Fillable Real Estate Purchase Contract (Page 3 of 6) in pdf

through any other title insurance agency selected by Buyer; (b) if the Homeowner’s Policy is not available either through the

Issuing Agent or any other title insurance agency, then Seller agrees to pay for, and Buyer agrees to accept, the most

current available version of an ALTA Owner’s Policy of Title Insurance (“Standard Coverage Owner’s Policy”) available

hrough the Issuing Agent.

7. SELLER DISCLOSURES. No later than the Seller Disclosure Deadline referenced in Section 24(a), Seller shall provide

to Buyer the following documents in hard copy or electronic format which are collectively referred to as the "Seller

isclosures":

(a) a written Seller property condition disclosure for the Property, completed, signed and dated by Seller as provided in

Section10.3;

(b) a Commitment for Title Insurance as referenced in Section 6;

(d) a copy of the most recent minutes, budget and financial statement for the homeowners’ association, if any;

(e) a copy of any lease, rental, and property management agreements affecting the Property not expiring prior to Closing;

(f) evidence of any water rights and/or water shares referenced in Section 1.4;

(g) written notice of any claims and/or conditions known to Seller relating to environmental problems and building or zoning

code violations; and

(h) Other (specify)

____________

______

8. BUY ER’S CONDITIONS OF PURCHASE.

8.1

DUE DILIGENCE CONDITION. Buyer's obligation to purchase the Property: [

] IS [

] IS NOT conditioned

upon Buyer’s Due Diligence as defined in this Section 8.1(a) below. This condition is referred to as the “Due Diligence

Condition.” If checked in the affirmative, Sections 8.1(a) through 8.1(c) apply; otherwise they do not.

(a) Due Diligence Items. Buyer’s Due Diligence shall consist of Buyer’s review and approval of the contents of

the Seller Disclosures referenced in Section 7, and any other tests, evaluations and verifications of the Property deemed

necessary or appropriate by Buyer, such as: the physical condition of the Property; the existence of any hazardous

substances, environmental issues or geologic conditions; the square footage or acreage of the land and/or improvements;

the condition of the roof, walls, and foundation; the condition of the plumbing, electrical, mechanical, heating and air

conditioning systems and fixtures; the condition of all appliances; the costs and availability of homeowners’ insurance and

flood insurance, if applicable; water source, availability and quality; the location of property lines; regulatory use restrictions

or violations; fees for services such as HOA dues, municipal services, and utility costs; convicted sex offenders residing in

proximity to the Property; and any other matters deemed material to Buyer in making a decision to purchase the Property.

Unless otherwise provided in the REPC, all of Buyer’s Due Diligence shall be paid for by Buyer and shall be conducted by

individuals or entities of Buyer's choice. Seller agrees to cooperate with Buyer’s Due Diligence. Buyer agrees to pay for any

damage to the Property resulting from any such inspections or tests during the Due Diligence.

(b) Buyer’s Right to Cancel or Resolve Objections. If Buyer determines, in Buyer’s sole discretion, that the

results of the Due Diligence are unacceptable, Buyer may either: (i) no later than the Due Diligence Deadline referenced in

Section 24(b), cancel the REPC by providing written notice to Seller, whereupon the Earnest Money Deposit shall be

released to Buyer without the requirement of further written authorization from Seller; or (ii) no later than the Due Diligence

Deadline referenced in Section 24(b), resolve in writing with Seller any objections Buyer has arising from Buyer’s Due

Diligence.

any objections Buyer has arising from Buyer’s Due Diligence, as provided in Section 8.1(b), Buyer shall be deemed to have

waived the Due Diligence Condition.

8.2

APPRAISAL CONDITION. Buyer's obligation to purchase the Property: [ ] IS [ ] IS NOT conditioned upon the

Property appraising for not less than the Purchase Price. This condition is referred to as the “Appraisal Condition.” If

checked in the affirmative, Sections 8.2(a) and 8.2(b) apply; otherwise they do not.

(a) Buyer’s Right to Cancel. If after completion of an appraisal by a licensed appraiser, Buyer receives written

notice from the Lender or the appraiser that the Property has appraised for less than the Purchase Price (a “Notice of

Appraised Value”), Buyer may cancel the REPC by providing written notice to Seller (with a copy of the Notice of Appraised

Value) no later than the Financing & Appraisal Deadline referenced in Section 24(c); whereupon the Earnest Money

Deposit shall be released to Buyer without the requirement of further written authorization from Seller.

(b) Failure to Cancel. If the REPC is not cancelled as provided in this section 8.2, Buyer shall be deemed to have

waived the Appraisal Condition.

8.3

FINANCING CONDITION. Buyer’s obligation to purchase the property: [ ] IS [ ] IS NOT conditioned upon

Buyer obtaining the Loan referenced in Section 2(b). This condition is referred to as the “Financing Condition.” If checked

in the affirmative, Sections 8.3(a) and 8.3(b) apply; otherwise they do not. If the Financing Condition applies, Buyer agrees

to work diligently and in good faith to obtain the Loan.

Page 3 of 6 pages

Buyer’s Initials ________

Date

Seller’s Initials ________

Date

Real Estate Purchase Contract Page 3

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