Fill and Sign the Purchase Real Property 497332360 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. 5. Seller shall provide Buyers with a copy of Seller's existing flood insurance policy, if any. Buyers shall inquire into the cost of obtaining their own flood insurance. If the annual premium for flood insurance on the property will exceed $________, then Buyers may cancel this Contract by giving written notice to Sellers within ___________ (e.g.,15 days) after the date of this Contract. 6. The purchase price includes the washer, dryer, refrigerator, stove, central air conditioner, lawn pump, hot water heater, and any other existing appliances. 7. The parties represent and warrant to each other that there is no broker in this sale and that no broker procured this sale. 8. Sellers acknowledge that Buyers' attorney, _________________ (Name of Buyer's Attorney) , is representing only the Buyers in this transaction. Closing will be held at the office of Buyers' attorney located at ______________________________ (street address, city, state, zip code) . The parties agree that _________________ (Name of Title Insurance Company) is an acceptable closing agent and title insurer for this transaction. 9. In all other respects, the Contract remains the same. In case of conflict between any of the provisions of this Addendum and of the Contract for Sale and Purchase, the provisions of this Addendum shall control. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (P rinted Name of Seller) (P rinted Name of Buyer) ________________________ ________________________ (Signature of Seller) (Signature of Buyer) _________________________ (P rinted Name of Buyer) ________________________ (Signature of Buyer)