Residential Disclosure Agreement

RESIDENTIAL DISCLOSURE AGREEMENT

This Residential Disclosure Agreement ("Agreement") is made effective as of by and between Seller Name: whose mailing address is and Buyer Name: whose mailing address is .

Property: (the "Property").

Recitals

WHEREAS, Seller is the current owner of the Property and has knowledge of the condition of the Property and any material facts relevant to the safe occupancy and transfer of the Property;

WHEREAS, Buyer is considering the acquisition of the Property and requests full disclosure of known material defects, environmental hazards, liens, and other matters that may affect value, use, habitability, or transferability; and

WHEREAS, the parties desire to set forth in writing Seller's disclosures regarding the Property and Buyer's acknowledgment of those disclosures.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

1. Definitions

For purposes of this Agreement, "Material Defect" means a condition that would have a significant adverse impact on the value of the Property or that poses a threat to the health or safety of occupants; "Disclosure Statement" means the written statements and attachments provided by Seller pursuant to Section 2.

2. Seller Representations and Disclosures

Seller represents and warrants that, to Seller's actual knowledge after reasonable inquiry, the information set forth in this Section and any attached written disclosure forms is true and complete as of the effective date. Seller acknowledges a duty to disclose known Material Defects affecting the Property.

A. Structural and Systems

Seller discloses known issues with the following systems (check all that apply) and provide details where indicated.

Roof Foundation Plumbing Electrical

Other structural or system defects (describe):

B. Environmental and Health Hazards

Lead-based paint (applicable to pre-1978 construction): Present Not Present Unknown

Other environmental hazards (check all that apply):

Asbestos Radon Mold Underground Storage Tank

Describe any known environmental or health hazards:

3. Liens, Encumbrances and Legal Matters

Seller discloses the existence of the following recorded or known liens, encumbrances, easements, pending governmental orders, or legal actions affecting the Property:

4. Buyer Acknowledgment

Buyer acknowledges receipt of Seller's disclosures described herein and understands that Buyer has the right to conduct any inspections, tests, or investigations Buyer deems necessary. Buyer further acknowledges that except for representations expressly set forth in Section 2 and any written attachments, Seller makes no warranty, express or implied, regarding the condition of the Property.

Buyer Initials:

5. Inspection; Remedies

Buyer shall have a period of days from the effective date to complete inspections. If Buyer, in good faith, discovers a Material Defect not previously disclosed, Buyer shall deliver written notice to Seller within the inspection period specifying the defect and proposed remedy. Seller shall have a right to cure the defect within a commercially reasonable period. If Seller elects not to cure, Buyer may pursue remedies under the underlying purchase agreement, provided such remedies are consistent with this Agreement.

6. No Other Representations

Except as expressly set forth in this Agreement and any attached written disclosures, Seller makes no representations or warranties regarding the Property. Any statements, descriptions, or representations not reduced to writing in this Agreement are deemed nonbinding and relied upon only to the extent expressly stated in writing.

7. Indemnification

Seller agrees to indemnify, defend and hold Buyer harmless from and against any losses, damages, liabilities, claims, costs, and expenses (including reasonable attorneys' fees) arising from Seller's intentional nondisclosure or fraudulent misrepresentation of a Material Defect known to Seller at the time of this Agreement.

8. Confidentiality

The parties agree that any confidential information exchanged in connection with inspections or disclosure negotiations shall be used solely for the evaluation and consummation of the transaction and shall not be disclosed to third parties except as required by law or with prior written consent of the disclosing party.

9. Notices

10. Amendments; Waiver

No amendment, modification, or waiver of any provision of this Agreement shall be effective unless in writing and signed by both parties. The waiver by either party of a breach of any provision shall not operate as a waiver of any subsequent breach.

11. Governing Law; Venue

This Agreement shall be governed by and construed in accordance with the laws of the state in which the Property is located. Any action to enforce this Agreement shall be brought in the state or federal courts located in the county of the Property.

12. Entire Agreement; Severability

This Agreement, together with any written disclosure attachments executed by the parties, constitutes the entire agreement between Seller and Buyer with respect to the subject matter hereof and supersedes all prior oral or written representations. If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall continue in full force and effect.

13. Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

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