Real Estate Purchase Contract For Residential Construction (Page 3 of 7) in pdf

of collected or cleared funds; and (c) any moneys required to be paid by Seller under these documents have been delivered

by Seller to Buyer or to the escrow/closing office, as appropriate, in the form of collected or cleared funds. Seller and Buyer

shall each pay one-half (½) of the fee charged by the escrow/closing office for its services in the settlement/closing process.

Taxes and assessments for the current year, and interest on assumed obligations shall be prorated at Settlement as set forth in

this Section. Prorations set forth in this Section shall be made as of the Settlement Deadline date referenced in Section 24(g),

unless otherwise agreed to in writing by the parties. Such writing could include the settlement statement. The transaction will be

considered closed when Settlement has been completed, and when all of the following have been completed: (a) the proceeds

of any new loan have been delivered by the Lender to Seller (or to the escrow/closing office); and (b) the applicable Closing

documents have been recorded in the office of the county recorder. The actions described in parts (a) and (b) of the preceding

sentence shall be completed within four calendar days after Settlement.

3.1 Walk-Through Inspection/Completion Escrow. Not less than [ ] 7 DAYS [ ]

DAYS prior to Settlement,

Buyer may conduct a "walk-through" inspection of the Residence. If, as of Settlement, minor work remains to be completed,

corrected or replaced on the Residence, then Buyer, pending completion of such work, may withhold in escrow at Settlement,

a reasonable amount agreed to by Seller and Buyer (or such other amount as is required by the Lender) sufficient to pay for

completion of such work. If such work is not completed within [ ] 30 DAYS [ ]

DAYS after Settlement, the amount so

escrowed may, at Buyer's option, be released to Buyer as liquidated and agreed damages for failure to complete. The failure of

Buyer to conduct a walk-through inspection prior to Settlement shall not constitute a waiver by Buyer of the right to receive on

the date of possession, the Residence as required under Section 12.

4. POSSESSION. Seller shall deliver physical possession to Buyer within: [ ]

hours [ ]

days after closing;

[ ] Other (specify)

5. CONFIRMATION OF AGENCY DISCLOSURE. At the signing of this Contract:

[

] Seller's Initials

[

] Buyer's Initials

The Listing Agent,

represents [ ] Seller [ ] Buyer [ ] both Buyer and Seller as a Limited Agent;

The Selling Agent,

represents [ ] Seller [ ] Buyer [ ] both Buyer and Seller as a Limited Agent;

The Listing Broker,

represents [ ] Seller [ ] Buyer [ ] both Buyer and Seller as a Limited Agent;

The Selling Broker,

represents [ ] Seller [ ] Buyer [ ] both Buyer and Seller as a Limited Agent;

6. TITLE INSURANCE. Unless Buyer owns the Lot on the date of Acceptance Seller agrees to pay at Settlement for a standard-

coverage owner's policy of title insurance insuring Buyer in the amount of the Purchase Price. Buyer acknowledges that additional

title insurance coverage against mechanic's liens may be available, at Buyer's expense, through an extended coverage or

plain language title policy. Buyer is advised to consult with a title insurance company during Buyer's Evaluations & Inspections

regarding the availability and cost of such coverage.

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

Buyer the following documents which are collectively referred to as the "Seller Disclosures":

(a) a Seller property condition disclosure for the Property, signed and dated by Seller;

(b) a commitment for the policy of title insurance (if the Buyer does not own the Lot);

(d) written notice of any claims and/or conditions known to Seller relating to environmental problems or other problems;

(e) Plans & Specifications for the Residence, or reduction copies thereof (with each page initialed by Seller);

(f) Name of contractor and contractor's license number;

(g) Builder's Warranty (if different from Section 10.2); and

(h) Other (specify)

8. BUYER'S RIGHT TO CANCEL BASED ON EVALUATIONS AND INSPECTIONS. Buyer's obligation to purchase under this

Contract (check applicable boxes):

(a) [ ] IS [ ] IS NOT conditioned upon Buyer's approval of the content of each of the Seller Disclosures referenced in Section

(b) [ ] IS [ ] IS NOT conditioned upon Buyer's approval of the following tests and evaluations of the Lot: (specify)

If any of the above items are checked in the affirmative, then Sections 8.1, 8.2 and 8.3 apply; otherwise, they do not apply. The

items checked in the affirmative above are collectively referred to as the "Evaluations & Inspections." Unless otherwise provided

in this Contract, the Evaluations & Inspections shall be paid for by Buyer and shall be conducted by individuals or entities of

Buyer's choice. Seller agrees to cooperate with the Evaluations & Inspections.

Page 3 of 7

Buyer's Initials___________ Date___________ Seller's Initials___________ Date___________

Real Estate Purchase Contract For Residential Construction Page 3

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