Common use of ESCAPE CLAUSE Clause in Contracts

ESCAPE CLAUSE. It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of xxxxxxx deposit or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the V.A. The purchaser shall, however have the privilege and option to proceedings with the consummation of this contract without regard to the amount of reasonable value established by the V.A. Seller_ Buyer_ Date Date Seller_ Buyer_ Date Date It is expressly agreed that notwithstanding any other provisions of this contract, the purchase shall NOT be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the purchaser has been given in accordance with HUD, FHA or VA requirements a written statement by the Federal Housing Commission, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the property of not less than $ . The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value not the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable. The dollar amount to be inserted in the amendatory clause is the sales price stated in the contract. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is NOT required. However, the loan application package must include the original sales contract with the same price as shown on the amendatory clause along with the revised or amended sale contract. Seller_ Buyer_ Date Date Seller_ Buyer_ Date Date FHA DOES NOT WARRANT THE VALUE OF THE CONDITION OF A HOME! While FHA requires the lender to have an appraiser determine the value of the property, it is an estimate only and is used to determine the amount of the mortgage FHA will insure and if the condition of the property make it eligible for FHA mortgage insurance. It is not, however, a guarantee that the property is free of defects. As the purchaser, YOU should carefully examine the property or have it inspected by a qualified home inspection company to make sure that the condition is acceptable to you. You should do this before you sign the sales contract or make the contract contingent on the inspection. If repairs are needed, you may negotiate with the owner about having the faults corrected. There is no requirement that you hire an inspector. If you choose to, the cost of the inspection up to $200.00 may be included in your mortgage loan. Names of home inspections companies can be found in the yellow pages of your telephone directory under the heading “Home Inspection Service.” I/We have carefully read this notice and fully understand the FHA will not perform a home inspection nor guarantee the price or condition of the property we are purchasing. I/We have carefully read this notice and fully understand the FHA will not perform a home inspection nor guarantee the price or condition of the property we are purchasing. Seller_ Date: _ Buyer_ Date: _ Seller _ Date: Buyer_ Date: _ Property Address: Seller(s) hereby authorize Clear Title & Abstract, LLC and its Escrow Agent to obtain any information relating to their present mortgage or mortgages and any loan information, including existing account, payoff statement, or assumption package from their existing lender. Name of 1st Existing Lender: Loan #: Address: Phone: Name of 2nd Existing Lender: Loan #: Address: Phone: Date: Seller Seller PROPERTY ADDRESS: SALES PRICE: $ XXXXXXX DEPOSIT: $ CLOSING DATE: SELLERS NAME: MARITAL STATUS: Married Single Other PRESENT ADDRESS HOME PHONE: CELL PHONE: EMAIL ADDRESS: FORWARDING ADDRESS: CITY: STATE: ZIP: SS# SS# SELLER #1 SELLER #2 PRESENT MORTGAGE COMPANY: LOAN NUMBER: PHONE NUMBER: 2ND MORTGAGE COMPANY: LOAN NUMBER: PHONE NUMBER: BUYER(S) NAME: MARITAL STATUS: Married Single Other PRESENT ADDRESS: HOME PHONE: CELL PHONE: EMAIL ADDRESS: SS# SS# BUYER #1 BUYER #2 LENDER: LOAN OFFICER: LENDER ADDRESS: LENDER PHONE: TERMITE INSEPCTION CO: HOME INSPECTION CO: ORDERED: Yes or No ORDERED: Yes or No WELL AND SEPTIC CO: ORDERED: Yes or No

ESCAPE CLAUSE. It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of xxxxxxx deposit or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the V.A. The purchaser shall, however have the privilege and option to proceedings with the consummation of this contract without regard to the amount of reasonable value established by the V.A. Seller_ Buyer_ Seller Buyer Date Date Seller_ Buyer_ Seller Buyer Date Date It is expressly agreed that notwithstanding any other provisions of this contract, the purchase shall NOT be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the purchaser has been given in accordance with HUD, FHA or VA requirements a written statement by the Federal Housing Commission, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the property of not less than $ . The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value not the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable. The dollar amount to be inserted in the amendatory clause is the sales price stated in the contract. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is NOT required. However, the loan application package must include the original sales contract with the same price as shown on the amendatory clause along with the revised or amended sale contract. Seller_ Buyer_ Seller Buyer Date Date Seller_ Buyer_ Seller Buyer Date Date FHA DOES NOT WARRANT THE VALUE OF THE CONDITION OF A HOME! While FHA requires the lender to have an appraiser determine the value of the property, it is an estimate only and is used to determine the amount of the mortgage FHA will insure and if the condition of the property make it eligible for FHA mortgage insurance. It is not, however, a guarantee that the property is free of defects. As the purchaser, YOU should carefully examine the property or have it inspected by a qualified home inspection company to make sure that the condition is acceptable to you. You should do this before you sign the sales contract or make the contract contingent on the inspection. If repairs are needed, you may negotiate with the owner about having the faults corrected. There is no requirement that you hire an inspector. If you choose to, the cost of the inspection up to $200.00 may be included in your mortgage loan. Names of home inspections companies can be found in the yellow pages of your telephone directory under the heading “Home Inspection Service.” I/We have carefully read this notice and fully understand the FHA will not perform a home inspection nor guarantee the price or condition of the property we are purchasing. I/We have carefully read this notice and fully understand the FHA will not perform a home inspection nor guarantee the price or condition of the property we are purchasing. Seller_ Seller Date: _ Buyer_ Buyer Date: _ Seller _ Date: Buyer_ Buyer Date: _ Property Address: Seller(s) hereby authorize Clear Title & Abstract, LLC and its Escrow Agent to obtain any information relating to their present mortgage or mortgages and any loan information, including existing account, payoff statement, or assumption package from their existing lender. Name of 1st Existing Lender: Loan #: Address: Phone: Name of 2nd Existing Lender: Loan #: Address: Phone: Date: Seller Seller PROPERTY ADDRESS: SALES PRICE: $ XXXXXXX DEPOSIT: $ CLOSING DATE: SELLERS NAME: MARITAL STATUS: Married Single Other PRESENT ADDRESS HOME PHONE: CELL PHONE: EMAIL ADDRESS: FORWARDING ADDRESS: CITY: STATE: ZIP: SS# SS# SELLER #1 SELLER #2 PRESENT MORTGAGE COMPANY: LOAN NUMBER: PHONE NUMBER: 2ND MORTGAGE COMPANY: LOAN NUMBER: PHONE NUMBER: BUYER(S) NAME: MARITAL STATUS: Married Single Other PRESENT ADDRESS: HOME PHONE: CELL PHONE: EMAIL ADDRESS: SS# SS# BUYER #1 BUYER #2 LENDER: LOAN OFFICER: LENDER ADDRESS: LENDER PHONE: TERMITE INSEPCTION CO: HOME INSPECTION CO: ORDERED: Yes or No ORDERED: Yes or No WELL AND SEPTIC CO: ORDERED: Yes or No

ESCAPE CLAUSE. It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of xxxxxxx deposit or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the V.A. The purchaser shall, however have the privilege and option to proceedings with the consummation of this contract without regard to the amount of reasonable value established by the V.A. Seller_ Buyer_ Date Date Seller_ Buyer_ Date Date It is expressly agreed that notwithstanding any other provisions of this contract, the purchase shall NOT be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of xxxxxxx money deposits or otherwise unless the purchaser has been given in accordance with HUD, FHA or VA requirements a written statement by the Federal Housing Commission, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the property of not less than $ . The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value not the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable. The dollar amount to be inserted in the amendatory clause is the sales price stated in the contract. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is NOT required. However, the loan application package must include the original sales contract with the same price as shown on the amendatory clause along with the revised or amended sale contract. Seller_ Buyer_ Date Date Seller_ Buyer_ Date Date FHA DOES NOT WARRANT THE VALUE OF THE CONDITION OF A HOME! While FHA requires the lender to have an appraiser determine the value of the property, it is an estimate only and is used to determine the amount of the mortgage FHA will insure and if the condition of the property make it eligible for FHA mortgage insurance. It is not, however, a guarantee that the property is free of defects. As the purchaser, YOU should carefully examine the property or have it inspected by a qualified home inspection company to make sure that the condition is acceptable to you. You should do this before you sign the sales contract or make the contract contingent on the inspection. If repairs are needed, you may negotiate with the owner about having the faults corrected. There is no requirement that you hire an inspector. If you choose to, the cost of the inspection up to $200.00 may be included in your mortgage loan. Names of home inspections companies can be found in the yellow pages of your telephone directory under the heading “Home Inspection Service.” I/We have carefully read this notice and fully understand the FHA will not perform a home inspection nor guarantee the price or condition of the property we are purchasing. I/We have carefully read this notice and fully understand the FHA will not perform a home inspection nor guarantee the price or condition of the property we are purchasing. Seller_ Date: _ Buyer_ Date: _ Seller _ Date: Buyer_ Date: _ Property Address: Seller(s) hereby authorize Clear Title & Abstract, LLC and its Escrow Agent to obtain any information relating to their present mortgage or mortgages and any loan information, including existing account, payoff statement, or assumption package from their existing lender. Name of 1st Existing Lender: Loan #: Address: Phone: Name of 2nd Existing Lender: Loan #: Address: Phone: Date: Seller Seller PROPERTY ADDRESS: SALES PRICE: $ XXXXXXX DEPOSIT: $ CLOSING DATE: SELLERS NAME: MARITAL STATUS: Married Single Other PRESENT ADDRESS HOME PHONE: CELL PHONE: EMAIL ADDRESS: FORWARDING ADDRESS: CITY: STATE: ZIP: SS# SS# SELLER #1 SELLER #2 PRESENT MORTGAGE COMPANY: LOAN NUMBER: PHONE NUMBER: 2ND MORTGAGE COMPANY: LOAN NUMBER: PHONE NUMBER: BUYER(S) NAME: MARITAL STATUS: Married Single Other PRESENT ADDRESS: HOME PHONE: CELL PHONE: EMAIL ADDRESS: SS# SS# BUYER #1 BUYER #2 LENDERXXXXXX: LOAN OFFICER: LENDER XXXXXX ADDRESS: LENDER PHONE: TERMITE INSEPCTION CO: HOME INSPECTION CO: ORDERED: Yes or No ORDERED: Yes or No WELL AND SEPTIC CO: ORDERED: Yes or No