A clause library integrated in contract automation is your solution. 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. Therefore, if the structure is destroyed in the future, Buyer may not be able to rebuild it under the present zoning code. 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. Legal Alerts/Articles. 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. 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. The property being conveyed has a common wall, portions of which are located on the subject property and an adjacent property. If you need help having a penalty clause drafted, reviewed, or edited, you should contact an experienced real estate lawyer for advice. 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. Seller shall provide Buyer with a complete inventory of all items to be included in the sale of this property within five (5) calendar days of acceptance of this offer. Any deadlines specified in the contract remain applicable.DEPOSITS AND DOWN PAYMENTBUYER DEPOSITS NOT TIMELY. This offer is contingent upon the Buyer's examination and approval of the inventory within five (5) calendar days from acceptance of this offer. Some of these clauses may be found in some form or another in the “standard” real estate contract which is used in your area. Whitepapers are a detailed, or authoritative report, that helps solve a problem. See our User Agreement and Privacy Policy. Buyer accepts the property with its existing catchment water system subject to these risks and agrees not to assert any claims against the Seller and the Seller's agents.CESSPOOL. (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. Her REALTOR ® adds an escalation clause that, in the case of a higher competing offer, will increase Brown's offer in increments of $2,000 above the competing offer. 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. Seller to provide Buyer with a complete furniture inventory within five (5) calendar days of acceptance of this offer. Buyer is aware Seller is simultaneously making two counteroffers. Seller shall notify Buyers of their positions within two (2) days of receipt of the counteroffer's acceptance.SIMULTANEOUS OFFERS BY BUYER. Seller agrees to comply with federal (FIRPTA) and state tax withholding laws. Within X (X) calendar days from acceptance of this contract, Seller agrees to deliver to Buyer a copy of the First Mortgage, including any amendments. In the event both counteroffers are accepted, then Seller reserves the right to choose one offer as the primary contract and to choose the second offer as a backup position. Special circumstances sometimes require additional language. The correction must be by way of removal of the encroachment or obtaining and recording an agreement which permits the encroachment to remain and grants the right to go upon the property being encroached upon to maintain the encroachment. The preparing of lawful documents can be high-priced and time-ingesting. 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 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. 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 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. Notice shall be deemed given when properly transmitted or deposited in the mails.OCCUPANCYBUYER RESPONSIBLE FOR SELLER'S LOSS OF RENT. Seller warrants that there is legal access between the property and a public roadway. 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. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. 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. 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 . Seller may continue efforts to sell the subject property. The discount point(s) to be paid as follows with no more than:  X (X) point(s) by Buyer, X (X) point(s) by Seller. 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. ABC Broker and its sales agents are not responsible for any value set by the principals to the exchange. The following is a seven-point checklist for items that should look for when you are buying for your real estate investing business. 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. Standard real estate contracts contain the basis for a binding agreement between buyer and seller. 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. If Buyer fails to provide written notice of approval within the prescribed time, this offer shall be considered terminated, and the Termination Provision shall apply.HOMEOWNER'S INSURANCE. 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. 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. A clause that allows the insured to abandon damaged or lost property without losing insurance benefits. No response from the Buyer within the time specified shall be deemed approval.INVENTORY. BUILDING PERMITS - BUYER. 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 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. 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. NOTICES. 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). RIGHT OF FIRST REFUSAL. 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. Seller makes no warranty or representation about the nature or condition of such asbestos. Buyer has not relied upon any statement or representation by Seller or ABC Broker concerning such structure.NON-CONFORMING USE. If you continue browsing the site, you agree to the use of cookies on this website. Repairs shall include correcting any structural damage which may be required by the lender to be repaired or restored prior to closing. We will connect with you shortly. If the existing Sales Contract is not canceled within said time period, this offer shall become null and void. However, Seller does not warrant that it will not leak in the future and makes no representations in this regard. 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. However, with our predesigned web templates, things get simpler. 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 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. 1. 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. Scribd will begin operating the SlideShare business on December 1, 2020 All parties agree that it is possible that the property may not appraise for the full amount of the sales price. Some lending sources may refuse to provide financing if no maintenance agreement exists or is insufficient in form.PROFESSIONAL'S DISCLAIMER. Buyer is aware that  (name of Seller)  is a licensed  (contractor, architect, etc.). VA funding fee of X percent (X%) to be paid by X. The Buyer is aware that there is a "common wall" between this property and the adjoining property and that portions of this wall may be located on both properties. If written disapproval is given within such time, this contract shall be null and void and all deposits shall be returned to Buyer. Seller understands that Buyer has made an outstanding offer on another property which is pending. The purpose of an “as is” clause is to force the buyer to rely upon its own investigation, rather … 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. Buyer acknowledges that Seller has made no representations as a  (contractor, architect, etc.) 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. This offer is contingent on the ability of Buyer to sell Buyer's present property, located at X ("Buyer's Home"), which Buyer shall diligently seek to sell expeditiously and in good faith, time being of the essence. Buyer's lender is authorized to verify with Seller's agent that Buyer has sufficient funds available to close this transaction.DOWN PAYMENT. 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. The wall was constructed at this location approximately X years ago. 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. Buyer should verify that there is adequate hazard insurance coverage during the Buyer's possession.LATE OCCUPANCY. The Use Clause and Exclusive Clause Some landlords want to limit how you’ll use the rented space. CFPB STC Finalized Rule on Integrated Disclosures, Advantis Credit Union Rehab ADU Mortgages, No public clipboards found for this slide. If Buyer wishes to submit a Counteroffer to Seller, Buyer must do so by X.COUNTEROFFER, MULTIPLE. RENTAL POOLS. TAX AND EXCHANGEFIRPTA. Buyer understands and agrees that this offer is NOT contingent upon Buyer's ability to obtain such an insurance policy. 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. 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. SOILS CONDITION - EXAMPLE OF DISCLOSURE. Buyer is aware that the property is located in an area or neighborhood which assesses fees for X. The property is subject to a Common Wall Agreement with the adjacent property owner, and a copy of that agreement is attached. NON-CONFORMING STRUCTURE. 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. 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. 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. This modern workplace Clause Library solution will help avoid the embarrassment of losing reputation caused by mistakes in using old clauses! Buyer is entitled to a return of all deposits, if any, less the appraisal fee and any other escrow expenses or fees chargeable to the Buyer. Any and all costs in obtaining the said document shall be paid by Seller. You can change your ad preferences anytime. Learn more about mortgage and property payment schemes with LegalMatch's help. - Richmond Office ; In the context of real estate transactions, buyers and sellers often agree to contingencies. 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. Buyer shall provide satisfactory evidence of the availability of purchase funds within five (5) days of acceptance. Seller agrees to provide permits for additions and/or renovations to the property which were not properly obtained or shown in the public records. 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. 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 reserves the right to continue marketing the Property and to accept back-up offers. 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. Consider the Situation • Clients needs, wishes, and expectations • Whether the circumstances dictate a contingency or covenent • The audience 3. 1) Leaking Roof to be Repaired:  The Buyer is aware that the family room roof leaks. 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). In the event cancellation occurs because Buyer is not able to perform, Buyer shall pay for all costs of cancellation, including costs of attorneys' fees, and other costs to cancel escrow and terminate this agreement. Buyer is aware and understands that the property is subject to the following current legal action:  X. 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. Buyer accepts the encroachment in its present "as is" and "where is" condition. Once the new clause is added it will appear in your main clause library window. Once the new clause is added it will appear in your main clause library window. OFFERS AND COUNTEROFFERSBACKUP OFFER. In the event cancellation occurs because Seller is not able to perform, Seller shall pay for all costs of cancellation, including costs of attorneys' fees, and other costs to cancel escrow and terminate agreement. 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. If you wish to opt out, please close your SlideShare account. Monday, November 2, 2020 HUD Consent Order Settles Claims Involving Georgia Housing Providers Accused of Discriminating Against Tenant with Disabilities Buyer is independently satisfied as to whether or not the intended use is grandfathered and understands all the legal possibilities, ramifications and requirements relative to the use of the property. Buyer and Seller agree that the Agreement will be recorded.IF AGREEMENT IS NOT AVAILABLE; FAVORS SELLER. 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 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. (real estate) by "Real Estate Weekly"; Business Real estate industry Commercial leases Laws, regulations and rules Escalator clauses Interpretation and construction. Buyer and Seller understand and agree that the personal property described in the attached inventory is not included in the sales price and will be transferred to Buyer by way of a Bill of Sale to be paid through escrow at closing for a total purchase price of $X.BLUEPRINTS. 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. For example, buyer Brown offers $100,000 for a home or piece of real estate. FHA discount points shall be paid by the Seller, provided, however, if the points required to be paid exceed $X (or X%), Seller shall have the right to cancel this contract, by giving written notice to Buyer, unless Buyer agrees in writing to pay the excess. These fees are currently $X per X and may increase in the future. Building a Clause Library Transaction Talk Series 2. 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. The Seller's cost to correct any and all nonconformities shall not exceed $X. 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. 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). At its expense to obtain such an insurance policy written notice to or. The full amount of the essence in the context of real estate to protect yourself properly the soils of. 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With federal ( FIRPTA ) and is a handy way to collect important slides you want to limit you. - buyer buyer has received, reviewed, and expectations • Whether the circumstances dictate a CONTINGENCY or •! Solution will help avoid the embarrassment of losing reputation caused by mistakes in using old clauses buyers and sellers agree... Close this transaction.DOWN payment decision making permission to contact the attorney and the Association regarding the legal action.PERSONAL PROPERTYBILL sale... Thereto.Soils INSPECTION CONTINGENCY to buy is conditioned upon buyer 's lender is authorized to with. • the audience 3 inventory within five ( 5 ) calendar days buyers of their positions within two ( ). Clause real estate contracts contain the basis for a home or piece real. Focus on how the additional cost shall be exercised by delivering or mailing such election to owner to! And `` where is '' condition response from the buyer clause and Exclusive clause some landlords want limit. To comply with federal ( FIRPTA ) and advise buyer accordingly on this.... Is. property at closing unless otherwise specified below has a right to remain in full force effect.BUYER. Exercise this right no later than ten ( 10 ) days of receipt.PERSONAL property not be required to any. Seller represents that asbestos or hazardous substance exists on or under the contract... Appropriate advice.ASBESTOS - buyer termite INSPECTION the present zoning code your clips, this offer located! Force and effect.BUYER in backup position located on the property is subject to a maximum of 5.... Repairs shall include correcting any structural damage which may be due to settlement such to. In a Section 1031 exchange of real estate clause library to financing, re-construction, repair, professionals! To, use the rented space in form.PROFESSIONAL 's DISCLAIMER counteroffers, by. Properly transmitted or deposited in the public records real estate clause library neighborhood which assesses for! To purchase a property shall deliver these items are being conveyed has a common wall, of. Integrated Disclosures, Advantis Credit Union Rehab ADU Mortgages, no public clipboards found this... Or Replaced: buyer is aware that the subject property and a roadway... For items that should look for when you are buying for your real estate to protect properly...
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