Offer To Purchase Improved Property For Homeownership Or Investor Owner (Page 3 of 6) in pdf

11 Property Condition. Seller shall convey the property in “as is, where-is” condition. Any scope of work or cost

estimates provided by Seller are for informational purposes only and the Seller does not warrant the content or

conclusions of same. Buyer is encouraged to retain its own consultant to evaluate structure condition and

renovation costs in respect of the Property.

Seller has conducted no investigation of the structural condition of the improvements, survey of any

encroachments or easement, or of the bearing capacity of the subsoil. The Property may contain lead-

based paint if constructed prior to 1978, asbestos and underground storage tanks. Buyer is solely responsible

for obtaining any Property investigations at its sole expense. Buyer acknowledges that Seller has no

disclosure requirements, as Ch. 709, Wis. Stats. does not apply to this transaction.

12. Closing. Closing on this transaction (“Closing”) shall take place at the offices of the City Real Estate Office

at 809 North Broadway, 2nd Floor, Milwaukee, Wisconsin, or at a title company, or other mutually

acceptable place, at a time and date that will be on or before the Expiration Date or Extended Date

provided Buyer has satisfied the Buyer Contingency and the following Seller Contingencies: 1) Buyer shall

not be in violation of City General Buyer Policies pursuant to Section 5 and 2) Buyer shall submits evidence

satisfactory to the Seller of firm financing without contingencies and/or evidence of equity in an amount

equal to the Purchase Price plus the Estimated Rehabilitation Costs identified in Section 1 above.

13. Quit-Claim Deed of Property; AS-IS Sale; Restrictions. Upon delivery of the Net Price by Buyer, Seller shall

convey the Property to Buyer by Quit-Claim deed (“Deed”) in “AS-IS, WHERE-IS” condition with all faults and

defects, known or unknown, physical or otherwise, and without representation or warranty, express or

implied. Such provisions shall bar all tort, warranty, and misrepresentation claims – including any action

based on non-disclosure. Buyer shall rely on Buyer’s own due diligence and independent investigation and

inspection, and shall not rely upon any oral or written statement or representation of Seller or any employee

or agent or contractor of Seller. At Closing, and upon delivery of the Deed to Buyer, whatever occupancy

rights Seller has in and to the Property will become Buyer’s.

The Deed shall contain a restriction requiring that the Buyer obtain a Certificate of Code Compliance for

the Property pursuant to Section 8, but not later than six months from the date of the Deed or the Property

will be subject to reversion of title in favor of Seller or other document to ensure code compliance as

determined by the Seller.

a) The Deed shall contain a restriction for owner occupancy for a five-year period from the date of the

deed. Conveyance to a non-owner occupant prior to expiration of the five-year period shall result in

liquidated damages due the Seller of 100% of the Purchase Price or $25,000, whichever is greater, or the

Property will be subject to reversion of title in favor of the Seller.

b) The Deed shall contain a restriction for investment property for a five-year period from the date of the

deed. Conveyance prior to expiration of the five-year period shall result in liquidated damages due the

Seller of 100% of the Purchase Price or $50,000, whichever is greater, or the property will be subject to

reversion of title in favor of the Seller.

14. Title Insurance. Seller shall provide Buyer with a title insurance commitment for the Property, issued by a title

insurance company chosen by Seller, in the amount of the Purchase Price if the Purchase price is greater

than $5,000.00. Seller shall pay the base cost of title insurance. Buyer shall be responsible for the cost of any

title and gap endorsements and the cost of any title updates incurred after the initial invoice. Seller shall

pay its cost of title insurance at closing from the Purchase Price, if sufficient to cover such cost, or by

separate check. Provision of title insurance shall not change the “AS-IS/WHERE IS, no warranty or

representation” nature of this transaction. No evidence of title shall be provided by Seller if the Purchase

Price is less than $5,000.00.

15. Legal Possession. Legal possession of the Property shall be delivered to Buyer at closing. Physical

occupancy is subject to the rights of tenants in possession, if any.

Offer To Purchase Improved Property For Homeownership Or Investor Owner Page 3

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