The Kansas Estate Contract form is a legal document used in residential real estate transactions in Kansas. It outlines the agreement between a buyer and a seller regarding the sale of a property, detailing important terms such as purchase price, inclusions, and conditions of the sale. Understanding this form is essential for both parties to ensure a smooth transaction process.
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When engaging in real estate transactions in Kansas, it is essential to have a variety of documents prepared alongside the Kansas Estate Contract form. Each of these documents plays a crucial role in ensuring that the sale process is smooth and legally compliant. Below is a list of commonly used forms that you may encounter.
Having these documents prepared and understood can significantly ease the process of buying or selling property in Kansas. They serve to protect your interests and ensure that all parties are informed and compliant with the necessary legal requirements. Always consult with a qualified professional if you have questions or need assistance with these forms.
The Kansas Estate Contract form is a legal document used in real estate transactions within Kansas. It outlines the terms and conditions under which a seller agrees to sell a property and a buyer agrees to purchase it. This contract includes details such as the purchase price, property description, and any inclusions or exclusions related to the sale.
The contract is made between the seller and the buyer. Each party must provide their printed names and indicate their marital status. If this information is not completed, the seller's names will be inserted by the licensee assisting the seller prior to the presentation of the contract.
The property description should include the common address of the property, including the street address, city, zip code, and county. Additionally, a legal description of the property must be provided, which is a more detailed description that identifies the property’s boundaries and location.
“Additional Inclusions” refer to items that are included in the sale of the property but are not listed in the standard Seller’s Disclosure. Conversely, “Exclusions” are items that are specifically not included in the sale. If there are any discrepancies between these lists and the Seller’s Disclosure, the latter will take precedence.
A Limited Home Warranty is an optional service contract that covers the repair or replacement of specific components of the property for one year from the closing date. The seller or buyer can agree to purchase this warranty, which may help cover unexpected repair costs after the sale. It's important to note that this warranty does not cover pre-existing conditions.
The purchase price is the total amount the buyer agrees to pay for the property. It is typically structured in several parts, including earnest money, additional earnest money, and the balance to be paid at closing. The contract specifies how these amounts are to be paid and any conditions related to financing.
The appraisal contingency allows the buyer to obtain an appraisal of the property to ensure its value meets or exceeds the purchase price. If the appraisal comes in lower than expected, the buyer can negotiate a new purchase price or cancel the contract, depending on the terms agreed upon in the contract.
If the sale is contingent upon the sale and/or closing of the buyer's property, a specific addendum must be attached to the contract. This addendum outlines the terms and conditions under which the sale will proceed, ensuring that both parties understand the implications of this contingency.
The contract can only be modified through a written agreement signed by all parties involved. This ensures that any changes to the terms or conditions are documented and agreed upon, preventing misunderstandings or disputes later on.
Any notice or communication required by the contract must be delivered in person, by facsimile, postal service, courier, or email. The contract specifies that delivery to the licensee assisting either party constitutes delivery to that party. This ensures that all communications are properly documented and acknowledged.
This form can be used for various types of properties, including bank-owned properties and manufactured homes. It accommodates different real estate transactions.
The contract can be modified if all parties agree to the changes in writing. This flexibility allows for adjustments based on negotiations or new information.
The Seller's Disclosure is a critical part of the contract. Sellers are legally required to disclose any known material defects in the property to avoid potential liability.
The form allows for various contingencies, such as financing or appraisal conditions. Buyers can protect themselves by including these provisions in the contract.
Earnest money can be refundable depending on the terms outlined in the contract. If contingencies are not met, the buyer may recover their earnest money.
The closing process can vary based on the type of sale, such as cash versus financed sales. Each scenario has specific requirements that must be met.
The contract specifies that sellers may agree to cover certain closing costs. This can be negotiated as part of the sale.
This form is regularly updated to comply with current laws and practices. It is important to use the latest version to ensure all legal requirements are met.
A home warranty is optional and can be included in the contract if both parties agree. It provides additional peace of mind but is not a requirement.
The Kansas Estate Contract form shares similarities with the Purchase Agreement commonly used in real estate transactions. Both documents outline the terms and conditions under which a buyer agrees to purchase a property from a seller. They detail critical elements such as the purchase price, the property description, and the responsibilities of both parties. Just like the Kansas Estate Contract, a Purchase Agreement may include contingencies, disclosures, and provisions for closing, ensuring that all parties are clear on their obligations and rights throughout the transaction process.
Another document that resembles the Kansas Estate Contract is the Lease Agreement. While a Lease Agreement typically governs the rental of a property, it also specifies the terms under which a tenant can occupy a space. Similar to the Kansas Estate Contract, it includes details like the duration of the lease, payment terms, and responsibilities for maintenance. Both documents serve to protect the interests of the parties involved, although one pertains to ownership transfer and the other to temporary occupancy.
The Seller’s Disclosure Statement is another document that aligns closely with the Kansas Estate Contract. This statement provides essential information about the property's condition, including any known defects or issues. Just as the Kansas Estate Contract requires sellers to disclose material defects, the Seller’s Disclosure Statement ensures transparency, allowing buyers to make informed decisions. Both documents emphasize the importance of full disclosure in real estate transactions, aiming to minimize misunderstandings and potential disputes.
The Real Estate Listing Agreement also shares characteristics with the Kansas Estate Contract. This document is used when a property owner enlists a real estate agent to sell their property. Like the Kansas Estate Contract, it outlines the terms of the sale, including the commission structure and the agent's responsibilities. Both agreements are essential in facilitating the sale process, ensuring that all parties are aware of their roles and expectations in the transaction.
When dealing with the sale of vehicles, including motorcycles, having a well-documented agreement is essential. A California Motorcycle Bill of Sale form serves this purpose by ensuring that both the seller and buyer are clear on the terms of the transaction. For those looking to create or download this important document, resources like My PDF Forms can provide the necessary templates and information to complete the sale accurately and legally.
Lastly, the Closing Disclosure is akin to the Kansas Estate Contract in that it summarizes the final terms of a real estate transaction. This document provides a detailed breakdown of the closing costs, loan terms, and the financial aspects of the sale. Similar to the Kansas Estate Contract, the Closing Disclosure ensures that buyers and sellers have a clear understanding of the financial implications of the transaction before finalizing the deal. Both documents aim to promote transparency and protect the interests of all parties involved.
How to Start an Llc in Kansas - A resident agent is required, who will accept legal documents on behalf of the company.
For those looking to streamline their hiring process, the important Employment Verification documentation provides essential details confirming the employment status, job title, and income of employees in Washington State.
Kansas K40 Instructions - Amendments can be made by indicating changes directly on the form.
RESIDENTIAL REAL ESTATE SALE CONTRACT
1THIS CONTRACT is made between: (PRINT NAMES AND INDICATE MARITAL STATUS; IF NOT
2 COMPLETED, SELLER'S NAMES TO BE INSERTED BY LICENSEE ASSISTING SELLER PRIOR TO
3 PRESENTATION TO SELLER)
4
5 SELLER: ____________________________________________________________________________
6BUYER: _____________________________________________________________________________
7
8 Bank-Owned Property (check if applicable): If the real property is bank-owned and the titled owner
9 of record is not known at the Effective Date of this Contract, BUYER and SELLER agree the name of the
10SELLER is amended to as it is stated in the Deed at Closing and is incorporated herein by reference and in
11any amendments and addenda. SELLER warrants it has full authority to sign and perform on this Contract
12on behalf of the titled owner of record.
13
14CONTRACT, ADDENDA, INCLUSIONS AND PROCESSES
161. PROPERTY. BUYER agrees to purchase and SELLER agrees to sell the real property and the
17improvements thereon (the "Property") commonly known as:
18__________________________________________________ ______________________________
19
Street Address
City
Zip
County
20
21
STATE: (CHECK ONE)
Missouri
Kansas
22
23LEGAL DESCRIPTION: (As described below)
24__________________________________________________________________________________
25_________________________________________________________________________________
26_________________________________________________________________________________
27__________________________________________________________________________________
29This Contract, including the Fixtures, Equipment and Appliances paragraph of the Seller’s Disclosure
30and Condition of Property Addendum (“Seller’s Disclosure”), not the MLS, or other promotional material,
31provides for what is included in the sale of the Property.
32
33Items listed in the “Additional Inclusions” or “Exclusions” below supersede the Seller’s Disclosure and
34the pre-printed list below. If there are no “Additional Inclusions” or “Exclusions” listed, the Seller’s
35Disclosure and the pre-printed list below govern what is or is not included in the sale.
36
37IF THERE ARE DIFFERENCES BETWEEN THE SELLER’S DISCLOSURE AND THE PRE-PRINTED
38LIST BELOW, THE SELLER’S DISCLOSURE GOVERNS. Unless modified by the Seller’s
39 Disclosure and/or the “Additional Inclusions” and/or the “Exclusions”, all existing
40improvements on the Property (if any) and appurtenances, fixtures and equipment (which
41SELLER agrees to own free and clear) whether buried, nailed, bolted, screwed, glued or
42otherwise permanently attached to the Property are expected to remain with Property, including,
43but not limited to:
44
45
Bathroom mirrors (wall mounted/
Lighting and light fixtures
Shelving, racks and towel bars
46
hung)
Mounted Entertainment System
(if attached)
47
Fences
Brackets
Storm windows, doors & screens
48
Fireplace grates, screens and/or
Other mirrors (if attached)
Window blinds, curtains, coverings and
49
glass doors (if attached)
Plumbing equipment and fixtures
mounting components
50Floor Coverings (if attached)
Residential Real Estate Sale Contract 2013
Page 1 of 16
51 Improvements on the Property include a manufactured/mobile home. (A manufactured/mobile
52home may be considered personal property unless certain requirements have been met.)
53
54a. Additional Inclusions. The following items, if any, supersede the Seller’s Disclosure and the pre-
55
printed list before; are considered to be part of the Property, and are included in the sale.
56
_______________________________________________________________________________
57
58
59
60
61
62
b. Exclusions. The following items, if any, supersede the Seller’s Disclosure and the pre-printed list
63
64
before; are not considered to be part of the Property, and are not included in the sale.
65
66
67
68
69
70
71
72c. Limited Home Warranty. (Check if applicable):
74
1.
SELLER
BUYER, at a cost not to exceed $
, agrees to purchase a home
75
warranty plan from
____ (vendor) to be paid at
76
Closing. A home warranty plan is a limited service Contract covering repair or replacement of
77
the working components of the Property for one year from the Closing Date subject to the terms
78
and conditions of the individual plan with a per claim deductible of $ ___________.
79
80
2.
The (Check
one)
Licensee assisting SELLER
Licensee assisting BUYER will be
81
responsible for making arrangements for the home warranty plan, submitting required
82
documentation for such to the Closing Agent prior to the Closing Date. Broker may receive a fee
83
from the warranty company.
84
85Home warranty plans may not cover pre-existing conditions and are not a substitute for
86inspections.
882. ADDITIONAL TERMS AND CONDITIONS._______________________________________________
89__________________________________________________________________________________
90__________________________________________________________________________________
91__________________________________________________________________________________
92__________________________________________________________________________________
93__________________________________________________________________________________
94__________________________________________________________________________________
95__________________________________________________________________________________
973. ADDENDA. The following Addenda (riders, supplements, etc.) are attached hereto and are a part of
98this Contract (Check applicable boxes):
100
Seller’s Disclosure and Condition of Property Add.
Dispute Resolution/Mediation Addendum
101
Lead Based Paint Disclosure Addendum
Other: ________________________________
102
Contingency for Sale and/or Closing Add.
103
(see FINANCIAL TERMS paragraph)
104
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105 a. Effective Date. The Effective Date will be the date of final acceptance by the last party to sign
106this agreement or a Counter Offer Addendum, and Addendum(s) including the following signed by
107all parties and attached hereto: The Brokerage Relationship Disclosure Paragraph of this
108agreement; SELLER completes and BUYER and SELLER have signed a Seller’s Disclosure
109and Condition of Property Addendum and, if applicable, a Lead Based Paint Disclosure
110
Addendum for the Property.
111
112b. Seller’s Disclosure Status. SELLER confirms information contained in the Seller’s Disclosure and
113Condition of Property Addendum is current as of the Effective Date of the Contract. SELLER
114
understands that the law requires disclosure of any material defects, known to SELLER, in the
115
Property to prospective Buyer(s) and that failure to do so may result in civil liability for damages.
116
117c. Entire Agreement and Manner of Modifications. This Contract and all attachments constitute the
118
complete agreement of the parties concerning the Property; supersede all previous agreements,
119
and may be modified or assigned only by a written agreement signed by all parties.
120
121
d.
Parties. This is a Contract between SELLER and BUYER. If SELLER or BUYER constitutes two or
122
more persons, the terms "SELLER" or "BUYER" will be construed to read "SELLERS" or "BUYERS"
123
whenever the sense of the Contract requires.
124
125
Unless identified as SELLER or BUYER, Listing Broker and any Cooperating Broker and their
126
Agents (collectively referred to as "Broker") and any Escrow or Closing Agent are acting as Agents
127
only and are not parties to this Contract.
128
129
SELLER and BUYER acknowledge Broker may have a financial interest in third parties providing
130
specialized services required by this Contract including, but not limited to: Lender, title insurance
131
company, Escrow Agent, Closing Agent, warranty company, wood infestation/mechanical/structural
132
or other inspectors and repair personnel. SELLER and BUYER agree Broker will not be responsible
133
for the conduct of third parties providing specialized services whether those services were arranged
134
by SELLER, BUYER, or Broker on behalf of either.
135
136
e.
Notices. Any notice or other communication required or permitted hereunder may be delivered in
137
person, by facsimile, United States Postal Service, courier service or email to the address set forth
138
in this Contract or such other address or number as will be furnished in writing by any such party.
139
140
Such notice or communication will be deemed to have been given as of the date and time so
141
delivered. Delivery to or receipt by the Licensee assisting BUYER will constitute receipt by BUYER
142
and delivery to or receipt by the Licensee assisting SELLER will constitute receipt by SELLER.
143
144
f.
Electronic Transaction. All parties agree this transaction may be conducted by electronic means,
145
including email, according to the Uniform Electronic Transaction Act as adopted in Kansas and
146
Missouri.
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147PURCHASE PRICE, FINANCIAL TERMS AND CLOSING AND POSSESSION
149
4. PURCHASE PRICE. The Purchase Price for the Property is ……
$ _________________
150
which BUYER agrees to pay as follows:
151
152
a. Earnest Money in the form of: (Check one)
153
Personal check OR
Other ______________________________
154
in the amount of …………………………………………………
$________________(a)
155
Deposited with: (Check one)
156
Listing Broker
157
Escrow Agent
158
SELLER (BUYER acknowledges that funds payable to and held by
159
SELLER WILL NOT be held subject to the terms in Earnest Money
160
and Additional Deposits paragraph.)
161
162
b. Additional Earnest Money on or before
________
$________________(b)
163
164
Deposited within 5 business days with: (Check one)
165
166
167
168
SELLER WILL NOT be held subject to the terms of Earnest Money
169
170
171
c. Total Amount Financed by BUYER (Zero if Cash Sale)
$________________(c)
172
(not including financed mortgage insurance premiums,
173
DVA Funding Fee or other closing costs, if any)
174
175
d. Balance of Purchase Price to be paid in CERTIFIED FUNDS
$________________(d)
176(Purchase Price less a, b & c of this paragraph) on or before Closing Date
178e. Total Additional Seller Expenses (Each line $0 if left blank):
180
Additional SELLER paid costs. In addition to any other costs SELLER
181
agreed to pay herein, SELLER agrees to pay other allowable closing
182
costs permitted by Lender(s) and/or prepaid items for BUYER, not
183
to exceed:
$________________
184
185
Lender(s) approved down payment assistance costs.
186
187
TOTAL ADDITIONAL SELLER EXPENSES NOT TO EXCEED:
188
189f. Other Financing Costs.
1911. Loan Costs. BUYER agrees to pay all customary costs necessary to obtain the Loan(s)
192
(including but not limited to, origination fees, discounts or buy-downs) unless otherwise agreed.
193
194
Private Mortgage Insurance (PMI). BUYER will pay any up front PMI premium and annual
195
renewal premiums or will finance the PMI as a part of the Loan(s), if required by Lender(s).
196
197
3.
FHA Mortgage Insurance (MIP). BUYER will pay any up front MIP premium and annual
198
renewal premiums or will finance MIP as a part of the Loan(s).
Page 4 of 16
199
4.
DVA Funding Fee as required by Lender(s) will be paid at Closing by the BUYER or financed
200
as part of the Loan(s).
201
5.
Flood Insurance. BUYER agrees to pay for flood insurance if required by Lender(s).
202
2035. APPRAISED VALUE CONTINGENCY.
205If Financing is being obtained, the appraisal must be completed before the Loan commitment
206due date.
208If a cash sale, BUYER may within _______ calendar days from the Effective Date of this Contract
209(within the Inspection Period if left blank) obtain, at BUYER’S expense, an appraisal of the Property by
210an independent licensed appraiser.
211
212If the final appraised value of the Property, as determined by BUYER’S Lender’s appraiser or if a
213cash sale, BUYER’S appraiser, is not equal to or greater than the Purchase Price, BUYER may
214notify SELLER in writing, attaching a copy of the appraisal, and the following will occur:
215
216
a. SELLER or BUYER may seek a reconsideration of value by the appraiser, to be completed within
217
_____ calendar days (7 days if left blank) of delivery of the BUYER’S notice. If such
218
reconsideration finds a value equal to or greater than the Purchase Price, the transaction will move
219
forward to Closing.
220
221
b. If such reconsideration finds a value less than the Purchase Price, BUYER and SELLER will have
222
_____ calendar days (5 days if left blank) to agree upon an acceptable Purchase Price in writing. If
223
BUYER and SELLER fail to agree to an acceptable Purchase Price within the time period stated
224above, either party may cancel the Contract by written notice to the other, and BUYER’S Earnest
225
Money will be subject to the provisions of the Earnest Money and Additional Deposits paragraph of
226
the Contract.
227
2286. SALE CONTINGENCY. In the event the sale is contingent upon the sale and/or Closing of BUYER’S
229Property, the Contingency For Sale and/or Closing Of Buyer’s Property Addendum must be
230attached.
231
2327. FINANCIAL TERMS.
234THIS IS A CASH SALE. BUYER must provide written verification from a depository of funds on
235deposit within ____ calendar days (5 days if left blank) which are sufficient to complete the Closing on
236this Contract.
237
238 THIS IS A FINANCED SALE. This Contract is contingent upon BUYER obtaining the financing
239described in this paragraph.
240
241BUYER may obtain Loan(s) different from those described herein provided that the terms of the Loan(s)
242do not result in additional costs to SELLER, delay the Closing date, or change the Loan approval time
243frame. These changes must be agreed in writing, by both parties, within 3 days of BUYER’S knowledge
244and no later than ____ business days before Closing Date (15 days if left blank).
245
246BUYER and SELLER are hereby informed any changes to the terms below after the Effective Date of
247the Contract have the potential to delay Closing and/or change costs due to federal regulations.
Page 5 of 16
248
a. Type Of Financing. Loan(s) will be
owner-occupied Loan(s) or
investment Loan(s).
249
250b. Loan Types/Terms. BUYER will obtain a Loan(s) upon the following terms.
252
Type:
Primary Loan
Secondary Loan
253
Conventional
254
FHA
255
DVA
256
Other_________________
257
Not Applicable
258
259Interest Rate:
260
Fixed Rate
261
Adjustable Rate
262
Interest Only
263
Other___________________
264
265
Amortization Period
_________years
266
Principal Amount or LTV
____________
267
268
All Loan amounts will include financed mortgage insurance premiums or DVA funding fee, if any,
269according to the provisions described herein (the “Loan”). The Loan(s) will be secured by a
270
mortgage/deed of trust on the Property or as otherwise required by Lender(s), and repayable in
271
monthly installments.
272
273c. The Loan(s) will bear interest as follows:
275
_____ interest rate not exceeding ______% per annum or
276
_____ the prevailing rate at closing
277
278
279
280
281BUYER has the option to “lock in” the foregoing interest rate or to “float” the interest rate.
282
283If BUYER locks in a rate, BUYER agrees to accept the “locked” rate and terms even if different than
284
those stated above. If BUYER floats the rate, BUYER agrees to accept the rate and terms available
285from BUYER’S Lender(s) for which BUYER qualifies at Closing.
287d. Loan Application(s).
289
BUYER IS PRE-APPROVED (See attached Lender(s) letter(s).) BUYER has submitted
290
information to _______________________ / ____________________ (“Lender(s)”) who has
291checked BUYER’S credit and indicated BUYER can qualify for a Loan(s) in an amount equal to or
292greater than the Loan(s) contemplated in this Contract, subject to satisfactory appraisal of the
293
Property and any other conditions set forth in the attached Lender(s) letter(s). The pre-approval
294
must indicate the BUYER’S credit is acceptable to Lender(s) and indicate whether or not the pre-
295
approval is subject to the sale and Closing of the BUYER’S current property.
296
297
BUYER IS NOT PRE-APPROVED. Within ___________ calendar days (5 days if left blank)
298
after the Effective Date of this Contract, BUYER will complete a written application.
Page 6 of 16
299
BUYER agrees to authorize Lender(s) to perform all required services (credit report, appraisal, etc.),
300
pay the fees required by Lender(s), and provide Lender(s) with all information requested within
301
_______ calendar days (15 days if left blank) after Effective Date.
302
303SELLER is aware that pre-approval is not a guarantee that BUYER will receive Lender(s)
304Loan approval(s).
306e. Loan Approval(s). BUYER agrees to make a good faith effort to obtain a commitment for the
307
Loan(s) within __________ calendar days (30 days if left blank) from the Effective Date of this
308Contract (the “Loan Approval Period”) or within ________ calendar days (3 days if left blank) prior to
309
the Closing Date, whichever is earlier.
310
311
If BUYER is unable to obtain a commitment for the Loan(s) within the Loan Approval Period,
312
SELLER may cancel this Contract by written notice.
313
Upon written evidence of rejection provided by BUYER’S Lender(s), BUYER or SELLER may
314
315
cancel this contract by written notice.
316
317In either case, BUYER’S Earnest Money will be subject to the provisions of the Earnest Money and
318
Additional Deposits paragraph of the Contract.
319
320
f. Lender Appraisal Requirements. In addition to any other costs or sums to be paid by SELLER
321
pursuant to this Contract, SELLER agrees to pay an amount not to exceed $____________ (zero if
322
left blank) for requirements contained in the Lender’s appraisal. Appraisal and/or Lender(s)
323
requirements will include inspections and/or repairs, but not any for which BUYER has agreed to be
324
responsible elsewhere in this Contract.
325
326
If appraisal and/or Lender(s) requirements exceed the amount in this blank and if SELLER and
327
BUYER have not agreed in writing to a resolution of the excess appraisal and/or Lender(s)
328
requirements prior to the Closing Date, or within the time period (no less than 5 business days)
329
specified in a written demand by either party, this Contract will be cancelled and disposition of
330BUYER’S Earnest Money will be subject to the provisions of the Earnest Money and Additional
331
Deposits paragraph of the Contract.
332
3338. CLOSING AND POSSESSION. On or before _______________ (“Closing Date”), SELLER will
334execute and deliver into escrow with the title company(s) or other Closing Agent(s), a general warranty
335deed (or special warranty deed or fiduciary deed, if SELLER is a corporation, association, financial
336institution or fiduciary) and all other documents and funds necessary to satisfy SELLER’S obligations
337under this Contract.
338
339On or before the Closing Date, BUYER will execute and deliver into escrow with the title company(s) or
340other Closing Agent(s), all documents (including note(s), mortgage(s)/deed(s) of trust, and any other
341documents required by BUYER’S Lender(s), if BUYER is obtaining financing) and funds (including Loan
342proceeds, if BUYER is obtaining financing) necessary to satisfy BUYER’S obligations under this
343Contract.
344
345SELLER and BUYER acknowledge all funds required for Closing must be in the form of
346cashier’s check, wire transfer or other certified funds.
347
348When all documents and funds have been executed and delivered into escrow with the title company(s)
349or other Closing Agent(s), the Closing will be completed. SELLER will deliver possession of the
350Property to BUYER on ___________________________ at _____ o’clock ____. m., (if left blank,
351Possession will be 5:00 P.M. on the Closing Date).
Page 7 of 16
352BUYER must not occupy the Property or place personal property in or on it prior to completion
353of the Closing and disbursement or availability of SELLER’S proceeds, if any, unless otherwise
354agreed upon in writing by the BUYER and the SELLER.
355
356CONDITION, MAINTENANCE AND INSPECTIONS OF THE PROPERTY
3589. UTILITIES. SELLER agrees to leave all utilities on until the date of possession unless otherwise agreed.
359
360The BUYER will pay SELLER for the amount of fuel left in tank(s) at Closing based upon SELLER’S
361actual cost at time of purchase, if applicable. SELLER will have tank read no earlier than 7 days and no
362later than 3 days prior to the Closing Date and provide documentation to BUYER.
363
36410. MAINTENANCE OF PROPERTY. SELLER will maintain the Property in its present condition
365through the Possession Date. SELLER agrees to perform ordinary and necessary maintenance,
366upkeep and repair to the Property and to keep the improvements on the Property fully insured, unless
367otherwise disclosed, until delivery of SELLER’S deed to BUYER.
368
369SELLER must advise BUYER in writing of any substantial change in the condition of the Property prior
370to Closing.
371
372Unless otherwise agreed in writing, SELLER must remove all possessions, trash and debris, and clean
373the Property, upon vacating or prior to delivery of Possession.
374
37511. CASUALTY LOSS. If before delivery of the deed to BUYER, improvements on the Property are
376damaged or destroyed by fire or other causes including those that could be covered by what is known
377as fire and extended coverage insurance, then the SELLER must notify the BUYER in writing within 24
378hours of such damage. The parties agree that the risk of that damage or destruction will be borne as
379follows:
380
381
a. If the damage is minor, SELLER may repair or replace the damage done to the Property if the work
382
can be completed before the Closing Date.
383
384
If the SELLER elects to repair or replace the damage done to the Property, but repair/replacement
385
cannot be completed prior to the Closing, with written agreement between the parties one of the
386
following options will be chosen:
387
388
1. SELLER will pay for repair/replacement after Closing; or
389
390
2. The parties will extend the Closing Date to such time as repairs/replacement can be completed;
391
or
392
3. With consent of BUYER’S Lender(s), 1.5 times the estimated cost of repair/replacement will be
393
394
escrowed until repair/replacement is complete with any funds remaining after payment for
395
repairs/replacement being remitted to the party that funded the escrow.
396
397
b. If SELLER elects not to repair or replace the damage done to the Property, or if the damage is not
398
minor, the BUYER may enforce or cancel this Contract by written notice to SELLER within 10 days
399
after receiving notice of such damage to the Property.
400
401
1. If BUYER elects to enforce this Contract, the Purchase Price will not be reduced and the
402
Property will be conveyed in its existing condition at the time, provided SELLER must furnish
403
BUYER with a copy of the insurance damage assessment and be responsible for paying the
404
insurance deductible and assign SELLER’S fire and extended coverage proceeds to BUYER at
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Closing.
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406
2. If BUYER and SELLER mutually agree upon the cost of repairs, then SELLER may pay the
407
cost of those repairs.
408
40912. SURVEY. BUYER may, at BUYER’S expense, obtain a "Staked Survey” of the Property no later than
410_____ calendar days (10 days if left blank) prior to the Closing Date to assure there are no defects,
411encroachments, overlaps, boundary line or acreage disputes, or other such matters that would be
412disclosed by a survey.
413
414BUYER acknowledges a Mortgage Inspection Report or "Loan Survey" normally required by a lending
415institution is not a "Staked Survey”. A title insurance company typically requires a "Staked Survey” in
416order to provide survey coverage to the BUYER.
417
418Within 2 calendar days of BUYER’S receipt of Survey, BUYER must notify SELLER of any
419encroachments of any improvements upon, from, or onto the Property or any building setback line,
420property line, or easement, which encroachment will be deemed to be a title defect. SELLER must
421remedy such defects as are susceptible of being remedied prior to the Closing Date. If SELLER does
422not remedy the defects in title, BUYER will have one of the following options:
423
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a. Completing this purchase and accepting the title that SELLER is able to convey without adjustment
425
in the Purchase Price; or
426
b. Cancelling this Contract. BUYER’S Earnest Money will be subject to the provisions of the Earnest
427
428
Money and Additional Deposits paragraph of the Contract.
429
43013. INSPECTIONS. BUYER may, within _____ calendar days (10 days if left blank) (the "Inspection
431Period") after the Effective Date of this Contract, at BUYER’S expense, have property inspections by an
432independent, qualified inspector(s) which may include, but are not limited to:
433
434appliances, plumbing (including septic system), electrical, heating system, central air conditioning,
435fireplace, chimney, foundation, roof, siding, windows, doors, ceilings, floors, insulation, drainage, interior
436and exterior components, any wall, decks, driveways, patios, sidewalks, fences, slabs, pest infestation,
437health and/or environmental concerns (including lead based paint, mold, asbestos and radon) as
438provided below and in the Additional Disclosures Including Those Mandated by State or Federal Law
439paragraph.
440
441a. Property Insurability. It is recommended homeowner’s insurance availability be ascertained
442
during the Inspection Period.
443
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b. Factors Affecting Inspections. BUYER acknowledges such inspections may not identify
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deficiencies in inaccessible areas of the Property and may be limited by weather conditions at the
446
time of the inspection. It is recommended BUYER check with Lender(s) and/or local government
447
authority regarding septic inspection.
448
449c. Access to Property and Re-Inspections. SELLER must provide BUYER reasonable access to the
450Property to conduct the inspections, re-inspections, inspection of any corrective measures
451
completed by SELLER and/or final walk through prior to the Closing Date.
452
453
d. Damages and Repairs. BUYER will be responsible and pay for any damage to the
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Property resulting from the inspection(s).
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e. Quality of Repairs. SELLER agrees any corrective measures which SELLER performs
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pursuant to the following provisions will be completed in a workmanlike manner with good- quality
458
materials.
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459f. Wood-Destroying Insects. SELLER AGREES TO PAY TO HAVE THE PROPERTY TREATED
460
for control of infestation by wood-destroying insects if a written inspection report of a certified pest
461
control firm reveals evidence of active infestation, or evidence of past untreated infestation, or
462
otherwise recommends treatment in the main dwelling unit, or included additional structures
463
identified below or on the Property within 30 feet of such unit or structure(s) (or as otherwise
464
required by government regulations if BUYER is obtaining an FHA/VA or other government program
465
Loan(s)). BUYER will pay for any inspections requested by BUYER and/or required by BUYER’S
466
Lender(s).
467
468The inspection report must be delivered WITHIN THE INSPECTION PERIOD, or any treatment
469will be at the BUYER’S expense.
471
1. If treatment is required, SELLER will provide BUYER with a certificate evidencing treatment by a
472
certified pest control firm of SELLER’S choice, which certificate BUYER agrees to accept.
473
Treatment will be completed no earlier than ninety (90) calendar days prior to the Closing Date.
474
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2. Additional structures to be included in the inspection are: ______________________________
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____________________________________________________________________________
477
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3. Any damage or repair issues related to wood-destroying insect infestations must be identified as
480
Unacceptable Conditions and addressed as set forth below.
481
482g. What If Buyer Does Not Conduct Inspections? If BUYER does not conduct inspections,
483
BUYER will have waived any right to cancel or renegotiate this Contract pursuant to the inspection
484
provisions.
485
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h. What is an Unacceptable Condition? An Unacceptable Condition is any condition identified in a
487
written inspection report prepared by an independent qualified inspector(s) of BUYER’S choice,
488
which condition is unacceptable to BUYER and not otherwise excluded in this Contract.
489
490i. What If Buyer Does Not Give Timely Notice Of Unacceptable Conditions? If BUYER conducts
491
inspections but fails to notify SELLER of Unacceptable Conditions prior to the expiration of the
492
Inspection Period, BUYER will have waived any right to cancel or renegotiate this Contract pursuant
493
to these inspection provisions.
494
495
j. What Is Not An Unacceptable Condition? The following items will not be considered
496
Unacceptable Conditions and cannot be used by BUYER as a reason to cancel or renegotiate this
497Contract. Any items marked Excluded (EX) on Seller’s Disclosure and Condition of Property
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Addendum in addition to the following items will not be considered.__________________________
499
500
501
502k. What If Buyer's Inspections Reveal Unacceptable Conditions? If BUYER’S inspections reveal
503
Unacceptable Conditions, BUYER may do any one of the following:
504
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ACCEPT THE PROPERTY "AS IS". BUYER may notify SELLER the inspections are
506
satisfactory or do nothing. In either case, BUYER will have waived any right to cancel or
507
renegotiate due to any Unacceptable Conditions; or
508
509
CANCEL THIS CONTRACT by notifying SELLER in writing within the Inspection Period; or
510
511
OFFER TO RENEGOTIATE with SELLER by notifying SELLER in writing within the Inspection
512
Period and identifying the Unacceptable Conditions.
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