Common use of NEW HOME CONSTRUCTION Clause in Contracts

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 Should SELLER in the SELLER’S Response refuse to remedy any or all of the deficiencies listed by the 180 BUYER, then BUYER shall have seventy-two (72) hours from the date of SELLER's Response or seventy-two 181 (72) hours from the date that SELLER's Response was due, whichever is earlier, to: (a) accept SELLER'S 182 Response to BUYER’S written requests or (b) accept the Property in its current condition, or (c) to elect to 183 terminate this Agreement. BUYER’S response shall be in writing. Upon BUYER'S failure to respond to the 184 SELLER’s Response by the time specified or BUYER’S electing, in writing, to terminate this Agreement, the 185 Agreement shall be automatically, with no further action required by either party, ipso facto null and void except 186 for return of Deposit to the BUYER. 187 188 FAILURE TO GIVE WRITTEN NOTICE OF EITHER TERMINATION OR DEFICIENCIES AND DESIRED 189 REMEDIES TO SELLER (OR SELLER’S DESIGNATED AGENT) AS SET FORTH IN LINES 161 THROUGH 177 190 WITHIN THE INSPECTION AND DUE DILIGENCE PERIOD SHALL BE DEEMED AS ACCEPTANCE BY 191 BUYER OF THE PROPERTY'S CURRENT CONDITION. 192

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 Should SELLER in the SELLER’S Response refuse to remedy any or all of the deficiencies listed by the 180 BUYER, then BUYER shall have seventy-two (72) hours from the date of SELLER's Response or seventy-two 181 (72) hours from the date that SELLER's Response was due, whichever is earlier, to: (a) accept SELLER'S 182 Response to BUYER’S written requests or (b) accept the Property in its current condition, or (c) to elect to 183 terminate this Agreement. BUYER’S response shall be in writing. Upon BUYER'S failure to respond to the 184 SELLER’s Response by the time specified or BUYER’S electing, in writing, to terminate this Agreement, the 185 Agreement shall be automatically, with no further action required by either party, ipso facto null and void except 186 for return of Deposit to the BUYER. 187 188 FAILURE TO GIVE WRITTEN NOTICE OF EITHER TERMINATION OR DEFICIENCIES AND DESIRED 189 REMEDIES TO SELLER (OR SELLER’S DESIGNATED AGENT) AS SET FORTH IN LINES 161 THROUGH 177 190 WITHIN THE INSPECTION AND DUE DILIGENCE PERIOD SHALL BE DEEMED AS ACCEPTANCE BY 191 BUYER OF THE PROPERTY'S CURRENT CONDITION. 192

NEW HOME CONSTRUCTION. If the property to be sold is completed new construction, under construction, or to 150 146 be constructed, check one: 151 147 □ A new home construction addendum, with additional terms and conditions, is attached. 152 148 □ There is no new home construction addendum. 153 154 149 150 INSPECTION AND DUE DILIGENCE PERIOD: The BUYER ACKNOWLEDGES THAT THE SALE PRICE OF 151 THE 155 PROPERTY WAS NEGOTIATED BASED UPON THE PROPERTY'S APPARENT CURRENT CONDITION; 156 152 ACCORDINGLY, the SELLER IS NOT OBLIGATED TO MAKE REPAIRS TO THE PROPERTY, INCLUDING 157 153 REPAIRS REQUIRED BY THE LENDER UNLESS OTHERWISE STATED HEREIN. THE SELLER IS 158 154 RESPONSIBLE FOR MAINTAINING THE PROPERTY IN SUBSTANTIALLY THE SAME OR BETTER 159 155 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 160 161 156 157 The BUYER shall have an inspection and due diligence period of ( ) calendar days, commencing the first 158 day 162 after acceptance of this Agreement wherein, the BUYER may, at the BUYER’S expense, have any 159 inspections made by 163 experts or others of his choosing. Such physical inspections may include, but are not limited 160 to, inspections for 164 termites and other wood destroying insects, and/or damage from same, molds, and fungi 161 hazards, and analysis of 165 synthetic stucco, drywall, appliances, structures, foundations, roof, heating, cooling, 162 electrical, plumbing systems, 166 utility and sewer availability and condition, out-buildings, and square footage. Other 163 due diligence by the BUYER may 167 include, but is not limited to investigation into the property’s school district, 164 insurability, flood zone classifications, current 168 zoning and/or subdivision restrictive covenants and any items 165 addressed in the SELLER’S Property Disclosure 169 Document. All testing shall be nondestructive testing. The 166 SELLER agrees to provide the utilities for inspections and 170 immediate access. If the BUYER is not satisfied with 167 the condition of the Property or the results of the BUYER’s ’S due 171 diligence investigation, the BUYER may choose 168 one of the following options within the inspection and due 172 diligence period: 173 174 169 Option 1: The BUYER may elect, in writing, to terminate the Agreement and declare the Agreement null and void; 170 or 175 171 Option 2: The BUYER may indicate in writing the deficiencies and desired remedies and the SELLER will within 172 seventy 176 two (72) hours respond in writing as to the SELLER’s ’S willingness to remedy those deficiencies 173 (“SELLER’s 177 ’S Response”). 178 179 174 175 Should the SELLER in the SELLER’S Response refuse to remedy any or all of the deficiencies listed by the 180 176 BUYER, then the BUYER shall have seventy-two (72) hours from the date of the SELLER's 'S Response or seventy-two 181 (72) hours from 178 the date that SELLER's Response was due, whichever is earlier, to: (a) accept SELLER'S 182 Response to the BUYER’S written requests or (b) accept the Property in its current condition, or (c) 179 to elect to 183 terminate this Agreement. The BUYER’S response shall be in writing. Upon the BUYER'S failure to 180 respond to the 184 SELLER’s ’S Response by the time specified or the BUYER’S electing, in writing, to terminate this 181 Agreement, the 185 Agreement shall be automatically, with no further action required by either party, ipso facto null 182 and void except 186 for return of Deposit to the BUYER. 187 188 183 184 FAILURE TO GIVE WRITTEN NOTICE OF EITHER TERMINATION OR DEFICIENCIES AND DESIRED 189 185 REMEDIES TO THE SELLER (OR THE SELLER’S DESIGNATED AGENT) AS SET FORTH IN LINES 161 150 186 THROUGH 177 190 173 WITHIN THE INSPECTION AND DUE DILIGENCE PERIOD SHALL BE DEEMED AS 187 ACCEPTANCE BY 191 THE BUYER OF THE PROPERTY'S CURRENT CONDITION. 192188 189 PRIVATE WATER/SEWERAGE: 190 191 □ There is/are ( ) private water system(s) servicing only the primary residence, and the attached 192 private Septic/Water Addendum inspections shall include only the system(s) supplying service to the primary 193 residence. 194 195 □ There is/are _ ( ) private septic/treatment system(s) servicing only the primary residence and 196 the attached private Septic/Water Addendum inspections shall include only those systems supplying service to 197 the primary residence. 198 199 □ There is NO private septic/treatment system(s) servicing only the primary residence. 200