Property Condition Waiver Clause Samples
A Property Condition Waiver clause allows a party, typically the buyer in a real estate transaction, to relinquish their right to require certain conditions regarding the state of the property before completing the purchase. In practice, this means the buyer agrees to accept the property in its current condition, often foregoing inspections or repairs that might otherwise be required as a condition of sale. The core function of this clause is to expedite the transaction process and reduce negotiation over property defects, thereby allocating the risk of undiscovered issues to the buyer.
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Property Condition Waiver. Following the Close of Escrow, Buyer waives its right to recover from Seller, and the trustees, members, managers, directors, officers, general partners, limited partners, employees and agents of Seller, (collectively, “Seller’s Representatives”), and hereby releases Seller and Seller’s Representatives from, any and all damages, losses, liabilities, costs or expenses whatsoever (including attorney’s fees and costs) and claims therefor, whether direct or indirect, known or unknown, foreseen or unforseen, which may arise on account of or in any way arising out of or connected with (I) the physical condition of the Property, and (ii) the environmental condition of the Property. The foregoing waiver and release shall exclude only those losses, liabilities, damages, costs or expenses, and claims therefor, arising from or attributable to (x) a material matter actually known to Seller (excluding constructive notice) and (1) not disclosed to Buyer and (2) not discovered by Buyer prior to the Close of Escrow, and (y) any breach by Seller of its express representations or warranties under this Agreement.
Property Condition Waiver. Notwithstanding any other provision of this Agreement to the contrary, following the Closing Date, Buyer waives its right to recover from Seller, its elected officials, agents, and employees (collectively, “Seller’s Representatives”), and hereby waives, releases and forever discharges Seller and Seller’s Representatives from, any and all damages, losses, liabilities, costs or expenses whatsoever (including attorneys' fees and costs) and claims therefor, whether direct or indirect, known or unknown, foreseen or unforeseen, which may arise on account of or in any way arising out of or connected with the Property, including (i) the physical condition, nature or quality of the Property, including geologic conditions, (ii) the quality of the labor and materials included in any improvements or fixtures located on or within the Property (including latent defects), (iii) the presence of asbestos and lead-based paint or hazardous materials present on the Property or in the subsurface of the Property, (iv) the failure of the Property, including any existing improvements thereon, to comply with any law or regulation applicable thereto, (v) the inaccuracy or incompleteness of plans, drawings, specifications, any documents provided by Seller, and (vi) the environmental condition of the Property. The foregoing waiver and release shall exclude only those losses, liabilities, damages, costs or expenses, and claims therefor, arising from or attributable to any breach by Seller of its express representations or warranties under this Agreement. In connection with foregoing waiver and release, Buyer expressly waives the benefits of Section 1542 of the California Civil Code, which provides as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” Buyer's Initials