WORDING FOR CONTRACTS
Inspections - Seller Side
It is understood and agreed any repairs and or remediation requested as a result of the property inspections and or appraisal, and any exclusions from a home warranty to be negotiated.
Inspections - Buyer Side
Earnest Deposit to be given once Whole House, Radon, and Mold inspections have been satisfied and released.
Inspections (When not using the inspection addendums) - Buyer Side
It is understood and agreed offer is contingent upon satisfactory inspections. Buyer(s) has 10 business days from acceptance to perform any inspections on the property that the Buyer(s) deems necessary. Should any of the inspections prove unsatisfactory to the Buyer(s) for any reason, Buyer(s) has the option to cancel this agreement. Earnest deposit to be given on the removal of the inspections contingency.
Selling Property “as is”
It is understood between the Buyer(s) and the Seller(s) that the property is being sold in “where is”, “as is” condition with no Seller representations or warranties expressed or implied by the Seller or the Seller’s agent.
Short Sales Buyer Side
It is understood this is a short sale situation contingent upon the Seller’s lender(s) approval of the short sale. Earnest Deposit to be given once Seller’s lender(s) has approved the short sale. If Seller’s lender(s) has not approved the short sale by ______(date) Buyer has option to cancel this purchase agreement. Property to show as pending in the MLS within 1 business day. Time frames for inspections to begin once Seller’s lender(s) has approved the short sale. Closing to be within 30 days of Seller’s lender(s) approval of the short sale.
It is understood this is a short sale situation contingent upon the Seller’s lender(s) approval of the short sale. Earnest Deposit to be given once Seller’s lender(s) has approved the short sale. Buyer(s) has option to cancel this agreement anytime prior to the approval of the short sale by the Seller’s lender(s). Property to show as pending in the MLS within 1 business day. Time frames for inspections to begin once Seller’s lender(s) has approved the short sale. Closing to be within 30 days of Seller’s lender(s) approval of the short sale.
Short Sales Seller Side
(If agents assist sellers to negotiate a short-sale, and the seller does not receive a release from the lender, a deficiency judgment may be filed later by the lender, resulting in potential negative legal consequences for the listing agent/Broker)
*Language for Listing Agreement: Seller agrees and understands they need to receive a release from the lender along with the approval of the short sale or the lender may come after them for a deficiency judgment.
*Language for Purchase Agreement: Acceptance is contingent upon approval of the Short Sale by the Seller’s lender(s) and the Seller receiving a release from the Seller’s lender(s) so that a deficiency judgment can not be filed later by the Seller’s lender(s) against the Seller.
Back Up Offers
It is understood that this is the first back up offer to the primary offer now in place. If this offer is still in a back up position on ______(date) this offer becomes null and void. Earnest Deposit to be given when offer moves from a back up position to the primary position.
New Construction
Offer subject to builder & buyer approval of plans, specifications, allowances, and selections within 5 business days.
New Construction
Home to be completed in workman like manner as per plans and specs similar to model located at ______.
Closing Dates
It is understood and agreed if this sale does not close by ______(date) seller has the right to cancel this purchase agreement, return the earnest deposit to the buyer, and place the seller’s home back on the open market for any and all offers.
Regarding the closing date, it is understood and agreed that “time is of the essence”.
Buyer’s Costs Paid by Seller
Seller to pay no more than $______towards buyer’s closing costs, prepaids, escrows, tax pro-rations, discount points (if any), home owner’s insurance, Broker Flat Fee, and reimbursement for Whole House, Radon, and Mold Inspections at closing.
Condos
Conditional upon Buyer’s receipt, review, and approval of all condo covenants, conditions, and restrictions, including but not limited to Master Deed, By-laws, budget, current Income Statement within 5 days of acceptance.
Buyer Storing Personal Items in Garage Only
It is understood and agreed ______days prior to closing Seller agrees to allow Buyers to store personal items in garage only. Buyers understand they are doing this at their own risk and release and hold harmless the seller from any liability moving items into garage and release and hold harmless the Seller from any responsibility regarding stored items.
Addendum to Listing Agreement - Authorization to Sell and Lease
Prudential Ambassador R. E. is authorized to offer the property for lease as well as for sale. General terms of the Lease would be a minimum of one year commitment at $______per month. Should Prudential Ambassador R. E. find a Tenant for the property Seller/Landlord agrees to pay a fee of $______to Prudential Ambassador R. E. upon the signing of the Lease. Should the Tenant decide to buy the property Seller/Landlord agrees to pay a commission of ______% of the gross sale price to Prudential Ambassador R. E. at closing.
Sale Involving Seller Going Through a Bankruptcy
Acceptance contingent on Bankruptcy Court approval and/or Bankruptcy Trustee approval.
Listing Agreement on New Construction where the Buyer already owns the lot
(In the open paragraph or at the top of the listing agreement) This agreement is for the improvements to be built on lot owned by ______.
Multiple Offer Situation
It is understood this is a multiple offer situation. Buyer agrees to pay $______over any competing bid up to $______. Seller to provide proof of highest competing bid.
In the event of multiple offers on this property, buyer will match a competing net offer (purchase price minus seller-paid costs for competing buyer) and increase this net offer to seller by $______up to a maximum purchase price of $______. Upon successful acceptance of this offer, seller to disclose/show proof of said competing offer before final acceptance by buyer. If seller is unable to disclose/show proof of said competing offer, buyer is no longer bound by this addendum, at buyer's option. Optional: If competing offer has waived radon inspection, buyer waives radon inspections. If competing offer has waived a home warranty, buyer waive home warranty.
Fannie Mae Language
Pursuant to paragraph 28 of the Real Estate Purchase Addendum, this document is subject to all terms and conditions set forth in the Real Estate Purchase Addendum.
1031 Exchange Language
A material part of the consideration for the buyer for purchasing the property is that the Buyer intends to qualify this transaction as part of a tax-deferred exchange under Section 1031 of the Internal Revenue Code. Seller agrees that Buyer may assign this agreement to an exchange intermediary of Buyer's choice. No additional expense or liability will be incurred by the Seller as a result of this like-kind exchange.
Listing Not Distributed in the MLS / Pocket Listings
It is understood and agreed that (1) this listing will NOT be distributed throughout the Great Plains REALTORS® Multiple Listing Service, Inc. of the Omaha Area Board of REALTORS®, (2) there will not be a for sale sign or lock box on the property, (3) advertising and promtion of the property will be limited in scope to licensed real estate agents and Prospective buyers and (4) all showings will be through the listing agent. (This is a guide only for language. You can have for sale signs and lock boxes up on pocket listings and promote through all forms of advertising. IMPORTANT to also have sellers sign Listing Addendum "Waiver of MLS Benefits".)
(SELLER) When Concerned Home May Appraise for Less Than the Sale Price
If Property does not appraise for purchase price or higher, buyer agrees to pay difference between appraised value and the purchase price provided appraised value is not less than $______and understands and agrees all other terms and conditions of the purchase agreement to remain the same.
(BUYER) When Concerned Home May Appraise for Less Than the Purchase Price
If property does not appraise for purchase price or higher, seller agrees to accept the appraised value as the final purchase price provided appraised value is not less than $______and understands and agrees all other terms and conditions of the purchase agreement to remain the same.
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