Sample Escape Clauses for Real Estate Contracts
The sample escape clauses below could be used with a contract addendum such as the one shown below. These sample escape clauses for real estate contracts are provided without warranty of any kind implicit or explicit. If you have questions about their meaning or how they should be used contact a legal representative for assistance. Legalities will vary from state to state, so make sure you are certain as to how to use them in your state.
Before using any of these clauses, seek local legal advice.
Contract Addendum # 1
This Addendum is made the _________ day of __________________, 20___, and is added to and amends that certain agreement by and between ______________________________________________________, as Seller(s) and ____________________________________________________, as Buyer(s), which contract/agreement is dated the ________ day of ________________, 20____, on the following property: __________insert property address_______________________.
The buyer has the right to personally inspect and give his written approval of the described property within 7 days after the acceptance of this contract by the Seller.
The buyer has the right to assign this contract.
The buyer has the right to full inspection of the property within 48 hours prior to closing.
Purchaser shall have the right at the termination of this agreement to renew, for a like period, under the terms contained herein.
Any Escrow Account held by the mortgagee or trust company, shall be conveyed with the property and is included in the purchase price.
Seller’s right to retain deposit money in the event of default by Buyer shall be in full settlement of any claims and shall be the Seller’s sole remedy. Seller shall not be entitled to specific performance. If Seller defaults, Seller shall return Buyer’s deposit plus an equal amount of his own money.
This contract is contingent on an independent appraisal on the property in an amount not less than the purchase price.
The Buyer reserves the right to substitute collateral securing the purchase money mortgage, said collateral to be of equal or greater owner’s equity. Seller shall execute all documents necessary to do so.
This transaction is subject to Buyer’s inspection and written acceptance of all the legal financial records and data of the Seller on the property (including but not limited to all leases, rent records, expense records and tax returns regarding the property) for verification of presentations of income and expenses.
This transaction is subject to complete inspection of the property for compliance with the building, health and fire codes, and Buyers written acceptance of the condition of the premises. Seller shall correct all code violations.
Seller warrants that all personal property, building structure, wiring, appliances, electrical fixtures, plumbing, heating and air conditioning devices are in good operation condition and that the roof is in good repair and free of leaks, and all will be so at closing and for one year after the date of closing. These warranties shall survive and extend past delivery of deed.
Seller shall deliver to Buyer at closing a complete set of keys to the property, all insurance policies being assumed by the Buyer, copies of all mortgages assumed by the Buyer, all warranties and instructions on fixtures and personal property being sold, all leases and tenants applications, all service contract on property being sold, payment books on mortgages being assumed, and any blueprints or surveys regarding the property.
The closing date shall be extended for all time necessary to cure title defects.
All rights of grantee in this contract shall survive the passage of title and shall continue to exist after the deed is accepted.
No monies shall be disbursed after closing until the deed is recorded and the title search updated to the recording of the deed.
Buyer has the right to immediate possession of the property for purposes of making improvements and /or showing the property.
All closing costs including prepaid items are to be paid by seller.
This transaction is subject to an inspection by any partner within three days of the Seller’s acceptance of the offer.
All addendums in case of a conflict will supercede the purchase and sales agreement.
This sale is contingent upon the approval of my business partner.
The sale is contingent upon the seller paying all closing costs.
All facsimile contracts are legal and binding.
Buyer is to receive keys to property upon acceptance of this agreement.
This agreement is subject to Buyer's approval of satisfactory building inspection within 15 days.
This contract may be assigned; in such event, the buyer named herein is released of all further liability.
This offer is contingent upon buyer obtaining new financing of their choice of $140,000 at 8% per annum over 30 years.
It is agreed that Buyer will have 30 business days from the date of this agreement to perform due diligence. This procedure may include confirming market value, determining any needed repairs, or researching the title to the property. In the event Buyer determines that the property does not meet with their approval, this contract will be null and void, and the Buyer deposit will be returned immediately.
The sale is subject to the Sellers attorney’s approval.