Real Estate Basement Document

REAL ESTATE BASEMENT DOCUMENT

Property Identification

Parties

Effective Date:

Basement Description and Use

Is the basement finished? Yes No    Square Footage:

Ceiling Height:    Access: Interior Stairs Exterior Entrance

Egress windows present: Yes No

Condition Disclosures (Check Yes or No; provide details where requested)

Prior flooding or water intrusion history: Yes No

Persistent dampness, mildew, or mold observed: Yes No

Active or unrepaired leaks (plumbing, foundation, roof seepage): Yes No

Sump pump installed and operational: Yes No    If yes, last service date:

Basement waterproofing measures present (e.g., interior drainage, exterior waterproofing): Yes No

Visible foundation or structural cracks requiring repair: Yes No

Permits obtained for basement finishing or structural changes: Yes No

Radon mitigation system present: Yes No

Mechanical systems located in basement (check all that apply): HVAC Water Heater Electrical Panel Laundry Bathroom

Inspections, Repairs and Credits

Buyer inspection period (number of days from Effective Date to complete basal inspections):

Seller agrees to: Repair specified items prior to closing Provide credit to Buyer at closing No repair or credit; sold as-is

Anticipated completion date for seller repairs (if any):

Representations, Warranties and Indemnity

Seller represents and warrants to the best of Seller's actual knowledge that the disclosures made in this document are true and complete as of the Effective Date, and that Seller has disclosed known material defects, history of water intrusion, structural repairs and permits related to the basement. Seller shall provide copies of permits, receipts, and contractor statements upon request during the inspection period.

Buyer acknowledges that Buyer is responsible for independent inspection of the basement systems, including but not limited to structural, waterproofing, radon, and mechanical systems, within the agreed inspection period. Buyer accepts that finished basements may conceal defects and agrees that any unobserved defects discovered after closing shall be addressed pursuant to the remedies set forth herein.

Indemnity: To the extent permitted by law, Seller shall indemnify and hold Buyer harmless from claims directly arising from Seller's willful misrepresentation or failure to disclose known material basement defects. Buyer shall indemnify Seller from claims arising from Buyer's post-closing alterations or misuse of basement systems.

Default, Remedies and Miscellaneous

If Seller fails to perform repair obligations described in this Addendum prior to closing, Buyer may elect at Buyer's sole discretion: (a) to accept the credited amount specified above and proceed to closing; (b) to require Seller to complete repairs under escrow holdback; or (c) to terminate the related purchase agreement in accordance with the termination provisions therein. Any election must be made in writing during the inspection or cure period specified in the primary transaction documents.

Governing Law: This document shall be governed by and construed in accordance with the laws of the state in which the Property is located. Venue for any dispute arising hereunder shall be in the appropriate court in the county where the Property is located.

Entire Agreement: This Addendum constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes any prior representations, understandings, or agreements, whether written or oral, relating to the basement condition. Terms not defined herein shall have the meanings given in the primary purchase or lease agreement to which this Addendum is attached.

Acknowledgment

By signing below, Seller certifies that the information provided in this Real Estate Basement Document is true and complete to Seller's best knowledge. Buyer acknowledges receipt of this Addendum and accepts the disclosures and any agreed repair or credit terms set forth herein.

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