted the Contract Package must be received within 48 hours following bid acceptance. Due to the HUD timeframe for contract submission the package should be completed at the time the bid is submitted. Then if the bid is posted on the website as a provisional winner the Contract Package can be immediately sent to MCB via over night mail.

Earnest Money Requirements
An earnest money deposit is required for all HUD property purchases with the exception of some HUD Special Programs. The amount required for the earnest money deposit depends on the purchase price of the property:

• Sales price up to $49,999 - earnest money deposit = $500
• Sales price $50,000 and up - earnest money deposit = $1,000

Elements of the Sales Contract Package

1. HUD 9548 (1/99) Sales Contract (including "Conditions of Sale" page signed by the purchaser)
2. Condition of Sale
3. Proof of Earnest Money Deposit
4. Forfeiture and Extension Policy
   This form is an explanation of forfeiture and refund of earnest money deposits for Owner Occupants and Investors. Acceptable closing costs and extension of closing date request guidelines. Please be sure this document is read and signed by all purchasers.
5. Broker’s Agreement to Abide by HUD’s Earnest Money Forfeiture Policy – Version 1/26/98
   This document MUST be signed by the BROKER - not the agent - or an individual authorized in writing to sign on the broker’s behalf. Signature stamps are NOT ALLOWED.
6. Lead Based Paint Addendum
   If the property was built prior to 1978 this addendum is required. Please fill out both pages and be sure the Certification of Accuracy is signed.
7. Owner Occupant Certification - HUD form 9548D (1/98)
   Required for all Owner Occupant Purchasers – must be signed by all purchasers and the Broker, not the agent – Stamp signatures are not acceptable.
8. Radon Gas and Mold Notice and Release Agreement 9548-e - Required for all purchasers
9. Pre-Qualification Letter or Proof or Funds for Cash Sale