Best Practices: Real Estate Document Clause Verbiage

Appraisal
If Property appraises less than the Purchase Price, Buyer is preapproved and agrees to pay up to a maximum of $______________ over the appraised value, but not more than the Purchase Price.

Concessions
Seller to pay $_________ or ______% of the Purchase Price towards Buyer’s closing costs, pre-paid taxes and insurance, points, mortgage costs, survey costs, or any other costs allowed by the Lender at the closing of the sale.

Contingencies
This Agreement includes a “contingent upon sale” clause. All contingencies based upon the Effective Date will begin the day after the contingency for the sale of Buyer’s property has expired or has been removed, whichever occurs earlier.

(Non-Refundable) Earnest Money Deposit
If the sale is not closed as provided in the Purchase Agreement, for any reason other than the fault of the Seller, Buyer and Seller agree that the Earnest Money Deposit is non-refundable to the Buyer.

Manufactured Homes
This offer is contingent upon Seller’s ability to provide the Title or the Certificate of Affixture for the Manufactured Home within 10 days after the Effective Date of this Agreement. If Buyer objects to the document provided, Buyer may, within three (3) days of receipt of the document, by written notice to Seller, either terminate this Agreement and receive a refund of Buyer’s Earnest Money Deposit, or make a written proposal to Seller. If Buyer fails to make a written proposal within the above referenced time period, then Buyer will be deemed to have accepted the document. Seller may negotiate with Buyer, or by written notice to Buyer, accept Buyer’s proposal or terminate this Agreement. If Seller fails to respond, or to arrive at a mutually agreeable resolution within three (3) days after Seller’s receipt of Buyer’s proposal, Buyer shall have three (3) days to provide written notice of termination of this Agreement and shall receive a refund of any applicable Earnest Money Deposit. If Buyer fails to terminate this Agreement within said three (3) day period, Buyer will be deemed to accept the document and will proceed to closing according to the terms and conditions of this Agreement. Exceptions:

Seller Contingency for Mutual Release
Seller’s acceptance is contingent upon full release of the previous sale on above property, pursuant to the purchase agreement dated _____________. Seller shall have ___ days to satisfy this contingency, at which time it will be deemed waived. All contingencies based upon the Effective Date will begin on the day after the contingency for receipt of the full release has expired or has been removed, whichever occurs earlier.

Repairs
Seller to complete repairs in good and workmanlike fashion, using licensed contractors and obtaining any permits as required by applicable municipal building codes. Buyer reserves the right to re-inspect and approve repairs within ____ days after completion. If the results of Buyer’s re-inspections are not acceptable to Buyer, Buyer shall have the options identified in the Inspections & Investigations Paragraph within the Purchase Agreement.

Short Sale
Acceptance of this Agreement is subject to lender’s approval of a short sale. Seller has no obligation to contribute funds to close this transaction.

Walk Through
Buyer with Buyer’s Representative shall have the option of final walk-thru of property within 48 hours prior to close.