Contract Between Purchaser And Seller. Page 3
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59.
INSPECTION OF PHYSICAL CONDITION OF PROPERTY (continued from page 2)
If any inspection(s) reveals conditions unsatisfactory to Purchaser or unknown to Seller, the parties to this
Agreement will have the following options: Purchaser will accept the existing condition; Seller will correct
the existing condition and provide certification from an inspector that the condition has been remedied; or
Purchaser and Seller will negotiate a settlement. If no written agreement can be reached on the results of
the Inspection Report(s) within _____ business days of the date and time Seller is notified of the results of
the inspection(s), this Agreement may be deemed null and void in its entirety at the option of Buyer within
_____ hours after the negotiation deadline.
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Purchaser hereby waives the option to have an independent home inspector assess the condition of the
property. _____________(Purchaser’s initials)
10. HOME PROTECTION PLAN: Seller _____ has / ______ has not provided a home protection plan.
By initialing, Purchaser elects ________ to purchase _________ to not purchase a home protection plan.
Purchaser and Seller acknowledge that Broker selling the home protection plan will receive compensation
from the home protection plan provider.
11. SURVEY. Purchaser acknowledges that it has been recommended to obtain a survey by initialing one of
the following:
______ new location survey depicting all improvements on the property.
______ existing location survey depicting all improvements on the property.
______ new boundary survey marking all property corners before closing.
______ other __________________________________________________________________________.
Cost of survey, if any, will be paid as follows: ______Seller _______Purchaser
Purchaser waives survey (Initial, if applicable) _____________
12. TAXES/PRORATIONS.
Purchaser is aware that property taxes may or may not be based upon “Owner
Occupied Status”. Any and all Special Assessments are to be paid by Seller unless otherwise specified in
this agreement.
Taxes, rents, road maintenance, water, sewer, and homeowner’s association fees, if any are:
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To be prorated to _____________________________
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Not to be prorated
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Tax proration will be based upon the:
previous year’s taxes /
agreed upon amount of ___________ /
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most current county information /
new construction estimate
other __________________________
______________________________________________________________________________________
13. TITLE. Merchantable title shall be conveyed by Warranty Deed or other sufficient conveyance instrument,
acceptable to Purchaser, subject to conditions, zoning, restrictions, and easements of record, if any, which
do not interfere with or restrict the existing use of the property. An owner's policy of Title Insurance in the
amount of the purchase price will be furnished with cost to be distributed: Purchaser______ Seller______.
INITIALS: PURCHASER________/________SELLER________/_________
Page 3 of 5
SDREC.RESIDENTIALPURCHASEAGREEMENT.2011
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