The property being conveyed has a common wall, portions of which are located on the subject property and an adjacent property. 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. Seller shall notify Buyers of their positions within two (2) days of receipt of the counteroffer's acceptance.SIMULTANEOUS OFFERS BY BUYER. 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. 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. Whitepapers are a detailed, or authoritative report, that helps solve a problem. 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. Thereafter, neither the Buyer, the Seller nor any brokers shall have any further rights, obligations, or liabilities under this contract.ASSIGNMENT OF SALES CONTRACT. (Buyer or Seller) shall be responsible for up to but no more than $X toward the cost of said termite inspection. 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). 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. 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. Buyer understands that this offer is a backup offer and there is an accepted primary contract on this property with the following contingencies: X. Buyer has received, reviewed, and been advised to contact the State Department of Health regarding current cesspool policy. 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 cooperate in effecting said exchange by signing all necessary and appropriate exchange documents. 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 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. For legal advice, it is always advisable to consult an attorney. If the necessary permits and approvals are not in place, Seller agrees at its expense to obtain said items. 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. NOTICES. 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. This offer is contingent upon the Buyer's examination and approval of the inventory within five (5) calendar days from acceptance of this offer. 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. 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. Competition for limited inventory sets the stage for aggressive negotiation strategies. Buyer and Seller agree that the Agreement will be recorded.IF AGREEMENT IS NOT AVAILABLE; FAVORS SELLER. 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 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. Seller, at Seller's sole expense, agrees to correct the encroachment prior to closing. We will connect with you shortly. 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. 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 aware that the property is located in an area or neighborhood which assesses fees for X. 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. Industry, Residential Real Estate, Education. 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. The preparing of lawful documents can be high-priced and time-ingesting. Seller's cost to obtain permit(s), including costs to correct deficiencies required to obtain permits, shall not exceed $X. If you continue browsing the site, you agree to the use of cookies on this website. 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. 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. 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. - Richmond Office ; In the context of real estate transactions, buyers and sellers often agree to contingencies. CFPB STC Finalized Rule on Integrated Disclosures, Advantis Credit Union Rehab ADU Mortgages, No public clipboards found for this slide. 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. The origination fee (1%) is to be paid by the X.  FHA/VA discount points shall NOT exceed X percent (X%) of loan. In addition, Buyer may be held to be in default under C-28 of the contract.CANCELLATION (SELLER). Monday, November 2, 2020 HUD Charges Philadelphia Housing Provider with Disability Discrimination. 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. 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. 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). 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. 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 understands that Buyer has made an outstanding offer on another property which is pending. 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 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. 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. A clause that allows the insured to abandon damaged or lost property without losing insurance benefits. We are part of a unique community where our familial cooperation transcends our business competition. 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. 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.