1. real estate
2. buying and selling homes

appraisal CONTiNGENCY aDDENDUM TO aGrEEMENT OF salE
aCa
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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prOpErTY __________________________________________________________________________________________________
sEllEr _____________________________________________________________________________________________________
BUYEr ______________________________________________________________________________________________________
DaTE OF aGrEEMENT _______________________________________________________________________________________
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1.
The Agreement of Sale is contingent upon the Property being appraised in a manner that is acceptable to underwriter (if Buyer is obtaining
financing) and at a value that is equal to or higher than:
$____________________________
__________% of the Purchase Price
The Purchase Price
2.
Contingency Period: __________________ days (21 if not specified) from the Execution Date of the Agreement.
Within the Contingency period, Buyer may obtain an appraisal of the Property from a Pennsylvania certified appraiser. If Buyer is obtaining mortgage financing, the appraisal shall be performed by a Pennsylvania certified appraiser selected by the mortgage lender to whom
Buyer has made application for financing. If Buyer is not obtaining mortgage financing, the appraisal shall be performed by a Pennsylvania
certified appraiser selected by Buyer.
(A) If the terms of Paragraph 1 are satisfied,, Buyer accepts the property and agrees to the terms of the RELEASE paragraph of the
Agreement of Sale.
(B) If the terms of Paragraph 1 are not satisfied, Buyer will deliver a copy of the appraisal report to Seller, and Buyer will, within the
Contingency period: 1. Terminate the agreement of sale by written notice to Seller, with all deposit monies returned to Buyer according to the terms of
the Agreement of Sale, OR
2. Enter into a mutually acceptable written agreement with Seller.
3.
If Buyer does not terminate the Agreement of Sale or enter into a mutually acceptable written agreement with Seller within the Contingency
period, Buyer waives this contingency.
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all other terms and conditions of the agreement of sale remain unchanged and in full force and effect.
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WiTNEss
WiTNEss
WiTNEss
WiTNEss
WiTNEss
WiTNEss
_________________________________
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_________________________________
_________________________________
_________________________________
BUYEr ______________________________________
BUYEr ______________________________________
BUYEr ______________________________________
sEllEr _____________________________________
sEllEr _____________________________________
sEllEr _____________________________________
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DaTE
DaTE
DaTE
DaTE
DaTE
DaTE
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COpYriGhT pENNsYlvaNia assOCiaTiON OF rEalTOrs® 2008
08/08
addendum/endorsement to agreement of sale
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This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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property_____________________________________________________________________________________________________________
seller________________________________________________________________________________________________________________
Buyer ________________________________________________________________________________________________________________
date of agreement _________________________________________________________________________________________________
All other terms and conditions of the Agreement of Sale remain unchanged and in full force and effect.
Buyer ____________________________________________________________________________________
Buyer ____________________________________________________________________________________
Buyer ____________________________________________________________________________________
seller ___________________________________________________________________________________
seller ___________________________________________________________________________________
seller ___________________________________________________________________________________
date
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date
date
date
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_____________________
_____________________
_____________________
_____________________
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Copyright pennsylvania assoCiation of realtors® 2002
9/02
Broker’S DISCloSure ADDenDum to Agreement of SAle
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of
REALTORS®
BDA
(PAR).
ProPerty_________________________________________________________________________________________________
Buyer ____________________________________________________________________________________________________
3 Seller____________________________________________________________________________________________________
4 DAte of Agreement _____________________________________________________________________________________
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1.
PurPoSe
The Real Estate Licensing and Registration Act requires that brokers disclose specific information in a sales agreement in the
manner and method established by the State Real Estate Commission. This Addendum has been prepared to assure Broker’s
compliance with the Act and the Rules and Regulations of the Commission.
2.
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ConSumer notICe AnD BuSIneSS relAtIonShIP
(A) Buyer and Seller have received and understand the Consumer Notice adopted by the State Real Estate Commission at 49 Pa.
Code §35.336. The definitions of business relationships and the duties required of licensees as set forth in the Notice are
incorporated here as though written in their entirety.
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(B)
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Transaction Licensee (Broker and Licensee(s) provide real estate services but do not represent Buyer), OR
Buyer is represented by a broker
Broker is:
Licensee(s) is:
Buyer Agent (Broker represents Buyer only)
Buyer Agent with Designated Agency
Dual Agent
Buyer Agent without Designated Agency
Dual Agent
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Complete if “Transaction Licensee” or “Buyer is represented by a broker” has been checked above:
Broker (Company) ______________________________ Licensee(s) (Name) ________________________________
Company Address ________________________________
________________________________
Company Phone ________________________________ Direct Phone(s) __________________________________
Company Fax __________________________________ Cell Phone(s) ____________________________________
Fax ____________________________________________
Email __________________________________________
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(C)
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Complete if “Transaction Licensee” or “Seller is represented by a broker” has been checked above:
Broker (Company) ______________________________ Licensee(s) (Name) ________________________________
______________________________
Company Address ________________________________
Company Phone ________________________________ Direct Phone(s) __________________________________
Company Fax __________________________________ Cell Phone(s) ____________________________________
Fax
__________________________________________
Email __________________________________________
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SELLER’S RELATIONSHIP WITH PA LICENSED BROKER
No Business Relationship (Seller is not represented by a broker), OR
Transaction Licensee (Broker and Licensee(s) provide real estate services but do not represent Buyer), OR
Seller is represented by a broker
Broker is:
Licensee(s) is:
Seller Agent (Broker represents Seller only)
Seller Agent with Designated Agency
Dual Agent
Seller Agent without Designated Agency
Dual Agent
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Buyer’S relAtIonShIP WIth PA lICenSeD Broker
No Business Relationship (Buyer is not represented by a broker), OR
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(D)
Seller and Buyer agree that Broker has provided services in a manner consistent with the description of services and duties
identified in the Consumer Notice.
Buyer Initials: _____________________
BDA Page 1 of 3
Seller Initials: __________________
CoPyrIght PennSylvAnIA ASSoCIAtIon of reAltorS® 2010
7/10
3.
ZonIng ClASSIfICAtIon
Failure of the Agreement of Sale to contain the zoning classification (except in cases where the property {and each parcel thereof,
if subdividable} is zoned solely or primarily to permit single-family dwellings) will render the Agreement voidable at Buyer’s
option, and, if voided, any deposits tendered by the Buyer will be returned to the Buyer without any requirement for court action.
Zoning Classification: _____________________________________________________________________________________
4.
hIghWAy oCCuPAnCy PermIt
Buyer is advised that access to a public road may require issuance of a highway occupancy permit from the Department of
Transportation.
5.
releASe
Buyer releases, quit claims and forever discharges Seller, All BrokerS, their lICenSeeS, emPloyeeS and any
offICer or PArtner of any one of them and any other PerSon, fIrm or CorPorAtIon who may be liable by or
through them, from any and all claims, losses or demands, including, but not limited to, personal injury and property
damage and all of the consequences thereof, whether known or not, which may arise from the presence of termites or other
wood-boring insects, radon, lead-based paint hazards, mold, fungi or indoor air quality, environmental hazards, any defects
in the individual on-lot sewage disposal system or deficiencies in the on-site water service system, or any defects or conditions on the Property. Should Seller be in default under the terms of this Agreement, or in violation of any seller disclosure
law or regulation, this release does not deprive Buyer of any right to pursue any remedies that may be available under law
or equity. this release will survive settlement.
6.
rePreSentAtIonS (09-05)
(A) All representations, claims, advertising, promotional activities, brochures or plans of any kind made by Seller, Brokers, their
licensees, employees, officers or partners are not a part of this Agreement unless expressly incorporated or stated in this
Agreement. This Agreement contains the whole agreement between Seller and Buyer, and there are no other terms, obligations,
covenants, representations, statements or conditions, oral or otherwise, of any kind whatsoever concerning this sale. This
Agreement will not be altered, amended, changed or modified except in writing executed by the parties.
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(C) Broker(s) have provided or may provide services to assist unrepresented parties in complying with this Agreement.
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(B) unless otherwise stated in this Agreement, Buyer has inspected the Property (including fixtures and any personal property specifically listed herein) before signing this Agreement or has waived the right to do so, and agrees to purchase
the Property In ItS PreSent ConDItIon, subject to inspection contingencies elected in the Agreement. Buyer
acknowledges that Brokers, their licensees, employees, officers or partners have not made an independent examination
or determination of the structural soundness of the Property, the age or condition of the components, environmental
conditions, the permitted uses or of conditions existing in the locale where the Property is situated; nor have they made
a mechanical inspection of any of the systems contained therein.
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DePoSItS (9-05)
(A) Deposits, regardless of the form of payment and the person designated as payee, will be paid in U.S. Dollars to Broker for
Seller (unless otherwise stated here), _________________________________________________________________, who
will retain deposits in an escrow account until consummation or termination of this Agreement in conformity with all applicable laws and regulations. Any check tendered as deposit monies may be held uncashed pending the acceptance of this
Agreement.
(B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies
to determine who is entitled to the deposit monies when settlement does not occur. If this Agreement is terminated for any
reason, the Broker can only release the deposit monies:
1. If there is no dispute over entitlement to the deposit monies. Buyer and Seller agree that a written agreement signed by both
parties is evidence that there is no dispute regarding deposit monies.
2. According to the terms of a written agreement signed by the Buyer and Seller directing Broker how to distribute some or
all of the monies.
3. According to the terms of a final order of court.
4. According to the terms of a prior written agreement between Buyer and Seller that directs the Broker how to distribute the
deposit monies if there is a dispute between the parties that is not resolved.
Buyer Initials: _____________________
BDA Page 2 of 3
Seller Initials: __________________
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reAl eStAte reCovery funD
A Real Estate Recovery Fund exists to reimburse any persons who have obtained a final civil judgment against a Pennsylvania real
estate licensee owing to fraud, misrepresentation, or deceit in a real estate transaction and who have been unable to collect the judgment after exhausting all legal and equitable remedies. For complete details about the Fund, call (717) 783-3658 or (800) 822-2113
(within Pennsylvania) and (717) 783-4854 (outside Pennsylvania).
reSIDentIAl leAD-BASeD PAInt hAZArD reDuCtIon ACt notICe (required for properties built before 1978)
lead-Based Paint hazards Disclosure requirements: The Residential Lead-Based Paint Hazard Reduction Act requires any
seller of property built before 1978 to provide the buyer with an EPA-approved lead hazards information pamphlet titled Protect
Your Family from Lead in Your Home and to disclose to the buyer and the broker(s) the known presence of lead-based paint and/or
lead-based paint hazards in or on the property being sold, along with the basis used for determining that the hazards exist, the location of the hazards, and the condition of painted surfaces. Any seller of a pre-1978 structure must also provide the buyer with any
records or reports available to the seller regarding lead-based paint and/or lead-based paint hazards in or about the property being
sold, the common areas, or other residential dwellings in multi-family housing. Before a buyer is obligated to purchase any housing constructed prior to 1978, the Act requires the seller to give the buyer 10 days (unless buyer and seller agree in writing to
another time period) to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint
hazards. The opportunity to conduct a risk assessment or inspection may be waived by the buyer, in writing. Neither testing nor
abatement is required of the seller. Housing built in 1978 or later is not subject to the Act.
NOT APPLICABLE. Property was built in 1978 or later.
APPLICABLE. Property was built before 1978. the residential lead-Based Paint hazard reduction Act requires a
Seller of property built prior to 1978 to provide the Buyer with an ePA-approved lead hazards information pamphlet
titled Protect Your Family from Lead in Your Home, along with a separate form disclosing Seller’s knowledge of leadbased paint hazards and any lead-based paint records regarding the Property. Buyer(s) must initial below that Buyer
has received both documents:
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(C) Buyer and Seller agree that Broker who holds or distributes deposit monies pursuant to the terms in the Agreement of Sale or
Pennsylvania law will not be liable. Buyer and Seller agree that if any Broker or affiliated licensee is named in litigation regarding deposit monies, the attorneys’ fees and costs of the Broker(s) and licensee(s) will be paid by the party naming them in litagation.
_____/_____ Lead-Based Paint Hazards Disclosure (attached as part of this Agreement).
_____/_____ Protect Your Family from Lead in Your Home
governIng lAW, venue & PerSonAl JurISDICtIon
(A) The validity and construction of this Addendum, and the rights and duties of the parties, will be governed in accordance with
the laws of the Commonwealth of Pennsylvania.
(B) The parties agree that any dispute, controversy or claim arising under or in connection with this Addendum or its performance
by either party shall be decided exclusively by and in the state or federal courts sitting in the Commonwealth of Pennsylvania.
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other terms and conditions of the Agreement of Sale remain unchanged and in full effect.
130 WItneSS ___________________________________
Buyer _______________________________ DAte _______________
131 WItneSS ___________________________________
Buyer _______________________________ DAte _______________
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Buyer _______________________________ DAte _______________
133 WItneSS ___________________________________
Seller ______________________________ DAte _______________
133 WItneSS ___________________________________
Seller ______________________________ DAte _______________
134 WItneSS ___________________________________
Seller ______________________________ DAte _______________
BDA Page 3 of 3
Compensation addendum to agreement of sale
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This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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property_______________________________________________________________________________________
seller__________________________________________________________________________________________
buyer___________________________________________________________________________________________
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Listing Broker (Company Name):________________________________________________________________________________
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Selling Broker (Company Name):___________________________________________________________________________is the
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Buyer Agent.
Transaction Licensee working with Buyer.
Subagent for Seller.
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As stated in the MLS or by a previous agreement between the brokers, the Listing Broker will pay a cash fee
of ____________________ of Purchase Price to the Selling Broker when the fee is received by Listing Broker.
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Seller will pay an additional cash fee of __________________ of Purchase Price to the Selling Broker on behalf of Buyer at settlement.
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all other terms and conditions of the agreement of sale remain unchanged and in full force and effect.
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Witness__________________________________buyer____________________________________date ______________
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Witness__________________________________buyer____________________________________date ______________
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Witness__________________________________buyer____________________________________date ______________
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Witness__________________________________seller __________________________________date ______________
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Witness__________________________________seller __________________________________date ______________
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Witness__________________________________seller __________________________________date ______________
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Copyright pennsylvania assoCiation of realtors® 2004
05/06
Change in terMs aDDenDUM to agreeMent of sale
Cta
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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the following terms of the agreement of sale are changed as stated below:
1. pUrChase priCe
Purchase price is changed from $ ________________________________ to $ ________________________________________
2. seller assist
Seller Assist is changed to $__________________, or ________% of the Purchase price, maximum, toward Buyer’s costs as permitted by the mortgage lender, if any. Seller is only obligated to pay up to the amount or percentage which is approved by mortgage lender.
3. aCCeptanCe & settleMent
(A) Written acceptance of all parties will be on or before: ________________________________________________________
(B) Settlement date is changed from ______________________________ to ________________________________________
4. fiXtUres anD personal property
(A) The following items are incLudEd in this sale: ____________________________________________________________
(B) The following items are LEASEd: ________________________________________________________________________
(c) The following items are ExcLudEd in this sale: ____________________________________________________________
5. Mortgage terMs
(A) Mortgage type is changed from ____________________________ to __________________________________________
(B) Mortgage amount
1. First mortgage amount is changed from $ ____________________________to $ ________________________________
2. Second mortgage amount is changed from $ __________________________ to $ ________________________________
(c) Mortgage lender
1. First mortgage lender is changed to ____________________________________________________________________
2. Second mortgage lender is changed to __________________________________________________________________
3. Buyer will submit a completed, written mortgage application to the identified lender(s), if any, according to the terms of
the Mortgage contingency paragraph of the Agreement of Sale on or before: __________________________________
(d) loan-to-value (ltv) ratio (For non-FHA/VA loans)
1. First mortgage LTV ratio not to exceed ___________%
2. Second mortgage LTV ratio not to exceed ___________%
(E) Mortgage Commitment Date is changed from ______________________________ to ____________________________
6. tiMe perioD ContingenCies
(A) contingency Periods
1. The contingency period for ______________________, elected in the Agreement of Sale is changed to ______________
2. The contingency period for ______________________, elected in the Agreement of Sale is changed to ______________
3. The contingency period for ______________________, elected in the Agreement of Sale is changed to ______________
(B) Additional Time Periods
1. The time period in paragraph ________________, line ________ of Agreement of Sale is changed to ______________
2. The time period in paragraph ________________, line ________ of Agreement of Sale is changed to ______________
3. The time period in paragraph ________________, line ________ of Agreement of Sale is changed to ______________
7. other
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
all other terms and conditions of the agreement, including all other time periods, remain unchanged and in full force and effect.
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property ________________________________________________________________________________________________
seller___________________________________________________________________________________________________
BUyer ____________________________________________________________________________________________________
Date of agreeMent ______________________________________________________________________________________
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Witness
Witness
Witness
Witness
Witness
Witness
________________________________ BUyer
________________________________ BUyer
________________________________ BUyer
________________________________ seller
________________________________ seller
________________________________ seller
__________________________________ Date
__________________________________ Date
__________________________________ Date
__________________________________ Date
__________________________________ Date
__________________________________ Date
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Copyright pennsylvania assoCiation of realtors® 2010
7/10
OGM
OIl, GaS anD MIneral rIGhtS DISClOSUre anD
aDDenDUM tO aGreeMent Of Sale
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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the following section is to be completed by Seller to indicate the Seller’s knowledge of and intentions about the oil, gas, and/or
mineral rights for the Property.
1. Oil, Gas and Mineral rights excepted
(A)
Seller is not aware of any oil, gas and/or mineral rights that have been previously transferred by Seller or a previous owner of the
Property.
Seller is aware that the following oil, gas and/or mineral rights have been previously transferred by Seller or a previous owner
of the Property (exceptions) and is not transferring them to Buyer: ________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
(B) The warranty of title in the Agreement of Sale does not pertain to the oil, gas and/or mineral rights that have been excepted. Seller
will not defend title to these rights and does not covenant that Buyer will have quiet enjoyment of these rights.
2. Seller’s reservation of Oil, Gas and Mineral rights
(A)
Seller is not reserving oil, gas, and/or mineral rights.
Seller is reserving an undivided _______% interest in the Seller’s non-excepted oil, gas and mineral rights for the property and
is not transferring them to Buyer. This reservation will be executed in its entirety at settlement, unless checked below.
Seller will reserve oil, gas, and/or mineral rights according to a schedule, which is attached.
(B) Seller’s reservation does not apply to domestic free gas and surface damage rights, which are set forth below.
(C) The warranty of title identified in the Agreement of Sale does not pertain to the oil, gas and/or mineral rights that are reserved by
Seller. Seller will not defend title to these rights and does not covenant that Buyer will have quiet enjoyment of these rights.
3. Domestic free Gas
Seller will convey to Buyer _______% of the domestic free gas rights to the Buyer.
4. Surface Damages
Seller will convey to Buyer the exclusive right to receive compensation for any and all surface damages, which include, but are not limited to, pipeline rights of way, well pad sites, compressor sites and standing marketable timber.
5. Documentation
Seller has attached to this Addendum copies of all written oil, gas, and/or mineral rights leases and other documents (e.g., royalty agreements) within Seller’s possession having to do with past transfers of these rights, as follows: __________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
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PrOPerty _____________________________________________________________________________________________________
Seller ________________________________________________________________________________________________________
BUyer _________________________________________________________________________________________________________
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Seller___________________________________________________________________________ Date_______________________
Seller___________________________________________________________________________ Date_______________________
36 Seller___________________________________________________________________________ Date_______________________
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the following section is to be completed by Buyer and signed by Buyer and Seller as an addendum to an agreement of sale.
6. Seller’s Knowledge
The exceptions listed above are to the best of Seller’s knowledge and may not reflect all oil, gas and/or mineral rights for the Property that
have been previously transferred. Buyer is advised to conduct a full examination of oil, gas and/or mineral rights for the Property.
7. examination of Oil, Gas and Mineral rights
WAIVED. Buyer has the option to conduct an unlimited title examination and/or any other investigation to determine the status of
oil, gas and/or mineral rights pertaining to the Property. Buyer WAIVES THIS OPTION and agrees to the terms of the RELEASE
paragraph of the Agreement of Sale.
ELECTED. Contingency Period: ____ days (30 if not specified) from the Execution Date of the Agreement of Sale.
(A) Within the Contingency Period, Buyer, at Buyer’s expense, may undertake a title examination of unlimited years and/or take
whatever action(s) Buyer deems necessary to determine whether oil, gas and/or mineral rights will pass with transfer of title from
Seller to Buyer, and if not, to determine the extent and manner by which these rights are affected.
(B) If the title examination performed by or on behalf of Buyer reveals Seller’s inability to convey full and marketable title to oil,
gas and/or mineral rights (except for the exceptions stated above) to Buyer, Buyer will, within the Contingency Period:
1. Accept the Property with such title as Seller can give and agree to the terms in the RELEASE paragraph of the Agreement of Sale, OR
2. Terminate the Agreement of Sale by written notice to Seller, with all deposit monies returned to Buyer according to the terms
of the Agreement of Sale.
Buyer Initials:___________/___________
OGM Page 1 of 2
Seller Initials:___________/___________
COPyrIGht PennSylvanIa aSSOCIatIOn Of realtOrS® 2012
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8. Delivery of reservation language
Seller will, within ____ days (15 if not specified) furnish to Buyer the reservation language that will appear in the deed that conveys title to the Property to Buyer. If this reservation language does not reflect the terms in paragraphs 2 through 4 above, Seller
may be in default of the Agreement of Sale.
9. Buyer’s review of reservation language
Upon receiving the reservation language, or if Seller fails to provide reservation language within the time stated, Buyer will, within _____ days (15 if not specified):
(A) Accept the Property and agree to the terms of the RELEASE paragraph of the Agreement of Sale, OR
(B) Terminate the Agreement of Sale by written notice to Seller, with all deposit monies returned to Buyer according to the
terms of the Agreement of Sale, OR
(C) Enter into a mutually acceptable written agreement with Seller.
If Buyer and Seller do not reach a written agreement during the time stated in this paragraph, and Buyer does not terminate the agreement of Sale by written notice to Seller within that time, Buyer accepts the Property and agrees to the
terms in the releaSe paragraph of the agreement of Sale.
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all other terms and conditions of the agreement of Sale remain unchanged and in full force and effect.
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BUyer ___________________________________________________________________________
BUyer ___________________________________________________________________________
BUyer ___________________________________________________________________________
Seller___________________________________________________________________________
Seller___________________________________________________________________________
Seller___________________________________________________________________________
Date__________________
Date__________________
Date__________________
Date__________________
Date__________________
Date__________________
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Buyer Initials:___________/___________
OGM Page 2 of 2
Seller Initials:___________/___________
nOtICeS reGarDInG OIl, GaS anD MIneral rIGhtS
The owner of a property has a variety of rights that go along with that property, including surface rights (such
as the right to use the land for building or to grow crops) and certain subsurface rights (including the right to
extract materials from below the ground). Among the various subsurface rights are the rights to explore for, and
remove, oil, gas and various minerals such as coal.
Surface and subsurface rights are often transferred together, but sometimes are transferred separately. Despite
the best intentions of sellers, property owners are often not aware of the precise extent of the oil, gas and/or mineral rights that they may or may not own. Some owners have all the rights associated with their property, some
may be subject to a lease allowing others to access those resources, and still others may have had some or all of
the subsurface rights to their land split off and sold.
Determining who owns the various oil, gas and mineral rights to a property can be a difficult and complex exercise, and should only be done by an attorney or title company with expertise in this area. If there is any question about the ownership of rights associated with a particular property, buyers are strongly encouraged to perform an extensive title search before moving forward with the transaction.
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Aside from the questions about ownership, some properties are subject to the terms of existing leases that give
outside parties (such as exploration, drilling or mining companies) the ability to exercise certain subsurface
rights in exchange for payments or royalties to the owner(s) of these rights, who may or may not be the surface
owners. These leases can be very legally complex and could drastically impact the surface rights of the landowner. For example, some leases give exploration companies a broad ability to drill, mine and/or transport materials over the land with minimal input from the landowner. Leases may also restrict the ability of the surface
owner to use the property if it would conflict in any way with the subsurface rights. Before purchasing any land
subject to an existing lease, buyers should have the lease reviewed by an attorney with expertise in this area of
law in order to be sure that the extent of the lease is fully understood.
exception and reservation of rights
SA
A typical Agreement of Sale conveys all rights to a property to the buyer as part of the sale. If certain rights
have been transferred to someone else by the current landowner or a prior owner, those rights cannot be transferred to the current buyer. These rights are considered to be excepted from the transaction. Sellers with knowledge of prior exceptions are asked to list those exceptions in Paragraph 1. Buyers are still strongly encouraged
to conduct a thorough title search in order to be sure that the listed exceptions are the only existing exceptions.
In some transactions a seller may wish to retain certain rights while transferring less than the complete bundle
of rights to the buyer. For example, a seller may elect to sell the surface rights and mineral rights, but keep rights
to subsurface oil and gas exploration. In this case, the retained rights are considered to be reserved by the seller. This practice requires that a deed be drawn up that specifies which parties will be obtaining which rights.
Paragraph 8 requires that the seller provide the buyer with the specific reservation language that the seller
expects to include in the new deed so the buyer can determine if he/she is willing to proceed subject to such
restrictions and limitations. The reservation language and any review of that language should be done by an
attorney with expertise in this area of law.
additional Information
For additional information regarding oil, gas and mineral ownership, leasing and transfer in the Commonwealth
of Pennsylvania, you can visit, among other sites, the Pennsylvania Bureau of Oil and Gas Management
(www.dep.state.pa.us/dep/deputate/minres/oilgas/oilgas.htm), Pennsylvania Department of Natural Resources’
Oil and Gas Resources (www.dcnr.state.pa.us/topogeo/oilandgas/index.aspx) or the Penn State Dickinson
School of Law’s Natural Gas Exploration page (http://www.dsl.psu.edu/centers/aglaw/gas.cfm).
Buyer Initials:___________/___________
OGM notices Page 1 of 1
Seller Initials:___________/___________
1476
08/08
BUSINESS SERVICES FOR REAL ESTATE (800) 555-3390
PRICE ESCALATION ADDENDUM TO AGREEMENT OF SALE
PEA
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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1. This Addendum is presented to Seller as part of Buyer’s offer to purchase Seller’s Property. Should Seller accept Buyer’s offer,
Buyer and Seller will have entered into a binding agreement under the terms of the Agreement and/or other addenda, with the exception of any terms addressed in this Addendum.
2. If, prior to Seller’s acceptance of Buyer’s offer to purchase, Seller receives from another prospective purchaser a bona fide offer to purchase the Property (“Competing Offer”), with terms acceptable to Seller and a Net Purchase Price (the Purchase Price minus any identified Seller assist or Seller financial concessions) higher than the Net Purchase Price offered by Buyer, Buyer agrees that the Purchase
Price of Buyer’s offer is increased so that the Net Purchase Price is $________________ higher than the Net Purchase Price in the
Competing Offer(s), up to a maximum Purchase Price of $__________________. If one or more Competing Offers include similar
price escalation terms, this automatic increase will be applied to the maximum escalated sales price of the highest competing
escalation term, not to exceed the maximum Purchase Price stated above.
3. If the Purchase Price is increased based on the terms of Paragraph 2 above, the terms of the Mortgage Contingency Paragraph in the
Agreement of Sale are changed as follows (check all that apply):
The Mortgage Contingency is waived. This sale is NOT contingent on mortgage financing, although Buyer may still obtain mortgage financing.
The Loan Amount stated in the Mortgage Contingency is increased by the amount necessary to keep the Loan-to-Value Ratio (a
percentage derived by dividing the total value of loans for the property by the Purchase Price) the same as that set forth in the
Mortgage Contingency Paragraph of the Agreement of Sale, with the remainder paid in cash at settlement.
The first $___________________ _ of the difference between the original Purchase Price and the new Purchase Price will be paid
in cash at settlement; the remaining difference will be added to the loan amount.
Within _____ days of the Execution Date of the Agreement, Buyer will deliver to Seller a written pre-approval letter from the lender
identified in the Mortgage Contingency Paragraph (or, if none is stated, from a reputable lender) for an amount equal to or greater
than the increased loan amount. If Buyer fails to provide written pre-approval within the stated time period, Seller may terminate the
Agreement in writing.
4.
An Appraisal Contingency Addendum is attached.
5. Seller will provide a copy of the Competing Offer to Buyer no later than the time Seller returns a copy of the executed Agreement to
Buyer. Seller may remove the name of the other prospective purchaser, but may not remove any financial terms, including the
Purchase Price or any Seller assist or other Seller financial concessions.
6. Seller will fill in the new Purchase Price, as calculated based on the terms of Paragraph 2, between Buyer’s and Seller’s signatures
below. Buyer understands and acknowledges that no further signature or initials are required on this form to have an executed
Addendum. At the request of Seller, Buyer’s lender, or any of the real estate licensees involved in the transaction, Buyer agrees to
sign or initial, and date the Agreement of Sale to reflect any increase in the Purchase Price and/or any other changes in terms made in
accordance with this Addendum. Buyer’s refusal to sign or intial any changes made in accordance with this addendum will result in
Buyer being in default under the terms of the Agreement of Sale. Changing the Purchase Price or other terms in the already executed
Agreement of Sale to reflect any changes made by this Addendum does not change the Execution Date of the Agreement of Sale.
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PROPERTY ____________________________________________________________________________________________________
SELLER _______________________________________________________________________________________________________
BUYER ________________________________________________________________________________________________________
DATE OF AGREEMENT _________________________________________________________________________________________
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All other terms and conditions of the Agreement of Sale remain unchanged and in full force and effect.
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WITNESS ____________________________________ BUYER____________________________________ DATE ______________
WITNESS ____________________________________ BUYER____________________________________ DATE ______________
WITNESS ____________________________________ BUYER____________________________________ DATE ______________
(A) The Purchase Price of the Agreement of Sale is increased from $_______________________ to $_______________________
pursuant to the terms set forth in paragraph 2 above. A copy of the Competing Offer is attached.
(B) The Mortgage Contingency paragraph of the Agreement of Sale is modified to reflect the changes made in paragraph 3 above.
(C) Seller has accepted Buyer’s offer and has executed the Agreement.
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WITNESS ____________________________________ SELLER ___________________________________ DATE ______________
WITNESS ____________________________________ SELLER ___________________________________ DATE ______________
WITNESS ____________________________________ SELLER ___________________________________ DATE ______________
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COPYRIGHT PENNSYLVANIA ASSOCIATION OF REALTORS® 2008
09/08
POSt-SettleMent POSSeSSiOn aDDenDUM tO
agreeMent Of Sale
POS
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORSfi (PAR).
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PrOPerty ______________________________________________________________________________________________________
Seller _________________________________________________________________________________________________________
BUyer __________________________________________________________________________________________________________
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all other terms and conditions of the agreement of Sale remain unchanged and in full force and effect.
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BUyer _______________________________________________________________________ Date ____________________________________
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BUyer _______________________________________________________________________ Date ____________________________________
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BUyer _______________________________________________________________________ Date ____________________________________
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Seller ______________________________________________________________________ Date ____________________________________
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Seller ______________________________________________________________________ Date ____________________________________
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1. PUrPOSe this form is not a lease agreement. It is an Addendum to the Agreement of Sale between Buyer and Seller in which Buyer
gives Seller the right to continue to occupy the Property after settlement. Buyer and Seller acknowledge that this Addendum does not create a landlord-tenant relationship. this form is not recommended to be used for periods that exceed 30 days.
2. vaCating Date Seller will vacate the Property on or before: ________________________________________________________.
3. OCCUPanCy fee Seller will pay Buyer an Occupancy Fee of $________________ per day from settlement to the date Seller vacates
the Property. Seller shall pay the fee at or before settlement. The fees shall be paid directly to Buyer, unless Buyer directs otherwise. If
Seller vacates before the Vacating Date, Buyer will refund any pre-paid fee.
4. DePOSitS In addition to the Occupancy Fee, Seller will pay Buyer a security/damage deposit in the amount of $_____________,
which will be held by Buyer until the Vacating Date. Within thirty (30) days of the Vacating Date, Buyer will refund the deposit, providing Seller
is not in default of this Agreement of Sale.
5. PrOPerty inSPeCtiOn Buyer will inspect the Property within two days after Seller vacates the Property.
6. UtilitieS Seller shall pay from settlement and through the Vacating Date operating and utility charges connected with the use of the
Property as follows:
Electricity
Garbage and trash collection
Snow removal
Water
Sewage
____________________________________
Gas
Lawn and shrubbery care
____________________________________
7. PetS Pets allowed on the Property after settlement as follows: __________________________________________________________
8. MaintenanCe Seller agrees to maintain the Property in its same condition as of the time of settlement, normal wear and tear excepted, and to abide by Buyer’s rules of occupancy, if any, as attached to this Addendum.
9. ChangeS tO PrOPerty Seller will not make any alterations or improvements to the Property, unless required by the terms of this
Agreement of Sale or as otherwise agreed to by Buyer in writing.
10. PrOPerty inSUranCe
Buyer and Seller are advised to contact their insurer prior to signing this Addendum.
(A) Seller understands that Buyer’s insurance does not cover Seller, Seller’s property, or Seller’s guests. Seller is advised to obtain property and liability insurance to protect Seller, Seller’s property, or Seller’s guests who may be injured while on the Property.
(B) Seller must have insurance policies providing at least $________________ property insurance and $ ______________________
liability insurance to protect Seller, Seller’s property and Seller’s guests who may be injured while on the Property. Seller must
maintain this insurance during Seller’s Possession of the Property. Seller will provide proof of insurance upon request.
(C) Buyer is not legally responsible for any injury or damage to Seller or Seller’s guests that occurs on the Property.
(D) Seller is responsible for any loss to Buyer caused by Seller, Seller’s family or Seller’s guests, including attorney’s fees.
11. entry Buyer or Agent for Buyer may enter the Property at any time in the event of an emergency, otherwise on a weekly basis, with
24 hours’ prior notice to Seller.
12. Seller’S DefaUlt The dates and times for the performance of any of the obligations of this Addendum are hereby agreed to be of the
essence. Should Seller violate or fail to fulfill and perform under any other terms or conditions of this Addendum or the Agreement of Sale:
(A) Seller will immediately vacate the Property, removing all of Seller’s personal property, and Buyer will be entitled to immediate
Possession. Seller agrees Seller is NOT a tenant and thatBuyer may institute proceedings to recover possession without first giving Seller notice.
(B) Buyer has the option of retaining the security/damage deposit to apply to unpaid fees, damages, or other sums owed by Seller to Buyer.
(C) In the event that Buyer institutes legal proceedings to recover sums due and owing under the terms of this Addendum or to have Seller
removed from the Property, Seller shall pay to Buyer all costs that Buyer incurs as a result, including court costs and attorney’s fees.
13. aSSignMent Seller may not assign Seller’s rights under this Addendum or lease the Property to any person(s) or entity.
14. inDeMnifiCatiOn Seller will indemnify and hold harmless BUyer, all agentS, their SUBagentS, eMPlOyeeS, and any
OffiCer or Partner of any one of them, and any other PerSOn, firM, or COrPOratiOn who may be liable by or through
them, from all claims, lawsuits, and actions that arise from, or occur during Seller’s occupancy or use of the Property following
settlement. Seller will defend Buyer from all such suits and claims, and pay Buyer’s costs, including attorney’s fees and damages
awarded.
15. SUrvivalThis Addendum and related terms in the Agreement of Sale shall survive settlement.
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COPyright PennSylvania aSSOCiatiOn Of realtOrSfi 2010
7/10
PRE
PRE-SEttlEMEnt PoSSESSIon aDDEnDUM to agREEMEnt of SalE
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
4
1.
PURPoSE
this form is not a lease agreement. It is an Addendum to the Agreement of Sale between Seller and Buyer which modifies the
date when Buyer is given access to and/or possession of the Property (“Possession”). Seller and Buyer acknowledge that this
Addendum does not create a landlord-tenant relationship. this form is not recommended to be used for periods that exceed 14
days. Seller gives Buyer Possession of the Property before the date of settlement under the following terms and conditions and for
the limited purposes checked below:
Move in personal property (for example, furnishings) and physically occupy the Property.
Store personal property without physically occupying the Property.
Store personal property in the following areas, without physically occupying the Property: ____________________________
Make repairs and/or improvements to the Property, in a workmanlike manner, as follows: ____________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
2.
PoSSESSIon DatE
Buyer will have access to the Property, as agreed to above, from ______________________________. In the event settlement does
not take place, Buyer’s right of Possession ends and Buyer will remove all personal property and will vacate the Property no later
than 5:00 PM on the second day after the Settlement Date in the Agreement of Sale or any extension thereof.
3.
oCCUPanCy fEE
Buyer will pay Seller a Pre-Settlement Possession Fee of $_____________ for each day from Possession until settlement. Buyer
agrees to pay Seller the entire Fee on or before Possession. If Seller has collected any Pre-Settlement Possession Fee for days falling
after settlement, Seller will reimburse those fees to Buyer at settlement. If settlement is extended, Buyer will pay Seller an additional
Pre-Settlement Possession Fee for each day of Possession paid at settlement. If settlement does not take place, Buyer will pay Seller
an additional fee equal to the Pre-Settlement Possession Fee for each day after the Settlement Date that Buyer occupies the Property.
4.
DEPoSItS
In addition to the Pre-Settlement Possession Fee, Buyer will pay an Additional Deposit credited to Purchase Price in the amount of
$_____________. If settlement does not take place, the return or release of deposit monies will be controlled by the Default,
Termination and Return of Deposits paragraph of the Agreement of Sale.
5.
PRoPERty InSPECtIon
Before Possession, Buyer will make the pre-settlement inspection specified in the Agreement of Sale, unless checked below.
Buyer will not make the pre-settlement inspection before Possession.
6.
UtIlItIES
Beginning on Possession, Buyer will pay operating and utility charges connected with the use of the Property as follows:
Electricity
Gas
Sewage
Snow removal
Water
Garbage and trash collection
Lawn and shrubbery care
___________________________
___________________________
7.
PEtS
Pets allowed on the Property before settlement only as follows: _____________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
8.
MaIntEnanCE
Buyer agrees to maintain the Property in its present condition, normal wear and tear excepted, and to abide
by Seller’s rules of occupancy, if any, as attached to this Addendum.
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PRoPERty __________________________________________________________________________________________________
SEllER _____________________________________________________________________________________________________
BUyER______________________________________________________________________________________________________
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Buyer Initials: ________
PRE Page 1 of 2
Seller Initials: ________
CoPyRIght PEnnSylvanIa aSSoCIatIon of REaltoRS® 2010
7/10
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ChangES to thE PRoPERty
Buyer will not make any alterations or improvements to the Property unless agreed to in writing by Seller.
10. PRoPERty InSURanCE
Buyer and Seller are advised to contact their insurer prior to signing this Addendum.
(A) Buyer understands that Seller’s insurance does not cover Buyer, Buyer’s property, or Buyer’s guests. Buyer is advised to
obtain property and liability insurance to protect Buyer, Buyer’s property and Buyer’s guests who may be injured while on the
Property.
(B) Buyer must have insurance policies providing at least $________________ property insurance and $ ____________________
liability insurance to protect Buyer, Buyer’s property and Buyer’s guests who may be injured while on the Property. Buyer
must maintain this insurance during Buyer’s Possession of the Property. Buyer will provide proof of insurance upon request.
(C) Seller is not legally responsible for any injury or damage to Buyer or Buyer’s guests that occurs on the Property.
(D) Buyer is responsible for any loss to Seller caused by Buyer, Buyer’s family or Buyer’s guests, including attorney’s fees.
11. EntRy
Seller or Listing Broker may enter the Property at any time in the event of an emergency, otherwise on a weekly basis, with 24 hours’
prior notice to Buyer.
12. BUyER’S DEfaUlt
The time for the performance of any of the obligations of this Addendum are hereby agreed to be of the essence. Should Buyer violate or fail to perform under the terms of this Addendum or of the Agreement of Sale:
(A) Buyer will immediately vacate the Property, removing all of Buyer’s personal property, and Seller will be entitled to immediate
Possession. Buyer agrees Buyer is NOT a tenant and that Seller may institute proceedings to recover possession without first
giving Buyer notice.
(B) Seller has the option of retaining all deposit monies paid on account of purchase price as provided in the Agreement of Sale and
any other monies as required by this Addendum.
(C) If Seller institutes legal proceedings to recover sums due and owing under the terms of this Addendum or to have Buyer removed
from the Property, Buyer will pay to Seller all costs that Seller incurs as a result, including court costs and attorneys’ fees.
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13. aSSIgnMEnt
Buyer may not assign Buyer’s rights under this Addendum or lease the Property to any person(s) or entity.
14. InDEMnIfICatIon Buyer will indemnify and hold harmless SEllER, all BRoKERS, their lICEnSEES, EMPloyEES, and any offICER or
PaRtnER of any one of them, and any other PERSon, fIRM, or CoRPoRatIon who may be liable by or through them,
from all claims, lawsuits, and actions that arise from, or occur during Buyer’s occupancy or use of the Property. Buyer will
defend Seller from all such suits and claims, and pay Seller’s costs, including attorneys’ fees and damages awarded.
SA
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15. SURvIval
This Addendum and related terms in the Agreement of Sale will survive settlement.
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all other terms and conditions of the agreement of Sale remain unchanged and in full effect.
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BUyER ________________________________________________________________ DatE ______________________________
BUyER ________________________________________________________________ DatE ______________________________
BUyER ________________________________________________________________ DatE ______________________________
SEllER________________________________________________________________ DatE ______________________________
SEllER________________________________________________________________ DatE ______________________________
SEllER________________________________________________________________ DatE ______________________________
PRE Page 2 of 2
PrivaTe TransFer Fee addendum To agreemenT oF sale
PTF
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of Realtors® (PAR).
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ProPerTy _____________________________________________________________________________________________
Buyer(s) ______________________________________________________________________________________________
seller(s)______________________________________________________________________________________________
This property is subject to a Private Transfer Fee Obligation as follows: ______________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
In Pennsylvania, Private Transfer Fees are defined and regulated in the Private Transfer Fee Obligation Act (Act 1 of 2011; 68
Pa.C.S. §§ 8101, et. seq.), which defines a Private Transfer Fee as “a fee that is payable upon the transfer of an interest in real property, or payable for the right to make or accept the transfer, if the obligation to pay the fee or charge runs with title to the property
or otherwise binds subsequent owners of property, regardless of whether the fee or charge is a fixed amount or is determined as a
percentage of the value of the property, the purchase price or other consideration given for the transfer.”
A Private Transfer Fee must be properly recorded to be binding, and sellers must disclose the existence of the fees to prospective
buyers. Where a Private Transfer Fee is not properly recorded or disclosed, the Act gives certain rights and protections to buyers.
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Buyers are advised to consult a Pennsylvania real estate attorney before signing an agreement of sale if they desire legal
advice.
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Buyer ________________________________________________________ daTe ____________________________________
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Buyer ________________________________________________________ daTe ____________________________________
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Buyer ________________________________________________________ daTe ____________________________________
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seller _______________________________________________________ daTe ____________________________________
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seller _______________________________________________________ daTe ____________________________________
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seller _______________________________________________________ daTe ____________________________________
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CoPyrighT Pennsylvania assoCiaTion oF realTors® 2011
7/11
Agreement of sAle releAse And distribution of deposit money
rel
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORSfi (PAR).
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property ____________________________________________________________________________________________________
seller _______________________________________________________________________________________________________
buyer ________________________________________________________________________________________________________
dAte of Agreement _________________________________________________________________________________________
deposit money Held by_____________________________________________________________________________________
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1. buyer and seller entered into an Agreement of sale to purchase the property identified above. buyer and seller release, quit claim
and forever discharge eACH otHer, All broKers, their liCensees, employees and any offiCer or pArtner of
any one of them and any other person, firm or CorporAtion who may be liable by or through them, from any and all claims,
losses or demands set forth in the Agreement of sale as well as those arising from or relating to the Agreement of sale. the deposit
money paid on account of the purchase price will be distributed as set forth below.
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2. deposit money pAid on ACCount of purCHAse priCe $ __________________________________________
distribution of deposit money:
to seller $ ___________________________________
to buyer $ ___________________________________
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buyer and seller intend to be legally bound by this Agreement of sale release and distribution of deposit money.
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Witness ___________________________________
Witness ___________________________________
Witness ___________________________________
Witness ___________________________________
Witness ___________________________________
Witness ___________________________________
buyer _______________________________
buyer _______________________________
buyer _______________________________
seller ______________________________
seller ______________________________
seller ______________________________
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dAte
dAte
dAte
dAte
dAte
dAte
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___________________
___________________
___________________
___________________
___________________
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CopyrigHt pennsylvAniA AssoCiAtion of reAltorsfi 2006
10/06
1441
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REPLY TO INSPECTIONS/REPORTS
ADDENDUM TO AGREEMENT OF SALE
RR
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS¤ (PAR).
4
PROPERTY ________________________________________________________________________________________________
SELLER __________________________________________________________________________________________________
BUYER ____________________________________________________________________________________________________
DATE OF AGREEMENT ______________________________________________________________________________________
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In reply to the following inspections/reports only:
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Home/Property Inspections and Environmental Hazards (mold, etc): __________
____________________________________
____________________________________
Appraisal/Mortgage Lender Inspection
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Property Boundaries
Deeds, Restrictions and Zoning
Lead-Based Paint Hazards
Municipal Requirements
Other: ____________________________
Wood Infestation
Radon
Water Service
On-Lot Sewage
Property Insurance
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All other terms and conditions of the Agreement of Sale remain unchanged and in full force and effect.
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WITNESS
WITNESS
WITNESS
WITNESS
WITNESS
WITNESS
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Accept: Buyer accepts the Property in the condition reflected in the above Report(s)/Results.
Written Corrective Proposal: In response to the attached Report(s), Buyer accepts the Property and Seller agrees to satisfy the
terms of the following Written Corrective Proposal(s):
(A)
Corrections/Repairs and/or credits: Seller, at Seller s expense, will make the following corrections/repairs to the
Property in a workmanlike manner, with permits if required, or provide the following credits prior to settlement:
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
See attached Proposal(s)
(B)
Seller Assist: Seller Assist is changed to $ ________________, or _________% of the Purchase Price, maximum,
toward Buyer s costs as permitted by the mortgage lender(s), if any. Seller is only obligated to pay up to the amount
or percentage which is approved by mortgage lender.
(C)
Settlement Date: Settlement date is changed from _________________________ to ________________________
(D)
Purchase Price: Purchase price is changed from $ _________________________ to $________________________
(E)
Mortgage Terms:
__________________________________ is changed from _______________________ to ____________________
__________________________________ is changed from _______________________ to ____________________
(F)
Other: ________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
3.
Change of Time Period(s) (changing of any time period in the Agreement of Sale does not constitute acceptance of the Property
unless otherwise stated): Time periods stated in the Agreement of Sale are changed as follows:
(A) Contingency Periods
1. The contingency period for ______________________, elected in the Agreement of Sale is changed to ______________
2. The contingency period for ______________________, elected in the Agreement of Sale is changed to ______________
3. The contingency period for ______________________, elected in the Agreement of Sale is changed to ______________
(B) Additional Time Periods
1. The time period in paragraph ________________, line ________ of Agreement of Sale is changed to ______________
2. The time period in paragraph ________________, line ________ of Agreement of Sale is changed to ______________
3. The time period in paragraph ________________, line ________ of Agreement of Sale is changed to ______________
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________________________________ BUYER
________________________________ BUYER
________________________________ BUYER
________________________________ SELLER
________________________________ SELLER
________________________________ SELLER
__________________________________ DATE
__________________________________ DATE
__________________________________ DATE
__________________________________ DATE
__________________________________ DATE
__________________________________ DATE
______________
______________
______________
______________
______________
______________
COPYRIGHT PENNSYLVANIA ASSOCIATION OF REALTORS¤ 2010
7/10
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9/3/2008
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BUSINESS SERVICES FOR REAL ESTATE (800) 555-3390
SHORT SALE ADDENDUM TO AGREEMENT OF SALE
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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SHS
PROPERTY_________________________________________________________________________________________________
SELLER ____________________________________________________________________________________________________
BUYER_____________________________________________________________________________________________________
DATE OF AGREEMENT _____________________________________________________________________________________
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1.
This transaction is a potential Short Sale.
2.
A Short Sale is a transaction in which Seller’s proceeds are less than the amount necessary to pay off liens secured by the property. Examples of such liens include, but are not limited to, mortgages, home equity lines of credit, tax claims, homeowners’ association/condominium fees, and legal judgments.
3.
The Agreement of Sale is contingent upon Seller obtaining approval of the terms and conditions of the Agreement of Sale by each
lender or other lien holder being asked to accept a payoff less than the full amount due (“Creditor(s)”). Buyer and Seller acknowledge that it may take an extended period of time to obtain Creditor approval of a Short Sale. Seller makes no representations about
the response time of Creditors.
4.
Seller will submit the executed Agreement of Sale and all required documentation (See Notice Regarding Seller Documentation)
to Creditors within 5 DAYS of execution of the Agreement of Sale.
5.
If Creditors require a change in the terms or conditions relating to the transaction as a condition of approving the Agreement of
Sale, Seller will communicate these requirements to Buyer in writing within 5 DAYS of receiving the requirements from
Creditors. Buyer and Seller are not bound by any changes proposed by Creditors unless Buyer and Seller agree in writing to make
those changes. If either Buyer or Seller refuse to accept any changes required by Creditors as a condition of approving the
Agreement of Sale, Buyer or Seller may terminate the Agreement by written notice to the other party, with all deposit monies
returned to the Buyer according to the terms of the Agreement of Sale.
6.
If Creditor approval of the Agreement of Sale has not been received by ________________, Buyer or Seller may terminate the
Agreement of Sale by written notice to the other party, with all deposit monies returned to the Buyer according to the terms of the
Agreement of Sale.
7.
All other terms set forth in the Agreement of Sale, including inspection and contingency periods and all other time periods,
are as stated in the Agreement of Sale.
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Buyer and Seller are advised to seek professional legal and financial advice before making a Short Sale offer.
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WITNESS _____________________________________ BUYER_____________________________________ DATE ___________
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WITNESS _____________________________________ BUYER_____________________________________ DATE ___________
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WITNESS _____________________________________ BUYER_____________________________________ DATE ___________
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WITNESS _____________________________________ SELLER____________________________________ DATE ___________
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WITNESS _____________________________________ SELLER____________________________________ DATE ___________
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WITNESS _____________________________________ SELLER____________________________________ DATE ___________
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NOTICE REGARDING SELLER DOCUMENTATION
Seller may be required to provide documentation to Creditors during the Short Sale process. Listed below are some items that
may be requested during a Short Sale:
Hardship Letter: A letter composed by the Seller to explain the circumstances that led to the current financial situation.
Hardship Proof: Documents supporting the circumstances laid out in the hardship letter, which may include layoff notification,
medical bills, death certificate, or divorce or bankruptcy papers.
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Financial Statements: Documents stating monthly income and expenses.
Bank Statements: Last two months’ statements to show balances and verify that deposits and withdraws are consistent with the
financial statements.
Pay Stubs: The last 3 pay stubs to prove your current income or, if unemployed, a letter stating as much.
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Tax Returns: The first two pages of Seller’s last two tax returns or, if returns were not filed, a letter stating as much.
List of Repairs: Outline the costs required to bring the property to market value.
Listing Agreement: Includes the fee that is expected to be paid to Seller’s agent.
Agreement of Sale: Complete offer for the property, accepted by Buyer and Seller.
Net Sheet: Itemizes all closing costs and provides the amount the Creditors will receive at closing. A HUD-1 form may also
be required at closing, which is normally provided by the title company or real estate attorney.
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MLS Printout: Copy of the MLS listing as proof that the property is on the market.
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NOTICE REGARDING MAINTENANCE AND REPAIR
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Buyer is advised that in a Short Sale, Creditors will often retain the right to approve all financial aspects of the transaction, including expenses for repairs or ongoing maintenance of the Property. Creditors may not approve seller expenditures for these purposes, and Seller’s financial situation may not allow for these costs to be covered directly by Seller.
settlement of other property ContingenCy
sop
addendum to agreement of sale
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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property __________________________________________________________________________________________________
seller _____________________________________________________________________________________________________
Buyer______________________________________________________________________________________________________
1. This sale is contingent upon the settlement of Buyer’s property at: ____________________________________________________
__________________________________________________________________________________________________________
Buyer’s property is under an Agreement of Sale, with settlement to take place on or before _________________________________
A copy of the Agreement of Sale for Buyer’s property is attached.
2. If settlement of Buyer’s property does not occur by the settlement date specified above or if Buyer’s Agreement of Sale is terminated, Seller may terminate the Agreement by written notice to Buyer and all deposit monies paid on account of purchase price will be
returned to Buyer according to the terms of this Agreement of Sale and this Agreement of Sale will be vOId. Buyer and Seller agree
to extend the date by which settlement must occur until Seller terminates this Agreement by written notice to Buyer. 3. The terms of this Addendum change and prevail over the provision of the Mortgage Contingency Clause giving Seller the right to terminate the Agreement of Sale if Buyer’s mortgage commitment is conditioned upon the sale and settlement of Buyer’s property.
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all other terms and conditions of the agreement of sale remain unchanged and in full force and effect.
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Buyer _______________________________________________________________________ date ___________________________________
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Buyer _______________________________________________________________________ date ___________________________________
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Buyer _______________________________________________________________________ date ___________________________________
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seller ______________________________________________________________________ date ___________________________________
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seller ______________________________________________________________________ date ___________________________________
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seller ______________________________________________________________________ date ___________________________________
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Copyright pennsylvania assoCiation of realtors® 2011
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SRA
SelleR’S Reply to pRopoSed AgReement of SAle foR buyeR’S pRopeRty oR
buyeR’S finAnCiAl Ability to pRoCeed
to be used as a reply to any pAR Sale and Settlement of other property Contingency Addendum
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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1. buyeR’S AgReement of SAle
Seller has received and reviewed a proposed or accepted Agreement of Sale for Buyer’s Property at _________________________
__________________________________________________________________________, a copy of which is attached. Seller, as
set forth in the Sale and Settlement of Other Property Contingency Addendum:
Accepts the attached Agreement of Sale
Rejects the attached Agreement of Sale
2. buyeR’S finAnCiAl Ability to pRoCeed
Seller has received and reviewed the written proof of Buyer’s financial ability to proceed without the sale and settlement of Buyer’s
property at ________________________________________________________________________________________________,
a copy of which is attached. Seller, as set forth in the Sale and Settlement of Other Property Contingency Addendum:
Accepts the written proof of Buyer’s financial ability to proceed without the sale and settlement of Buyer’s property
Rejects the written proof of Buyer’s financial ability to proceed without the sale and settlement of Buyer’s property
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pRopeRty _________________________________________________________________________________________________
SelleR ____________________________________________________________________________________________________
buyeR _____________________________________________________________________________________________________
SelleR __________________________________________________________ dAte___________________________________
SelleR __________________________________________________________ dAte___________________________________
SelleR __________________________________________________________ dAte___________________________________
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CopyRight pennSylvAniA ASSoCiAtion of ReAltoRS® 2011
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SelleR’S RePly to PuRChaSe offeR
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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PRoPeRty ____________________________________________________________________________________________
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PuRChaSe offeR infoRMation:
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BuyER(S) _____________________________________________________________________________________________
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PRicE OffEREd _______________________________________________________________________________________
PROPOSEd SETTLEMENT dATE _________________________________________________________________________
MORTgAgE AMOuNT & TyPE___________________________________________________________________________
OThER TERMS: ________________________________________________________________________________________
_______________________________________________________________________________________________________
BROkER SuBMiTTiNg OffER (company) _________________________________________________________________
LicENSEE _______________________________________________________ dATE SuBMiTTEd _________________
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The Seller(s) of the Property have reviewed the purchase offer listed above on (date)________________________ and the offer
is hereby:
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REjEcTEd
AccEPTEd
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SelleR _______________________________________________________________________ Date __________________
SelleR _______________________________________________________________________ Date __________________
SelleR _______________________________________________________________________ Date __________________
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BRoKeR foR SelleR (Company name) __________________________________________________________________
liCenSee __________________________________________________________________ Date __________________
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CoPyRight PennSylvania aSSoCiation of RealtoRS® 2005
10/05
sale & settlement of other property ContingenCy
addendum to agreement of sale
ssp
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORSfi (PAR).
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property __________________________________________________________________________________________________
seller _____________________________________________________________________________________________________
Buyer______________________________________________________________________________________________________
1. This Agreement of Sale is contingent upon the sale and settlement of Buyer’s Property at: ________________________________
__________________________________________________________________________________________________________
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2. Within days of Seller’s acceptance of this Agreement of Sale, Buyer will list Buyer’s Property for sale under an exclusive right
to sell agreement with a broker of Buyer’s choosing who is a member of the multiple listing service most directly serving the area in
which the Buyer’s Property is located. Buyer will do what is reasonably necessary to sell and settle Buyer’s Property, including, but
not limited to, authorizing broker to list Buyer’s Property with the multiple listing service, posting “for sale” signs, permitting open
houses, maintaining Buyer’s Property in presentable condition, and cooperating fully with broker and other licensees showing or marketing Buyer’s Property to prospective buyers.
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3. Buyer will list Buyer’s Property at or below $ , for a term ending on or after ______________.
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4. If Buyer’s Property is not under an Agreement of Sale with terms acceptable to Seller, on or before ,
or if Buyer’s Agreement of Sale is terminated, Seller may terminate the Agreement by written notice to Buyer and all deposit monies
paid on account of purchase price will be returned to Buyer according to the terms of this Agreement of Sale and this Agreement of
Sale will be vOId. Seller’s right to terminate continues until Buyer’s Property is under an Agreement of Sale with terms acceptable
to Seller.
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Buyer _______________________________________________________________________ date ___________________________________
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Buyer _______________________________________________________________________ date ___________________________________
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Buyer _______________________________________________________________________ date ___________________________________
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seller ______________________________________________________________________ date ___________________________________
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seller ______________________________________________________________________ date ___________________________________
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seller ______________________________________________________________________ date ___________________________________
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5. The terms of this Addendum change and prevail over the provision of the Mortgage Contingency Clause which gives Seller the right
to terminate the Agreement of Sale if the Buyer’s mortgage commitment is conditioned upon the sale and settlement of Buyer’s
Property.
all other terms and conditions of the agreement of sale remain unchanged and in full force and effect.
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Copyright pennsylvania assoCiation of realtorsfi 2011
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sale & settlement of other property ContingenCy
ssp-Cm
(With right to Continue marketing) addendum to agreement of sale
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
property_________________________________________________________________________________________________
seller____________________________________________________________________________________________________
3 Buyer ____________________________________________________________________________________________________
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1. This Agreement of Sale is contingent upon the sale and settlement of Buyer’s Property at: ________________________________
________________________________________________________________________________________________________
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6 2. Buyer acknowledges that Seller has the right to continue to offer Seller’s Property for sale to other prospective buyers.
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3. In the event Seller accepts an Agreement of Sale for Seller’s Property from another buyer, this agreement is terminated. Seller
will immediately notify Buyer in writing of the termination, and deposit monies paid on account of purchase price will be returned
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to Buyer.
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4. Seller’s right to market the Property and accept another Agreement of Sale will cease upon Seller’s written approval of the terms
and conditions of an Agreement of Sale for Buyer’s Property. Seller’s right to continue marketing Property is renewed if Buyer’s
Agreement of Sale is terminated.
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5. If Buyer’s Property is not under an Agreement of Sale with terms acceptable to Seller, on or before ,
or if Buyer’s Agreement of Sale is terminated, Seller may terminate the Agreement by written notice to Buyer and all deposit monies
paid on account of purchase price will be returned to Buyer according to the terms of this Agreement of Sale and this Agreement
of Sale will be vOId. Seller’s right to terminate continues until Buyer’s Property is under an Agreement of Sale with terms acceptable to Seller.
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all other terms and conditions of the agreement of sale remain unchanged and in full force and effect.
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Buyer _______________________________________________________________________ date_________________________________
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Buyer _______________________________________________________________________ date_________________________________
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Buyer _______________________________________________________________________ date_________________________________
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seller ______________________________________________________________________ date_________________________________
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seller ______________________________________________________________________ date_________________________________
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seller ______________________________________________________________________ date_________________________________
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6. The terms of this Addendum change and prevail over the provision of the Mortgage Contingency Clause giving Seller the right to
terminate the Agreement of Sale if the Buyer’s mortgage commitment is conditioned upon the sale and settlement of Buyer’s
Property.
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Copyright pennsylvania assoCiation of realtors® 2011
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sale & settlement of other property ContingenCy
ssp-tKo
(With right to Continue marKeting and timed KiCKout Clause) addendum to agreement of sale
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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property ________________________________________________________________________________________________
seller ___________________________________________________________________________________________________
Buyer ____________________________________________________________________________________________________
1. This Agreement of Sale is contingent upon the sale and settlement of Buyer’s Property at:________________________________
________________________________________________________________________________________________________
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2. Within _____ days of Seller’s acceptance of this Agreement of Sale, Buyer will list Buyers’s Property for sale under an exclusive
right to sell agreement with a broker of Buyer’s choosing who is a member of the multiple listing service most directly serving the
area in which Buyer’s Property is located. Buyer will do what is reasonably necessary to sell and settle Buyer’s Property, including, but not limited to, authorizing broker to list Buyer’s Property with the multiple listing service, posting “for sale” signs, permitting open houses, maintaining Buyer’s Property in presentable condition, and cooperating fully with broker and other licensees
showing or marketing Buyer’s Property to prospective buyers.
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3. Buyer will list Buyer’s Property at or below $____________________, for a term ending on or after ______________________.
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4. Buyer acknowledges that Seller has the right to continue to offer Seller’s Property for sale to other prospective buyers.
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If Buyer’s Property is not under an Agreement of Sale with terms acceptable to Seller, on or before ,
or if Buyer’s Agreement of Sale is terminated, Seller may terminate the Agreement by written notice to Buyer and all deposit monies
paid on account of purchase price will be returned to Buyer according to the terms of this Agreement of Sale and this Agreement
of Sale will be vOId. Seller’s right to terminate continues until Buyer’s Property is under an Agreement of Sale with terms acceptable to Seller.
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6. If Seller receives a bona fide offer from a different prospective buyer, with terms acceptable to Seller, Seller will promptly notify Buyer
in writing of Seller’s receipt of that acceptable offer and Seller’s intent to terminate this Agreement of Sale. (See Communication With
Buyer And/Or Seller in the Agreement of Sale)
7. (A) Within _____ hours of receiving written notification that Seller has received a bona fide offer with terms acceptable to Seller,
Buyer will provide:
1. Written proof of Buyer’s financial ability to proceed without the sale and settlement of Buyer’s property, OR
2. A copy of an agreement of sale for Buyer’s property.
If Buyer fails to respond within the time stated in this paragraph, this Agreement of Sale is terminated, all deposit monies will
be returned to Buyer according to the terms of this Agreement of Sale and this Agreement of Sale will be vOId.
(B) Within 2 days of receiving written proof of Buyer’s financial ability to proceed without the sale and settlement of Buyer’s property
OR receiving a copy of an agreement of sale for Buyer’s property, Seller will inform Buyer that Seller, at Seller’s sole discretion:
1. Accepts the written proof of Buyer’s financial ability to proceed without the sale and settlement of Buyer’s Property and
this Agreement of Sale is no longer contingent upon the sale and settlement of Buyer’s Property , OR
2. Accepts the agreement of sale for Buyer’s Property, OR
3. Terminates this Agreement of Sale.
(C) If Seller has not, within the time stated in Paragraph 7(B) of this Addendum, terminated this Agreement of Sale, Seller accepts
the Agreement of Sale for Buyer’s property.
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8. Seller’s right to market the Property will cease upon Seller’s acceptance of the written proof of Buyer’s financial ability to proceed
without the sale and settlement of Buyer’s Property or Seller’s written acceptance of the agreement of sale for Buyer’s Property.
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9. If there is a conflict between the terms of the Mortgage Contingency paragraph of this Agreement of Sale and the terms of this
Addendum, the terms of this Addendum prevail.
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all other terms and conditions of the agreement of sale remain unchanged and in full force and effect.
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Buyer _______________________________________________________________________
Buyer _______________________________________________________________________
Buyer _______________________________________________________________________
seller ______________________________________________________________________
seller ______________________________________________________________________
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seller ______________________________________________________________________ date_________________________________
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date_________________________________
date_________________________________
date_________________________________
date_________________________________
date_________________________________
Copyright pennsylvania assoCiation of realtors® 2011
3/11
notiCe of terMination of agreeMent of sale
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
ter
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property ___________________________________________________________________________________________________
seller ______________________________________________________________________________________________________
Buyer _______________________________________________________________________________________________________
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Date of agreeMent ________________________________________________________________________________________
Buyer terMinates the agreeMent of sale based on, but not limited to, the terms of the Agreement of Sale at
Paragraph(s) _________________________________ and/or the terms of the _____________________________________________
______________________________ Addendum to the Agreement of Sale at Paragraph(s) ____________________________________.
Seller may market the Property and accept offers from other buyers.
seller terMinates the agreeMent of sale based on, but not limited to, the terms of the Agreement of Sale at
Paragraph(s) ________________________________ and/or the terms of the _____________________________________________
_______________________________ Addendum to the Agreement of Sale at Paragraph(s) ___________________________________.
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1.
The terminating party (Buyer or Seller) is advised to consult legal counsel before terminating the Agreement to determine whether they
have the right to terminate and the possible consequences of terminating, including whether the Seller has the right to market the Property
and accept offers from other buyers. The party (Buyer or Seller) receiving this Notice of Termination is also advised to consult legal
counsel to determine the other party’s right to terminate, the consequences of termination and any rights to prevent termination.
2.
Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to determine who is entitled to the deposit monies when settlement does not occur. Upon termination of an agreement of sale, the Broker can
only release the deposit monies:
(A) If there is no dispute over entitlement to the deposit monies. Buyer and Seller agree that a written agreement signed by both parties is evidence that there is no dispute regarding deposit monies.
(B) According to the terms of a written agreement signed by the Buyer and Seller directing Broker how to distribute some or all of the monies.
(C) According to the terms of a final order of court.
(D) According to the terms of a prior written agreement between Buyer and Seller that directs the Broker how to distribute the deposit
monies if there is a dispute between the parties that is not resolved.
Buyer and Seller agree that if any broker or affiliated licensee is joined in litigation regarding deposit monies, the attorneys’ fees and
costs of the broker(s) and licensee(s) will be paid by the party joining them.
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this terMination is not Contingent on the parties signing an agreeMent of sale release or an
agreeMent regarDing the DistriBution of Deposit Monies.
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terMinating party ____________________________________________________________ Date ____________________
terMinating party ____________________________________________________________ Date ____________________
31 terMinating party ____________________________________________________________ Date ____________________
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Copyright pennsylvania assoCiation of realtors® 2011
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notiCe of terminAtion of Agreement of sAle
ter
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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property ___________________________________________________________________________________________________
seller ______________________________________________________________________________________________________
buyer _______________________________________________________________________________________________________
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dAte of Agreement ________________________________________________________________________________________
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buyer terminAtes the Agreement of sAle based on, but not limited to, the terms of the Agreement of Sale at
Paragraph(s) _________________________________ and/or the terms of the _____________________________________________
______________________________ Addendum to the Agreement of Sale at Paragraph(s) ____________________________________.
Seller may market the Property and accept offers from other buyers.
seller terminAtes the Agreement of sAle based on, but not limited to, the terms of the Agreement of Sale at
Paragraph(s) ________________________________ and/or the terms of the _____________________________________________
_______________________________ Addendum to the Agreement of Sale at Paragraph(s) ___________________________________.
1. The terminating party (Buyer or Seller) is advised to consult legal counsel before terminating the Agreement to determine whether they
have the right to terminate and the possible consequences of terminating, including whether the Seller has the right to market the Property
and accept offers from other buyers. The party (Buyer or Seller) receiving this Notice of Termination is also advised to consult legal
counsel to determine the other party’s right to terminate, the consequences of termination and any rights to prevent termination.
2. Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to determine who is entitled to the deposit monies when settlement does not occur. Upon termination of an agreement of sale, the Broker can
only release the deposit monies:
(A) If there is no dispute over entitlement to the deposit monies. Buyer and Seller agree that a written agreement signed by both parties is evidence that there is no dispute regarding deposit monies.
(B) According to the terms of a written agreement signed by the Buyer and Seller directing Broker how to distribute some or all of the monies.
(C) According to the terms of a final order of court.
(D) According to the terms of a prior written agreement between Buyer and Seller that directs the Broker how to distribute the deposit
monies if there is a dispute between the parties that is not resolved.
Buyer and Seller agree that if any broker or affiliated licensee is joined in litigation regarding deposit monies, the attorneys’ fees and
costs of the broker(s) and licensee(s) will be paid by the party joining them.
this terminAtion is not Contingent on the pArties signing An Agreement of sAle releAse or An
Agreement regArding the distribution of deposit monies.
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terminAting
Witness __________________________ pArty____________________________________________ dAte__________________
terminAting
Witness __________________________ pArty____________________________________________ dAte__________________
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Agreement of sAle releAse And distribution of deposit money
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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property ____________________________________________________________________________________________________
seller _______________________________________________________________________________________________________
buyer________________________________________________________________________________________________________
dAte of Agreement ________________________________________________________________________________________
deposit money held by ____________________________________________________________________________________
1. buyer and seller entered into an Agreement of sale to purchase the property identified above. buyer and seller release, quit
claim and forever discharge eACh other, All broKers, their liCensees, employees and any offiCer or pArtner of any one of them and any other person, firm or CorporAtion who may be liable by or through them, from any
and all claims, losses or demands set forth in the Agreement of sale as well as those arising from or relating to the Agreement
of sale. the deposit money paid on account of the purchase price will be distributed as set forth below.
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2. deposit money pAid on ACCount of purChAse priCe $ __________________________________________
distribution of deposit money:
to seller $ ___________________________________
to buyer $ ___________________________________
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buyer and seller intend to be legally bound by this Agreement of sale release and distribution of deposit money.
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Witness ___________________________________
Witness ___________________________________
Witness ___________________________________
Witness ___________________________________
Witness ___________________________________
Witness ___________________________________
buyer _______________________________
buyer _______________________________
buyer _______________________________
seller ______________________________
seller ______________________________
seller ______________________________
dAte ___________________
dAte ___________________
dAte ___________________
dAte ___________________
dAte ___________________
dAte ___________________
Copyright pennsylvAniA AssoCiAtion of reAltors® 2010
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TENANT OCCUPIED PROPERTY ADDENDUM TO AGREEMENT OF SALE
TOP
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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PROPERTY_________________________________________________________________________________________________
SELLER____________________________________________________________________________________________________
BUYER ____________________________________________________________________________________________________
DATE OF AGREEMENT _____________________________________________________________________________________
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1.
Within
days (5 days if not specified) of the Execution Date of the Agreement, Seller will furnish to Buyer, by return-receipt
mail or by other form of receipted delivery, copies of all written lease agreements currently in effect and memoranda of the terms
of all oral leases for the Property. Where the full amount of security deposits paid by tenants will not be transferred at settlement,
Seller will furnish to Buyer in writing the tenants’ names, the amount of the security deposits, the amounts deducted, the dates and
reasons for deduction and the tenants’ written notification or acknowledgment of the deduction.
2.
Upon receipt of all leases, and/or memoranda, or if Seller fails to provide the leases and/or memoranda within the time stated, whichever is first, Buyer will, within
days (5 days if not specified):
(A) Accept the Property and agree to the terms of the RELEASE paragraph of the Agreement of Sale, OR
(B) Terminate the Agreement of Sale by written notice to Seller, with all deposit monies returned to Buyer according to the terms
of the Agreement of Sale, OR
(C) Enter into a mutually acceptable written agreement with Seller.
If Buyer and Seller do not reach a written agreement during the time stated in this paragraph, and Buyer does not terminate the Agreement of Sale by written notice to Seller within that time, Buyer will accept the Property and agree to the
terms of the RELEASE paragraph of the Agreement of Sale.
3.
Seller will assign all leases and security deposits together with the interest, if any, to Buyer at settlement.
4.
Other than obligations set forth in any written lease agreement(s), Seller represents that there are no unsatisfied commitments or
agreements, whether oral or written, requiring Seller to fulfill any financial or other obligation to any tenant.
5.
Seller will notify all Tenants in writing of the change in ownership at time of settlement.
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All other terms and conditions of the Agreement of Sale remain unchanged and in full force and effect.
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WITNESS ________________________________
WITNESS ________________________________
WITNESS ________________________________
WITNESS ________________________________
WITNESS ________________________________
WITNESS ________________________________
BUYER ___________________________________
BUYER ___________________________________
BUYER ___________________________________
SELLER __________________________________
SELLER __________________________________
SELLER __________________________________
DATE________________
DATE________________
DATE________________
DATE________________
DATE________________
DATE________________
COPYRIGHT PENNSYLVANIA ASSOCIATION OF REALTORS® 2005
12/05
1460
02/07
BUSINESS SERVICES FOR REAL ESTATE (800) 555-3390
ZONING APPROVAL CONTINGENCY ADDENDUM TO AGREEMENT OF SALE
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of REALTORS® (PAR).
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PROPERTY ________________________________________________________________________________________________
SELLER___________________________________________________________________________________________________
BUYER ____________________________________________________________________________________________________
DATE OF AGREEMENT ______________________________________________________________________________________
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Contingency Period: ______ days (15 days if not specified) from the Execution Date of the Agreement of Sale.
Within the Contingency Period, Buyer, at Buyer’s expense, may verify that Buyer’s proposed use of the Property as
________________________________________________________________ is permitted under the current zoning classification
for the Property and is not prohibited by any other governmental land use restrictions.
If Buyer’s proposed use of the Property is not permitted, Buyer will, within the Contingency Period, notify Seller in writing that the
proposed use of the Property is not permitted, and Buyer will:
(A) Accept the Property and agree to the terms of the RELEASE paragraph of the Agreement of Sale, OR
(B) Terminate the Agreement of Sale by written notice to Seller, with all deposit monies returned to Buyer according to the terms of
the Agreement of Sale.
(C) Enter into a mutually acceptable written agreement with Seller.
If Buyer and Seller do not reach a written agreement during the Contingency Period and Buyer does not terminate the
Agreement of Sale by written notice to Seller within that time, Buyer will accept the Property and agree to the RELEASE
paragraph of the Agreement of Sale.
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VERIFICATION OF ZONING FOR PROPOSED USE CONTINGENCY
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CHANGE OF ZONING/MUNICIPAL APPROVAL FOR PROPOSED USE CONTINGENCY
Within _____ DAYS of the Execution Date of the Agreement of Sale (15 days if not specified), Buyer will make a formal written application for zoning approval, variance, non-conforming use, or special exception from _____________________________
______________________________ (municipality) to use the Property as ____________________________________________
_________________________________ (proposed use). Buyer will pay for applications, legal representation, and any other costs
associated with the application and approval process.
If the municipality requires the application to be signed by the current owner, Seller agrees to do so.
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If final, unappealable approval is not obtained by _____________________________, Buyer will:
(A) Accept the Property with the current zoning and agree to the terms of the RELEASE paragraph of the Agreement of Sale, OR
(B) Terminate the Agreement of Sale by written notice to Seller, with all deposit monies returned to Buyer according to the terms of
the Agreement of Sale, OR
(C) Enter into a mutually acceptable written agreement with Seller.
If Buyer and Seller do not reach a written agreement before the time specified in paragraph 3, and Buyer does not terminate the Agreement of Sale by written notice to Seller within that time, Buyer will accept the Property and agree to the
terms of the RELEASE paragraph of the Agreement of Sale.
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All other terms and conditions of the Agreement of Sale remain unchanged and in full force and effect.
WITNESS__________________________________
WITNESS__________________________________
WITNESS__________________________________
WITNESS__________________________________
WITNESS__________________________________
WITNESS__________________________________
BUYER____________________________________
BUYER____________________________________
BUYER____________________________________
SELLER ___________________________________
SELLER ___________________________________
SELLER ___________________________________
DATE _____________
DATE _____________
DATE _____________
DATE _____________
DATE _____________
DATE _____________
COPYRIGHT PENNSYLVANIA ASSOCIATION OF REALTORS® 2005
09/05
Change of Zoning /MUniCipal approval for proposeD Use ContingenCy
aDDenDUM to agreeMent of sale
ZCa
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of Realtors® (PAR).
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property ________________________________________________________________________________________________
seller___________________________________________________________________________________________________
BUyer ____________________________________________________________________________________________________
Date of agreeMent ______________________________________________________________________________________
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1.
Within _____ DAYS of the Execution Date of the Agreement of Sale (15 days if not specified), Buyer will make a formal written application for zoning approval, variance, non-conforming use, or special exception from _____________________________
______________________________ (municipality) to use the Property as ____________________________________________
_________________________________ (proposed use). Buyer will pay for applications, legal representation, and any other costs
associated with the application and approval process.
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2.
If the municipality requires the application to be signed by the current owner, Seller agrees to do so.
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3.
If final, unappealable approval is not obtained by _____________________________, Buyer will:
(A) Accept the Property with the current zoning and agree to the terms of the RELEASE paragraph of the Agreement of Sale, OR
(B) Terminate the Agreement of Sale by written notice to Seller, with all deposit monies returned to Buyer according to the terms of
the Agreement of Sale, OR
(C) Enter into a mutually acceptable written agreement with Seller.
if Buyer and seller do not reach a written agreement before the time specified in paragraph 3, and Buyer does not terminate the agreement of sale by written notice to seller within that time, Buyer will accept the property and agree to the
terms of the release paragraph of the agreement of sale.
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All other terms and conditions of the Agreement of Sale remain unchanged and in full force and effect.
BUyer _________________________________________________________________
BUyer _________________________________________________________________
BUyer _________________________________________________________________
seller ________________________________________________________________
seller ________________________________________________________________
seller ________________________________________________________________
SA
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Date
Date
Date
Date
Date
Date
____________________________
____________________________
____________________________
____________________________
____________________________
____________________________
Copyright pennsylvania assoCiation of realtors® 2011
12/11
verifiCation of Zoning for proposeD Use ContingenCy
aDDenDUM to agreeMent of sale
Zva
This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of Realtors® (PAR).
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property_________________________________________________________________________________________________
seller___________________________________________________________________________________________________
BUyer ____________________________________________________________________________________________________
Date of agreeMent ______________________________________________________________________________________
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Contingency period: ______ days (15 days if not specified) from the Execution Date of the Agreement of Sale.
Within the Contingency period, Buyer, at Buyer’s expense, may verify that Buyer’s proposed use of the Property as
________________________________________________________________ is permitted under the current zoning classification for the Property and is not prohibited by any other governmental land use restrictions.
If Buyer’s proposed use of the Property is not permitted, Buyer will, within the Contingency Period, notify Seller in writing that
the proposed use of the Property is not permitted, and Buyer will:
(A) Accept the Property and agree to the terms of the RELEASE paragraph of the Agreement of Sale, OR
(B) Terminate the Agreement of Sale by written notice to Seller, with all deposit monies returned to Buyer according to the terms
of the Agreement of Sale.
(C) Enter into a mutually acceptable written agreement with Seller.
if Buyer and seller do not reach a written agreement during the Contingency period and Buyer does not terminate the
agreement of sale by written notice to seller within that time, Buyer will accept the property and agree to the
release paragraph of the agreement of sale.
All other terms and conditions of the Agreement of Sale remain unchanged and in full force and effect.
M
PL
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BUyer _________________________________________________________________
BUyer _________________________________________________________________
BUyer _________________________________________________________________
seller ________________________________________________________________
seller ________________________________________________________________
seller ________________________________________________________________
Date
Date
Date
Date
Date
Date
____________________________
____________________________
____________________________
____________________________
____________________________
____________________________
SA
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Copyright pennsylvania assoCiation of realtors® 2011
12/11