Real Estate Purchase Agreement (Page 4 of 6) in pdf

10.0 CONDITION OF PROPERTY: BUYER acknowledges that it has been recommended to them that they

engage, at their expense, the services of a professional contractor or building inspector to inspect the property

and all improvements to ascertain that the condition of the property is as called for in the Agreement. BUYER

further acknowledges that neither the SELLER nor any agent having anything to do with this transaction has

made any verbal or other statements or representations concerning the property on which BUYER has relied,

except as specifically set forth in writing herein, and the Real Property Disclosure Form.

BUYER will have a home inspection _____

BUYER will not have a home inspection _____

***Initial Appropriate Line.

10.1 BUYER has examined the property and agrees that the property is being purchased in its present “AS IS”

condition, including any defects that may have been disclosed by SELLER either specifically hereon or by

attached addendum.

BUYER acknowledges receipt of the Real Property Disclosure Form as the only

representations, or statements whatsoever concerning the property, including without limitation its use or

condition, other than as written in this agreement, or any attached addendum.

10.2 INSPECTION CONDITIONS: If BUYER indicates in Paragraph 10 of this Agreement that a home

inspection will be performed, this Agreement shall be subject to a general home inspection, which inspections

shall be paid for by BUYER, carried out in good faith by all parties, and completed within the times specified. A

General Inspector, Construction Person, Professional Property Inspector, or other person of BUYER’S choice

shall inspect the property within five (5) days from the execution of this Purchase Agreement. The results of

these inspections shall be either approved or disapproved by BUYER in writing within forty-eight (48) hours of

the completion of inspection, and said inspection results shall be given to the SELLER in writing no later than

forty-eight (48) hours of the completion of the inspection.

Should the results of the Inspection not be

satisfactory to BUYER then, within the times specified, BUYER shall notify SELLER in writing of their specific

dissatisfaction, and BUYER and SELLER shall have forty-eight (48) hours to reach a written resolution with

respect to the dissatisfaction of the BUYER. If no written resolution is reached between BUYER and SELLER

within the forty-eight (48) period, the Escrow Agent shall return all monies deposited by BUYER to BUYER and

this Agreement shall become NULL and VOID.

10.3 INSPECTION WAIVER: Should BUYER indicate in Paragraph 10 of this Agreement that a home

inspection will not be performed, or should BUYER fail to have the above inspection completed within the times

specified, OR SHOULD BUYER FAIL TO SPECIFICALLY APPROVE OR DISAPPROVE THE RESULTS OF

ANY INSPECTION WITHIN THE TIMES SPECIFIED, OR SAID RESULTS ARE NOT GIVEN TO THE

SELLER WITHIN THE TIME SPECIFIED, then BUYER shall be deemed to have WAIVED SUCH

INSPECTION and shall be considered as HAVING ACCEPTED THE PROPERTY ABSOLUTELY AND

FINALLY IN ITS PRESENT “AS IS” CONDITION, and neither SELLER nor any agent having anything to do

with this transaction shall have any further liability or obligation to BUYER as to such Inspections or Agreement

conditions.

10.4 STATUTORY DISCLOSURE: Every purchaser of any interest in residential real property on which a

residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from

lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young

children may produce permanent neurological damage, including learning disabilities, reduce intelligence

quotient, behavioral problems and impaired memory. Lead poisoning also poses a particular risk to pregnant

women. The seller of any interest in residential real estate is required to provide the buyer with any information

on lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is

recommended prior to purchase.

Additionally, Seller makes the following disclosure: “Radon Gas” is a

naturally occurring radioactive gas that, when it has accumulated in an enclosure in sufficient quantities, may

present health risks to persons who are exposed to it over time. Additional information regarding radon and

radon testing may be obtained from the County Health Department.

Real Estate Purchase Agreement Page 4

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