Paragraph 12: Buyer's Home Inspection Details the buyer's right to inspect the home within a specific period (BUYER'S INVESTIGATION OF PROPERTY AND MATTERS AFFECTING PROPERTY). The buyer can personally inspect or hire a professional home inspector. Paragraph 13: Property Rights Seller provides a title report, and the buyer accepts it. Paragraph 14: Time Limits and Cancellation Rights The buyer has a 17-day period to inspect the home and review documents. After this, the buyer can request repairs, but the seller isn't obliged to make them. If no agreement is reached, the buyer can cancel the contract and receive the deposit. If the buyer doesn't cancel or fulfill obligations within 17 days, the seller can cancel, providing a 24-hour notice. Paragraph 15: Repair Specifies that if the seller agrees to repairs, they must be completed before handing over the house. The buyer can inspect repairs before finalizing the sale. Paragraph 16: Tax Issues Covers the agreement on property tax and other expenses proration between the buyer and seller if the transaction completes before the payment deadline. Payments follow the agreed rate if conditions are met.
Paragraph 17: Contracting or Agent Relates to paragraphs 31 and 32, explaining additional steps required if the contract signatory isn't an individual. Paragraph 18: Instructions from Third- Party Trust Companies Explains that the third-party trust company, mentioned in paragraph 3, pays the broker after completing the payment transaction. Paragraph 19: Buyer’s Remedies Details remedies if the buyer breaches the contract. If the buyer cancels without sufficient reason, the seller can seek compensation, typically limited to the deposit. Paragraph 20: Resolving Differences Agreement for mediation in case of disputes or claims between the buyer and seller. Both agree to avoid court and resolve issues through an arbitrator, who decides on disputes and financial matters. The buyer also commits to using arbitration for disputes with the broker during the transaction.
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