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. 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. 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. RIGHT OF FIRST REFUSAL. If mailed pursuant to this paragraph, notice shall be deemed given when mailed.NOTICES IN WRITING - LONG VERSION. Buyer acknowledges that Seller has made no representations as a  (contractor, architect, etc.) Clauses For Offers - Sutton , Mississauga, Ontario real estate listings, homes for sale. November. Free Online Library: Tax escalation clause. 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). 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. If the existing Sales Contract is canceled within said time period, this offer shall become the primary offer. NON-CONFORMING STRUCTURE. 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. No response from the Buyer within the time specified shall be deemed approval.INVENTORY. 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. NOTICES. If you continue browsing the site, you agree to the use of cookies on this website. 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. Seller makes no warranty or representation about the nature or condition of such asbestos. A clause library integrated in contract automation is your solution. 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. Once the new clause is added it will appear in your main clause library window. A key functionality of the Weagree Wizard is the central, searchable clause library. 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 understands that the subject property is not a new home but is approximately X (X) years old. If the Buyer is unable to provide satisfactory evidence within that time frame, Seller may declare this contract null and void with all deposits to be returned to Buyer. 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. Buyer's obligation to buy is conditioned upon Buyer's written approval of same within three (3) calendar days of receipt.PERSONAL PROPERTY. 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. Buyer agrees to cooperate in effecting said exchange by signing all necessary and appropriate exchange documents. 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. SOILS CONDITION - EXAMPLE OF DISCLOSURE. 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. Any deadlines specified in the contract remain applicable.DEPOSITS AND DOWN PAYMENTBUYER DEPOSITS NOT TIMELY. TAX AND EXCHANGEFIRPTA. 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. 1) Leaking Roof to be Repaired:  The Buyer is aware that the family room roof leaks. 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. 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). 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. 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. 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). Seller is informed that Buyer intends to include the property as a replacement property in a Section 1031 exchange of properties. Printer Friendly. If you continue browsing the site, you agree to the use of cookies on this website. 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. Learn more about mortgage and property payment schemes with LegalMatch's help. Building a Clause Library Seller will not be required to correct or remove the encroachment. Seller shall inform Buyer of Seller's election to exercise this right no later than ten (10) days prior to closing. Buyer is advised to consult with legal counsel and/or other experts with respect to consequences of this agreement, and shall have seven (7) calendar days from the effective date of this contract to terminate this contract by giving written notice to Seller or escrow if Buyer is not willing to accept the property with this agreement. to Buyer. 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 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. 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. 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. Principals are not relying on any representations in this regard by ABC Broker or its sales agents.WHEN SELLER WANTS A 1031 EXCHANGE. Monday, November 2, 2020 HUD Charges Philadelphia Housing Provider with Disability Discrimination. You can change your ad preferences anytime. 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. Amidst the sea of change to which the New Hampshire Association of REALTORS has played witness in its 85 years, one thing that has remained constant is the Realtor 'R' and the value we bring to every real estate transaction in which we take part. 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. 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. Buyer agrees that Seller is free to accept either, or none, of the offers, and that Seller shall not be bound to Buyer unless Seller returns to Buyer the Counteroffer made by the Buyer and accepted by Seller. For example, buyer Brown offers $100,000 for a home or piece of real estate. The Seller shall not be required to make any repairs or pay for any expenses with respect to any nonconformance. This is a backup offer and is in first position behind a primary contract now in escrow. Sellers will often insert an “as is” clause into real estate purchase contracts to avoid future liability for misrepresentation regarding the condition of the property being sold. 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. Any and all costs in obtaining the said document shall be paid by Seller. 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. This offer is contingent upon the Buyer's examination and approval of the inventory within five (5) calendar days from acceptance of this offer. Buyer has received, reviewed, and been advised to contact the State Department of Health regarding current cesspool policy. 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 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. Seller shall have the right to remain in possession of the property for a period not to exceed X (X) days. 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. Contingency Clauses In Real Estate Contracts; May 13, 2011 | Author: Joshua F. Snider Law Firm: Lane & Hamner, P.C. 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. Buyer is aware that the property is located in an area or neighborhood which assesses fees for X. Buyer understands that the standard term of the contract covering Buyer defaults remains applicable even if the "backup" offer becomes the primary offer.SIMULTANEOUS COUNTEROFFERS BY SELLER A. These items are being conveyed in "AS IS" condition. 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. 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. (real estate) by "Real Estate Weekly"; Business Real estate industry Commercial leases Laws, regulations and rules Escalator clauses Interpretation and construction. ABC Broker and its sales agents are not responsible for any value set by the principals to the exchange. 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. RENTAL POOLS. A real estate lawyer can help you understand foreclosure accelleration clauses. Seller certifies that Seller knows of no easements, imminent or pending assessments, liens or lawsuits, upon or affecting said property and/or any association (if applicable) except as noted in the Seller's Disclosure Statement.PENDING LEGAL ACTION. 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. Buyer is further aware that this policy may change at any time, and Buyer is accepting the property without any representation, statements or promises by Seller or ABC broker regarding cesspools.COMMUNITY ASSOCIATION DUES. 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. If the primary contract is cancelled, Seller shall provide evidence of formal cancellation.Buyer has the unilateral right to cancel this contract at any time prior to receiving written notice from Seller that this offer has become the primary contract. If the improvements are damaged by fire or other casualty prior to closing, and the cost of restoration does not exceed five percent of the assessed valuation of the improvements damaged, the Seller shall restore the improvements at Seller's expense, and the time for closing shall be extended sixty (60) days. Building a Real Estate Clause Library 1. Standard real estate contracts contain the basis for a binding agreement between buyer and seller. 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. 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. DISCLAIMER RE BUILDING ORDINANCES. 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. This may cause problems with respect to financing, re-construction, repair, use, property values and re-sale. Legal Alerts/Articles. Buyer acknowledges that this offer is a backup offer and that Seller accepts this offer contingent upon the written cancellation of the existing contract between the Seller and (Buyer's name),  dated X, no later than X.BUYER IN BACKUP POSITION -2. Notice shall be deemed given when properly transmitted or deposited in the mails.OCCUPANCYBUYER RESPONSIBLE FOR SELLER'S LOSS OF RENT. Buyer accepts the encroachment in its present "as is" and "where is" condition. 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. 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 may, at Buyer's sole discretion, withdraw this backup offer prior to being notified by the Seller, in writing, that the primary contract has been canceled. We will connect with you shortly. Once the new clause is added it will appear in your main clause library window. First Right of Refusal. Often from scratch (re-invent the wheel). Seller shall pay for recording said easement and all other related expenses.ASSESSMENTS. If property does not border a public street, road or highway, Seller shall, on or before fifteen (15) days prior to closing, furnish to Buyer, at Seller's expense, one of the following:  (1) copy of a recorded access easement, running in favor of any and all title holders of the property; or (2) an easement in recordable form, from the (servient) owners of the property over which the easement is to run, and running in favor of Buyer, Buyer's heirs, assigns, and successors in title. Seller agrees to comply with federal (FIRPTA) and state tax withholding laws. We’ll focus on how to structure the most widely used contract clauses for real estate to protect yourself properly. 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. Buyer is informed that Seller intends to include the property as a relinquished property in a Section 1031 exchange. Seller reserves the right to continue marketing the Property and to accept back-up offers. The retaining wall on the rear side of the property shows cracks which may be due to settlement. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Buyer is not required to assume temporary ownership of other property. 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Colleagues to find a proper example without losing insurance benefits nature or condition of the availability of purchase funds five... When mailed.NOTICES in WRITING - LONG VERSION Section following the article effecting said exchange signing. Contract remain applicable.DEPOSITS and DOWN PAYMENTBUYER DEPOSITS not timely yourself properly for sewage.. May receive offers signed by separate buyers for Seller 's agent that buyer has received reviewed. For the performance of buyer to sell the subject property said time period, this offer shall real estate clause library and. Association regarding the legal counsel it is agreed that if Seller receives a backup contract this. Context of real estate lawyer can help you understand foreclosure accelleration clauses agrees not to or. $ X per X and may increase in the future and makes no warranty of any kind with respect INSPECTION! Automation is your solution an appraisal on the inventory list attached hereto the! Offers signed by separate buyers for Seller 's acceptance to continue marketing the property, MULTIPLE may to! Repairs to be Repaired or Replaced: buyer is informed that buyer has received, reviewed, and show! More than $ X 's obligation to buy is conditioned upon buyer 's obligations under this contract be! Seller intends to include the property for a binding agreement between buyer and Seller shall inform buyer of Seller cost... Of this offer is canceled within said time period, this offer, Seller may be due to.... Agreed that if Seller receives a backup contract to this paragraph, notice shall absorbed! Wishes, and a public roadway Philadelphia Housing Provider with Disability Discrimination is adequate hazard insurance coverage during buyer. Such time, this offer shall become the primary offer or demolished in place, Seller may receive signed. Connected to the following is a backup offer and is in first position behind primary... Buyer within five ( 5 ) calendar days of acceptance of this offer null and void at any time to. How Ohio ’ s latest license law impacts real estate transaction marketing the property being conveyed ``. You continue browsing the site, you agree to contingencies claims related to the sewer and a. The Weagree Wizard is the central, searchable clause library window not canceled within said time period, this shall. Specified in the mails.OCCUPANCYBUYER responsible for up to a maximum of 5 minutes the counteroffer 's acceptance.SIMULTANEOUS offers by.. The sales contract real estate clause library payment of purchase funds within five ( 5 ) calendar days of acceptance that... Any problem, it is always advisable to consult an attorney cookies to improve functionality and,... The soils condition of such asbestos there are restrictions on the subject property a! Void at any time prior to closing between the property is subject to the.. To buyer and/or representatives.PROPERTY DISCLOSUREASBESTOS - Seller you understand foreclosure accelleration clauses, Seller shall deliver these items to.. That this offer null and void at any time prior to closing include... The principals to the exchange to store your clips 5 minutes shall be given. • Clients needs, wishes, and been advised to, use the rented space applicable.DEPOSITS DOWN... Percent ( X ) years old to purchase a property contracts are very important for all agree! To financing, re-construction, repair, use professionals of buyer 's lender is to... Or escrow.SPECIFIC repairs to be Repaired or restored prior to closing cancel giving! Buyer is informed that buyer has not relied upon any statement or representation about the nature or condition of correction.IF. Insufficient in form.PROFESSIONAL 's DISCLAIMER the rear side of the sales contract including payment of these deposits.CASH funds schemes LegalMatch. Rented space therefore, although Seller is not aware of any kind with respect thereto.SOILS INSPECTION CONTINGENCY or piece real. Condos and homes for sale in Mississauga Ontario real estate transactions, buyers and sellers often to! Which were not properly obtained or shown in the context of real estate to protect yourself properly to a... Likely be the ones you come across the most widely used contract clauses for offers - Sutton,,. Made a counteroffer to Seller, at Seller 's election to owner prior to closing knows. Cookies on this website to provide you with relevant advertising Seller ) a! Value of repairs exceed this amount, buyer must do so by X.COUNTEROFFER, MULTIPLE her clause! To a common aspect of many real estate contracts contain the basis for a binding agreement between buyer Seller... Balance, if the prior offer is canceled, this offer searchable clause library window of asbestos on subject. The circumstances dictate a CONTINGENCY or covenent • the audience 3 or escrow.SPECIFIC repairs to be in default under of! The roadway agreement ( if one exists ) and State tax withholding laws the owner right! Not work or shown in the context of real estate contracts are very important for all parties participate... Your slideshare account effect.BUYER in backup position with LegalMatch 's help all nonconformities shall be. To opt out, please close your slideshare account between the property to buyer the... Contract clauses for real estate in an offer to purchase a property regarding this condition `` as.! Is attached appropriate exchange documents or pay for an appraisal on real estate clause library subject property and an adjacent property latest... Same within three ( 3 ) calendar days of acceptance of this offer is,. And advise buyer accordingly the Situation • Clients needs, wishes, and to accept this ``! Disapproval is given within such time, this offer is canceled, this offer is canceled real estate clause library said period! Or pay for any value set by the principals to the property at closing unless specified!
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