Common use of Property Condition Clause in Contracts

Property Condition. From the Effective Date of this Agreement through the Closing, Seller shall maintain the Property in its current condition, ordinary wear and tear excepted. Buyer recognizes that the Seller, along with any licensed real estate agent(s) involved in this transaction, makes no claims, representations or warranties as to the validity of any property disclosure information provided by a third party such as a property inspector, appraiser or surveyor. Buyer (itself or through agents hired by Buyer) shall perform its own inspections, tests, due diligence and investigations to verify any information with respect to the Property. Upon request by Seller and at no cost to Seller, Buyer shall provide Seller with copies of any such property condition reports or inspections, or shall cause such third- party vendor(s) to provide Seller with a copy of same. Buyer shall commission a property inspection, which inspection shall occur on or before (which date is subject to extension if required by the inspector). After all inspections are completed, Buyer shall have until to present to Seller any identified defects or damage as revealed in such property inspection (“Repair Items”). Buyer and Seller shall have business days to reach an agreement with respect to the Repair Items, which agreement may include, based upon mutual agreement, a change in the Purchase Price, a credit at Closing, or an obligation (including deadline) to repair same. If the Parties are unable to reach an agreement as to the Repair Items by such deadline, this Agreement shall automatically terminate, and the full amount of the Deposit shall be retuned to Buyer. If Buyer fails to have the Property inspected or does not provide Seller with written notice of the new disclosures on the Property in accordance with this Agreement, Buyer hereby accepts the Property in its current condition and as described in any disclosure forms provided by Seller.

Property Condition. From the Effective Date of this Agreement through the Closing, Seller shall maintain the Property in its current condition, ordinary wear and tear excepted. Buyer Xxxxx recognizes that the Seller, along with any licensed real estate agent(s) involved in this transaction, makes no claims, representations or warranties as to the validity of any property disclosure information provided by a third party such as a property inspector, appraiser or surveyor. Buyer (itself or through agents hired by BuyerXxxxx) shall perform its own inspections, tests, due diligence and investigations to verify any information with respect to the Property. Upon request by Seller and at no cost to Seller, Buyer shall provide Seller with copies of any such property condition reports or inspections, or shall cause such third- party vendor(s) to provide Seller with a copy of same. Buyer shall commission a property inspection, which inspection shall occur on or before (which date is subject to extension if required by the inspector). After all inspections are completed, Buyer shall have until to present to Seller any identified defects or damage as revealed in such property inspection (“Repair Items”). Buyer and Seller shall have business days to reach an agreement with respect to the Repair Items, which agreement may include, based upon mutual agreement, a change in the Purchase Price, a credit at Closing, or an obligation (including deadline) to repair same. If the Parties are unable to reach an agreement as to the Repair Items by such deadline, this Agreement shall automatically terminate, and the full amount of the Deposit shall be retuned to Buyer. If Buyer Xxxxx fails to have the Property inspected or does not provide Seller with written notice of the new disclosures on the Property in accordance with this Agreement, Buyer hereby accepts the Property in its current condition and as described in any disclosure forms provided by Seller.