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Contract Series Paragraph 23

George Clements ~ Greenville, SC Real Estate

 

Paragraph 23 of the Contract For Sale is entitled "Survival" and looks something like this: 

 

23. SURVIVAL: If any provision herein contained which by its nature and effect is required to be observed,
kept or performed after the closing, it will survive the closing and remain binding upon and for the benefit of
the parties hereto until fully observed, kept or performed.

 

This paragraph is wordy but very simple.  It is basically saying that if something is put in this contract to be done after the closing that it will be done even if the closing has taken place.  

This does not come up very often but  here is an example that I came up with.  Let's say that it says in the contract that the seller will buy a new washer and dryer for the purchaser and that it shall be delivered no later than 5 days after the closing.  The seller would still be responsible to make sure the washer and dryer were delivered even though the seller has already closed on the property.  I know this is not a very good example because I would not recommend that anyone do this.  I prefer for everything to be done before the closing but it illustrates the meaning of the paragraph.

 

 

Comment balloon 0 commentsGeorge Clements • April 01 2008 04:35PM

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