Buyer Attorney Review Language

Opening Passages

 This attorney review addendum (“Addendum”) shall amend and modify the above-noted Contract of Sale for Real Estate. Except as amended herein, all the terms, covenants and conditions of the Contract and any amendment, addendum or rider shall remain in full force and effect. In the event of any inconsistencies between the terms of the Contract and any amendment, addendum or rider, and this Addendum, the terms of this Addendum shall govern the relationship between the Parties.

Specific Provisions

Seller shall deliver to Buyer, at Seller’s expense, prior to closing of title, a smoke detector certificate, carbon monoxide certificate and a certificate of occupancy as applicable and any other items as required by governing law.

Seller acknowledges gas/electric/water utilities must remain on through closing for final walk through. In addition, Seller will keep utility accounts current and will make reasonable efforts to assist in transitioning utility accounts to Buyer prior to the closing and afterward as is reasonably necessary to affect the transition.

Buyer retains the right to conduct inspections for informational purposes and will only utilize inspection rights in the event of a major structural, mechanical or environmental defect.

If the Property is located in a flood hazard area, Buyer may cancel the Contract with a full return of deposit monies and no further risk or obligation.

Seller shall provide to Buyer a one-year home warranty for the Property at the closing.

Buyer good faith deposit of $25,000 shall be credited to Buyer at the closing, as Buyer will purchase the Property via a 100% funded VA mortgage loan.

Seller to confirm that the sale of 6 Blue Mill Road is not contingent upon Seller finding a new home. Notwithstanding the foregoing, Buyer remains flexible to Seller’s needs in regard to the closing date.

It is agreed between the Buyers and Sellers that whatever automatic waivers by the parties, “liquidated damages”, and/or “forfeiture of deposit monies” appear in the contract of sale and/or any rider thereto, same shall be omitted in its entirety so as to leave the parties to their remedies at law.

Notwithstanding anything to all notices given under the Contract may be made by either facsimile, regular or certified email or email to the attorney for the party with the exception of Time of the Essence notification which must be served in accordance with New Jersey law.

Add the following: “The Seller represents that the Seller is the legal owner of the property which is the subject of this transaction. Seller’s Affidavit shall include, among other representations, a representation that Seller is not now nor has Seller been, an obligor party to a child support proceeding in New Jersey, or in any other state as an obligor, and that there are no child support payments overdue from Seller as an obligor under any Support Order as defined in N.J.S. 2A:17-56.8 et seq.” And, “If the Buyer elects to void this contract in accordance with this section, the deposit monies shall be returned to the Buyer”.

All realty transfer taxes, and any estate charges (if applicable) shall be borne exclusively by Seller.

The Seller will provide evidence that all necessary municipal permits and required permit close outs, as required, were issued for all upgrades or improvements (if any) made to the premises. In addition, Seller represents that any and all additions and improvements were completed in compliance with any and all local, State and Federal laws, rules and/or regulations and agrees to provide the applicable permits for same, if applicable.

In the event the property fails to appraise for or in excess of the purchase price, the Buyer shall have the right to terminate the Contract and receive a full refund of deposit monies, if the parties cannot agree to a re-negotiated purchase price. This provision is intended to be in addition to any appraisal terms related to the VA mortgage.

Seller shall not assign its rights or interest in the Contract to another party without the approval of Buyer.

In the event a mortgage commitment is not obtained within the timeframe specified in the Contract, then the mortgage period may be extended with the consent of the Parties. Seller will not unreasonably withhold consent to an extension of the mortgage contingency if Buyer is pursuing same in good faith. In no event will Buyer’s mortgage contingency be deemed automatically waived by passage of time. If Buyer’s mortgage commitment is withdrawn due to circumstances beyond Buyer’s control, Buyer shall have the right to terminate the contract of sale and receive a full refund of deposit monies. Furthermore, Seller agrees to execute any riders reasonably requested by Buyer’s lender at any time through closing so long as Seller’s obligations under Contract are not increased as a result.

The Contract includes the following addendums:

Lead Paint: Pursuant to the lead paint disclosure, the Buyer retains a 10 day right to conduct an applicable inspection and risk assessment, and all other rights pursuant to said disclosure and state laws.

Underground Oil Tank: Buyer retains its rights to conduct its own due diligence in regard to determining the presence of underground storage tanks pursuant to this addendum

Private Well Water: Pursuant to this addendum Seller will provide the required well water tests and, if unacceptable, Buyer reserves his rights, including the right to cancel the Contract.

FHA/VA Loan Addendum and Amendatory Clause: Buyer will utilize a VA mortgage to finance the purchase of the Property. Seller will comply with all reasonable requests to facilitate the VA loan, provided said requests may be fulfilled at no cost or increase in liability to the Seller. The Parties acknowledges that the VA appraisal may result inspection issues not raised during the home inspection contingency but which must be resolved in order for the VA loan to fund. The Parties agree to reasonably cooperate in order to resolve same. If there are any VA inspection issues that Seller refuses to address or remedy, then Buyer may complete any required repairs at Buyer’s sole cost and expense, or Buyer may cancel the Contract with a full refund of deposit money.

Private Sewage Disposal (Other than Cesspool): Buyer retains its rights under this addendum, including the right to cancel the Contract if due diligence reveals substantial defects that Seller is unwilling to remedy to Buyer’s satisfaction.

None of Buyer’s contingencies shall be deemed time of the essence nor be waived by the passage of time.

Notwithstanding anything to the contrary in the Contract or Addendum, Buyer will retain suitable remedies available in law and equity.

Closing Passages

If the foregoing is acceptable, kindly sign this letter as provided below and return same to me. If you have any questions or comments, please contact me to discuss same.