Competing Offer. “Competing Offer” mean a bona fide, arm’s length offer for the property under comparable terms and conditions that has not expired or been withdrawn when this offer is accepted. The net amount of a competing offer shall be the stated amount (or the amount if the competing offer contains a price escalation clause) less any seller credits or other price adjustments such as credits for buyer’s closing costs.
If seller receives a competing offer in a net amount greater than this offer, the purchase price of this offer shall be increased by $ DOLLARS more than the net amount of competing offer, up to the maximum price of$ DOLLARS. Seller to provide a complete copy of the competing offer should the escalation clause be invoked and Buyer and Seller to sign addendum confirming the new purchase price within 48 hours of accepted offer. Seller’s failure to provide a complete copy of the competing offer shall constitute a material breach of this agreement.
All other terms of the Purchase and Sale Agreement including all prior Addendums or Counter Offers not modified by this ADDENDUM shall remain the same. Upon its execution by both parties, this agreement is made an integral part of the aforementioned Agreement.
Home Inspection “As-Is”
Inspection is for buyer’s knowledge only, but upon completion of inspection if buyer decides to proceed it will be an “as is” condition. If they elect to withdraw from the transaction, all earnest money deposit will be returned to buyer. In any event an RE10 will be signed and forwarded to the listing agent.
Appraisal on Cash Offer
Buyer has the right to obtain and pay for an appraisal on the property within 5 business days from buyer’s personal property inspection. This is not an obligation, but a right. Buyers shall give seller written notice within 1 business days after buyer’s personal inspection if they choose to purchase the appraisal. Should the property appraise for DOLLAR AMOUNT below purchase price (or more than DOLLAR AMOUNT below), then buyer shall have the option of voiding this offer and having any Earnest Money check that has been issued returned to the 1031 Facilitator. Should Buyers NOT PROVIDE WRITTEN NOTICE OF INTENT to purchase appraisal, then this right to an appraisal contingency is removed.
Presentation Time Limit
Buyer requires that this offer be presented to seller within (SO MANY HOURS or DAYS) of delivery by buyer’s agent to seller’s agent and that seller shall return to buyer with a) Accepted b) Rejected c) Counter Offer.
Stipulation For Rental Property
Seller shall notify all tenants of pending sale and have shall have tenants sign a tenant acceptance of transfer of all leases and security deposit and/or other deposits, including pro-rated rents being held presently by seller to be transferred to BUYER’S NAME.
Tenant transfer acceptance shall include them providing their initials on a lease “property condition” report, wherein they report any particular damages that were present prior to their move-in and lease signing.
1031 Tax Deferred Exchange
This offer is part of the Buyer’s 1031 Tax Deferred Exchange for property in CITY, STATE & ZIP and shall be included for that exchange at no additional cost to seller. Buyer has assigned his right to the 1031 Facilitator. All closing funds needed shall be delivered to the Title Company prior to closing to facilitate the funding of this transaction.Tenant transfer acceptance shall include them providing their initials on a lease “property condition” report, wherein they report any particular damages that were present prior to their move-in and lease signing.