Page ________ of Comprehensive Rider to the Residential Contract For Sale And Purchase
CR-1 Rev. 6/10 © 2010 Florida Realtors® and The Florida Bar. All rights reserved.
Comprehensive Rider to the
Residential Contract For Sale And Purchase
THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR
If initialed by all
parties, the clauses below will be incorporated into the Florida Realtors®/Florida Bar Residential Contract
For Sale And Purchase between _______________________________________________________________ (SELLER)
and
_____________________________________________________________________________________ (BUYER)
concerning the Property described as __________________________________________________________________
_________________________________________________________________________________________________
Buyer’s Initials ___________
___________ Seller’s Initials ___________ __________
E. FEDERAL HOUSING ADMINISTRATION (FHA)/U.S. DEPARTMENT OF VETERANS AFFAIRS (VA)
1. DEFINITIONS:
(a) “Contract” is the Florida Realtors®/Florida Bar Residential Contract For Sale And Purchase (2010 ed.), to which
this Rider is attached and intended to amend.
(b) “Property” is the Property which is the subject matter of this Contract.
(c) “HUD” is the Department of Housing and Urban Development.
(d) “Purchaser” is the Buyer named in this Contract.
2. INSPECTIONS AND APPRAISAL:
In addition to the requirements of Paragraph 12 of this Contract, Seller shall comply with applicable FHA or VA
regulations regarding termite inspection, roof inspection, and appraisal repairs (collectively “Appraisal Repairs”). The
cost to Seller for Appraisal Repairs will not exceed $_______________, which cost is in addition to the costs required
to be paid under Paragraphs 9 (a) and 12 (b), (c) and (d).
3.
(CHECK IF APPLICABLE) FHA FINANCING: It is expressly agreed that notwithstanding any other provisions of
this Contract, the Purchaser shall not be obligated to complete the purchase of the Property described herein or to
incur any penalty by forfeiture of earnest money deposits or otherwise unless the Purchaser has been given in
accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans
Administration, or a Direct Endorsement lender setting forth the appraised value of the Property of not less than
$_______________. The Purchaser shall have the privilege and option of proceeding with consummation of this
Contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine
the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the
value nor the condition of the Property. The Purchaser should satisfy himself/herself that the price and condition of
the Property are acceptable.
(a) Fees, Prepayments: Purchaser shall pay all loan expenses, except tax service fee which fee, if charged by
Buyer’s lender, shall be paid by Seller up to a maximum of $_______________ ($100.00 if left blank).
(b) Appraisal Repairs: If the cost of Appraisal Repairs exceeds the limit imposed by Paragraph 2 above, Seller
must, within 3 days after receiving notice of the excess cost, give Purchaser written notice of Seller’s intention to
pay some, all, or none of the excess amount. If Seller elects to pay less than the full amount of the excess cost,
Purchaser may elect to pay the balance or cancel this Contract. Purchaser’s election must be in writing and
provided to Seller within 3 days after receiving written notice of Seller’s election.
(c) Certification: We, the undersigned Seller, Purchaser and Broker involved in this transaction each certify
individually and jointly that the terms of this Contract are true and correct to the best of our knowledge and belief
and that any other agreements entered into by any of these parties in connection with this transaction are part of,
or attached to, this Contract.
4.
(CHECK IF APPLICABLE) VA FINANCING: It is expressly agreed that, notwithstanding any other provision of
this Contract,
the Purchaser shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to
complete the purchase of the Property described herein, if this Contract purchase price or cost exceeds the
reasonable value of the Property as established by the U.S. Department of Veterans Affairs. The Purchaser shall,
however, have the privilege and option of proceeding with the consummation of this Contract without regard to the
(SEE CONTINUATION)
Page ________ of Comprehensive Rider to the Residential Contract For Sale And Purchase
CR-1 Rev. 6/10 © 2010 Florida Realtors® and The Florida Bar. All rights reserved.
E. FEDERAL HOUSING ADMINISTRATION (FHA)/U.S. DEPARTMENT OF VETERANS AFFAIRS (VA) (CONTINUED)
amount of reasonable value established by the U.S. Department of Veterans Affairs.
(a) Fees, Prepayments: Seller shall pay for the WDO inspection and tax service, underwriting, and document
preparation fees required by the lender, and for recording fees for assigning Purchaser’s mortgage. Purchaser
shall pay all prepayments and escrows for taxes, hazard insurance, flood insurance, when applicable.
(b) Appraisal Repairs: If the cost of Appraisal Repairs exceeds the limit imposed by Paragraph 2 above, Seller
must, within 3 days after receiving notice of the excess cost, give Purchaser written notice of Seller’s intention to
pay some, all, or none of the excess amount. If Seller elects to pay less than the full amount of the excess cost,
Purchaser may elect to pay the balance or cancel this Contract. Purchaser’s election must be in writing and
provided to Seller within 3 days after receiving written notice of Seller’s election.
5. ELECTION TO PROCEED WITH CONTRACT: In the event Purchaser elects under Paragraph 3 or 4 above to
proceed with this Contract without regard to the amount of reasonable value established by the Federal Housing
Commissioner, U.S. Department of Veterans Affairs, or Direct Endorsement lender, such election must be made
within 3 days after Purchaser receives the appraisal. (If Purchaser and Seller agree to adjust the sales price in
response to an appraised value which is less than the sales price, a new rider is not required. However, the loan
application package must include the original sales contract with the same price as shown on the above clause, along
with the revised or amended sales contract.)
_____________________________ _______________ _____________________________ _______________
BUYER Date SELLER Date
_____________________________ _______________ _____________________________ _______________
BUYER Date SELLER Date
_____________________________ _______________ _____________________________ _______________
BROKER Date BROKER Date
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