Sales Contract
This term describes the condition the Seller must leave the property in upon delivering possession, meaning free of debris and personal property.
What is "Broom Clean"?
The standard number of days a Buyer has after acceptance to obtain general inspections and submit a repair amendment.
What is 14 days?
A Buyer may request repairs under the Radon Inspection Amendment if the level of picocuries per liter is at or above this number.
What is 4.0?
This term refers to the date on which the Seller has vacated and delivered the keys to the Buyer.
What is Possession?
If this specific contingency is selected in Paragraph 10, the Buyer accepts the property's current state but retains the right to request repairs if material defects exceed $2,500
What is "As-Is Condition (With Inspections)"?
Once a Buyer submits an Inspection Repair Amendment, the Buyer and Seller have this many days to mutually agree on how items will be remedied.
What is 5 days?
If the appraisal is less than the purchase price, the Buyer must serve a copy of the appraisal to the Seller within this many days after the date of acceptance.
What is 21 days?
For the purpose of the Inspection Amendment, the "Premises" includes the residence, the garage, and only these specific additions.
What are Attached Improvements?
According to Paragraph 9, items such as ceiling fans, built-in appliances, and wall mounts are legally classified as this and are included in the sale
What are Fixtures (or Improvements)?
If a Buyer cannot obtain financing, they must provide written evidence of loan denial by the date specified in the Financing Amendment; otherwise, the Seller may terminate the contract after this many days of notice.
What is 3 days?
Under the Financing Amendment, if a Buyer’s failure to obtain financing is the result of an undisclosed contingency regarding the sale of their current property, the Buyer forfeits this
What is the Earnest Money?
Defined in the Inspection Amendment, a mechanical system is in this condition if it is operable and performing the function for which it was intended.
What is "Reasonable Working Order"?
If the property is materially damaged by fire prior to closing, the Buyer has the option to cancel the contract or do this.
What is accept the insurance settlement (and complete the transaction)?
The Seller is required to deliver a Commitment for Title Insurance to the Buyer at least this many days before the closing date.
What is 14 days?
This specific amendment is used when a Buyer has an already accepted offer on their current home but requires that transaction to finalize before purchasing the new property.
What is the Subject to Closing Contingency Amendment?
As defined in the Residential Real Property Disclosure Report, this is a condition that would have a substantial adverse effect on the value of the property or significantly impair the health or safety of occupants.
What is a Material Defect?
Any funds tendered at closing in the amount of $50,000 or greater must be in this specific form, defined as wired funds, government checks, or title company escrow checks
What are "Good Funds"?
If a party defaults on the contract, the non-defaulting party must give notice, allowing the defaulting party this many days to cure the default before pursuing legal remedies.
What is 7 days?
Once a Buyer receives the required Condominium Association documents (such as the Declaration and By-laws), they have this many days to terminate the contract if the documents reveal unacceptable restrictions.
What is 7 days?
According to the Wood Infestation Report paragraph, "visible evidence" of infestation includes live or dead insects, insect parts, shelter tubes, exit holes, or this.
What is Frass (or Staining)?