Buyer's obligations under this contract are contingent upon Buyer's approval of such correction.IF AGREEMENT IS AVAILABLE. Contract Clauses for Real Estate. 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. With full knowledge of these conditions, the Buyer is aware, understands and agrees that all land, improvements and real and personal property will be sold, conveyed and/or assigned, as applicable, by the Seller to the Buyer in an "AS IS" condition without warranty or representation, express or implied, the Buyer hereby agreeing, acknowledging and affirming to the Seller that the Buyer has had full opportunity to inspect, and accepts all land, improvements and real and personal property in an "AS IS" condition, including the conditions disclosed above. In addition, Buyer may be held to be in default under C-28 of the contract.CANCELLATION (SELLER). No response from the Buyer within the time specified shall be deemed approval.INVENTORY. 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. TAX AND EXCHANGEFIRPTA. House Bill 532: How Ohio’s latest license law impacts real estate and resources needed to understand the law. 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. 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. Therefore, although Seller is not aware of any problem, it may not conform to current building codes. Seller to provide Buyer with a complete furniture inventory within five (5) calendar days of acceptance of this offer. BUILDING PERMITS - BUYER. Buyer is aware that the property is located in an area or neighborhood which assesses fees for X. ACCEPTANCE OF BACK-UP OFFER. Buyer is aware and understands that the property is subject to the following current legal action:  X. See our Privacy Policy and User Agreement for details. See our User Agreement and Privacy Policy. Buyer understands that even though the referenced provisions require the Seller to disclose any prior and/or current infestation or damage that the Seller is aware of, Seller and Buyer are lay persons with no expertise in detecting termite damage, and therefore may not be aware of, or fully or accurately describe, any existing problems.TERMITE DAMAGE. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. If Buyer wishes to submit a Counteroffer to Seller, Buyer must do so by X.COUNTEROFFER, MULTIPLE. 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 includes, but is not limited to, all costs incurred in removing and disposing the hazardous material in the manner permitted by law.ACCESS (LEGAL). 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. Now customize the name of a clipboard to store your clips. 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 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. 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. Consider the Situation • Clients needs, wishes, and expectations • Whether the circumstances dictate a contingency or covenent • The audience 3. When you are ready to insert a clause into the TREC Texas 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. The clauses provided for you in this article are for educational purposes to help you formulate and contemplate different terms and conditions common in many real estate transactions. We are part of a unique community where our familial cooperation transcends our business competition. However, Seller does not warrant that it will not leak in the future and makes no representations in this regard. 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). Building a Clause Library The purpose of an “as is” clause is to force the buyer to rely upon its own investigation, rather … Buyer should verify that there is adequate hazard insurance coverage during the Buyer's possession.LATE OCCUPANCY. If you have a clause that you would like to share, use the Comments section following the article. 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. This document may be executed in counterparts, each of which when executed shall, irrespective of when it is signed and delivered, be deemed an original, and said counterparts together shall constitute one and the same instrument. OFFERS AND COUNTEROFFERSBACKUP OFFER. The preparing of lawful documents can be high-priced and time-ingesting. Seller makes no warranty or representation about the nature or condition of such asbestos. The property being conveyed has a common wall, portions of which are located on the subject property and an adjacent property. 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. Periodicals Literature. 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. 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. 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. 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. Seller shall pay for recording said easement and all other related expenses.ASSESSMENTS. CFPB STC Finalized Rule on Integrated Disclosures, Advantis Credit Union Rehab ADU Mortgages, No public clipboards found for this slide. 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. Clipping is a handy way to collect important slides you want to go back to later. Seller reserves the right to continue marketing the Property and to accept back-up offers. This offer is contingent upon the Buyer's review and approval of the Mortgage and amendment, if any, within X (X) calendar days of receipt from Seller; provided, however, that such approval will be deemed to be given unless written notice of disapproval is given within such time. to Buyer. 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. If the existing Sales Contract is canceled within said time period, this offer shall become the primary offer. Buyer may cancel by giving timely written notice to Seller or escrow.SPECIFIC REPAIRS TO BE DONE BY 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. Seller agrees to comply with federal (FIRPTA) and state tax withholding laws. Buyer is aware Seller is simultaneously making two counteroffers. Should Seller elect to exercise this right, Buyer and Seller herein agree to execute a rental agreement to cover a period of X (X) days commencing from date of recordation at a rate equal to the per diem amount of Buyer's new mortgage payment. Learn more about mortgage and property payment schemes with LegalMatch's help. 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. Buyer acknowledges that the property is considered a legal non-conforming use in the zoning category of surrounding property. 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. If you continue browsing the site, you agree to the use of cookies on this website. 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. 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. Buyer further releases Seller and ABC BROKER from any and all liability and claims related to the encroachment.CORRECTION OF ENCROACHMENT. 1. 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. 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. This may cause problems with respect to financing, re-construction, repair, use, property values and re-sale. 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. 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. For example, buyer Brown offers $100,000 for a home or piece of real estate. 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. Your Mississauga Ontario real estate resource center, find mls listings, condos and homes for sale in Mississauga Ontario. Real estate contracts are very important for all parties who participate in a real estate transaction. Thereafter, neither the Buyer, the Seller nor any brokers shall have any further rights, obligations, or liabilities under this contract.ASSIGNMENT OF SALES CONTRACT. 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. Seller is not required to assume temporary ownership of any other property. 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. 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. 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. 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. Three of the most common clauses on an offer to purchase are subject to financing, subject to inspection, and subject to sale: Subject to financing clauses don’t offer much room […] The limitations can be as broad as what business you’ll conduct there, as narrow as what specific services or products you’ll offer, or as nebulous as the quality level of your operation. 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 understands that this apartment in the project known as is being sold in an isolated resale transaction, that neither Seller nor ABC Broker is the developer of said project, nor an affiliate thereof, nor the manager of the management entity nor an affiliate thereof. 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 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). 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. 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. (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 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. 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. The Buyer may order and pay for an appraisal on the property. 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. 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. 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. 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. The following is a seven-point checklist for items that should look for when you are buying for your real estate investing business. 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. 1. PROPERTY CONDITION AS IS. They are used to educate readers and aid in decision making. Contingency Clauses In Real Estate Contracts; May 13, 2011 | Author: Joshua F. Snider Law Firm: Lane & Hamner, P.C. Buyer is aware that the property is not connected to the sewer and that a cesspool is currently used for sewage disposal. November. 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). Thereafter, neither the Buyer, the Seller nor any brokers shall have any further rights, obligations, or liabilities under this contract.APPRAISAL LOWER THAN SALES PRICE. Thank you. Seller represents that asbestos or hazardous substance exists on or under the property. The property is subject to a Common Wall Agreement with the adjacent property owner, and a copy of that agreement is attached. If mailed pursuant to this paragraph, notice shall be deemed given when mailed.NOTICES IN WRITING - LONG VERSION. 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. Settlement on this contract will take place on or about the same time that settlement is conducted on the sale of the property of Buyer. Seller agrees not to arbitrarily or unreasonably withhold consent. The Use Clause and Exclusive Clause Some landlords want to limit how you’ll use the rented space. 24,783,713 articles and books. Seller, at Seller's sole expense, agrees to correct the encroachment prior to closing. A clause library integrated in contract automation is your solution. 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. The retaining wall on the rear side of the property shows cracks which may be due to settlement. 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. 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. 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 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). 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. 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. 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. Any deadlines specified in the contract remain applicable.DEPOSITS AND DOWN PAYMENTBUYER DEPOSITS NOT TIMELY. (real estate) by "Real Estate Weekly"; Business Real estate industry Commercial leases Laws, regulations and rules Escalator clauses Interpretation and construction. Seller shall notify Buyers of their positions within two (2) days of receipt of the counteroffer's acceptance.SIMULTANEOUS OFFERS BY BUYER. 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. Or to consult colleagues to find a proper example. 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. Once the new clause is added it will appear in your main clause library window. 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"). You can change your ad preferences anytime. 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. Buyer is also aware that a Homeowners' Insurance Policy may not be available at this time and that this condition is beyond the Seller's control or responsibility. 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. The Seller's cost to correct any and all nonconformities shall not exceed $X. Seller understands that Buyer has made an outstanding offer on another property which is pending. However, with our predesigned web templates, things get simpler. Seller agrees to provide permits for additions and/or renovations to the property which were not properly obtained or shown in the public records. 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. Buyer is not required to assume temporary ownership of other property. Said right shall be exercised by delivering or mailing such election to Owner prior to the expiration of said calendar days. 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. 2) Ice-maker to be Repaired or Replaced:  Buyer is aware that the ice-maker does not work. 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. 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. In the event the Employer permanently closes a store (i.e., no Replacement Store is opened), it is agreed that the Union shall have the first right of refusal to purchase the store and operate it as an enterprise of the Union or some kind of employee cooperative provided products for sale in the store are purchased from the Employer’s supply division. Buyer's obligation to buy is conditioned upon Buyer's written approval of same within three (3) calendar days of receipt.PERSONAL PROPERTY. Scribd will begin operating the SlideShare business on December 1, 2020 Seller shall give reasonable access to the property to Buyer and/or representatives.PROPERTY DISCLOSUREASBESTOS - SELLER. Call us … Monday, November 2, 2020 HUD Charges Philadelphia Housing Provider with Disability Discrimination. 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. 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. 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. 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. Notices, requests, or demands by either party shall be in writing or shall be given personally, sent by facsimile transmission, or by Registered or Certified Mail, return receipt requested, postage prepaid, addressed to Seller and Buyer at the mail or fax addresses set forth herein. 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. Looks like you’ve clipped this slide to already. Building a Real Estate Clause Library 1. 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. As a non-conforming structure, there are restrictions on the owner's right to rebuild if the improvements are destroyed or demolished. 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. The Seller makes no warranty of any kind with respect thereto.SOILS INSPECTION CONTINGENCY. Buyer should have his attorney review the roadway agreement (if one exists) and advise Buyer accordingly. 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. If the value of repairs exceed this amount, Buyer and Seller shall mutually agree on how the additional cost shall be absorbed. Thus, Seller may receive offers signed by separate buyers for Seller's acceptance. 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. Free Online Library: Real property - 'As is' clause. 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. The Buyer accepts the property in "AS IS" condition with respect to such soils condition and settlement and the possible consequences of this condition. 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. It will prove more valuable, as these will likely be the ones you come across the most. Legal Forms. Seller shall deliver these items to Buyer within five (5) calendar days of acceptance of this offer. 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. 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. 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. The Seller shall not be required to make any repairs or pay for any expenses with respect to any nonconformance. Repairs shall include correcting any structural damage which may be required by the lender to be repaired or restored prior to closing. 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. Seller agrees to defend and indemnify Buyer and hold Buyer harmless from and against any claim, demand, liability, damages, penalties, costs or expenses (including attorney's fees) arising from the existence of any hazardous substance or waste on the subject property, or from any action on account thereof taken by governmental authorities under either state or federal environmental laws. Transaction Talk Series. 1) Leaking Roof to be Repaired:  The Buyer is aware that the family room roof leaks. By William Bronchick Real Estate Investing Coach . Clauses For Offers - Sutton , Mississauga, Ontario real estate listings, homes for sale. 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 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. Buyer has received, reviewed, and been advised to contact the State Department of Health regarding current cesspool policy. Standard real estate contracts contain the basis for a binding agreement between buyer and seller. These fees are currently $X per X and may increase in the future. 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. And then for the legal counsel it is time to draft a clause. If Buyer is unable to provide satisfactory evidence within that time frame, Seller has the option to declare this contract null and void.RELEASE OF BUYER'S DEPOSITS TO SELLER PRIOR TO CLOSE OF ESCROW. Some lending sources may refuse to provide financing if no maintenance agreement exists or is insufficient in form.PROFESSIONAL'S DISCLAIMER. The wall was constructed at this location approximately X years ago. Buyer acknowledges that Seller has made no representations as a  (contractor, architect, etc.) For legal advice, it is always advisable to consult an attorney. GDPR Data Security and Data Privacy; IACCM Principles; Public; WorldCC ContractStandards First Right of Refusal. In the event of cancellation, the deposits previously made by the Buyer are to be refunded, less escrow expenses chargeable to Buyer.CONTINGENCY TO REVIEW AND APPROVE MORTGAGE TO BE ASSUMED. Buyer is informed that Seller intends to include the property as a relinquished property in a Section 1031 exchange. Buyer is aware that  (name of Seller)  is a licensed  (contractor, architect, etc.). Notices, requests, or demands by either Seller or Buyer shall be in writing and shall be delivered personally or mailed via registered or certified mail, postage prepaid, addressed to Seller or Buyer at their respective addresses herein set forth, with copies to the real estate agents and escrow officer. 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. 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. 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. RENTAL POOLS. If you need help having a penalty clause drafted, reviewed, or edited, you should contact an experienced real estate lawyer for advice. Seller is informed that Buyer intends to include the property as a replacement property in a Section 1031 exchange of properties. All parties agree that it is possible that the property may not appraise for the full amount of the sales price. Buyer understands that the subject property is not a new home but is approximately X (X) years old. 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 purchase price includes those items on the inventory list attached hereto. This offer is contingent upon the approval by Buyer of the Seller's Disclosure Statement within X (X) days of receipt from Seller. 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. Provide financing if no maintenance agreement exists or is insufficient in form.PROFESSIONAL 's.... To two potential buyers simultaneously listings, homes for sale intends to include real estate clause library... Will not be required by the principals to the property is located in an offer to a. 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