Property Inspection Response (Standard Form)

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PROPERTY INSPECTION RESPONSE
The Standard Form (revised 11/11) of:
For exclusive use of REALTORS®
New Orleans Metropolitan Association of REALTORS®, Inc.
REALTOR® Boards provide this form as an aid,
Northshore Area Board of REALTORS®
and not as legal advice. REALTOR® members
Saints Board of REALTORS®
assume no responsibility for unauthorized use.
1. Subject Property:
Agreement to Purchase Dated:
2.
3. This is to advise that the applicable inspection(s) allowed by the Agreement to Purchase the above property have been made.
4. Purchaser elects to (Select ACCEPTANCE, OPTION 1, or OPTION 2 below and sign on Line 34):
5.
_____
_____
ACCEPTANCE: Accept property in its present condition and shall proceed toward an
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6.
Act of Sale; (Sign on Line 34 below); OR
_____
_____
7.
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OPTION 1: Terminate the Agreement to Purchase as per attached Cancellation.
8.
(Sign on Line 34 below); OR
_____
9.
_____
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OPTION 2: Indicate the deficiencies and desired remedies below; (Sign on Line 34 below)
10. If remedy of any or all of the deficiencies listed below (to be made at the expense of the SELLER'S is not agreeable to SELLER'S then
11. PURCHASER'S shall have 72 hours from the date of SELLER'S written response, or 72 hours from the date that SELLER'S response
12. was due, whichever is earlier, to: (1) accept SELLER'S response to PURCHASER'S written requests or (2) accept the property in
13. its present condition, or (3) to elect to terminate the Agreement to Purchase. In ALL cases, PURCHASER'S response shall be in
14. writing. Upon PURCHASER'S failure to respond by the time specified or PURCHASER'S electing, in writing, to terminate the
15. Agreement To Purchase, the Agreement shall be ipso facto Null and Void (except for return of deposit) and ALL PARTIES AGREE TO
16. SIGN A CANCELLATION WITHIN 72 HOURS ENTITLING THE PURCHASER'S TO THE RETURN OF HIS/THEIR DEPOSIT IN
17. FULL, AND NEITHER PARTY SHALL THEREAFTER HAVE ANY FURTHER OBLIGATION TO THE OTHER.
18. Deficiencies (To Be Completed ONLY if OPTION 2 Is Selected):
Desired Remedies:
19.
20.
21.
22.
23.
24.
25.
26.
27. This agreement does not void any prior agreement(s) for the correction or repair of other property deficiencies that are not described herein
28. and any said prior agreement(s) will remain binding on the parties hereto.
29.
30. If OPTION 2 is selected above, the SELLER'S have 72 hours commencing (date)
at
a.m./p.m. to give
31. his/their written response to this Property Inspection Response.
32.
33.
34.X________________________________________________
X________________________________________________
35. PURCHASER
Date
a.m. /p.m.
PURCHASER
Date a.m. /p.m.
36. SELLER(S) RESPONSE TO OPTION 2 (Please initial):
37.
______
______
1.)
The SELLER'S will have all of the above mentioned deficiencies corrected not later
38. Initials
than 5 calendar days prior to the agreed upon date of act of sale, and will provide
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39.
PURCHASER'S with copies of paid receipts, or proof of repairs; or
______
______
40.
2.)
The SELLER'S is willing to correct only those deficiencies noted and initialed above
41. Initials
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and will do so not later than 5 calendar days prior to the agreed upon date of act of sale,
42.
and will provide PURCHASER'S with copies of paid receipts, or proof of repairs; or
43.
______
______
3.)
Unless disallowed by lender, in lieu of SELLER'S having the above deficiencies
44. Initials
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corrected prior to act of sale, the SELLER'S will pay to the PURCHASER'S at act of
45.
sale the sum of $
. Both parties agree to accept this sum as
46.
full and complete payment for the cost to PURCHASER'S of having said deficiencies
47.
corrected after the date of the act of sale (even if the actual cost is more or less than
48.
the stated sum); or to apply said sum to PURCHASER'S total cost at closing.
______
______
49.
4.)
The SELLER'S will not remedy any of the above listed deficiencies.
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51. PURCHASER'S HAVE 72 HOURS COMMENCING (DATE)
AT
A.M./P.M. TO GIVE
52. HIS/THEIR WRITTEN RESPONSE TO THIS PROPERTY INSPECTION RESPONSE.
53.
54.X________________________________________________
X________________________________________________
55. SELLER
Date a.m. /p.m.
SELLER
Date a.m. /p.m.
56.
57. PURCHASER(S) FINAL RESPONSE TO OPTION 2 (Please initial):
58.
_______
_______
We accept the SELLER'S response indicated above and shall proceed toward an Act of Sale.
59. Initials
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60.
_______
_______
We do not accept the SELLER'S response and hereby declare the Agreement to Purchase Null and Void.
61. Initials
A Cancellation of Agreement is attached.
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62.
(NOT APPLICABLE IF OPTION #1 ON LINE 37 WAS SELECTED UNDER SELLER'S RESPONSE.)
63.
64.X________________________________________________
X________________________________________________
65. PURCHASER
Date
a.m. /p.m.
PURCHASER
Date
a.m. /p.m.

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