Special Stipulations

Transcription

1 Special Stipulations SELLER SHALL PROVIDE A RE-TREATMENT/REPAIR TERMITE BOND FOR A PERIOD OF ONE YEAR FROM THE DATE OF CLOSING. SELLER SHALL PROVIDE A HOME WARRANTY AT A COST NOT TO EXCEED $ FOR A PERIOD OF ONE YEAR FROM THE DATE OF CLOSING. SELLER SHALL PROVIDE A FULL LEGAL DESCRIPTION AND ADD AS EXHIBIT TO PURCHASE AND SALE AGREEMENT WITHIN 48 HOURS OF BINDING AGREEMENT DATE. SELLER SHALL PROVIDE CONDOMINIUM DOCUMENTS, COVENANTS AND RESTRICTIONS AND CURRENT FINANCIAL BALANCE SHEET WITHIN 48 HOURS OF BINDING AGREEMENT DATE. SHOULD ANY OF THE ABOVE DOCUMENTS BE UNACCEPTABLE TO BUYER, BUYER MAY AT THEIR OPTION DECLARE THIS AGREEMENT NULL AND VOID AND RECEIVE A FULL REFUND OF ALL EARNEST MONEY. ALL PARTIES AGREE TO EXECUTE ALL NECESSARY DOCUMENTATION. NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, BUYER AND SELLER AGREE THAT ALL ITEMS ON THE WALK THROUGH LIST SHALL BE COMPLETED BY THE SELLER WITHIN 30 DAYS OF THE CLOSING DATE. SELLER AGREES THAT ALL CONSTRUCTION DEBRIS SHALL BE REMOVED FROM THE PROPERTY PRIOR TO THE DATE OF CLOSING. SELLER AGREES THAT IF ALL CONSTRUCTION DEBRIS IS NOT REMOVED, BUYER MAY REQUIRE SUFFICIENT FUNDS BE PLACED IN ESCROW AT CLOSING TO COVER THE COST OF REMOVAL.

2 SUBJECT TO THE TERMS OF THIS PARAGRAPH, THIS AGREEMENT IS CONTINGENT UPON PROPERTY APPRAISING FOR AT LEAST ITS PURCHASE PRICE. THE APPRAISAL MUST BE DONE BY A LICENSED OR CERTIFIED GEORGIA APPRAISER SELECTED BY BUYER'S MORTGAGE LENDER AND SHALL BE AT THE EXPENSE OF THE BUYER. IN THE EVENT PROPERTY DOES NOT APPRAISE FOR AT LEAST THE PURCHASE PRICE, BUYER SHALL HAVE THE RIGHT TO TERMINATE THIS AGREEMENT BY PROVIDING SELLER WITH A COPY OF THE APPRAISAL ALONG WITH NOTICE OF BUYER'S DECISION TO TERMINATE ("NOTICE") NO LATER THAN THE CLOSING DATE. IF THE NOTICE AND APPRAISAL ARE NOT TIMELY DELIVERED TO SELLER, THIS CONTINGENCY SHALL BE DEEMED TO BE WAIVED BY BUYER. NOTWITHSTANDING ANY PROVISION TO THE CONTRARY CONTAINED HEREIN, BUYER AND SELLER HEREBY AGREE THAT IN THE EVENT OF BUYER'S BREACH OF THIS AGREEMENT, SELLER'S SOLE REMEDY SHALL BE TO RECEIVE OR RETAIN THE EARNEST MONEY AS LIQUIDATED DAMAGES, WHICH IS A REASONABLE ESTIMATE OF THE PROBABLE LOSS, AND THAT SELLER SHALL NOT BE ENTITLED TO ACTUAL DAMAGES OR SPECIFIC PERFORMANCE. SELLER AGREES TO REMOVE ALL PERSONAL ITEMS, STORAGE ITEMS AND DEBRIS FROM HOUSE, ATTIC AND GARAGE AND HAVE HOME PROFESSIONALLY CLEANED PRIOR TO CLOSING. TO THE BEST OF THE SELLER S KNOWLEDGE NO PORTION OF THE PROPERTY IS IN THE 100-YEAR FLOOD ZONE. IF, PRIOR TO CLOSING, IT IS DETERMINED THAT ANY PORTION OF THE PROPERTY IS IN THE 100-YEAR FLOOD ZONE, BUYER MAY TERMINATE THIS AGREEMENT

3 THE SELLER S PROPERTY DISCLOSURE STATEMENT IS NOT ATTACHED HERETO. SELLER SHALL HAVE 2 DAYS FROM THE BINDING AGREEMENT DATE TO PROVIDE BUYER WITH AN ACCURATE AND COMPLETE SELLER S PROPERTY DISCLOSURE STATEMENT ON A CURRENT GAR FORM. IN THE EVENT THAT SELLER FAILS TO TIMELY PROVIDE THE STATEMENT THEN BUYER MAY TERMINATE THIS AGREEMENT WITHIN 4 DAYS FROM THE BINDING AGREEMENT DATE BY PROVIDING WRITTEN NOTICE TO SELLER. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, IN CONSIDERATION FOR THE SUM OF $10.00 PAID DIRECTLY BY THE BUYER TO THE SELLER, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED BY THE SELLER (AND WHICH SHALL NOT BE CONSIDERED EARNEST MONEY AND SHALL NOT BE REFUNDABLE). THE SELLER AGREES THAT SHOULD THE BUYER DETERMINE THAT FOR ANY REASON THE PROPERTY IS UNACCEPTABLE TO BUYER, THEN WITHIN 1 DAY OF BUYER S RECEIPT OF THE SELLER S DISCLOSURE STATEMENT, BUYER MAY TERMINATE THIS AGREEMENT. Prior to closing Seller agrees to replace all non-water-conserving plumbing fixtures on the property with water-conserving plumbing fixtures. A water-conserving plumbing fixture shall mean the following: ultra low-flow toilets (ULFTs) that use a maximum of 1.6 gallons per flush; urinals that use a maximum of 1.0 gallons per flush; shower head's that emit a maximum of 2.5 gallons per minute; lavatory faucets that emit a maximum of 2.0 gallons per minute; and kitchen faucets that emit a maximum of 2.2 gallons per minute. IN THE EVENT THIS AMENDMENT TO ADDRESS CONCERNS WITH PROPERTY IS NOT ACCEPTED BY SELLER AND DELIVERED BACK TO BUYER PRIOR TO THE END OF THE BUYER'S RIGHT TO TERMINATE THIS AGREEMENT, THIS AMENDMENT TO ADDRESS CONCERNS WITH PROPERTY SHALL SERVE AS NOTICE OF TERMINATION OF THIS AGREEMENT UPON EXPIRATION OF THE RIGHT TO TERMINATE PERIOD AS SET FORTH HEREIN.

4 BY INITIALING BELOW, BUYER AND SELLER ACKNOWLEDGE THAT THE ABOVE AGREEMENT IS A CONFORMED COPY OF AN AGREEMENT ENTERED INTO BETWEEN PARTIES DATE JUNE 14, IN THE EVENT OF ANY CONFLICT BETWEEN THIS CONFORMED AGREEMENT AND THE ORIGINAL THEREOF, ALL PARTIES AGREE THAT THE ORIGINAL AGREEMENT SHALL CONTROL. BUYER'S INITIALS: SELLER'S INITIALS: SELLER SHALL PROMPTLY PROVIDE THE CLOSING ATTORNEY WITH CONTACT INFORMATION FOR THE LENDER AND WRITTEN AUTHORIZATION TO ENABLE THE CLOSING ATTORNEY TO COMMUNICATE WITH THE SELLER'S LENDER REGARDING THE STATUS AND DETAILS OF THE LENDER'S ACCEPTANCE OF A SHORT SALE. DUE DILIGENCE PERIOD, FINANCIAL CONTINGENCY AND APPRAISAL CONTINGENCY TIME LINES SHALL NOT BEGIN UNTIL WRITTEN APPROVAL OF THE SHORT SALE FROM THE SELLER'S LENDER HAS BEEN RECEIVED BY BUYER. Radon test report shows radon levels averaged picocuries. Seller shall have, at Seller's sole expense, prior to closing, an NEHA radon mitigation certified contractor install an interior mitigation system that runs through the walls and exits through the attic. Seller must provide a third party radon test showing a level of 2.6 picocuries or below. Mitigation company shall provide a transferable warranty for 5 years from installation date.

5 Property Sold Subject to Due Diligence Period. For and in consideration of the additional payment of $10.00 by the Buyer to the Seller, the receipt and sufficiency of which is hereby acknowledged, Seller does hereby grant Buyer the option of terminating this Agreement, for any reason, for a 15 day period from the Binding Agreement Date ( Due Diligence Period ). During the Due Diligence Period, Buyer may conduct at Buyer s sole expense whatever evaluations, inspections, examinations, surveys, and testing, if any, Buyer deems appropriate to determine whether Buyer s option to terminate this Agreement should be exercised. This shall include but not be limited to testing for lead-based paint and/or lead-based paint hazards, inspecting for active infestation of and/or damage from termites and other wood destroying organisms and determining if the Property or the improvements thereon are in a flood plain. During the Due Diligence Period, Buyer may also propose an amendment(s) to this Agreement to address any concerns of Buyer with the Property. If Buyer decides to exercise Buyer s option to terminate this Agreement, Buyer must give notice of the same to Seller prior to the end of the Due Diligence Period. If Buyer fails to give such notice in a timely manner, the Due Diligence Period shall expire and terminate and Buyer shall be deemed to have accepted the Property as-is. The expiration of the Due Diligence Period shall not terminate any other contingencies to which this Agreement may be subject. This Agreement shall be an option contract until the Due Diligence Period has ended without the Buyer terminating the same.

6 Buyer acknowledges that the Due Diligence Period has expired and that under the terms of the Purchase and Sale Agreement, Buyer: a) is agreeing to purchase the Property in as-is condition; and b) no longer has a right to request that Seller either make repairs to the Property or address other concerns of the Buyer with the Property. Seller is insisting on the strict adherence to the time deadlines set forth in the Agreement and is expressly not waiving such deadlines or agreeing to amend or extend such deadlines in any way. While reserving all of Seller s rights to insist that Buyer purchase the Property in as-is condition, Seller is willing, for additional consideration of Ten Dollars ($10) paid by Buyer to Seller, to perform certain limited repairs to the Property which are set forth below. [LIST THE REPAIRS BELOW] Seller s offer to make these limited repairs to the Property may be withdrawn or modified by Seller at any time prior to the acceptance of this counteroffer by Buyer and the delivery of the same, along with the $10 in consideration paid by Buyer to Seller. If Seller s offer to make such limited repairs is withdrawn, Buyer shall purchase the Property in as-is condition.