Buyer-Seller Disclosure Agreement

BUYER-SELLER DISCLOSURE AGREEMENT

This Buyer-Seller Disclosure Agreement ("Agreement") is entered into by and between Seller Name: and Buyer Name: whose contact for purposes of this Agreement is at Property Address: . Effective Date: .

RECITALS

WHEREAS, Seller is the legal owner of the real property and improvements located at the address set forth above (the "Property"); and

WHEREAS, Buyer is considering purchasing the Property and requires disclosure from Seller of material facts, conditions, and known defects that may affect the value, use, safety, or habitability of the Property; and

WHEREAS, Seller agrees to disclose known facts and Buyer agrees to acknowledge receipt of such disclosures and to rely on such disclosures in accordance with the terms below.

NOW, THEREFORE

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Agreement: "Known" means information actually known to Seller after reasonable inquiry; "Material Defect" means a condition that would significantly impair the use, value, safety, or habitability of the Property or that poses a risk of injury; "Disclosure" means all statements, representations, and attachments provided by Seller under this Agreement.

2. SELLER'S DISCLOSURES

Seller hereby discloses the following facts, conditions, and defects known to Seller as of the Effective Date. Seller warrants that the disclosures are true and complete to the best of Seller's knowledge and after reasonable inquiry.

Seller represents the following (check applicable boxes and provide details where required):

Seller affirms the Property has been affected by flooding within the past ten (10) years.

Seller affirms presence of known lead-based paint or lead-based paint hazards on the Property.

Seller affirms there is pending litigation, claims, or notices affecting the Property or Seller's title.

3. SELLER'S REPRESENTATIONS AND WARRANTIES

Seller represents and warrants to Buyer that: (a) Seller is the lawful owner of the Property and has authority to convey full title subject only to disclosed encumbrances; (b) Seller has disclosed all Material Defects known to Seller; (c) there are no material misrepresentations in the disclosures; and (d) Seller will update Buyer in writing if Seller obtains knowledge of any material fact or defect not previously disclosed prior to closing.

4. BUYER ACKNOWLEDGEMENT

Buyer acknowledges receipt of the disclosures described herein and acknowledges that Buyer has had an opportunity to inspect the Property, to obtain professional inspections, and to investigate matters disclosed. Buyer further acknowledges that Buyer is not relying on any verbal statements not set forth in writing in this Agreement.

5. REMEDIES; LIMITATIONS

If Buyer discovers, prior to closing, a Material Defect not previously disclosed by Seller and which materially impairs the value or use of the Property, Buyer may elect, by written notice to Seller, to (i) terminate the purchase agreement and receive return of any earnest money, or (ii) proceed to closing and recover from Seller the reasonable cost to repair or remediate the undisclosed Material Defect, subject to the limitation of liability set forth below. Buyer must provide Seller a reasonable opportunity to cure any defect prior to pursuing remedies at law.

Except for intentional misrepresentation or fraud, Seller's aggregate liability under this Agreement for damages arising from undisclosed defects shall be limited to direct damages not to exceed the purchase price for the Property. In no event shall Seller be liable for consequential, incidental, punitive, or exemplary damages.

6. INDEMNIFICATION

Seller agrees to indemnify, defend, and hold Buyer harmless from and against any loss, claim, liability, or expense (including reasonable attorneys' fees) arising out of Seller's intentional misrepresentation of material facts or Seller's willful concealment of Material Defects. Buyer agrees to indemnify Seller for claims arising from Buyer's post-closing use or modification of the Property.

7. NOTICES

All notices required or permitted under this Agreement shall be in writing and delivered personally or sent by certified mail, return receipt requested, or by nationally recognized overnight courier to the addresses set forth below or to such other address as a party designates by written notice.

8. AMENDMENTS; WAIVER; COUNTERPARTS

This Agreement may be amended only by a written instrument signed by both parties. No waiver of any provision shall be effective unless in writing and signed by the party granting the waiver. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

9. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

This Agreement shall be governed by and construed in accordance with the laws of the state in which the Property is located. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral. If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

10. MISCELLANEOUS

The parties acknowledge that they have read this Agreement, understand its terms, and enter into it voluntarily. Headings are for convenience only and shall not affect interpretation. Time is of the essence with respect to any notices and cure periods set forth herein.

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