Fillable Real Estate Purchase Contract (Page 4 of 6) in pdf

(a) Buyer’s Right to Cancel Before the Financing & Appraisal Deadline. If Buyer, in Buyer’s sole discretion, is

not satisfied with the terms and conditions of the Loan, Buyer may cancel the REPC by providing written notice to Seller 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) Buyer’s Right to Cancel After the Financing & Appraisal Deadline. If after expiration of the Financing &

Appraisal Deadline referenced in Section 24(c), Buyer fails to obtain the Loan, meaning that the proceeds of the Loan have

not been delivered by the Lender to Seller or to the escrow/closing office as required under Section 3.5 of the REPC, then

Buyer or Seller may cancel the REPC by providing written notice to the other party; whereupon the Earnest Money Deposit,

or Deposits, if applicable (see Section 8.4 below), shall be released to Seller without the requirement of further written

authorization from Buyer. In the event of such cancellation, Seller agrees to accept as Seller’s exclusive remedy, the

Earnest Money Deposit, or Deposits, if applicable, as liquidated damages. Buyer and Seller agree that liquidated damages

would be difficult and impractical to calculate, and the Earnest Money Deposit, or Deposits, if applicable, is a fair and

reas nable estimate of Seller’s damages in the event Buyer fails to obtain the Loan.

8.4

ADDITIONAL EARNEST MONEY DEPOSIT. If the REPC has not been previously canceled by Buyer as

provided in Sections 8.1, 8.2 or 8.3(a), then no later than the Due Diligence Deadline referenced in Section 24(b), or the

Financing & Appraisal Deadline referenced in Section 24(c), whichever is later, Buyer: [ ] WILL [

] WILL NOT deliver to

the Buyer’s Brokerage, an Additional Earnest Money Deposit in the amount of $_________________. The Earnest Money

Deposit and the Additional Earnest Money Deposit, if applicable, are sometimes referred to herein as the “Deposits”. The

arnest Money Deposit, or Deposits, if applicable, shall be credited toward the Purchase Price at Closing.

9. ADDENDA. There [ ] ARE [ ] ARE NOT addenda to the REPC containing additional terms. If there are, the terms of

the following addenda are incorporated into the REPC by this reference: [ ] Addendum No. ___

_____

[ ] Seller Financing Addendum [ ] FHA/VA Loan Addendum [ ] Lead-Based Paint Disclosure & Acknowledgement

(

in some transactions this disclosure is required by law) [ ] Other (specify)

10. HOME WARRANTY PLAN / AS-IS CONDITION OF PROPERTY.

10.1 Home Warranty Plan. A one-year Home Warranty Plan [ ] WILL [ ] WILL NOT be included in this transaction.

If included, the Home Warranty Plan shall be ordered by [ ] Buyer [

] Seller and shall be issued by a company selected

by [

] Buyer [

] Seller. The cost of the Home Warranty Plan shall not exceed $

and shall be paid for at

Settlement by [

] Buyer [

] Seller.

10.2 Condition of Property/Buyer Acknowledgements. Buyer acknowledges and agrees that in reference to the

physical condition of the Property: (a) Buyer is purchasing the Property in its “As-Is” condition without expressed or implied

warranties of any kind; (b) Buyer shall have, during Buyer’s Due Diligence as referenced in Section 8.1, an opportunity to

completely inspect and evaluate the condition of the Property; and (c) if based on the Buyer’s Due Diligence, Buyer elects

to proceed with the purchase of the Property, Buyer is relying wholly on Buyer’s own judgment and that of any contractors

or inspectors engaged by Buyer to review, evaluate and inspect the Property.

10.3 Condition of Property/Seller Acknowledgements. Seller acknowledges and agrees that in reference to the

physical condition of the Property, Seller agrees to: (a) disclose in writing to Buyer defects in the Property known to Seller

that materially affect the value of the Property that cannot be discovered by a reasonable inspection by an ordinary prudent

Buyer; (b) carefully review, complete, and provide to Buyer a written Seller property condition disclosure as stated in section

7(a); and (c) deliver the Property to Buyer in substantially the same general condition as it was on the date of Acceptance,

as defined in Sec

tion 23, ordinary wear and tear excepted. The provisions of Sections 10.2 and 10.3 shall survive Closing.

11. FINAL PRE-SETTLEMENT WALK-THROUGH INSPECTION.

11.1

Walk-Through Inspection. No earlier than seven (7) calendar days prior to Settlement, and upon reasonable

notice and at a reasonable time, Buyer may conduct a final pre-Settlement walk-through inspection of the Property to

determine only that the Property is “as represented,” meaning that the items referenced in Sections 1.1, 1.2 and 8.1(b)(ii)

("the items") are respectively present, repaired or corrected as agreed. The failure to conduct a walk-through inspection or

to claim that an item is not as represented shall not constitute a waiver by Buyer of the right to receive, on the date of

possession, the items as represented. If the items are not as represented, Seller agrees to cause all applicable items to be

corrected, repaired or replaced (the “Work”) prior to the Settlement Deadline referenced in Section 24(d).

11.2

Escrow to Complete the Work. If, as of Settlement, the Work has not been completed, then Buyer and Seller

agree to withhold in escrow at Settlement a reasonable amount agreed to by Seller, Buyer (and Lender, if applicable),

sufficient to pay for completion of the Work. If the Work is not completed within thirty (30) calendar days after the Settlement

Deadline, the amount so escrowed may, subject to Lender’s approval, be released to Buyer as liquidated damages for failure

o complete the Work. The provisions of this Section 11.2 shall survive Closing.

12. CHANGES DURING TRANSACTION. Seller agrees that from the date of Acceptance until the date of Closing, none of

the following shall occur without the prior written consent of Buyer: (a) no changes in any leases, rental or property

Page 4 of 6 pages

Buyer’s Initials ________

Date

Seller’s Initials ________

Date

Real Estate Purchase Contract Page 4

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