real estate clause library

Buyer is advised to consult with legal counsel and/or other experts with respect to consequences of this condition, and shall have seven (7) calendar days from the date of acceptance of this offer to terminate this contract by giving written disapproval to Seller or escrow if Buyer is not willing to accept this condition or the Seller cannot obtain a Common Wall Agreement. Consider the Situation • Clients needs, wishes, and expectations • Whether the circumstances dictate a contingency or covenent • The audience 3. If no written disapproval is received within the time specified, Buyer accepts the "common wall" in its "as is" condition and at its present location and agrees to assume the responsibility for it.CANCELLATION (BUYER). See our Privacy Policy and User Agreement for details. In Canadian real estate contract negotiation, subject to clauses are a home buyer’s safety-hatch – a way to escape the contract if something goes wrong. Buyer will have X hours following receipt of written notification from Seller or Seller's agent of the backup contract in which to remove this condition as well as any other contingency still unfulfilled which are contained in the offer made by Buyer or any contingencies or addenda attached and/or made a part thereto. If the discount point required to be paid exceed the limit set above, and if the obligated party is not willing to pay their share, the obligated party(ies) may terminate this contract.Buyer shall request for the appraisal immediately upon the loan application. Employment Contract Survival Clause Library This Employment Agreement Survival clause library is provided below as a free resource to attorneys and business professionals to customize their legal contracts with specific language found in these clauses. Seller agrees to provide permits for additions and/or renovations to the property which were not properly obtained or shown in the public records. Clipping is a handy way to collect important slides you want to go back to later. The following is a seven-point checklist for items that should look for when you are buying for your real estate investing business. Buyer agrees that if the Seller accepts one or more back-up offers, the Buyer shall have 72 hours, after written notice to the Buyers, to waive and remove [all contingencies] [the following numbered contingencies: X] by way of a written waiver of contingency delivered to Escrow. Some of these clauses may be found in some form or another in the “standard” real estate contract which is used in your area. If the cost of repair exceeds this amount, and the Buyer does not agree to pay for the excess amount, then Seller shall have the option to cancel the contract by giving written notice to Buyer within X (X) calendar days of receipt of the termite report and the estimated cost of such repairs or replacement.TERMITE INSPECTION CONTINGENCY. By William Bronchick Real Estate Investing Coach . The Seller will not be required to make any repairs or pay any expenses concerning the land, the improvements, the real property, or the personal property. Buyer agrees that this offer is accepted as a backup offer only and is contingent upon the cancellation of the existing Sales Contract Reference Dated X between Seller and X, by no later than X days following the acceptance of this offer as a backup offer. Seller agrees to deliver possession of the property at closing unless otherwise specified below. Employment Contract Construction Clause Library This Employment Agreement Construction clause library is provided below as a free resource to attorneys and business professionals to customize their legal contracts with specific language found in these clauses. If the ‘‘standard form’’ Contract of Purchase and Sale is used for a trade related to a development unit that is subject to the provisions of the Real Estate Development Marketing Act, the phrase in the deposit clause shown in scenarios 1 and 2 above that states the deposit will be ‘‘… held in … If Tenant shall not elect to make such purchase within said time, and the sale is made in accordance with the terms set forth in the notice, Tenant shall not have a right to purchase upon any resale.RISK OF LOSS. Buyer and Seller agree that the Agreement will be recorded.IF AGREEMENT IS NOT AVAILABLE; FAVORS SELLER. RENTAL POOLS. Buyer is advised to consult with an insurance company of Buyer's choice to determine the cost and availability of the additional WIND/HURRICANE coverage in Buyer's Homeowner's Insurance Policy. Seller reserves the right to continue marketing the property and to take secondary backup offers which would become a primary offer only in the event of Buyer's default or nonperformance of this contract. Now customize the name of a clipboard to store your clips. The personal property and fixtures listed in this contract are included in the purchase price and shall be the same property shown to Buyer or located in the property immediately prior to the signing of this contract. This offer is contingent upon the Buyer's examination and approval of the inventory within five (5) calendar days from acceptance of this offer. White Papers. If you continue browsing the site, you agree to the use of cookies on this website. (Aspen American Insurance Co. v. Covenant Fire Protection, Inc., U.S. District Court for the District of Massachusetts) by "Massachusetts Lawyers Weekly"; News, opinion and commentary Apartment buildings Cases Apartment houses Buy-sell agreements Real estate Vendors and purchasers (Law) Warranty of habitability Buyer may cancel this contract and recover all deposits previously made if (a) the principal balance of the mortgage to be assumed is less than $ X, or (b) upon assuming the mortgage, the interest rate will be higher than X % per annum or the monthly payments therein required exceeds $ X, or (c) the assumption fee required to be paid is more than $ X, or (d) the Seller's consent to the assumption is required and Seller refuses to consent.BUYER TO PAY DISCOUNT POINTS (WITH LIMIT). Seller's obligations to sell the property are contingent upon Seller purchasing and closing upon a replacement house, and this contract may be canceled by Seller unless Seller or Seller's agent gives written notification to Buyer or Buyer's agent that Seller has purchased under contract a new house. It is the Buyer's intention to give up, waive, and relinquish all rights to assert any claim, demand, or lawsuit of any kind with respect to the condition of the land, the improvements, the real property, or the personal property. The property is zoned (type of zoning) and is a lawful non-conforming structure. We’ll focus on how to structure the most widely used contract clauses for real estate to protect yourself properly. If the contingency is not waived and removed as required by this paragraph, then this offer shall be null and void.RETURN OF ALL SELLER'S DOCUMENTS. Seller has the option to declare this contract null and void if any earnest money deposits are not made on time as required by the contract or if Buyer's earnest money check does not clear.Buyer to provide satisfactory evidence of the availability of cash funds within five (5) calendar days of acceptance. This offer is contingent upon the approval by Buyer's accountant of the terms of this offer within five (5) calendar days of acceptance; provided, however, that such approval will be deemed to be given unless written notice of disapproval is given within such time. NON-CONFORMING STRUCTURE. If the existing Sales Contract is not canceled within said time period, this offer shall become null and void. Building a Real Estate Clause Library 1. The Seller, at Seller's sole cost and expense, agrees to have the roof above the family room repaired by a licensed roofing contractor prior to closing. Once the new clause is added it will appear in your main clause library window. In each event, they shall be addressed to the parties or their respective broker at the addresses and/or facsimile numbers, as the case may be, set forth in the contract or to such other address or facsimile number as either party shall provide to the other party hereto in the manner set forth in this paragraph for the giving of notice. Seller agrees to cooperate in effecting said exchange by signing all necessary and appropriate exchange documents. If Buyer fails to execute and deliver such amendment in the time specified, Seller may accept the third party's offer, in which event, this contract shall be null and void, and Seller and Buyer shall be released from their obligations hereunder. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. If the property does not appraise for the sales price, then the Buyer and Seller agree that the Buyer will increase the amount of down payment in order to close this transaction, provided that the additional amount of the down payment required under this paragraph shall not exceed $X.APPROVAL OF BUYER'S ACCOUNTANT. Until such time Seller notifies Buyer that the pending counteroffer has expired, or has been revoked by Seller, this counteroffer, if accepted by Buyer, constitutes a backup contract only.B. If the termite inspection reveals any damage, Seller shall pay for the costs to repair such damage, including the cost of repairing or replacing the affected improvements, except that such cost to Seller shall not exceed $X. Buyer further releases Seller and ABC BROKER from any and all liability and claims related to the encroachment.CORRECTION OF ENCROACHMENT. Seller shall maintain standard hazard and extended perils coverage of casualty insurance with a reputable company until time of closing, but shall not be required to restore if cost of restoration will exceed five percent of the assessed valuation of the improvements damaged.SELLER'S PRIOR CONTRACT. The preparing of lawful documents can be high-priced and time-ingesting. The wall was constructed at this location approximately X years ago. Seller understands, and Buyer represents that availability of Buyer's funds to cover the down payment is not conditioned, and said funds are not obtained from any source which could cause a delay in the closing date specified in the contract.PURCHASE FUNDS. Seller makes no representation as to whether this material must be removed, repaired or maintained in any way, pursuant to state and/or federal environmental laws. They are used to educate readers and aid in decision making. Escrow is hereby notified, and Seller agrees and irrevocably instructs and authorizes escrow to withhold all necessary funds for compliance unless Seller provides escrow prior to closing with appropriate waivers or exemptions.WHEN BUYER WANTS A 1031 EXCHANGE. This includes, but is not limited to, all costs incurred in removing and disposing the hazardous material in the manner permitted by law.ACCESS (LEGAL). This offer is contingent upon the approval by Buyer of the Seller's Disclosure Statement within X (X) days of receipt from Seller. Seller suspects, or knows about, the existence of asbestos on the property. Buyer shall remain responsible for the performance of Buyer's obligations under the Sales Contract including payment of purchase price and timely closing.BUILDING PERMITS. Buyer's obligations under this contract are contingent upon Buyer's approval of such correction.IF AGREEMENT IS AVAILABLE. For the purpose of this contract, acceptance will be defined as that date the Buyer has been notified that the primary contract has been canceled.BUYER HAS OFFER ON ANOTHER PROPERTY. Penalty clauses are a common aspect of many real estate contracts. This offer is contingent upon the approval by Buyer's attorney of the terms of this offer within five (5) calendar days of acceptance; provided, however, that such approval will be deemed to be given unless written notice of disapproval is given within such time. If no agreement can be reached, this contract is null and void and all deposits shall be returned to Buyer, less escrow expenses chargeable to Buyer.BUILDING PERMITS, LACK OF. Contingency Clauses In Real Estate Contracts; May 13, 2011 | Author: Joshua F. Snider Law Firm: Lane & Hamner, P.C. If possession is delivered prior to closing, Buyer assumes all risk of loss to the property from date of possession, and shall be responsible for maintenance, at Buyer's expense, and shall be deemed to have accepted the property, real and personal, in an "as is" condition as of the time of taking possession, the right of inspection to be exercised prior to the time of taking possession. If Buyer is unable to obtain said permit within the time specified, Buyer shall have the right to terminate this contract by giving written notice to Seller; in such event, all deposits shall be returned to Buyer, less any escrow expenses chargeable to Buyer.BUILDING PERMITS IN PLACE. If the offer is not canceled, this offer will be deemed null and void, and all deposits will be returned to Buyer less all escrow costs chargeable to Buyer. (Buyer or Seller) shall be responsible for up to but no more than $X toward the cost of said termite inspection. Monday, November 2, 2020 HUD Charges Philadelphia Housing Provider with Disability Discrimination. It is agreed that if Seller receives a backup contract to this offer, Seller shall so notify the Buyer. Review the clauses in our Library of Clauses If you feel any of them will help to enhance or clarify your contractual position, consult the real estate attorney on your team and evaluate changes to make consistent with your state law. Buyer also understands that the Seller and its agents are not offering directly or indirectly a rental service of any kind to the owners of condominium apartment units in the project, either individually or in any form of pooling arrangement, or by a third party designated or arranged for by Seller, nor have any representations been made by the Seller or its agents as to the feasibility of renting the apartment or otherwise generating income or deriving any other economic benefit from ownership of the apartment.REMOVAL CLAUSE. The Buyer may order and pay for an appraisal on the property. You can change your ad preferences anytime. Buyer acknowledges that Seller has made no representations as a  (contractor, architect, etc.) By far, there are two most common contract clauses for real estate in an offer to purchase a property. If, for any reason, the Buyer's accountant disapproves of any of the terms of this offer, the Buyer may, at Buyer's option, declare this offer null and void and all deposits, if any, shall immediately be returned to the Buyer, less the amount of any escrow expenses or fees chargeable to the Buyer. ABC Broker advises principals to seek competent legal and tax counseling regarding IRC Section 1031 Exchange. CFPB STC Finalized Rule on Integrated Disclosures, Advantis Credit Union Rehab ADU Mortgages, No public clipboards found for this slide. When you are ready to insert a clause into the DORA Colorado Contract, select the clause you would like to insert and click on the “insert clause” button as illustrated below: The clause will automatically be inserted into the field. DISCLAIMER RE BUILDING ORDINANCES. If, for any reason, the Buyer's attorney disapproves of any of the terms of this offer, the Buyer may, at Buyer's option, declare this offer null and void and all deposits, if any, shall immediately be returned to the Buyer, less the amount of any settlement expenses or fees chargeable to the Buyer. The Seller shall not be required to make any repairs or pay for any expenses with respect to any nonconformance. Legal Forms. The Seller makes no warranty of any kind with respect thereto.SOILS INSPECTION CONTINGENCY. Special circumstances sometimes require additional language.Review the clauses in our Library of ClausesIf you feel any of them will help to enhance or clarify your contractual position, consult the real estate attorney on your team and evaluate changes to make consistent with your state law. Once the new clause is added it will appear in your main clause library window. If Seller obtains any information prior to closing concerning assessments not disclosed herein, that information shall promptly be disclosed to Buyer in writing.CATCHMENT WATER. Buyer understands and acknowledges that the Seller hereby expressly disclaims any and all warranties, whether express or implied, with respect to the land, improvements, and real and personal property, including without limitation, any warranty of habitability, warranty of merchantability, or warranty of fitness for a particular use. Buyer is hereby advised to consult the FEMA studies with a civil engineer as they relate to flood zones which may affect subject property and either limit development of said property or result in a dangerous situation. Seller agrees to inform Buyer in writing within X (X) days from when the current "primary contract" is consummated or canceled, whichever is the case. Any and all costs in obtaining the said document shall be paid by Seller. If Seller gives the standard 45-day notice to vacate to a month-to-month tenant and Seller is able to deliver possession of the property to Buyer by the original scheduled closing date in the contract but Buyer is unable to close by that date for any reason through no fault of the Seller, then Buyer shall compensate Seller through escrow $X per day from the 46th day until the transaction is closed.EARLY OCCUPANCY. This offer is subject to the Buyer's approval of the restrictive covenants, locations and evidence of utilities available and actual hook-up of these utilities, and X. COUNTEROFFERS. If the Property qualifies for exchange treatment, both Seller and Buyer reserve the right to restructure this transaction as an exchange (including, but not limited to, a tax deferred exchange under Section 1031 of the Internal Revenue Code of 1986 as amended), provided that such restructuring does not delay the closing of this transaction in any way and does not result in the imposition of any additional costs or liabilities upon the other party, and provided further that exchange treatment is not a contingency to this contract. In the event that Seller fails to provide the Mortgage and amendment(s), if any, within the time specified, Buyer may, at Buyer's sole option, declare this contract null and void by delivering written notice to Seller or escrow, and all deposits shall be returned to Buyer.FHA/VA LOAN. (real estate) by "Real Estate Weekly"; Business Real estate industry Commercial leases Laws, regulations and rules Escalator clauses Interpretation and construction. Any deadlines specified in the contract remain applicable.DEPOSITS AND DOWN PAYMENTBUYER DEPOSITS NOT TIMELY. Within X (X) calendar days following the delivery or mailing of said notice pursuant to the terms of this lease, Tenant shall have the right to purchase the property upon the same terms and conditions. If Buyer does not approve of inventory, Buyer may declare this contract null and void by giving written notice to Seller within the time specified. Buyer agrees to cooperate in effecting said exchange by signing all necessary and appropriate exchange documents. For legal advice, it is always advisable to consult an attorney. If you continue browsing the site, you agree to the use of cookies on this website. If Buyer fails to remove the contingencies, then this contract shall be null and void and the deposit of Buyer shall be refunded in full; provided, however, that should the sale and closing of the Buyer' Home not be accomplished by X M. (Time) on  X (Date), Seller may declare this contract null and void by written or oral notification in which event the deposit of Buyer shall be refunded in full.CONTINGENT ON SELLER FINDING REPLACEMENT HOME. November. In the event the transaction does not close, the Buyer agrees to return to the Seller all documents and disclosures that Buyer has received within SEVEN (7) days of Buyer's signing of a cancellation notice. Seller shall give reasonable access to the property to Buyer and/or representatives.PROPERTY DISCLOSUREASBESTOS - SELLER. Best Practices to Ensure Contract Compliance – Part 2: Maintain a Contract Template and Clause Library By Stuti Mehrotra December 5, 2017 April 13th, 2020 No Comments Thanks for being part of our blog series on best practices to ensure contract compliance . Buyer is granted permission to contact the attorney and the Association regarding the legal action.PERSONAL PROPERTYBILL OF SALE. Buyer further acknowledges that Buyer is relying solely upon data obtained by Buyer from outside sources on all these matters and is not relying upon any representations made by Seller or its agents.DISCLOSURE STATEMENT. A real estate lawyer can help you understand foreclosure accelleration clauses. If the value of repairs exceed this amount, Buyer and Seller shall mutually agree on how the additional cost shall be absorbed. The Buyer understands:  that water service to this property is by catchment system only; that lead contamination or other problems can occur with this type of water system; that the quantity of water from this system may be insufficient at times and the water may need to be obtained from other sources. Industry, Residential Real Estate, Education. Seller is making a Counteroffer(s) to another prospective buyer(s) on terms which may or may not be the same as in this Counteroffer. Seller is not required to assume temporary ownership of any other property. Buyer shall approve same in writing within three (3) calendar days of receipt or this offer shall be null and void with all deposits returned to Buyer less any escrow expenses chargeable to Buyer.FAVORS SELLER. If you need help having a penalty clause drafted, reviewed, or edited, you should contact an experienced real estate lawyer for advice. Seller agrees to indemnify and hold Buyer harmless from all costs, expenses, and liabilities incurred by Buyer because of Seller's participation in said exchange. All parties understand that time frames tagged to the "Date of Acceptance/Acknowledgement of this Offer" are amended to the date the Buyer notifies the Seller in writing that Buyer has accepted an offer on the Buyer's property.SELLER WANTS TO TAKE BACKUP OFFERS. Seller to provide Buyer with a complete furniture inventory within five (5) calendar days of acceptance of this offer. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. These fees are currently $X per X and may increase in the future. House Bill 532: How Ohio’s latest license law impacts real estate and resources needed to understand the law. Seller shall convey to Buyer all existing contractor's guarantees:  (a) against defective materials and workmanship and (b) that dwelling has been built in accordance with the plans and specifications. Seller may continue efforts to sell the subject property. Therefore, this contract will be void and neither Seller nor Buyer shall have any further responsibilities or obligations to each other under this contract.OLDER HOME. If the appraised value is less than the total purchase price stated in the contract of sale, the Buyer may, within three (3) calendar days of Buyer's receipt of the appraisal, at Buyer's sole option, declare this offer null and void. Buyer should verify that there is adequate hazard insurance coverage during the Buyer's possession.LATE OCCUPANCY. Buyer is not required to assume temporary ownership of other property. Free Online Library: Real property - 'As is' clause. Buyer accepts the encroachment in its present "as is" and "where is" condition. The Seller, at Seller's sole cost and expense, agrees to have the ice-maker professionally repaired or replaced with one of similar type prior to closing.TAX EXCHANGE. Any written notice sent by registered or certified mail shall be deemed to have been received by the addressee as of the date it is mailed in accordance with the foregoing provisions.NOTICES IN WRITING - SHORT VERSION. All parties agree that it is possible that the property may not appraise for the full amount of the sales price. Buyer is advised to consult with legal counsel and/or other experts with respect to consequences of this condition, and shall have seven (7) calendar days from completion of the survey and receipt of the location map to declare this contract null and void because of this condition by giving written disapproval to Seller or escrow. ABC Broker and its sales agents are not responsible for any value set by the principals to the exchange. Printer Friendly. Transaction Talk Series. It may surprise you that Arizona has one of the most complete libraries of forms to make the practice of residential real estate as consistent and compliant with the law as any state in the country. Seller agrees to comply with federal (FIRPTA) and state tax withholding laws. In the event of cancellation, the deposits previously made by Buyer are to be refunded, less escrow expenses chargeable to Buyer.FEDERAL EMERGENCY MANAGEMENT AGENCY. However, Seller does not warrant that it will not leak in the future and makes no representations in this regard. Buyer is aware that the soils condition of the property is unstable. If the prior offer is canceled, this offer will remain in full force and effect.BUYER IN BACKUP POSITION. If Seller selects the licensed pest control company, Seller shall be responsible for the total cost of said inspection.TITLE INSURANCE; RESPA RULE RE BUYER'S TITLE INSURANCE CHOICE. And then for the legal counsel it is time to draft a clause. We invite you to try out the Content Chooser, Uploader, and Verifier apps and take advantage of our free evaluation experience that will allow you to fully explore the apps within your Office 365 subscription at no cost. Buyer is hereby advised that subject property is located on a private road which may require that Buyer contribute to the maintenance of said road for continued access. The Ontario Real Estate Association ("OREA") is the producer and owner of a set of standardized forms used in Ontario real estate transactions and a set of standard clauses, including Guidelines for Residential and Commercial Clauses, for use with these forms and set of Forms Explained Form files (collectively, the "OREA Standard Forms"). FHA discount points shall be paid by the Buyer, provided, however, if the points required to be paid exceed $ X (or X%), Buyer shall have the right to cancel this contract, by giving written notice to Seller, unless Seller agrees in writing to pay the excess amount (points). RIGHT OF FIRST REFUSAL. If Buyer wishes to submit a Counteroffer to Seller, Buyer must do so by X.COUNTEROFFER, MULTIPLE. Buyer acknowledges that Buyer has investigated the local governmental zoning and building ordinances and requirements as to the erection of a building on the property, and that Buyer has investigated the availability of water, sewer, gas, and electrical services for the property, and the fees and costs related thereto. Looks like you’ve clipped this slide to already. acceleration clause — Definition (Financial-banking, Legal-contracts) A provision within a document that explains how the lender expects payment for a loan, in due haste. Seller agrees to deliver to Buyer prior to closing all blueprints, architect's drawings, landscape architect designs, and all building and landscaping specifications, surveys, and maps describing the property, presently in the Seller's possession.FAVORS BUYER. The Buyer hereby accepts the property in this "as is" condition and releases and agrees to hold harmless, the Seller and the Seller's and Buyer's agents from any and all claims arising from or connected with said nonconformance and lack of building permits.COMMON WALL & ENCROACHMENTSACCEPTANCE OF ENCROACHMENT. The purpose of an “as is” clause is to force the buyer to rely upon its own investigation, rather … We will connect with you shortly. The Buyer understands the consequences of this non-conformity and agrees to accept this condition "AS IS." If the Buyer is unable to obtain an ARM with a rate adjustment cap per period of X% and a maximum rate cap of X% over the initial rate, Buyer shall have the right to cancel this contract and recover all deposits previously made by giving written notice thereof to Seller on or before X.SELLER TO PAY DISCOUNT POINTS (WITH LIMIT). Buyer understands that the subject property is not a new home but is approximately X (X) years old. Seller or Seller's agents shall make no substitutions unless agreed to by Buyer in a written agreement signed by both Buyer and Seller.PRIVATE ROAD. Time is of the essence in the payment of these deposits.CASH FUNDS. An additional cesspool or septic tank system must be built to accommodate an additional structure if allowed, and appropriate permits and minimum lot size may be required before a second cesspool or septic tank system will be permitted. Principals are not relying on any representations by ABC Broker or its agents.TERMITE. to Buyer. Buyer is aware and understands that the property is subject to the following current legal action:  X. No response from the Buyer within the time specified shall be deemed approval.INVENTORY. Buyer is strongly urged to (1) have a professional contractor or architect verify compliance with the building code and permit requirements, and (2) have a professional home inspection to ascertain the exact condition of the property.PENDING CHANGES. Seller warrants that Seller used a licensed contractor and that this dwelling has been constructed in keeping with standards generally accepted in the community, that it is habitable, and that all elements, both interior and exterior, will be in a finished condition upon delivery. Competition for limited inventory sets the stage for aggressive negotiation strategies. Scribd will begin operating the SlideShare business on December 1, 2020 Thereafter, neither the Buyer, the Seller nor any brokers shall have any further rights, obligations, or liabilities under this contract.APPROVAL OF BUYER'S ATTORNEY. The clause library allows the developer to put the clauses in the order and hierarchy they should take on when shown at the Select Clauses to Insert dialog. If the parties fail to reach an agreement, this Sales Contract shall terminate, and all deposits shall be returned to Buyer less all settlement costs chargeable to Buyer.BUILDING AND CONSTRUCTION WARRANTIES. In addition, Buyer is aware that to obtain a permit, the County Building Department may require additional work to be done and/or demolition of the existing improvements. A key functionality of the Weagree Wizard is the central, searchable clause library. VA funding fee of X percent (X%) to be paid by X. Seller agrees to have the property staked by a licensed surveyor and to provide a location map showing the location of the wall and the properties involved by   (date). If Buyer decides to cancel this contract, Buyer shall give Seller written notice by hand delivery or fax of Buyer's decision to cancel within twenty-four (24) hours, and Buyer shall be entitled to a refund of all deposits made in conjunction with this contract. If, during the term of the lease, or any extension thereof, Lessor shall receive an offer to purchase this property or if Lessor shall wish to enter into an agreement for the sale of this property, Lessor shall first give Lessee written notice setting forth the name of the proposed purchaser, the purchase price, and all the terms and conditions of the proposed sale. Thus, Seller may receive offers signed by separate buyers for Seller's acceptance. If the existing Sales Contract is canceled within said time period, this offer shall become the primary offer. ACCEPTANCE OF BACK-UP OFFER. Seller represents that asbestos or hazardous substance exists on or under the property. This is a backup offer and is in first position behind a primary contract now in escrow. Buyer's lender is authorized to verify with Seller's agent that Buyer has sufficient funds available to close this transaction.DOWN PAYMENT. If the necessary permits and approvals are not in place, Seller agrees at its expense to obtain said items. Legal Alerts/Articles. The Seller's cost to correct any and all nonconformities shall not exceed $X. We are part of a unique community where our familial cooperation transcends our business competition. In this episode, Tracy Rucka discusses buyer tactics and the use of price escalation clauses as well as recommendations to avoid some potential implementation issues. Buyer understands that Seller will be obtaining the title report from (Name of Title Co.) and since it is less expensive to obtain the mortgagee's title policy from the same title company, Buyer authorizes and directs (Name of Escrow Co.) to obtain the mortgagee's title policy from the same company at a cost of $X, which Buyer agrees to pay at time of closing.VACANT LAND. Buyer further affirms that the entire consideration paid in this transaction pertains to and is applicable to the condominium apartment and appurtenant interests in the common elements of said project (i.e., real property) and that no separate consideration has been paid or will be paid for the interest, if any, in the rental management entity, transferred with said apartment. Buyer hereby instructs escrow irrevocably and without condition, to disburse prior to closing the sum of $X to the order of (Name of recipient) on (date).In consideration of escrow releasing this sum as herein provided, the Buyer and Seller hereby indemnify and hold harmless escrow from and against any and all losses, costs, expenses, fees and claims which may arise or be incurred as a result of escrow's compliance with these irrevocable instructions for the early release of funds.FINANCINGASSUMPTION INCLUDE IN SPECIAL TERMS. The Seller represents that as of X, there are no past due, current, or known future assessments affecting the subject property except as follows: X. Seller is aware that Buyer has made an offer on another property and the acceptance of this offer by Seller is subject to the cancellation by all parties of the prior offer within seventy-two (72) hours of Seller's acceptance. Said right shall be exercised by delivering or mailing such election to Owner prior to the expiration of said calendar days. Broker is not trained in water run-off and makes no representations, guarantees or warranties regarding surface water and how it may affect the Property. If the cost of restoration exceeds five percent of the assessed valuation of the improvements damaged, the Buyer shall have the option of taking the property "as is," together with any insurance proceeds payable by virtue of such damage, or canceling this contract and receiving a refund of all deposits made hereunder. If costs exceed this amount, Buyer and Seller shall, within five (5) calendar days from the determination of said costs, mutually agree in writing on the amount of the excess that each of the parties shall pay. For example, buyer Brown offers $100,000 for a home or piece of real estate. 1. Seller agrees not to arbitrarily or unreasonably withhold consent. ABC Broker advises principals to seek competent legal and tax counseling regarding IRC Section 1031 Exchange. In addition, Seller may be held to be in default under C-29 of the contract.CONTINGENT ON ABILITY OF BUYER TO SELL PRESENT HOME. Acceptance of this Counteroffer by Buyer shall not be binding unless and until it is subsequently re-signed by Seller in paragraph 7 below and returned to Buyer or Buyer's agent. GDPR Data Security and Data Privacy; IACCM Principles; Public; WorldCC ContractStandards Failure to do so before the Seller signs the cancellation notice will result in escrow being instructed to withhold $50.00 from the Buyer's deposit and deliver it to the Seller to cover Seller's costs to replace lost documents and disclosures. A clause library integrated in contract automation is your solution. This offer is contingent upon the Seller, at Seller's cost and expense, within X calendar days from the date of acceptance of this offer, 1) having the property staked and surveyed by a licensed surveyor, 2) providing Buyer with a location map by the surveyor showing the easement and properties involved, and 3) obtaining a Common Wall Agreement with the property owner who shares the common wall. Seller's cost to obtain permit(s), including costs to correct deficiencies required to obtain permits, shall not exceed $X. Brokerage, Technology, Consumer News, Residential Real Estate, Education, Misc, Brokerage, Consumer News, Residential Real Estate, Misc, © 2020 - Real Town The Real Estate Network - All rights Reserved. Within seven (7) calendar days of acceptance of this contract, Buyer may, at Buyer's expense, have a soils inspection conducted by experts/representatives of Buyer's choice. The purchase price includes those items on the inventory list attached hereto. Should contractor's guarantees not exist or be insufficient to assure correction of defects within one year of recordation of this contract, Seller agrees to provide such warranty in accordance with this paragraph. The Buyer is given every opportunity to inspect the property and is aware of the following conditions: X, as well as all of the conditions disclosed in the attached Seller's Real Property Disclosure Statement, dated X, which disclosures are incorporated herein by reference. Seller makes no warranty or representation about the nature or condition of such asbestos. If Seller decides to accept this contract, Seller agrees that within twenty-four (24) hours from the time Buyer receives a copy of the accepted offer, Buyer may either revoke any other pending offers which Buyer currently has made or may cancel this contract. While acceleration clauses are mostly used in commercial and residential real estate, they do appear in some leases too. All time frames of this contract shall commence after written notification from Seller to Buyer that the primary contract now in escrow has been canceled. If you have a clause that you would like to share, use the Comments section following the article. The retaining wall on the rear side of the property shows cracks which may be due to settlement. If, (1) as of the date of this agreement, there are any past due, current, or known future assessments affecting the subject property which have not been disclosed by Seller, or (2) any assessments are authorized or become known prior to the closing date of this contract, then Buyer reserves the right to declare this contract null and void and recover all deposits unless either (a) the assessments which are owed at or before closing are paid in full by Seller prior to closing, or (b) the assessments known to be due after closing will be paid in full by Seller from funds left in escrow for that purpose. SOILS CONDITION - EXAMPLE OF DISCLOSURE. If mailed pursuant to this paragraph, notice shall be deemed given when mailed.NOTICES IN WRITING - LONG VERSION. Buyer may not assign or transfer this Sales Contract and/or Buyer's rights under this contract without the prior express written approval of the Seller. Buyer is aware that the X was built without a building permit, does not conform to the tax office records, and may not meet current building codes. If you have a clause that you would like to share, use the Comments section following the article.In some jurisdictions, simply adding clauses to a standard contract by a real estate licensee could be interpreted as practicing law. However, with our predesigned web templates, things get simpler. If Seller has not removed this Addendum by X M.(Time) on X (Date), then this contract shall be null and void, and the deposit of Buyer shall be returned in full. Seller shall inform Buyer of Seller's election to exercise this right no later than ten (10) days prior to closing. If you wish to opt out, please close your SlideShare account. Buyer is aware that Seller has an accepted "primary contract" on subject property and that this offer is a backup offer that will be placed in first position if the current "primary contract" is canceled for any reason. Buyer agrees to indemnify and hold Seller harmless from all costs, expenses and liabilities incurred by Seller because of Buyer's participation in said exchange. Prior to the completion of all of these events, Buyer and Seller shall have no duties or obligations for the purchase or sale of the Property.COUNTERPART DOCUMENTS. Buyer may cancel this contract at any time prior to receiving Seller's written notice that the primary contract has been canceled and that this contract is in force.SELLER TO TAKE BACKUP OFFERS AND REMOVAL CLAUSE. The property being conveyed has a common wall, portions of which are located on the subject property and an adjacent property. Seller certifies that all the necessary building permits for the property improvements are in place and that any required City and County inspections have been satisfactorily completed. Periodicals Literature. Seller also warrants that (a) the design of the building is sufficient to avoid water penetration; (b) there are no mechanics liens on this property; and (c) that if time for filing liens has not expired and any mechanics liens due to Seller's responsibility are subsequently filed, Seller shall be financially responsible for clearing liens. Seller shall pay for recording said easement and all other related expenses.ASSESSMENTS. Buyer and Seller understand and agree that Buyer is permitted to occupy the property prior to the close of escrow provided Buyer executes an "early occupancy agreement," a form of which is attached hereto and made a part of this contract.EARLY OCCUPANCY.

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