Real Estate Basement Form

REAL ESTATE BASEMENT FORM

Property Identification

Parties

Basement Physical Characteristics

Finished: Yes No    Ceiling Height:    Number of Rooms in Basement:

Bedrooms in Basement: Yes No    If yes, Count:

Water, Moisture and Structural History

Has the basement experienced water intrusion, seepage, or standing water? Yes No

Evidence of foundation cracks, settlement, or structural repair: Yes No

Mechanical, Drainage and Systems

Sump pump present: Yes No    Sump pump functional: Yes No

Sewage ejector pump / backflow prevention present: Yes No

Basement contains laundry hookups: Yes No    Electrical outlets protected by GFCI where required: Yes No

Environmental Hazards and Testing

Visible or suspected mold: Yes No    Mold remediation performed: Yes No

Radon testing performed: Yes No    Radon mitigation system present: Yes No

Egress, Safety and Code Compliance

Egress window or direct outside exit present: Yes No    If bedrooms exist, are egress openings compliant with applicable code to seller's knowledge: Yes No

Smoke and carbon monoxide detectors installed in or serving basement: Yes No

Permits, Repairs and Documentation

Were any improvements or repairs to the basement made under building permits? Yes No

Seller Representations and Disclosures

The Seller represents, to the Seller's actual knowledge as of the date of signing, that the information provided in this Real Estate Basement Form is true, complete and accurate. Seller discloses all known material defects, water intrusion events, environmental hazards and permit issues affecting the basement. Seller agrees to update Buyer in writing prior to closing if Seller becomes aware of any material change to the information set forth herein.

Seller acknowledges that Buyer is relying on the representations in this form in evaluating the condition of the property's basement and in negotiating purchase terms. Seller makes no warranty as to conditions beyond Seller's actual knowledge unless expressly stated in writing.

Buyer Acknowledgment and Remedies

Buyer acknowledges receipt of this Real Estate Basement Form and the opportunity to inspect the basement and obtain independent inspections for water intrusion, mold, radon, structural soundness, and code compliance. Buyer understands that reliance on this form does not limit Buyer's right to pursue remedies for latent defects or breaches of applicable purchase and sale agreements.

To the extent authorized by the parties' purchase agreement, Seller shall be responsible for correcting disclosed defects prior to closing or providing agreed credits. If Seller intentionally conceals a material defect or makes a material misrepresentation in this form, Buyer may pursue all remedies available at law or in equity.

General Provisions

This Real Estate Basement Form is a disclosure and representation document executed by the parties in connection with the sale of the property identified herein. This form supplements, and does not supersede, any purchase agreement between the parties unless expressly agreed in writing. The parties agree that this form shall be governed by the laws of the state where the property is located and that any dispute arising from this document shall be resolved in accordance with applicable law.

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