CONTRACT FOR PURCHASE
OPTIONAL CLAUSES
OPTIONAL CLAUSES
OPTIONAL CONTRACT CLAUSES
ATTORNEY APPROVAL. This clause allows the attorney for either the Buyer or
the Seller to obtain approval from an attorney. The action of the attorney depends
on the exact language of the contract. Some contracts state that the contract is
void if the attorney does not approve the contract by a given date. Other contracts
state that the contract is valid unless the attorney refuses to approve the contract
by a given date.
INSPECTION. This clause allows the Buyer to obtain an Inspection of the property
prior to final agreement of the purchase price. Depending on the language, the
contract is void if not approved after inspection or is valid if no issues are raised
by a given date.
TIP: DO NOT purchase any property, with the exception of new construction,
without requesting a home inspection. Caveat emptor is a Latin phrase meaning
"Let the Buyer beware." This phrase is used to describe a legal doctrine that the
Buyer cannot recover from the Seller for defects arising after the purchase of the
property unless stated in the contract. Therefore a Buyer MUST obtain an
inspection to be properly advised of the condition of the property and to best
protect the Buyer's investment.
REPAIR/REPLACEMENT. This clause requires to Seller to either repair or replace
a specified items by a given date or the contract is void. The repair/replacement
is at the Seller's expense.
AS IS. This clause does not allow the Buyer to have an inspection of the property.
This section general negates the warranty clause of the contract. Therefore, the
Seller is not giving any sort of warranty to the Buyer that anything in the property is
in good working condition. Without this clause, the Seller warrants that the air
conditioner, heating, swimming pool, septic, etc. are in normal operating
condition as of the time the Buyer takes possession.
TIP: DO NOT purchase a property if the Seller includes this clause. It is very
unusual for the Seller to include this clause. Attorney Angela Lund-Logan has
only had a Seller include this in the contract when the furnace was not in normal
operating condition.
CLOSING COSTS. The Buyer may request that the Seller pay all, a portion, or a
specific dollar amount of the closing costs. In depth information is contained on
the closing page.
TIP: The Buyer may consider this option if the Buyer is concerned about having
sufficient money for the closing.
ATTORNEY APPROVAL. This clause allows the attorney for either the Buyer or
the Seller to obtain approval from an attorney. The action of the attorney depends
on the exact language of the contract. Some contracts state that the contract is
void if the attorney does not approve the contract by a given date. Other contracts
state that the contract is valid unless the attorney refuses to approve the contract
by a given date.
INSPECTION. This clause allows the Buyer to obtain an Inspection of the property
prior to final agreement of the purchase price. Depending on the language, the
contract is void if not approved after inspection or is valid if no issues are raised
by a given date.
TIP: DO NOT purchase any property, with the exception of new construction,
without requesting a home inspection. Caveat emptor is a Latin phrase meaning
"Let the Buyer beware." This phrase is used to describe a legal doctrine that the
Buyer cannot recover from the Seller for defects arising after the purchase of the
property unless stated in the contract. Therefore a Buyer MUST obtain an
inspection to be properly advised of the condition of the property and to best
protect the Buyer's investment.
REPAIR/REPLACEMENT. This clause requires to Seller to either repair or replace
a specified items by a given date or the contract is void. The repair/replacement
is at the Seller's expense.
AS IS. This clause does not allow the Buyer to have an inspection of the property.
This section general negates the warranty clause of the contract. Therefore, the
Seller is not giving any sort of warranty to the Buyer that anything in the property is
in good working condition. Without this clause, the Seller warrants that the air
conditioner, heating, swimming pool, septic, etc. are in normal operating
condition as of the time the Buyer takes possession.
TIP: DO NOT purchase a property if the Seller includes this clause. It is very
unusual for the Seller to include this clause. Attorney Angela Lund-Logan has
only had a Seller include this in the contract when the furnace was not in normal
operating condition.
CLOSING COSTS. The Buyer may request that the Seller pay all, a portion, or a
specific dollar amount of the closing costs. In depth information is contained on
the closing page.
TIP: The Buyer may consider this option if the Buyer is concerned about having
sufficient money for the closing.
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