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Real Estate Purchase/Sales Contract (South Central Wisconsin MLS)

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BUYER(S) INITIALS SELLER(S) INITIALS
PAGE 1 of 10
Real Estate Purchase/Sales Contract
Date:
The undersigned BUYER(S)
hereby agree to purchase and the undersigned SELLER(S)
hereby agree to sell the following described real estate, together with all improvements, shrubbery, plantings, fixtures
and appurtenances (the "PROPERTY"), situated in the County of , Alabama, on the terms stated below:
1. PROPERTY: Address City State , Zip
LEGAL: Lot , Block , Subdivision , Addition , Plat Book , Page
PARCEL ID METES & BOUNDS: (See attached)
2. TOTAL PURCHASE PRICE shall be ........................................................................... $
EARNEST MONEY, receipt of which is hereby acknowledged ........................................ $
All parties to the contract acknowledge that earnest money will be deposited upon acceptance of contract and
credited at closing. Balance due from Buyer(s) at closing (certified check) payable to closing agent.
Buyer(s) agrees to apply for type loan within working days and to make a diligent and reasonable
effort to obtain approval or Seller(s) has the option to terminate this contract.
This contract is contingent upon Buyer(s) obtaining a loan to finance the purchase YES NO
3. LOAN CLOSING COST AND FUNDING FEE:
(a) Loan Closing Costs: Loan Closing costs are to be paid by . Seller(s) agrees to pay
those costs the Buyer(s) are not allowed to pay under applicable FHA/VA requirements and other costs agreed
to be paid by Seller(s) under other specific provisions of this contract.
(b) Prepaid Items: Prepaid items and prepaid interest are to be paid by .
(c) MIP/PMI/VA Funding Fee: MIP/PMI/VA Funding Fee to be paid by .
Fee to be financed: Yes No
(d) SURVEY: It is recommended that whenever title is passed, a new survey be obtained which meets the
current
standards of the Alabama Society of Professional Land Surveyors. Buyer(s) does does not
request a Survey. The cost of such is considered a closing cost.
(e) CONVEYANCE: Seller(s) will convey to Buyer(s) a General Warranty deed insuring a good and merchantable
title free from any and all encumbrances except current ad valorem taxes, recorded restrictions, easements of
record, applicable zoning restrictions, any liens or encumbrances assumed or incurred in this transaction and
such statement of facts as would be disclosed by an accurate survey of the property. SELLER(s) and BUYER(s)
agree that any encumbrances not herein excepted or assumed may be cleared at the time of closing from
sales process. The property is sold and is to be conveyed subject to any mineral and mining rights not
owned by SELLER(s).
(f) OWNERS TITLE INSURANCE: It is recommended that the Buyer(s) obtain an owner’s title insurance policy.
Buyer(s)
desires does not desire owner’s title insurance, to be paid by .
4. CLOSING AND POSSESSION: The sale shall be closed and the deed delivered on or before
except that Seller(s) shall have a reasonable time within which to perfect title or cure defects in
the title to said property. Possession is to be given . NOTE: IF BUYER(s) IS GIVEN
POSSESSION PRIOR TO CLOSING OR IF SELLER(s) IS TO REMAIN IN THE PROPERTY AFTER
CLOSING, IT IS RECOMMENDED THAT THE PARTIES ENTER INTO AN OCCUPANCY AGREEMENT.
5. AGENCY DISCLOSURE:
The Listing Company
An agent of the Seller(s). An agent of the Buyer(s).
is: (Two blocks may be checked).
An agent of both the Seller(s) and Buyer(s) and is
as a limited consensual dual agent. Assisting the Buyer(s) Seller(s) as a transaction broker.
The Selling Company is: (Two blocks may be checked).
An Agent of the Seller(s).
a limited consensual dual agent.
An agent of the Buyer(s).
Assisting the Buyer(s)
An agent of the Seller(s) and Buyer(s) and is acting as
Seller(s) as a transaction broker.
Receipt of the Real Estate Brokerage Services Disclosure form is acknowledged.
Buyer(s) Initials / Seller(s) Initials /
6. REALTOR ® DISCLAIMER: Seller(s) and Buyer(s) acknowledge that they have not relied upon any advice or
representations either written or verbal of any REALTOR ® involved in this sale relative to (1) the legal or tax
consequences of this SALES CONTRACT and the sale, purchase or ownership of the property; (2) the structural
condition of the property including the condition of the roof and the basement; (3) construction materials; (4) the nature
and operating condition of the electrical, heating, air conditioning, plumbing, water heating systems, and appliances; (5)
the age and square footage of the improvements and the size or area of the property; (6) the availability of utilities and
sewer service
or septic tank service or condition; (7) the existence or non-existence of termites, fungus and other wood
destroying organisms, mold, lead base paint, radon, asbestos, PCB transformers or other toxic, hazardous or
contaminated substances or gases in, on or about the property; (8) the compliance of the property with all applicable
federal, state, and local statutes, ordinances and regulations concerning fire/smoke detectors; (9) any determination of
the location of the property in relation to a flood plain; (10) the character of the neighborhood; (11) the investment or
resale value of the property; (12) covenants and restrictions of subdivision; (13) any other matter affecting their
willingness to sell or purchase the property on the terms and price herein set forth. Seller(s) and Buyer(s) acknowledge
that if such matters are of concern to them in the decision to sell or purchase the property, they have sought and obtained
independent advice relative thereto. The REALTOR ® does not warrant or guarantee the condition of this property.
7. INSPECTIONS AND/OR DISCLOSURES: Seller(s) agrees to deliver the heating, cooling, plumbing and electrical
systems and any built-in appliances in normal operating condition at the time of closing, provided it shall be the
responsibility of Buyer(s) to inspect said systems/equipment prior to closing by a walk-through inspection(s)
personally or with a representative of Buyer(s) own choosing, and notify Seller(s) of any systems/equipment that are
not in normal operating condition. Failure of Buyer(s) to provide such notification prior to closing shall conclusively
establish that Seller(s) has satisfied this covenant. Seller(s) warrant that Seller(s) have not received notification regarding
any assessments, pending public improvements, repairs, replacement, or alterations to the property that have not been
satisfactorily made. It shall be the responsibility of the Seller(s) to have the utilites on at the time of the Buyer Inspection
and/or Appraisal. The Seller(s) represents that, to the best of his or her knowledge and belief, that the
property is is not located in a flood plain.
BUYER(S) INITIALS SELLER(S) INITIALS
BUYER(S) INITIALS
SELLER(S) INITIALS
PAGE 3 of 10
(a) The
REALTOR ® does not warrant or guarantee the condition of this property.
(b) The EPA/HUD Seller’s Disclosure is required by Federal law to be attached to this contract and is made a
part thereof.
See EXHIBIT A
Buyer(s) acknowledges receipt of the EPA/HUD pamphlet Protect your Family from Lead in Your Home
Buyer(s) Initials /
(c) TERMITE PROVISION: Seller(s) will furnish a preliminary Alabama Wood Infestation Report from a licensed
exterminating company certifying that the company has made a visual inspection of accessible areas of the dwelling and
listing any control measures that need to be performed in order for the company to issue a final Alabama Wood
Infestation Report which indicated that the dwelling does not reflect any active infestation of wood destroying insects
or fungus based on such visual inspection.
Seller(s) agrees to be responsible for the cost of control measures performed.
(d) HOME INSPECTION: It is recommended that Buyer(s) obtain a professional inspection(s) by licensed or certified
inspector(s) or contractor(s), at Buyer’s expense. Buyer(s) understands and agrees that real estate licensees lack the
expertise to determine the condition of property; therefore, Buyer(s) will not rely on any statements or omissions made
by the real estate licensees regarding the condition of property. It shall be the responsibility of the Seller(s) to have the
utilities on at the time of the Buyer Inspection and/or Appraisal. See EXHIBIT B.
(e) SEWER/SEPTIC SYSTEM: Seller(s) represents that property is is not connected to sewer and all impact
and connection fees have been paid. If not a sewer, Seller(s) represents that the property is is not connected to
a septic system. If property is on a septic system, Buyer(s)
Buyer(s) expense.
does does not require a septic system inspection at
(f) ENVIRONMENTAL CONCERNS: Buyer(s) understand that they are free to choose any licensed inspector they
deem necessary. Buyer(s) has the right to have professionals inspect the home for (but not limited to) environmental
pollution, existence of fungus or mold, radon, flood plain, structural problems, electrical or mechanical, water damage
etc. Buyer(s) understands that it is their responsibility, not the real estate companies, real estate agents, or the seller(s) to
determine the condition of the property. EPA Web site: http://www.epa.gov.
(g) ME
GAN’S LAW: Both the LISTING and SELLING office, and their agents, recommend that Buyer(s) checks with
local law enforcement agencies as to the location of known sex offenders in the community where they plan to buy.
Neither the LISTING agent nor the SELLING agent shall be responsible for disclosing this information to the Buyer(s).
The Buyer(s) hereby takes full responsibility for making that determination.
The Alabama web site address is: http://www.dps.state.al.us
or contact your local Sheriff office.
If the Buyer(s) obtains official notification that a sex offender lives within a distance of ½ mile from the subject property,
the Buyer(s) will have the option of voiding this contract with no penalty. This contingency expires within 3 working
days of contract acceptance.
(h) MO
LD: Mold contaminants may exist in the Property of which the Broker or Agent(s) is unaware. These
contaminants generally grow in places where there is or may have been excessive moisture, such as where leakage may
have occurred in roofs, pipes, walls, plant pots, or where there has been flooding. These conditions may be identified
with a typical home inspection. Broker recommends Buyer(s) obtains a home inspection to better determine the condition
of the property.
PAGE 4 of 10
Neith
er the Broker nor the Broker’s Agents are experts in the field of mold contaminants. In the event suspected mold
contamination is discovered, it is recommended that Buyer(s) satisfy themselves as to property condition by having a
mold inspection performed. The cost and quality of such inspections may vary. Professionals able to perform appropriate
inspections may be found in the Yellow Pages or on the World Wide Web under “Microbial or Mold Inspections” or
“Environmental and Ecological Services.”
(i) FIXTURES AND APPURTENANCES: All of the following but not limited to-heating and cooling equipment,
water heater(s), door bells, mantels, light fixtures, ceiling fans, garage door openers and controls, range, oven,
dishwasher, mailbox and shrubbery now on the premises shall remain and form a part of this sale.
(j) ATTORNEY REPRESENTATION: The Seller(s) and Buyer(s) acknowledge and agree that the loan closing
attorney shall represent the mortgage lender if applicable regardless of which party pays the attorney's fee and or closing
costs. Each of the parties further acknowledges that they have the right to be represented at all times in connection with
the SALES CONTRACT and the closing by an attorney of his own choosing at his own expense.
(k) DISCLOSURE: Once this sale has closed, the purchase price and terms of this sale may be disclosed to the members
and affiliate members of the local Board of Realtors for use in the conduct of their business.
(l) DEFAULT: Should the Buyer(s) fail to carry out the terms of this SALES CONTRACT in accordance with its
provisions, the Seller(s) shall have the option to do one of the following: (1) The Seller(s) may proceed against the
Buyer(s) for the recovery of all damages incurred by the Seller(s) as a result of the Buyer(s) breach of the SALES
CONTRACT, in which event the REALTOR® shall be entitled to their commission. The earnest money herein shall be
applied to legally ascertainable damages. (2) The Seller(s) may reaffirm the SALES CONTRACT and proceed for
specific performance, in which event the REALTOR® shall be entitled to their commission. (3) The Seller(s) may accept
the earnest money herein as liquidated damages and the earnest money so forfeited shall be divided equally between the
Seller(s) and the REALTORS®. Should the Seller(s) fail to carry out the terms of this SALES CONTRACT in
accordance with all its provision, the Buyer(s) shall have the option to do one of the following: (1) The Buyer(s) shall
be entitled to a refund of the earnest money plus reimbursement from the Seller(s) together with any sums expended by
him or on his behalf in conjunction with this transaction, including but not specifically, for title examination, appraisal,
credit reports. Upon payment by Seller(s) of such sums, this SALES CONTRACT shall be void. (2) The Buyer(s) may
proceed for specific performance. Each party hereto agrees to pay the costs and expenses of the prevailing party that may
arise from enforcing this Sales Contract, including a reasonable attorney’s fee.
(m) CHI
NESE DRYWALL: This tainted wallboard which was imported from China often gives off a foul odor,
corrodes copper, electrical wiring and other metal surfaces and may cause serious health problems with prolonged
exposure. Broker recommends Buyer(s) asks the home inspector to check for this drywall problem or hire an inspector
specifically trained in discovering this defective drywall if property was either built or renovated since 2001.
8. DISCLAIMER/CONDITION OF THE PROPERTY: Neither the Seller(s) nor any REALTOR ® makes any
representations or warranties, either written or verbal, regarding the condition of the property except to the extent
expressly and specifically set forth herein. Buyer(s) has inspected the property and accepts the property in its present
“AS IS” condition, including ordinary wear and tear until closing date, subject only to the warranties set forth in
Paragraphs 7 and Inspection Addendum herein. Seller(s) agrees to be responsible for any repairs required by the lending
institution up to $ . IF NO AMOUNT SPECIFIED, SELLER(s) IS NOT
RESPONSIBLE FOR REPAIRS.
BUYER(S) INITIALS SELLER(S) INITIALS
PAGE 5 of 10
___________________________________________________________
9. ADDITIONAL PROVISIONS:
10. APPRAISAL: Buyer(s) acknowledges that any appraisal required by the lender is used by the lender to determine
the maximum mortgage amount and does not warrant the value or condition of the property. Further it is expressly agreed
that notwithstanding any other provisions of this contract Buyer(s) shall not incur any penalty by forfeiture of earnest
money or otherwise be obligated to complete the purchase of the property described herein if the contract purchase price
exceeds the appraised value. Buyer(s) shall, however, have the privilege and option of proceeding with the consummation
of the contract without regard to the appraised value. In the event sale does not close, the appraisal remains the
Buyer’s expense.
FHA LOAN: If FHA Financing is used, it is expressly agreed that, notwithstanding any other provisions of this contract,
Buyer(s) 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 Mortgagee has delivered to Buyer(s) a written statement issued
by the Federal Housing Commissioner or a Direct Endorsement Lender setting forth the appraised value of the property
(excluding closing costs) of not less than the sales/purchase price amount in Paragraph 2 which statement Mortgagee
hereby agrees to deliver to Buyer(s) promptly after such appraised value statement is made available to Mortgagee.
Buyer(s) shall, however, have the privilege and option of proceeding with the consummation of the contract without
regard to the amount of the appraised valuation made by the Federal Housing Commissioner. 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 or the condition of the property. Buyer(s) should satisfy themselves that the price and condition
of the property are acceptable. VA LOAN: If VA financing is used it is expressly agreed that notwithstanding any other
provisions of this contract, Buyer(s) shall not incur any penalty by forfeiture of earnest money or otherwise be obligated
to complete the purchase of the property described herein if the contract purchase price exceeds the reasonable value of
the property established by the Veterans Administration. Buyer(s) shall, however, have the privilege and option of
proceeding with the consummation of the contract without regard to the amount of the reasonable value established by
the Veterans Administration. CONVENTIONAL LOAN: If Conventional financing is used the Buyer(s) acknowledge
that any appraisal required by the lender is used by the lender to determine the maximum mortgage amount and does not
warrant the value or condition of the property. Further it is expressly agreed that notwithstanding any other provisions
of this contract Buyer(s) shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete
the purchase of the property described herein if the contract purchase price exceeds the appraised value. Buyer(s) shall,
however, have the privilege and option of proceeding with the consummation of the contract without regard to the
appraised value. AMENDATORY CLAUSE- It is expressly agreed that, notwithstanding any other provisions of this
contract, the Buyer 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 Buyer has been given in accordance with
HUD/FHA or VA requirements a written statement issued by the Federal Housing Commissioner,Veterans
Administration or a Direct Endorsement Lender, setting forth the appraised value of the property of not less than contract
price. The Buyer shall have the privilege and option of proceeding with consummation of the 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 Buyer should satisfy himself/herself that the price and condition of the property are acceptable.” REAL ESTATE
CERTIFICATION- The seller, the Buyer, and the real estate agent or broker hereby certify that the terms of the sales
contract are true to the best of their knowledge and belief and it is agreed that any other agreement entered into by any
of the parties is fully disclosed and attached to the sales contract.
BUYER(S) INITIALS SELLER(S) INITIALS
PAGE 6 of 10
11. PRO
RATION: All ad valorem taxes, association fees and any rents being collected from existing tenants will be
prorated at time of closing. Existing leases shall be transferred to Buyer(s) at closing. NOTE: Taxes are prorated based
upon current information furnished by the Revenue Commissioner’s Office.
12. RI
SK OF LOSS: Seller(s) agrees to keep in force sufficient hazard insurance on the property to protect all interest
until this sale is closed and the deed delivered. If the property is destroyed or materially damaged between the date
thereof and the closing and the Seller(s) is unable or unwilling to restore it to its previous condition prior to closing,
Buyer(s) shall have the option to cancel the SALES CONTRACT and receive back the earnest money or accept the
property in its then condition. If Buyer(s) elects to accept the damaged condition, any insurance proceedes otherwise
payable to Seller(s) by reason of such damage shall be applied to the balance of the purchase price or otherwise be
payable to Buyer(s).
13. EARNEST MONEY & DEFAULT OF CONTRACT: Within 3 days of the Finalized Date of this Contract the
Buyer shall deliver to __________________ the Earnest Money which shall be promptly deposited into an escrow
account. Should Buyer fail to deliver the Earnest Money within 3 days of the Finalized Date, Seller may void this
Contract at the sole option of the Seller. If the Contract is accepted and signed by all parties and the sale does not close,
a separate mutual release signed by all parties to this Contract will be required before the Earnest Money will be
disbursed. In the event either Buyer or Seller claims the escrowed funds without the agreement of the other party, any
holder of the escrowed funds, as prescribed by Alabama Real Estate License Law Rule: 790-X-3-.03 (4), (5), must either
(1) retain the escrowed funds until there is a written mutual release among the parties; (2) interplead the disputed portion
of the funds into the appropriate court, and shall be entitled to deduct from the escrowed funds any and all court costs,
attorney fees and other expenses relating to the interpleader; or (3) disburse the escrowed funds in accordance with the
directions of a non-appealable order of a court of competent jurisdiction. Seller, at Seller's option, may cancel this
Contract if the Earnest Money check is rejected by the financial institution upon which it is drawn. In the event of default
by Buyer, all deposits made hereunder may be forfeited as liquidated damages at the option of Seller, provided Seller
agrees to the cancellation of this Contract, or alternatively, Seller may elect to pursue his or her available legal or
equitable remedies against Buyer. In the event of default by Seller, all deposits made hereunder may be returned at the
option of Buyer, provided Buyer agrees to the cancellation of this Contract, or alternatively, Buyer may elect to pursue
his or her available legal or equitable remedies against Seller.
14. BI
NDING EFFECT: All rights, privileges, obligations and duties hereby granted or assumed shall inure to the
benefit of and shall be binding upon successors, assigns, heirs or personal representatives of the parties hereto.
15. ENTIRE AGREEMENT: This SALES CONTRACT states the entire agreement between the parties and merges
all statements, representations and covenants heretofore made. Any other agreements not incorporated herein are void
and of no force and effect. This SALES CONTRACT may not be modified or amended unless such amendment is set
forth in writing and is signed by Seller(s) and Buyer(s).
16. HOMEOWNER WARRANTIES: If a homeowner warranty or other such third party warranty is offered and
purchased on the property, systems and/or appliances, Seller(s) and Buyer(s) acknowledge and understand that the third
party is warranting the property, systems and/or appliances not the Seller(s) or Broker(s). Buyer(s) also understand that
the Broker may receive a fee, commission or a reimbursement of a portion of the purchase price of such warranty.
17. FACSIMILE OR COUNTERPART SIGNATURES: This contract may be executed by either party or both
parties by telecopy or facsimile and shall be binding upon the party so executing it upon receipt by the other party of
signature.
BUYER(S) INITIALS SELLER(S) INITIALS
PAGE 7 of 10
I / WE HAVE READ AND UNDERSTAND THE ATTACHED ADDENDUMS TO THIS SALES CONTRACT
AND AGREE THAT SAME ARE INCORPORATED HEREIN & FORM A PART OF THIS SALES
CONTRACT.
WITNESS OUR HAND AND SEAL this the day of , 20
Hereby agree to purchase the above described property according to the aforementioned stated terms and conditions.
WITNESS
Buyer
DATE TIME
Buyer
WITNESS OUR HAND AND SEAL this the day of , 20
Hereby agree to sell the above described property according to the aforementioned stated terms and conditions.
WITNESS
Seller
DATE TIME
Seller
Finalized Date: , 20
(Date on which last party signed or initialed acceptance of final offer)
Receipt is hereby acknowledged of the earnest money CASH
CHECK as herein above set forth.
Listing Broker: Selling Broker:
RECEIVED
BY:
This receipt is given subject to the approval of the owner of the above described property.
PAGE 8 of 10
“EXHIBIT A”
DISCLOSURE OF INFORMATION AND ACKNOWLEDGMENT
LEAD-BASED PAINT AND/OR LEAD-BASED PAINT HAZARDS
Lead Warning Statement
Eve
ry Buyer(s) 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, reduced intelligence quotient, behavioral problems and impaired memory. Lead poisoning also
poses a particular risk to pregnant women. The Seller(s) of any interest in residential real property is required to provide
the Buyer(s) with any information on lead-based paint hazards from risk assessments or inspections in the Seller’s
possession and notify the Buyer(s) of any known lead-based paint hazards. A risk assessment or inspection for possible
lead-based paint hazards is recommended prior to purchase.
Seller’s Disclosure (initial)
(a) Presence of lead-based paint and/or lead-based paint hazards (check one below):
Known lead-based paint and/or lead-based paint hazards are present in the housing (explain):
Seller(s) has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.
(b) Records and Reports available to the Seller(s) (check one below):
Seller(s) has provided the Buyer(s) with all available records and reports pertaining to lead-
based paint and/or lead-based hazards in the housing (list documents below):
Seller(s) has no reports or records pertaining to lead-based paint and/or lead-based paint
hazards in the housing.
Buyer(s)’s Acknowledgment (initial)
(c) Buyer(s) has received copies of all information listed above.
(d) Buyer(s) has received the pamphlet Protect Your Family from Lead in Your Home.
(e) Buyer(s) has (check on one below):
Received a 10-day opportunity (or mutually agreed upon period) to conduct a risk
assessment or inspection for the presence of lead-based paint or lead-based paint hazards; or
Waived the opportunity to conduct a risk assessment or inspection for the presence of lead-
based paint and/or lead-based paint hazards.
PAGE 9 of 10
“EXHIBIT A”
DISCLOSURE OF INFORMATION AND ACKNOWLEDGMENT
LEAD-BASED PAINT AND/OR LEAD-BASED PAINT HAZARDS
REALTOR’S® Acknowledgment (initial)
(f) REALTOR® has informed the Seller(s) of the Seller(s)’s obligations under 42 U.S.C. 4852 d and is
aware of his/her responsibility to ensure compliance.
Certification of Accuracy
The
following parties have reviewed the information above and certify, to the best of their knowledge, that the
information they have provided is true and accurate, and agree that this addendum is incorporated in and forms a part of
the Purchase/Sales Contract.
Buyer
Date
Seller
Date
Buyer
Date
Seller
Date
REALTOR®
Date
REALTOR®
Date
“EXHIBIT B”
Home Inspection Addendum
This inspection Addendum is to be made a part of the Sales Contract dated between the undersigned Seller(s) and
the undersigned Buyer(s) of the property known as:
Neither Seller(s) nor Broker nor any Sales Associate makes any representations or warranties regarding condition of the property except to the
extent expressly set forth herein. Buyer(s) has the obligation to determine any and all conditions of the property material to Buyer(s)’s decision to
buy the property, including but not limited to, the condition of the heating, cooling, plumbing and electrical systems and any built-in appliances;
the roof and the basement, including leaks therein, the presence of asbestos or toxic mold; the presence of arsenic in treated wood, the size and
area of the property; construction materials and workmanship, the proper construction of the property by the builder nd/or developer, structural
condition, utility and sewer or septic system availability, condition and location, subsurface and subsoil conditions, sinkholes and mining or other
soil conditions including radon and other potentially hazardous gases or toxic materials; presence of, or damage from, wood destroying insects
and/or fungus; property access, easements, covenants, restrictions, developments, structures and any matters affecting the character of the
neighborhood. Unless otherwise excepted, Seller(s) will provide access and utilities for Buyer’s inspections, if any. NOTE: Lenders and/or public
authorities may require certain inspections such as termite and septic tank inspections (for which repairs may be required).
THIS DOES NOT REPLACE BUYER’S DUTY TO THOROUGHLY INSPECT THE PROPERTY PRIOR TO CLOSING.
Buyer(s), at Buyer(s) sole cost and expense, shall have the right to inspect and investigate the property through qualified professional(s) of Buyer(s)
own choosing.
In the event that Buyer(s) desires the Seller to make any repairs recommended by the Buyer(s) inspector, Buyer(s) shall, within days
from the effective date of this Contract, submit a copy of the inspectors written report with a designation of recommended repair(s), if any, to
Seller(s).
Seller(s) are under no obligation or duty under the terms of this Contract to make any such repair(s) recommended by Buyer(s) inspector.
Seller(s) shall, however, inform the Buyer(s) in writing within days of receipt of said inspection report whether Seller(s) are willing and
able to make any such repair(s) at Seller(s) sole cost and expense.
If Seller(s) are unwilling or unable to make such repairs or fail to respond to Buyer (s)’ request to make such repairs as provided above, the
Buyer(s) shall then have the option to terminate this Sales Contract by notifying the Seller(s) in writing within hours of receipt of
Seller(s) written refusal to make such repair(s). At such time, the earnest money shall be returned to the Buyer(s).
If Buyer(s) elects to terminate this contract as a result of inspection, Seller(s) agrees to promptly sign the mutual release directing the return of
Buyer’s earnest money.
Buyer(s) failure to submit to Seller(s) a copy of the inspector’s written report with a designation of recommended repair(s) within the time period
provided herein above shall be deemed as Buyer(s) election to accept the property in its present “as is” condition subject only to the warranties set
forth in Paragraphs 12, 13 and 16 of the Sales Contract and election to proceed with the closing.
Buyer(s) failure to notify the Seller(s) in writing of his or her intention to terminate this Sales Contract within the time period herein above shall
also be deemed as Buyer(s) election to accept the property in its present “as is” condition subject only to the warranties set forth in Paragraphs 12
and 16 of the Sales Contract and election to proceed with the closing.
Buyer(s) understands that if a sales associate accompanies Buyer(s) on an inspection or walk-through of the property, it will be as a courtesy
and not as a person qualified to detect any defects.
I/WE HAVE READ AND UNDERSTAND THE CONDITIONS OF THIS INSPECTION ADDENDUM AND AGREE THAT SAME IS
INCORPORATED IN AND FORMS A PART OF THE PURCHASE/SALES CONTRACT.
Buyer
Date
Seller
Date
Buyer
Date
Seller
Date
Witness
Date
Witness
Date
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Real Estate PurchaseSales Contract (South Central Wisconsin MLS)

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Completed 20 June 2021

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