Page 2 of Real Estate Contract Dated:
, For Property Known As:
10. Residential Condition Report:
Buyer acknowledges receipt of Seller's Residential Condition
Report (copy attached).
Seller shall credit Buyer at closing with $500.00, if Seller fails to furnish a written Residential Condition Report as
required by Sections 20-327 b-e, of the Connecticut General Statutes, inclusive.
11. Lead Disclosure:
Buyer acknowledges receipt of a Lead Information Booklet and Disclosure and Acknowledgement Form re:
Lead Based Paint as required by Federal EPA HUD Disclosure Regulations (copy attached).
"STATEMENT RE: LEAD BASED PAINT. The parties acknowledge that dwelling units constructed prior to 1978 are likely to
contain lead-based paint which could create a health hazard.
In the event the Property which is the subject of this Agreement
consists of or contains a residential unit built before 1978, the parties agree that a precondition to the validity of this Agreement
is that each party has received, reviewed, signed and annexed hereto a completed Disclosure and Acknowledgment Form re:
Lead-Based Paint as required by federal EPA/HUD disclosure regulations."
12. Possession and Occupancy, Acceptance of Deed: The Buyer shall have exclusive possession and occupancy of the Property in
a broom clean condition on the Closing Date.
Delivery and acceptance of the Deed shall constitute full compliance by the Seller
with the terms of this Contract except for any warranties contained in the Deed and other obligations specifically set forth in this
Contract to be performed after the delivery of the Deed or which survive delivery of the Deed.
13. Additional Paragraphs: Unless crossed out, the following Paragraphs 16 through 29 are hereby made a part of this Contract.
14. Additional Terms:
15. Riders Attached:
16. Warranty Deed, Marketable Title:
(a) Seller shall convey to Buyer good and marketable fee simple title to the Property by
Connecticut form Warranty Deed, (or Fiduciary Deed if Seller is a fiduciary) (the "Deed"), free and clear of all encumbrances except
the following permitted encumbrances,
so long as the permitted encumbrances do not prohibit the residential use of the Property
or otherwise render title to the Property unmarketable (i) any and all provisions of any ordinance, municipal regulation or public or
private law; (ii) restrictive covenants and easements of record; (iii) any facts which an accurate survey or physical inspection of the
Property would reveal; (iv) taxes and municipal assessments due and payable after the Closing.
(b) If the Seller is unable to
convey title conforming to the requirements of (a) above, then the Seller shall be allowed to postpone the Closing for up to the
earlier of thirty days or the expiration date of the Buyer's mortgage loan commitment ("Postponement Period")
within which to
cure the title defects.
If, at the expiration of the Postponement Period, the Seller is still unable to convey title conforming to (a)
above, Buyer may, by written notice to the Seller, reject such defective title, whereupon the Seller shall remit to the Buyer the
Deposit together with any expenses incurred by Buyer for title examination (not to exceed $250) and this Contract shall be
The marketability of title shall be determined in accordance with the Standards of Title of the Connecticut Bar
(c) The Property shall be conveyed free of any violations of any governmental rules, regulations or limitations or
private restrictive covenants or easements.
In the event Seller cannot deliver the Property to the Buyer at Closing, free of
violations as aforesaid, Buyer may, by written notice, by certified mail, facsimile or hand delivery to the Seller, or Seller's Attorney,
terminate this Contract because of such violations, whereupon Seller shall return to the Buyer the Deposit together with any
expenses incurred by the Buyer for title examination (not to exceed $250.00).
17. Condition of Premises:
(a) The Buyer represents that he has inspected the Property, is satisfied with the physical condition
thereof and agrees to accept the Property in its present condition, "as is", subject to reasonable wear and tear to the Closing Date.
The Buyer represents that neither Seller nor any representative of the Seller has made any representation or warranty as to
the Property on which Buyer has relied in entering into this Contract except as expressly set forth in this Contract.
agrees to deliver the Property to the Buyer on the Closing Date in substantially the same condition as exists on the date of this
Contract, reasonable wear and tear excepted, and the Buyer agrees to accept the Property in such condition subject to satisfaction
of the Inspection Contingency; (b) The grounds shall be maintained by the Seller until the Closing Date including lawn mowing, leaf
raking and snow and ice removal from walks and driveways; (c) Seller shall remove all personal property not included in the sale
and shall deliver to the Buyer all keys available to the Seller; (d) The Buyer shall have the right to inspect the Property prior to the
Closing at a time mutually agreed upon to confirm that the condition of the Property conforms to the requirements of this Contract.
18. Risk of Loss, Damage: The risk of loss or damage by fire or other casualty to the Property until the Closing Date is assumed
by the Seller.
In the event of loss or damage occurring prior to the delivery of the Deed, Seller shall repair and restore the
Property prior to the Closing Date, or, may delay the closing at his option for up to the earlier of thirty (30) days from the date of
such loss or damage or the date Buyer's mortgage loan commitment expires ("Delay Period") in order to complete restoration or
If at the expiration of the Delay Period the Seller has failed to repair or restore the Property to its condition prior to the
loss or damage, the Buyer shall have the option of: (a) Terminating this Contract, in which event the Deposit together with any
amounts actually expended by the Buyer for the examination of title (not to exceed $250.00) shall be remitted to the Buyer and
thereupon the parties shall have no further rights and obligations under this Contract; or (b) Closing title by accepting the Deed
conveying the Property in accordance with all of the other provisions of this Contract and receiving the benefit of any insurance
policies or funds paid or recoverable on account of such loss or damage, less any sums actually expended by the Seller for
restoration or repairs.
The Seller shall not be responsible for loss or damage to trees or other plantings due to natural causes
provided such loss or damages does not exceed $250.
19. Escrow of Deposit: The Initial Deposit and Additional Deposit (collectively the "Deposit") shall be paid not later than the date(s)
specified in Paragraph 5.
Seller's attorney, as escrow agent, shall hold the Deposit in a non-interest bearing account until Closing
or prior termination of this Contract.
The Deposit shall be paid to the Seller at Closing.
In the event of termination prior to
Closing, the escrow agent shall (a) retain the Deposit in escrow until directed to disburse the Deposit by mutual agreement of the
parties or by court order; or (b) commence an interpleader action and pay the Deposit into court whereupon the escrow agent shall
be relieved of all further obligation.
In the event that the Additional Deposit is not paid when due, Seller may give written notice of
such failure to Buyer by certified mail, facsimile or hand delivery and if such Additional Deposit is not paid within five (5) days
thereafter, this Contract shall be deemed terminated for Buyer's default and the Initial Deposit shall be delivered to and retained by
the Seller as liquidated damages, and thereupon, the parties shall be relieved of all further liability hereunder except as otherwise
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