NEW HOME CONSTRUCTION Sample Clauses

NEW HOME CONSTRUCTION. If the property to be sold is completed new construction, under construction, or to 150 be constructed, check one: 151 A new home construction addendum, with additional terms and conditions, is attached. 152 There is no new home construction addendum. 153 154 INSPECTION AND DUE DILIGENCE PERIOD: BUYER ACKNOWLEDGES THAT THE SALE PRICE OF THE 155 PROPERTY WAS NEGOTIATED BASED UPON THE PROPERTY'S APPARENT CURRENT CONDITION; 156 ACCORDINGLY, SELLER IS NOT OBLIGATED TO MAKE REPAIRS TO THE PROPERTY, INCLUDING 157 REPAIRS REQUIRED BY THE LENDER UNLESS OTHERWISE STATED HEREIN. THE SELLER IS 158 RESPONSIBLE FOR MAINTAINING THE PROPERTY IN SUBSTANTIALLY THE SAME OR BETTER 159 CONDITION AS IT WAS WHEN THE AGREEMENT WAS FULLY EXECUTED. BUYER’S Initials _ _ Page 4 of 9 SELLER’S Initials ABS Rev. 06/01/13 Property address, street, city, state, zip Date 160 161 BUYER shall have an inspection and due diligence period of ( ) calendar days, commencing the first day 162 after acceptance of this Agreement wherein, BUYER may, at BUYER’S expense, have any inspections made by 163 experts or others of his choosing. Such physical inspections may include, but are not limited to, inspections for 164 termites and other wood destroying insects, and/or damage from same, molds, and fungi hazards, and analysis of 165 synthetic stucco, drywall, appliances, structures, foundations, roof, heating, cooling, electrical, plumbing systems, 166 utility and sewer availability and condition, out-buildings, and square footage. Other due diligence by BUYER may 167 include, but is not limited to investigation into the property’s school district, flood zone classifications, current 168 zoning and/or subdivision restrictive covenants and any items addressed in the SELLER’S Property Disclosure 169 Document. All testing shall be nondestructive testing. SELLER agrees to provide the utilities for inspections and 170 immediate access. If BUYER is not satisfied with the condition of the Property or the results of BUYER’s due 171 diligence investigation, the BUYER may choose one of the following options within the inspection and due 172 diligence period: 173 174 Option 1: BUYER may elect, in writing, to terminate the Agreement and declare the Agreement null and void; or 175 Option 2: BUYER may indicate in writing the deficiencies and desired remedies and SELLER will within seventy 176 two (72) hours respond in writing as to SELLER’s willingness to remedy those deficiencies (“SELLER’s 177 Response”). 178 179 S...