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Clauses
Escalation Clause
In the event Seller receives a competing Purchase Agreement with a sale price (computed as sale price less any Seller contributions to Buyer's closing costs) higher than the sale price of this Purchase Agreement prior to Final Acceptance of this Purchase Agreement, the sale price of this Purchase Agreement shall automatically increase to $X over the price in any competing Purchase Agreement, but in no event shall exceed $X. All parties shall sign an Addendum to Purchase Agreement: Counteroffer Addendum confirming this change. Seller shall provide Buyer a copy of the competing Purchase Agreement prior to execution of Counteroffer Addendum.
OPTIONAL: Any such competing Purchase Agreement must NOT be subject to the Sale of Buyer's Property nor subject to the successful closing of any other property.
Escalation Clause
The following shall be incorporated as part of the overall terms of the purchase for the above property: The purchase price shall be $287,000, however, in the event there is another bona-fide offer on the above property, the Buyers agree to the following: The Buyers will pay $1,500 (fill in the amount) more than the highest NET competing offer up to a maximum price of $XXX,XXX (fill in max price). The Seller(s) and their agent agree to show proof as evidenced by page one and the financing page that discloses Seller paid Closing costs of the competing offer including any Addenda that may relate to adjustments to the Seller's Net Proceeds. Buyers agree to remove the inspection contingency in its entirety subject to the Seller(s) completing the following prior to closing.
Inspection Contingency
Buyers agree to remove the inspection contingency in its entirety subject to the Seller(s) completing the following prior to closing.
***Add in this verbiage below the items you're asking the seller to fix: Any and all work shall be performed by licensed contractors and said work shall be performed in a professional and workmanlike manner. Seller shall provide receipts for work completed or lien waivers
Contingency upon the Sale of a Buyer's Property
Performance Clause: In the alternative to lines 13-19, the Buyers reserve the right to show proof of ability to perform according to the terms in this Purchase agreement without the sale of their home. Acceptance of the Buyer's proof to perform shall not be unreasonably withheld or denied.
Arbitrage - Juicing the Price/ Financing Paying over List Price
It is understood and agreed that once the Home Inspection Contingency has been removed, and in the event the home fails to appraise at the sales price of $246,000, then the following shall occur: The sales price will be reduced to the appraised value, and the “Seller Paid” closing costs benefitting the buyer shall be reduced in direct proportion to the “offset” of the reduction of price; and said “offset” (Seller Paid Closing Costs) shall be the responsibility of the Buyers.
Covering Appraisal Shortfall
In the event the property fails to appraise for the agreed upon purchase price, the Buyer agrees to make up the difference between appraised value and purchase price in cash up to a maximum of $10,000.
Buyers will not Request Repairs
Buyer(s) agree to assume up to $X in repair costs resulting from buyer's inspection(s) and resulting contractor estimates. If noted estimates are less than this amount, total Buyer(s) shall move forward with the Purchase Agreement in full force with NO inspection-related repair concessions requested from the Sellers.
Appraisal, Buyer must Pay Difference
In the event Buyer's Lender's appraisal establishes a value less than the sale price of this Purchase Agreement and Buyer's lender subsequently adjusts the loan amount for this property, all parties agree there will be no Amendments to the sale price, and buyer shall be responsible to increase buyer's funds provided at closing. Despite any provision in the Purchase Agreement to the contrary, Buyer shall not have the right to exercise a financing contingency due to the low appraisal so long as the difference between purchase price and appraised value is not more than $_______________.
Missing Sellers Disclosure
This Purchase Agreement is contingent upon receipt and review of an executed Seller’s Property Disclosure Statement. Upon delivery of the Seller’s Disclosure Statement, Buyer shall have ____ Calendar Days to exercise this Contingency by providing written notice to Seller, or Seller’s agent, of intent to cancel. If Buyer so elects, all parties shall execute a Cancellation of Purchase Agreement directing earnest money refunded to Buyer.
EM NON-REFUNDABLE
Earnest money shall be non-refundable (except where Seller fails to close or otherwise breaches the Purchase Agreement) and all parties hereby direct Earnest Money Holder to immediately release earnest money to Seller
EM NON-REFUNDABLE AFTER INSPECTION
Earnest money shall be deposited within 2 business days after expiration (or removal if earlier) of inspection contingency. Earnest money shall be paid directly to Seller and shall be nonrefundable (except where Seller fails to close or otherwise breaches the Purchase Agreement) despite any provision to the contrary contained in this Purchase Agreement, including but not limited to the financing contingency.