State of North Carolina Rev.

133C7E0

PURCHASE AGREEMENT

This Purchase Agreement (this “Agreement”) is entered into as of 17 day of January, 2018, (the “Effective
Date”) by Michelle B Davis, located at 787 Kelly Street, Charlotte, NC 28202 (“Seller”) and Larry L Rose,
located at 2944 Myra Street, Block Island, RI 02807 (“Buyer”). Each Seller and Buyer may be referred to
in this Agreement individually as a “Party” and collectively as the “Parties.”

The Parties agree as follows:

1. Sale of Property. Seller agrees to sell and Buyer agrees to purchase the personal property described
below (the “Property”):

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2. Purchase Price. Buyer will pay Seller for the Property and for all obligations specified in this
Agreement, if any, as the full and complete purchase price including any applicable sales tax, the sum of
$25.00 USD (the “Purchase Price”).

3. Taxes. Buyer will be responsible for filing all required sales and use tax returns in connection with the
transfer of the Property. Buyer will also pay all required sales and use taxes and any other transfer costs
and expenses that arise as a result of the transfer of the Property. Seller will pay all personal property
taxes associated with ownership of the Property and accrued for the period ending on the Effective Date
and Buyer will pay all such personal property taxes that accrue thereafter.

4. Delivery. Buyer will be entitled to take possession of the Property on January 19, 2018. If delivery is to
be made at a date after the Effective Date, it is Seller’s duty to ensure the Property is delivered in the
same condition as when last inspected by Buyer.

5. Seller’s Representations. Seller represents and warrants that he/she has good and marketable title to
the Property and full authority to sell the Property. Seller also represents that the Property is sold free
and clear of all liens, indebtedness, or liabilities. Buyer may request a Bill of Sale from the Seller for the
Property. Seller makes no other representations or warranties concerning the Property, which is being
sold and assigned “as is,” and without any warranty of merchantability or fitness for a particular purpose.
Seller expressly disclaims any representations or warranties as to the value, condition, or functionality of
the Property or its suitability for any particular purpose and Buyer will have no recourse against Seller for
the Property.

6. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of North Carolina, without giving effect to the conflict of laws principles thereof.

7. Disputes. Any dispute arising from this Agreement shall be resolved through mediation. If the dispute
cannot be resolved through mediation, then the dispute will be resolved through binding arbitration
conducted in accordance with the rules of the American Arbitration Association.

8. Miscellaneous. This Agreement shall be binding upon the Parties and their respective heirs,
successors and assigns. The provisions of this Agreement are severable. If any provision is held to be

Purchase Agreement (Rev. 133C7E0) 1/2

invalid or unenforceable, it shall not affect the validity or enforceability of any other provision. The section
headings are for reference purposes only and shall not otherwise affect the meaning, construction or
interpretation of any provision of this Agreement. This Agreement constitutes the entire agreement
between the Parties and supersedes any and all prior oral or written agreements or understandings
between the Parties concerning the subject matter of this Agreement. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one and the same document.

IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the Effective Date.

SIGNATURES

Michelle B Davis
Seller Signature Seller Full Name

Larry L Rose
Buyer Signature Buyer Full Name

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GENERAL INSTRUCTIONS • Diamond ring
• Designer gown
What is a Purchase Agreement? • Sports equipment
• Firearm
A Purchase Agreement is a legal document • Horse
between two parties, the Seller who wishes to • Concert tickets
sell a piece of personal property and the Buyer • Piano
who wishes to buy that piece of personal
property. The Agreement describes the terms What Should be Included in a
and conditions of the sale and ensures that both Purchase Agreement?
parties will follow through on their promises
regarding that sale.
A simple Purchase Agreement will identify the
following basic elements:
When is a Purchase Agreement
Needed? • Seller: the person who has the personal
property and wants to sell it
If you are either selling or purchasing any • Buyer: the person who will become the new
owner of the personal property
personal property, you should consider • Personal Property: a detailed description
documenting your transaction in a Personal of the personal property
Property Sales Contract. A written Personal • Purchase Price: how much the Buyer will
Property Sales Contract will allow both parties to be paying for the personal property
carefully consider and describe the details • Payment: how and when the Seller will be
paid for the personal property
regarding the sale, and confirms each party’s
understanding of how the transaction will take Here are some other details a Purchase
place. Agreement might include:

It is also important to keep a record of the • Governing Law: the state’s laws that will
personal property that you sell for tax and govern the Agreement
• Payment Plan: any down payment or
accounting purposes. Selling personal property installments and when they are due
may have an impact on your personal tax return. • Representations: the Seller owns the item,
The Internal Revenue Service (IRS) requires you but otherwise is selling it “as is”
to report all miscellaneous income, including • Taxes: the Buyer is responsible for paying
income from the “barter and exchange of any sales and use tax
goods”. A tax lawyer or certified accountant can
give you more information about how the sale of
Other Names
personal property may impact your tax return.
As a reference, a Purchase Agreement is known
by other names:
Here are just a few things a Buyer or Seller
might purchase or sell using a Purchase • Personal Property Sales Contract
Agreement: • Personal Property Purchase Contract
• Purchase and Sale Agreement
• Car or truck • Purchase of Personal Property Agreement
• Motorcycle • Purchase Agreement for Personal Property
• Bicycle • Agreement to Sell Personal Property
• Furniture • Sale and Purchase Agreement
• Appliances • Contract for Sale of Personal Property
• Smartphone

Purchase Agreement (Rev. 133C7E0)