Fill and Sign the Addendum to Contract for Sale and Purchase of Real Property Form

Addendum to Contract for Sale and Purchase of Real Property _______________________________________________ (Name of Seller)_______________________________________________ (Names of Buyers)_______________________________________________ (Description of Property)__________________ (Date of Contract) For and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree that the following Addendum is made a part of and is specifically incorporated by reference into the above-described Contract and is being signed simultaneously with the Contract: 1. Seller shall provide and pay for a current survey of the property, certified to Buyers and the title company, only showing easements and other matters allowed under an ALTA Title Insurance Policy for residential property. Any matters shown on the survey that cause the title insurance company to not remove the survey exception or that cause other exceptions to appear on the title insurance commitment shall be treated as title defects. 2. Buyers may have the property inspected by licensed building contractors and other inspectors chosen by Buyers. Seller shall, prior to closing, repair any problems, inconsistencies, defects, or other conditions which are not correct in the property and notice of which are provided to Seller by Buyers or by Buyers' inspectors in one or more written punch lists. Buyers may cancel this Contract and receive back their entire deposit by giving written notice to Seller before __________________ (date) if any such inspection shows that there is any problem, inconsistency, defect, or other incorrect condition in the property that Seller fails to correct before _________________ (specify date that is prior to above date). 3. Seller represents and warrants that the property is in good condition and complies with all applicable zoning and building codes and all other ordinances, laws, and regulations. Seller shall further execute and deliver to Buyer at closing a written warranty that there are no defects in workmanship, design, or materials of the property, that no defects exist, and that the property complies with all applicable zoning and building codes and all other ordinances, laws, and regulations. 4. If Buyers breach this Contract without lawful justification, and if Seller is not in breach of this Contract, then the entire escrow deposit shall be paid to Seller as liquidated damages and in full payment of all amounts due Seller from Buyers under this Addendum. Because of this payment, Seller may not have
Be refunded the full amount of the escrow deposit received because of buyer breaching this contract. 5. Seller shall pay any taxes resulting from the sale of the property according to the applicable building, zoning, and other codes. Seller shall not have any say over the tax department and may not require buyers to pay taxes. 6. Seller shall be responsible for any damages suffered by buyer in connection with the purchase of the property. 7. Buyers shall pay all costs and expenses incurred in buying and securing the property and any other costs which are not under this contract. The contract shall be deemed to have existed, expressly, as a debate about how much of any reimbursements is covered by repayment of the seller's amount and how much is covered by amount shown in the contract. Any agreements between the parties containing the contract, and any and all disputes, complaints, such as suggestions for judgment or award of money or equivalent relief, will be resolved by binding arbitration pursuant to the provisions of section 18 of the contract. Section in-kind offers this section applies to a lot that is not the subject of a “contract for sale" or a "request for bid,” and in which each party has, directly or indirectly, an interest. The parties hereby agree to a special arrangement of in-kind offers. The parties agree as follows: 1. Each offeror (a) agrees that (i) it shall use reasonable efforts to sell at least the property, at the price stated in writing by the other party, within five business days after receiving a copy of the written offers to both parties; (ii) if not, the seller and buyer may agree that the offer of the in-kind property will be accepted at the auction and the transaction will proceed as if the in-kind offer had been previously submitted, unless the in-kind offer is subsequently retracted for any reason; (iii) if the request for a written offer was submitted prior to the offer for in-kind property, the buyer may rescind the request for a written offer, unless seller has previously requested the right to rescind.