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Contract Series Paragraph 16

George Clements ~ Greenville, SC Real Estate 

 

Paragrahp 16 of the Contract For Sale deals with the condition of the property and has 7 sections dealing with condition. Section A deals with inspections in general and looks something like this:

16. CONDITION OF PROPERTY: (A) INSPECTION: Purchaser will have the right and responsibility to inspect or select an inspector(s) at Purchaser’s expense to make any inspections, tests, or investigations, including, but not limited to testing for air quality, mold, radon gas and asbestos and to verify the square footage of the Property. Seller will make the Property available for all inspections and will have all utilities in service for the inspections, appraisals and final walk through or re-inspection. Purchaser will indemnify and hold the Seller harmless from any liability arising as a result of any negligent acts or omissions of any inspector(s) and/or their agents during such inspections, and will repair any damages to the property, resulting from same. Purchaser will provide Seller or Seller’s Agent with a written and signed list of repairs requested including CL-100, (See GGAR Form #502 Grvl, Purchaser’s Requested Repairs/Seller’s Response), excluding appraisal and occupancy permit requirements, if any, within _________ calendar days after the Effective Date. Failure of Purchaser to notify Seller or Seller’s Agent in writing or provide a copy of any inspections, with list of requested repairs attached, within the specified time shall be deemed a waiver of Seller’s obligation, if any, to make any repairs listed on the inspection report(s). Seller agrees to respond in writing to the Purchaser’s list of requested repairs within_________calendar days after receipt of said list by the Seller, acknowledged by Seller’s signature and date. Failure by the Seller to provide a signed response to the Purchaser’s written request for repairs within the specified time shall be deemed acceptance of Purchaser’s request as submitted. Purchaser shall respond in writing to Seller’s written response within_________days after receipt. Otherwise, failure by Purchaser to respond within the specified time shall be deemed acceptance of Seller’s response to Purchaser’s request.

 

This clause gives the purchaser the right to have the property inspected for anything they think is important.  Normal inspections include a general home inspection, CL-100 (termite/moisture), radon, etc..  

 A certain amount of time to complete the inspections is to be place in this clause and is normally 10-15 days.  I usually like to put 15 days if I am representing the purchaser because good inspectors can be booked up for days and it might be a little while before they can get out to the property.  The purchaser must submit their repair request in writing by the end of that 15 days or the seller will not be required to fix anything.  Items that sellers are required to fix are mentioned in latter clause.

The two remaining blanks are normally filled in with 5 and 5.  This gives the seller 5 days to respond to the repair request saying what they will fix and will not fix and the purchaser 5 days to respond to that response.  If the seller does not respond within the 5 days then they are accepting to do all of the requested repairs.  The same goes for the purchaser if they do not respond to the response.

 

Comment balloon 0 commentsGeorge Clements • March 26 2008 10:13AM

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