Real estate purchase contracts are legally binding contracts that define the conditions for the purchase and sale of real estate between the buyer and the seller. One should never rely on verbal promises; All the details of your oral agreement should be included in your real estate sales contract as soon as possible. The following terms and conditions should be carefully considered. Your lender usually needs a certificate from a licensed California pest control inspector, which states that the home is free of termites and other pests and harmful damage. You may reserve the right to withdraw from the contract or to receive immediate treatment and compensation from the seller if harmful damage is found. 2. Provision relating to lump sum damages: this section of the contract defines the damages that the seller can claim for infringement by the buyer and is generally limited to the amount of the deposit, limited to 3% of the purchase price 3. 17 Due Diligence Contingency Period: There is a standard contingency period of 17 days during which the buyer can read and approve the information provided above by the seller. and to complete any investigations or inspections of the property that the buyer wishes. During this contingency period, the buyer may require the seller not to repair certain repairs indicated in the inspection reports, but the seller is not required to do so. The buyer may cancel the purchase at any time during this possible period.
If the buyer has not eliminated all contingencies before the end of the eventual 17-day period, the eventual period will be effectively maintained until the seller sends the buyer a performance notice obliging the buyer to remove any eventuality within the period agreed in the contract (usually 24 to 72 hours). or the contract is terminated. Once the buyer has eliminated any eventuality, the failure of the buyer or seller to close the Treuhand in a timely manner may be an infringement….