Real Estate Final Selection

REAL ESTATE FINAL SELECTION

This Real Estate Final Selection (the "Selection Agreement") confirms the final property selection, agreed options, and binding selection-related financial adjustments between the parties identified below in connection with the purchase of the Property described herein. Buyer and Seller acknowledge that selections and election of optional items set forth in this Selection Agreement will be incorporated into and become part of the Purchase Agreement between the parties upon execution of this Selection Agreement.

PARTIES

Buyer Name:

Buyer Contact:

Seller/Developer Name:

Seller Contact:

PROPERTY IDENTIFICATION

FINAL SELECTIONS AND OPTIONS

Unit/Lot/Building:

Selection Reference Number (if applicable):

FINANCIAL TERMS RELATED TO SELECTION

Deposit or Additional Earnest Money Due for Selections:   Due Date:

Change Order Fee (if selection is later modified):

SCHEDULES, INSPECTIONS, AND DELIVERY

Closing Date (per Purchase Agreement or adjusted for selections):

Estimated Completion/Delivery Date for Selected Items:

Inspection Period for Selections (number of days buyer has to review completed options after notice of completion):

DISCLOSURES

Lead-Based Paint (if property built prior to applicable year): Yes No

Known Mold or Water Intrusion Affecting Selected Areas: Yes No

Prior Structural Damage or Repairs Relevant to Selections: Yes No

REPRESENTATIONS, WARRANTIES, AND COVENANTS

Seller represents and warrants that the selected options as described in this Selection Agreement will be performed in a workmanlike manner consistent with industry standards and with materials as specified in the selections summary. Seller further warrants that any additional cost stated is the total additional charge for the selection unless a written change order is executed by both parties. Seller does not warrant minor variations in materials or finishes where reasonably necessary due to availability, provided that substantial conformity to the selections is maintained.

Buyer acknowledges that certain selections may affect the overall schedule and that all selection-related costs due at time of selection must be paid in accordance with the options payment terms above. Failure to timely pay selection-related sums constitutes a default under this Selection Agreement and may, at Seller's election, result in removal of uninstalled options and adjustment of purchase price or other remedies as set forth herein.

DEFAULT, REMEDIES, AND ADJUSTMENTS

Upon Buyer's material breach of a payment obligation for selected options, Seller may (a) suspend work on those options until payment is remitted, (b) remove or substitute selections and adjust the Purchase Price accordingly, and/or (c) pursue any other remedy available at law or equity. If Seller fails to complete selections by the estimated delivery date, Buyer’s sole remedies shall be limited to the remedies provided in the Purchase Agreement, except where delay results from Seller's gross negligence or willful misconduct.

GOVERNING LAW; ENTIRE AGREEMENT

This Selection Agreement shall be governed by and construed in accordance with the substantive laws of the state in which the Property is located, without regard to conflict of laws principles. This Selection Agreement, together with the Purchase Agreement and any executed change orders, constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes all prior oral and written agreements relating to selections. No modification of this Selection Agreement will be effective unless in writing and signed by both parties.

ACKNOWLEDGMENT AND CERTIFICATION

The undersigned Buyer and Seller certify that they have read and understand the terms of this Selection Agreement, that the selections and costs set forth above are final and binding as of the date of signature below, and that they have authority to execute this Selection Agreement on behalf of the party they represent.

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