Fill and Sign the Chapter 11 Real Estate Contracts Flashcardsquizlet 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 specific performance.
-------------------------- parties -------------------------- 1. — buyer - ...................................................0 2. — seller - ...................................................200 -------------------------- -------------------------- precautions -------------------------- 1. 2. - buyer shall provide written consent for the sale to the agent of the purchaser, and for the release of the buyer's title to the property in the event of a default by the purchaser. 3. — buyer shall not, in any manner, permit this contract to be executed without a buyer's signature. 4. — seller shall have no responsibility to any buyer for any breach by buyer at any time prior to the closing. Buyer's responsibility for any breach shall be limited to any amounts due by buyer to seller within 60 days, minus any amounts already paid by buyers that were due prior to the breach, and the cost of repairs to the property provided by seller. 5. — seller and buyers agree that the seller is not responsible for property sold by others under this contract, but shall be responsible for all sales. 6. — buyer shall be deemed and is hereby agreed to be a party to this contract. Buyer shall execute and deliver, for buyer's benefit, all documents or documents which are reasonably requested by seller or agent of seller as provided in this addendum and shall cooperate with seller or agent of seller as required by this addendum. 7. — seller shall have title to the property in the absence of buyer. In the event that seller or its agent does not have title to the property, the title to the property, as limited by this agreement, shall vest in seller. 8. — in the event that buyer defaults, both parties may terminate this agreement at any time, except the right to receive the full amount of the escrow deposit. 9. — all provisions of this agreement which are not expressly excluded or modified in writing by a written transaction agreement shall survive any termination of this agreement and will be binding on both parties. Parties to this agreement 1. — buyer - ...................................................200 2. 3.