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Purchase & Sale Agreement-F201
I’m going to spend the rest of the year going back to basics and reviewing some terms in the GAR Purchase & Sale Agreement. This month I’m focusing on Property Condition.
Here is the language in the Purchase and Sale Agreement regarding condition:
Risk of Damage to Property. Seller warrants that at the time of closing the Property and all items remaining with the Property, if any, will be in substantially the same condition (including conditions disclosed in the Seller’s Property Disclosure Statement or Seller’s Disclosure of Latent Defects and Fixtures Checklist) as of the Offer Date, except for changes made to the condition of Property pursuant to the written agreement of Buyer and Seller. At time of possession, Seller shall deliver Property clean and free of trash, debris, and personal property of Seller not identified as remaining with the Property. Notwithstanding the above, if the Property is destroyed or substantially destroyed prior to closing, Seller shall promptly give notice to Buyer of the same and provide Buyer with whatever information Seller has regarding the availability of insurance and the disposition of any insurance claim. Buyer or Seller may terminate this Agreement without penalty not later than fourteen (14) days from receipt of the above notice. If Buyer or Seller do not terminate this Agreement, Seller shall cause Property to be restored to substantially the same condition as on the Offer Date. The date of closing shall be extended until the earlier of one year from the original date of closing, or seven (7) days from the date that Property has been restored to substantially the same condition as on the Offer Date and a new certificate of occupancy (if required) is issued.
"Clean" can be interrupted differently by different people. Therefore GAR has also provided a special stipulation that includes more details. See below.
Always seek counsel from your Broker for more advice on GAR forms.
SS 720 PROPERTY DELIVERY CONDITION
Seller shall deliver Property clean and free of debris at time of possession. Seller agrees that, as of the date of the transfer of possession of the Property, the Property shall have been thoroughly cleaned with all trash and debris having been removed from the Property, all tiled and hardwood floors having been swept and damp mopped, all carpets having been vacuumed, all cabinets, countertops, ledges, sills, ceiling fans and doors and door frames having been wiped down with a moist rag and cleaner, all appliances having been scrubbed free of dirt, grease and grime, all bathroom sinks, commodes and bathtubs having been scrubbed and cleaned with a bathroom cleaner and disinfected and all cobwebs and dust having been removed from around corners of the house and light fixtures. Seller shall not leave any personal property of Seller in the Property other than what is in this Agreement. This provision shall specifically survive closing.
Friday, November 10, 2023
Veterans Day
Thursday, November 23, 2023
Thanksgiving
Friday, November 24, 2023
Day after Thanksgiving
(not a Federal holiday but Closing Attorneys are closed)
Monday, December 25, 2023
Christmas Day
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