Residential Real Estate Sale Contract Template Page 4

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within five (5) days (the “Demand Period”) of receipt of such demand. If BUYER and SELLER cannot
reach a written agreement for correction of the unacceptable conditions, the repair cost of which exceeds
the total amount which BUYER and SELLER agreed to in subparagraph C above, within the Demand
Period, this Contract shall terminate and the earnest money shall be refunded to the BUYER. A written
commitment signed by the SELLER agreeing to correct the unacceptable conditions as requested by
BUYER at SELLER’S expense prior to closing, or a written commitment, signed by the BUYER agreeing
to accept the PROPERTY without correction of the unacceptable conditions shall constitute an agreement
for the purposes of this paragraph.
F. FAILURE TO INSPECT. If BUYER, fails to conduct an inspection or fails to deliver a written notice to
the SELLER prior to the expiration of the Inspection Period, either canceling this Contract or requesting
correction of unacceptable conditions, BUYER shall have waived any right to cancel or right to repairs due
to unacceptable conditions which might reasonably have been discovered by an inspection.
F. EXCLUSION FROM INSPECTION. The following items are expressly excluded from the foregoing
inspection provisions and shall not be considered unacceptable conditions and may not be used by the
BUYER as a basis for canceling a contract or requesting repairs _________________________________
and necessary maintenance, up keep and repair to the Property and to keep the improvements on the Property fully
insured until delivery of SELLER’S deed to BUYER. If before delivery of the deed to BUYER improvements on the
Property are damaged or destroyed by fire or other causes including those that could be covered by what is known as
fire and extended coverage insurance, the parties agree that the risk of that damage or destruction shall be borne as
follows: If the damage is minor SELLER may repair or replace the Property, if the work can be completed before
the Closing Date. If SELLER elects not to repair or replace the Property, or if the damage is substantial, SELLER
shall notify BUYER in writing and BUYER may enforce or cancel this Contract by written notice to SELLER
within 10 days after receiving notice of the damage or destruction of the Property. If BUYER elects to enforce this
Contract, the Purchase price shall not be reduced and the Property shall be conveyed in its existing condition at the
time, provided SELLER shall credit BUYER the insurance deductible and assign SELLER’S fire and extended
coverage proceeds to BUYER at closing. If BUYER elects to cancel this Contract, any earnest money shall be
returned to the BUYER.
10. ( ) BUYER’S WARRANTY PLAN. (check if applicable) ( ) SELLER or ( ) BUYER, at a cost not to exceed
$______________________ , agrees to purchase a homebuyer’s warranty plan from ________________________
__________________________________ to be paid at closing. This plan is a limited service contract covering
repair or replacement of the working components of the Property for I year from the Closing Date subject to a per
claim deductible. $______________________
11. EVIDENCE OF TITLE. Within a reasonable time after the Effective Date, but no later than 14 days prior to the
Closing Date. SELLER agrees to deliver to BUYER a title insurance commitment from a company authorized to
insure title in the state where the Property is located. Unless there is a defect in title to the Property that is not
corrected prior to the Closing Date, BUYER may not object to untimely delivery of the title commitment. The title
commitment shall commit to insure a marketable fee simple title in the BUYER upon the recording of the deed or
other document of conveyance. However, title to the Property shall be subject to the conditions in this Contract and
to customary covenants, declarations, restrictions, zoning laws, easement, party wall agreement, special assessments,
and community contracts of record as of the effective date of the title commitment. (“Permitted Exceptions”):
BUYER shall have 10 days after receipt of the title commitment to notify SELLER in writing of any valid
objections to title to the Property SELLER shall then make a good faith effort to remedy the defects in title. If
SELLER does not so remedy the title defects before the Closing Date and BUYER does not elect to waive the
objections or extend the Closing Date a reasonable time, not to exceed 60 days, this Contract shall be cancelled and
the Earnest Money shall be returned to BUYER. SELLER agrees to provide and pay for an owner’s title insurance
policy in the amount of the purchase price insuring marketable fee simple title in BUYER, subject to the permitted
Exceptions and with the exception of any liens, encumbrances or other matters affecting title to the Property created
by BUYER or arising by virtue of BUYER’S activities or ownership. The policy shall also insure BUYER as of the
date of recording of the deed or other document of conveyance, against any lien, or right to a lien, for services, labor
or material imposed by law and not shown by the public records. SELLER agrees to comply with the requirements


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