HUD 9548 SALES CONTRACT LINE BY LINE HUD-9548 (Click On Sales Contract)
Sales contract may be used in either of two forms-original carbon set or electronic version printed from our website. If using the electronic version, you must submit Electronic Filing of HUD 9548 Contract Addendum. Always use blue ink when completing the contract. Download Package
Line 1. Purchasers(s) name(s) and property address. Fill in all the purchaser’s names and complete HUD property address. Put the FHA case number in the designated box. These contracts are not assignable. The person whose social security number was used to place the bid must appear on the contract.
Line 2. Legal style, Title.
Fill in the purchaser’s name and legal style. The HUD designated closing agent prepares the deed to transfer ownership according to this line. i.e.: married couple, single person, a married person.
Line 3. Purchase Price and Earnest Money Deposit Enter the purchase price (bid amount) and earnest money deposit. Earnest Money must be in the form of a certified check, cashiers check or money order. All checks must be made payable to “U.S. Department of HUD” Sales price up to $50,000 = $500 Sales price over $50,000 = $1,000
Vacant lot = half of purchase price Note: In LA and AR, selling broker must deliver earnest money to HUD’s closing agent within 72 hours after receipt of signed contract.
Line 4. Financing Type Only one box may be checked. If purchaser is applying for FHA financing and property is listed IN: check 203(b); If property is listed IE: check 203(b) with repair escrow. Check the box and enter the amount of escrow on the line provided. If property is listed UI: check 203(k). Put “TBD”(To Be Determined) in spaces for down payment, mortgage loan amount and months; or check the box for cash or conventional financing if purchaser is paying cash or applying for conventional or other financing not involving FHA.
Line 5. Closing Cost Closing cost up to 3% of the purchase price. Note: This line must be left blank for GNND sales
Line 6a. Selling Agent Commission up to 5% of the purchase price. Note: This line must be left blank for GNND sales. Sales commission must be negotiate independently of this contract
Line 6b. Broad Listing Broker Commission. This line is no longer used. Leave blank or enter zero.
Line 7. Net to HUD Subtract lines 5 & 6a from line 3 = Net
Line 8. Purchaser Type Owner/Occupant, Non-Profit or Investor – Misrepresenting a purchaser as an owner/occupant is a serious offense that may constitute fraud and may result in an investigation by the Office of Inspector General of the U. S. Department of Housing and Urban Development. Such investigations focus not only on the buyer, but also on the broker or agent representing the buyer. Leave the discount amount blank unless sale is to GNND buyer, qualified Non-Profit, or Evacuee
Line 9. Contract Closing All sales must close within 45 days. Properties may close in less than the designated number of days – however the appropriate number of days must be on the contract. Fill in the name of the HUD’s designated closing agent or “Designated Closing Agent”.
Line 10. Back up offers
This information will be completed on the web site when you place your bid. It is
not necessary to complete this section of the contract. A bidder accepting a
back-up position when placing the bid electronically may be contacted by
the Asset Manager in the event the first bidder defaults. Send your signed
contract package only if you are the winning bidder. All others will be discarded.
Line 11. Addendum Attached Check Lead Based Paint Addendum if appropriate. Check “Other Addendum Attached.”
Line 12. Purchaser’s Initials ALL purchasers must initial. This section relates to the seller’s rights to retain the earnest money deposit as liquidated damages if the buyer defaults.
Line 13. Purchaser Information Be certain all information is written in correct boxes
1. Type or Print
2. Signatures – All purchasers’ signatures are required
3. Social Security Number or EIN/FIN for all purchasers
4. Purchaser address and phone number
5. Date contract signed
1. Broker name and business address
2. Broker’s FIN number
3. Broker’s NAID number
4. Signature of Broker – stamps not permitted
5. Agents full name
6. Agents phone number including area code
After the sales contract package has been reviewed and signed by a HUD Authorized Agent, it will be sent to the selling agent via e-mail, fax, or mail. A copy will be submitted to the closing agent who will subsequently issue closing instructions. If the buyer cannot close by the expiration date, an extension request must be made prior to the expiration date. Failure to do so may result in cancellation of the contract and forfeiture of earnest money.
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