Residential Purchase Agreement Template - Offer, Receipt And Acceptance Page 3
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INSPECTION : This agreement shall be subject to the following inspection(s) by a qualified inspector of
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Buyer's choice within the specified number of days from acceptance of binding agreement. Buyer assumes
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sole responsibility to select and retain a qualified inspector for each requested inspection and releases
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Broker of any and all liability regarding the selection or retention of the inspector(s). If Buyer does not elect
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inspections, Buyer acknowledges that Buyer is acting against the advice of Buyer's agent and Broker. Buyer
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understands that all real property and improvements may contain defects and conditions that are not readily
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apparent and which may affect a property's use or value. Buyer and Seller agree that the Broker(s) and their
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agent(s) do not guarantee and in no way assume responsibility for the property's condition. Buyer acknowledges
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that it is Buyer's own duty to exercise reasonable care to inspect and make diligent inquiry of the Seller or
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Buyer's inspectors regarding the condition and systems of the property.
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Inspections required by any state, county, local government or FHA/VA do not necessarily eliminate the
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need for the Inspections listed below.
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aiver
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(initials) Buyer elects to waive each professional inspection to which Buyer has not indicated
W
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“yes”. Any failure by Buyer to perform any inspection indicated “yes” herein is a waiver of such inspection and
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shall be deemed absolute acceptance of the property by Buyer in its “as is” condition.
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Choice
Inspections
Expense
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Yes No
BUYER
SELLER
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GENERAL HOME
days from acceptance of Agreement
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SEPTIC SYSTEM
days from acceptance of Agreement
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WELL WATER .....
days from acceptance of Agreement
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(
flow,
potability)
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RADON ................
days from acceptance of Agreement
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MOLD ..................
days from acceptance of Agreement
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PEST/
days from acceptance of Agreement
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WOOD DESTROYING INSECTS
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OTHER .................
days from acceptance of Agreement
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(list other inspections)
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Within three (3) days after completion of the last inspection, Buyer shall elect one of the following:
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a. Remove the inspection contingency and accept the property in its “as is” present physical condition. If
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the property is accepted in its “as is” present physical condition, Buyer agrees to sign an Amendment to
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the Residential Purchase Agreement removing the inspection contingency and this agreement will
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proceed in full force and effect; OR
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b. Accept the property subject to Seller agreeing to have specific items that were identified in a written
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inspection report, if requested, repaired by a qualified contractor in a professional manner at Seller's
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expense. If the property is accepted subject to the Seller repairing specific defects, Buyer agrees to provide
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Seller with a copy of all inspection reports, if requested, and sign an Amendment to the Residential
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Purchase Agreement removing the inspection contingency and identifying the defects which are to be
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repaired. Seller and Buyer have five (5) days from Seller's receipt of the written list of defects and the
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inspection report(s), if requested, to agree in writing which defects, if any, will be corrected at Seller's
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expense. If a written agreement is not signed by Seller and Buyer within those five (5) days, this agreement
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is null and void and Seller and Buyer agree to sign a mutual release, with the earnest money being returned
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to the Buyer. (see line 196) The Buyer and Seller can mutually agree in writing to extend the dates for
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inspections, repairs, or to exercise their right to terminate the Agreement. Seller agrees to provide
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reasonable access to the property for Buyer to review and approve any conditions corrected by Seller, OR
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c. Terminate this agreement if written inspection report(s) identify material latent defects not previously
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disclosed in writing by the Seller and/or any cooperating real estate broker. If Buyer elects to terminate
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this agreement based upon newly discovered material latent defects in the property, Buyer agrees to
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provide a copy of the written inspection report(s), if requested, to the Seller, and both parties agree to sign
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a mutual release. The earnest money will be returned to the Buyer without any further liability of either
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party to the other or to the broker(s). (see line 196)
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Page 3 of 5
BUYER'S INITIALS AND DATE
RESIDENTIAL PURCHASE AGREEMENT
SELLER'S INITIALS AND DATE
NEOHREX 03/10
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