Special Stipulation Library

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Seller Pays Commission Obligation of Buyer
Buyer is currently obligated to pay Buyer's Broker a real estate sales commission of _____% of the purchase price of any real property purchased by Buyer. In buying this property, Buyer has requested, and Seller has agreed, that Seller shall be responsible for paying Buyer's Broker at closing the real estate commission that the Buyer would otherwise be obligated to pay in an amount equal to _____% of the Purchase Price of this property. Buyer acknowledges that the request to have the Seller pay the above reference commission is a request of the Buyer and not a request of the Buyer's Broker has asked the Buyer to make on behalf of the Buyer's Broker.

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Buyer Must Make Loan Application
Within 3 days from the Binding Agreement Date, Buyer shall make loan application with a Mortgage Lender licensed in Georgia. Upon making loan application, Buyer shall provide notice to Seller of having made loan application by providing a letter from the lender wherein the lender shall warrant that the lender: (1) is providing a mortgage financing consistent with the financing contingency exhibit to this Agreement; (2) has done a full credit check on and income verification of the Buyer(s); (3) has ordered any required appraisal(s) of the property; and (4) provided Buyer with a list of necessary documents to complete the mortgage application process.

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Buyer Must Make Lender Required RepairsIf the lender requires additional repairs to the Property, the Buyer is responsible for making the repairs. Buyers’ failure to make repairs shall not constitute a valid reason for the loan being declined.

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Condo Cost to Seller
At closing the Seller shall pay all fees included on the Homeowner Association Letter (“Condo Clearance Letter”) obtained by the lender and/or Closing Attorney that were not otherwise disclosed to the Buyer by the Seller. These fees include but are not limited to dues, assessments, capital contribution, transfer, moving, document preparation, and initiation fees.

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Utilities Not On
The Seller will have all utilities turned on within ____ days of Binding Agreement and notify Buyer that utilities are on. In the event Seller does not have all utilities turned on as agreed, the Due Diligence Period shall be extended for the same number of days plus 10 days for the purpose of Buyer conducting inspection(s).

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5:00pm Deadline
All parties agree that for any time line herein expressed in days, the deadline shall be at 5:00pm Eastern Standard Time on the day specified.
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Zoning Change
Buyer understands and agrees that Property is zoned __________ and that the improvements thereon may not meet Buyer's zoning requirements. The Buyer's obligation hereunder is conditioned upon the Property being rezoned to _____________________ by the appropriate ________________________ (County/City) authorities by the __________ day of _______________, 20_____. The _____________________ (Buyer/Seller) shall be responsible for pursuing such rezoning and paying all affiliated cost. In the event that said rezoning is not obtained by said date, then this Agreement shall become null and void and all earnest money shall be refunded to the Buyer. All rezoning applications shall be submitted to Seller for Seller's approval prior to filing, which approval shall not be unreasonably withheld. All parties agree to cooperate, to sign the necessary documentation and to support the rezoning application. Homes converted to multifamily use where zoning for multifamily use may be questioned. This Agreement is contingent upon Seller providing a letter from the city or county zoning authority stating that the Property is presently zoned for multifamily use. Seller shall have two weeks from date of acceptance to present said letter to Buyer or Broker(s). Should the Seller not present the letter within the above-stated time period, Buyer must, within 48 hours past the time period, declare this Agreement null and void or this contingency shall be removed as a condition of this Agreement. If Buyer elects to declare this Agreement null and void, said declaration shall be on a Termination and Release Agreement with all earnest money being promptly refunded to Buyer. All parties agree to sign promptly all documentation.

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Supercedes Previous Agreement(s)
Upon signatures by all parties, this agreement supersedes and makes null and void all previous agreement(s) between ________________ & ________________, as Seller(s) and ________________ & ________________, as Buyer(s) accepted the on the __________ day of _______________, 20_____.

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Short Sale Definition of Binding Agreement Date
All parties agree that for the purposes of all contingencies in the contract (including but not limited to due diligence, appraisal, and financing), Binding Agreement Date shall be considered the date listing broker notifies selling broker that lender has approved the terms of the agreement and agreed to a short sale of the property with no additional funds being owed or due from the seller.

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Seller Participating in a 1031 Exchange
In selling the Property, Seller may elect to utilize an I.R.C. Section 1031 tax deferred exchange where the proceeds from the sale of the Property are used by a qualified intermediary to purchase like/kind property, and the Property may be: 1) conveyed by Seller directly to Buyer, or 2) conveyed by Seller to the qualified intermediary who shall then transfer the Property to Buyer. In such event, Buyer agrees to cooperate with and assist Seller in connection with Seller's like/kind exchange and execute an assignment of this Agreement to the qualified intermediary, provided that Buyer shall not be obligated to incur any additional expense or liability in connection with Seller's exchange of property.

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Seller Limit on Repair Cost
Seller shall retain _________ to complete the following agreed-upon repairs and replacements: _________, _________. However, Seller shall not be obligated to pay more than $_________ for said repairs and replacements, and Buyer shall be obligated to pay any additional costs in excess of said amount. At or prior to closing, Seller shall provide Buyer with copies of paid invoices to verify that Seller has fulfilled his obligations hereunder.

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Seller Disclosure Statement not Available
The Seller's Property Disclosure Statement is not attached hereto. Seller shall have 3 days from the Binding Agreement Date to provide Buyer with a properly and fully completed Seller's Property Disclosure Statement. For every day thereafter that the Seller fails to provide the Seller's Property Disclosure Statement, all parties agree that the Due Diligence Period shall be extended by the same number of days. The Due Diligence Period shall not exceed 28 days as the result of Seller's failure to provide the Seller's Property Disclosure Statement; however, nothing herein shall require the Seller to provide a Seller's Property Disclosure Statement.

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Mold Inspection
Neither the Listing Broker not the Selling Broker have inspected the Property for mold and are unaware if mold is present in the Property. Mold is a type of fungus. Mold spores are present in every home and can grow in any portion of a home that is exposed to moisture. Damp, dank, earthy and/or musty odors often signal the presence of mold. The Brokers are not experts with regard to mold, whether a Property contains harmful mold, or the health effects of mold exposure. No Broker shall have any duty to give Buyer any advice regarding mold or to determine whether mold is present in a Property. It shall be the sole responsibility of the Buyer(s) to retain appropriate professionals to inspect the Property that Buyer is purchasing to determine the presence of mold and its effect on the health of the Buyer(s). Seller acknowledges that the Listing Broker has not advised the Seller to hide, clean or remove any mold (or odors indicating the possible presence of mold) from the Property.

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Buyer Must Provide Lender Approval Letter
Buyer must Provide Lender Approval Letter Buyer agrees to make loan application with lender of Buyer's choosing. Said loan application will be made within _____ days of Binding Agreement. Buyer will notify Seller of having made said application within one (1) day of making application. Should Buyer not act as stipulated, Buyer's earnest money shall be non-refundable for any reason. In the event lender determines that Buyer can not be approved for the loan as described in this offer, then Seller may, by written notification to the Buyer, make this contract null-and-void and return the Buyer’s earnest money to the Buyer and return the home to the active market.

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Seller Providing a Home Warranty
Seller Providing a Home Warranty Seller agrees to provide a one year American Home Shield Home Warranty at a cost to seller not to exceed $______. Home warranty shall provide coverage for sudden mechanical breakdown of all systems, including but not limited to HVAC and all appliances.

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Seller must Hire a REALTOR
Seller and Buyer agree that Buyer shall list Buyer's property at a price not to exceed $________ and shall engage the services of a REALTOR® to sell such property.

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Flood Plain Survey
If prior to closing Buyer obtains a survey of the Property performed by a licensed Georgia Surveyor which reveals that the Property is either less than _____ acres in size or that any portion of the improvements on the Property are in a flood plain, Buyer shall have the right to terminate this Agreement by providing Seller with a copy of the survey along with notice of Buyer’s decision to terminate (“Notice”) no later than _______days from date of the survey. If the Notice and survey are not timely delivered to Seller, this contingency shall be deemed to be waived by Buyer.

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Shelter's Closing Cost Contribution Program for Buyers
Buyer shall contact Joanne Rotella at 404-290-4800 to make loan application with Shelter Home Mortgage. Buyer is not required to use Shelter Home Mortgage to obtain financing however should buyer elect to obtain financing with Shelter Home Mortgage, Buyer may be eligible to receive up to $2,000 in lender paid closing cost contribution. Contact Joanne Rotella for details.

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Buyer Review of HOA/Condo Docs
For and in consideration of the sum of $5.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller will have ________ days from Binding Agreement to provide all Association covenants, rules, by-laws, financial reports, and any and all other documentation in Seller’s possession related to Property ("Documents"). Buyer shall have ________ days from the receipt of the Documents to review the same ("Review Period"). If the Seller fails to provide the Documents timley, then the Review Period shall be extended for the same number of days plus 10 days for the purpose of Buyer reviewing the Documents. Buyer may terminate this Agreement if Seller fails to provide Documents or if the terms of provided Documents (or any documentation which was not provided by the Seller but acquired by Buyer related to ownership of Property) are not satisfactory to Buyer by providing timely written notice thereof to Seller. In such event the earnest money shall be returned to Buyer.

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Defects not Covered During Inspection Rights
Notwithstanding any other provision in this Agreement to the contrary, Buyer and Seller acknowledge that the agreed-upon purchase price of the Property contemplates that the Property contains the following defects_______________. Buyer agrees to accept these defects in the Property "as is" and will not request that the defects be repaired or replaced in any inspection amendment submitted on the Property. Other than the defects specified above, the Property is sold with the right of the Buyer to request repairs.

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Court Approval Needed
This offer is contingent upon review and approval by __________ (insert Court Name). In the event contract is not approved, upon notification from Court, this contract shall automatically terminate and Holder is instructed to release all earnest money shall be returned to the Buyer.

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Comprehensive Loss Underwriter’s Exchange – C.L.U.E.
Seller warrants that no homeowner’s insurance claim has been filed on the property during his/her ownership that would result in property being included in the Comprehensive Loss Underwriters Exchange (CLUE). However, in the event that this property is contained on CLUE, and in the event buyer’s homeowner’s insurance cost is greater than an additional 10% above the average cost to insure like-type property, buyer may unilaterally terminate this agreement within 48 hours - by written notification to the seller - from the receipt of such notice from the homeowner’s insurance provider of buyer's choice. In such event all earnest money shall be returned to the buyer. Should the buyer not give notice as stipulated, buyer shall waive any right to terminate as a result of CLUE.

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Clean Copy Contract Disclosure
All parties acknowledge that this contract is a "clean copy" only; should any dispute(s) arise, all parties shall refer back to the original contract for rights, intent, and determination of any issue(s).

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Buyer Right to Reinspect Property
Seller(s) agree(s) to have the repairs completed in a workmanlike manor and provide receipts for all work performed no later than __________. Buyers may choose to have original home inspector re-inspect property at no cost to the seller prior to closing. In the event that one of the agreed upon repair items is not completed or work is not satisfactory to the original inspector, buyer shall have the unilateral right to terminate this agreement by notification to the seller(s) and holder is authorized to immediately return all earnest money to the buyer.

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Buyer did not Qualify for a Loan
If Buyer does not provide Seller with a letter from Buyer’s mortgage lender within _____ days from the Binding Agreement Date indicating that Buyer is unable to qualify for the loan described in Paragraph _____, then Buyer shall be deemed to have received loan approval and this Agreement shall no longer be subject to a financing contingency. Upon removal of the financing contingency, Buyer shall immediately upon request of the Seller provide written notice to Seller verifying the source of Buyer’s funds to close on the purchased of the property. If Buyer does not provide this information to Seller within 3 days of being requested to do so, Buyer shall be in default of this Agreement. In such event, this Agreement shall terminate automatically and all earnest money shall be given to the Seller and the property shall be returned to the active market.

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Buyer Must Deliver Loan Approval Letter
Within _____ days of Binding Agreement Date Buyer(s) must provide a non-conditional approval of the loan they have obtained. Should Buyer fail to provide this letter, all contingencies to the contract automatically terminate and the transaction will be considered a cash, as-is sale.

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Buyer Participating in a 1031 Exchange
In purchasing the Property, Buyer may elect to utilize an I.R.C. Section 1031 tax deferred exchange by trading Property with a qualified intermediary. In such event, Seller agrees to cooperate with and assist Buyer in connection with Buyer's like/kind exchange and execute an assignment of this Agreement to the qualified intermediary, provided that Seller shall not be obligated to incur any additional expense or liability in connection with Buyer's exchange of property. In the event Buyer so elects to utilize I.R.C. Section 1031, Seller shall convey the Property to the qualified intermediary designated by Buyer.

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Property Must Appraise for Purchase Price
Subject to the terms of this paragraph, this Agreement is contingent upon Property appraising for at least its purchase price. The appraisal must be done by a licensed or certified Georgia appraiser selected by Buyer’s mortgage lender and shall be at the expense of the Buyer. In the event Property does not appraise for at least the purchase price, Buyer shall have the right to terminate this Agreement by providing Seller with a copy of the appraisal along with notice of Buyer’s decision to terminate (“Notice”) no later than _______ days from Buyer's receipt of appraisal. If the Notice and Appraisal are not timely delivered to Seller, this contingency shall be deemed to be waived by Buyer.

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Agent Acting as a Principle
All parties acknowledge that ____ holds an active Real Estate License in Georgia is acting as the ____.

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Short Sale 90 Day Processing Period
All parties acknowledge that this is a "Short Sale" transaction and it is agreed that the Buyer may not terminate, for any reason, this agreement for 90 days from the acceptance date of the contract (not the Binding Agreement Date as defined herein) and may not purchase another property which would result in the Buyers inability to close this contract. Should Buyer terminate this agreement within the 90 day period or otherwise create a situation whereby Buyer could not be approved for a loan to close this transaction, Buyer will forfeit their Earnest Money to the Seller as Liquidated Damages.

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Buyer Must Order Appraisal
Buyer shall cause the lender of Buyer’s choosing to order the appraisal within five (5) days of Binding Agreement and provide Seller with written notice of same. In the event Buyer does not order the appraisal as agreed, Seller reserves the right to unilaterally terminate this Agreement within seven (7) days of Binding Agreement.

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Tenant Notice to Vacate
Seller shall give the required 60-day notice to Tenant to vacate the Property within one day of the end of the Due Diligence Period and provide Buyer with the same. Closing shall occur on the date agreed unless the Tenant has failed to vacate the Property. In such event the Buyer shall have the right to either a) terminate the Agreement and receive a full refund of all Earnest Money; or b) unilaterally extend the Closing. If Buyer chooses to extend the Closing, Seller shall immediately provide notice to Buyer when Tenant has vacated the Property and Closing shall occur within 14-days of this Notice. If Tenant has not vacated the Property by ____, then Buyer shall have the right to terminate the Agreement and shall receive a full refund of all Earnest Money.

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Appraisal Review Required
If, for any reason, the lender requires a second appraisal or a review of the appraisal, then prior to the end of the original Appraisal Contingency Period the Buyer shall notify the Seller of lender’s requirement. In such event, the Appraisal Contingency Period in this Agreement shall expire ten (10) days from the date of said notice.

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Acceleration Clause
In the event Seller receives multiple offers for the Property, the final sales price of this Agreement shall equate to $1,100.00 more that the highest NET of a competing bona fide offer received by the Seller. In such event, Seller shall include a copy of the bona fide offer with the necessary counteroffer reflecting the final sales price as stipulated above and the same shall be executed by the Buyer.

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COVID-19 Related Event:
Notwithstanding any provision to the contrary contained herein, in the event the Closing cannot occur when scheduled due to a COVID-19 related event (“CRE”) resulting in the closing attorney, the mortgage lender and/or the Buyer and/or Seller being unable to perform their respective obligations, then the Closing shall be postponed until 7 days after the specific event delaying the Closing has been resolved. If the Buyer or Seller is unable to perform due to a CRE, the affected party shall promptly notify the other party both of the CRE and of its resolution.

Buyer or Seller having concerns about attending the Closing or self-quarantining (in the absence of a quarantine or government ordered lockdown that specifically applies to Buyer and/or Seller) shall not excuse Buyer or Seller from attending the Closing either in person, virtually or through a power of attorney. Buyer or Seller presently having COVID19 shall excuse Buyer and/or Seller from attending the Closing until the party is no longer at risk of infecting others. However, in all situations where Buyer and/or Seller cannot attend the Closing, Buyer and or Seller shall use their best efforts to fulfill their contractual obligations through a power of attorney. Buyer or Seller experiencing a job loss, reduction in salary or other financial hardship shall not be deemed a CRE.

If the CRE causing a permitted delay results in the Closing being delayed by more than _____ days from the original Closing date, then either Buyer or Seller may terminate this Agreement without penalty upon notice to the other party.

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Buyer Agrees to Pay Additional Cash to Seller at Closing
In addition to the purchase price of the Property, Buyer shall pay Seller at Closing the sum of $____ for Seller to use for any of Seller’s costs associated with this transaction, including, but not limited to, Sellers attorney's fees and costs to close, real estate commissions, fees paid to a community association to get a clearance letter, Seller’s share of ad valorem real property taxes and any other costs Seller may have relating to this transaction.

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Property Not Appraising not a Basis for Buyer to Get Back Earnest Money
Notwithstanding any provision to the contrary contained herein, the Loan Denial Letter may not be based solely upon one or more of the reasons set forth in Section 6 of the Conventional Loan Contingency Exhibit and/or the fact that the Property has either not appraised for at least the purchase price or the mortgage lender finds that there is insufficient collateral to support the loan.

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Buyer Shall Pay Cash for the Difference Between the Sales Price and the Appraised Price if the Property Does Not Appraise (Buyer CAN terminate)
In the event the Property does not appraise for at least the purchase price, Buyer agrees to pay Seller at closing the difference between the sales price and the appraised value in cash and not use the failure of the Property to appraise for the purchase price as a basis to either terminate this Agreement or ask for a reduction in the sales price. Notwithstanding the above, if the difference between the sales price and the appraised value of the Property is more than $_____, Buyer shall have the right, but not the obligation, to terminate this Agreement provided that Buyer gives notice to Seller within _____days of receiving the appraisal of the Property, in which case Buyer shall be entitled to the return of Buyer’s earnest money. If Buyer does not terminate the Agreement within this time frame, Buyer’s right to terminate on this basis shall be waived and Buyer shall pay cash to Seller at the closing for the entire difference between the appraised value and the sales price of the Property.

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Buyer Shall Pay Cash for the Difference Between the Sales Price and the Appraised Price if the Property Does Not Appraise (Buyer CANNOT terminate)
In the event the Property does not appraise for at least the purchase price, Buyer agrees to pay Seller at closing the difference between the sales price and the appraised value in cash and not use the failure of the Property to appraise for the purchase price as a basis to either terminate this Agreement or ask for a reduction in the sales price. Buyer’s right to terminate on this basis shall be waived and Buyer shall pay cash to Seller at the closing for the entire difference between the appraised value and the sales price of the Property.

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Buyer Has Cash to Pay the Difference Between the Appraised Price of the Property and the Sales Price
Buyer warrants that Buyer has, in addition to the needed cash to close, sufficient funds to pay the difference, if any, between the appraised price of the Property and the sales price. Buyer agrees to supply to Seller within _____ days of the Binding Agreement Date, with written evidence that Buyer has at least $_____ in cash or assets that can easily be liquidated prior to closing to pay for the above amounts. An example of sufficient evidence would be the most recent account statement from a bank, brokerage firm, or other financial or investment company (with the account number redacted) in the name of the Buyer showing the account balance.

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Escalation Clause with a Cap
Up until the time that Buyer’s offer is accepted in writing, Buyer hereby offers $_____ more than the next highest bona fide, arm’s-length offer received by Seller, net of Seller concessions in excess of the concessions being sought by Buyer herein, up to a maximum purchase price of $_____. If it is determined that a competing offer is not a bona fide, arm’s-length offer and that there was some collusion between the Seller and the competing offeror, this Agreement may be terminated immediately by Buyer upon notice to the Seller in which case Buyer shall be entitled to the return of Buyer’s earnest money. If Buyer’s offer and a competing offer both reach the same cap, Buyer’s cap shall be increased by $_____. Upon request, Seller shall provide Buyer with a copy of the next, highest, bona fide offer with the name and telephone number of the Buyer redacted.

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Buyer Purchasing the Property Sight Unseen
Buyer acknowledges that Buyer has been warned of the significant risks involved in purchasing any real property sight unseen. Broker has advised Buyer to have the Property carefully inspected if Buyer is purchasing it sight unseen. Relying on images or videos of the property may not give Buyer an accurate picture of either the property or the neighborhood in which the property is located. Broker may provide Buyer with information requested by Buyer but takes no responsibility for the accuracy or completeness of such information. Buyer agrees to indemnify Broker against any and all claims, causes action and damages that relate to or might arise from buying property sight unseen.

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Buyer Agrees Not to Purchase Other Property
Buyer warrants that Buyer is not currently a party to any other purchase and sale contract to buy real property within _____ miles of the Property and will not contract to purchase any other property within ___ miles from this Property during the pendency of this Agreement. If Buyer breaches this warranty, Seller may terminate this Agreement due to Buyer’s breach upon notice to Buyer. Buyer acknowledges that Seller will be significantly damaged as a result of such breach and Buyer and Seller agree that Seller shall be entitled to keep Buyer’s earnest money as liquidated damages, even if not all of the conditions or contingencies in the Agreement have been fulfilled, or if the Due Diligence Period has not yet expired, it being agreed that the amount is a reasonable pre-estimate of Seller’s actual damages and is not a penalty.

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Installment Earnest Money
Buyer agrees to pay earnest money in two installments. The first installment of $_____ will be paid by Buyer to Holder within _____ days of the Binding Agreement Date. The second installment of $_____ will be paid by Buyer to Holder within _____ days of the Binding Agreement Date unless prior to that time Buyer has terminated the Agreement either due to: 1) the failure of a contingency to which this Agreement is subject; or 2) Buyer lawfully terminating this Agreement pursuant to an express right to do so in the Purchase and Sale Agreement. Notwithstanding any provision to the contrary contained herein, Seller may immediately terminate this Agreement due to the default of Buyer, if Buyer fails to timely pay either of the above-referenced installments when due.

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Seller Pays VA Buyer Commission

Since under the VA Loan program Buyer cannot pay Buyer's Broker a commission, Buyer hereby requests and Seller hereby agrees to pay Buyer’s Broker _________________________________ as the total real estate commission due to Buyer's Broker at Closing. Nothing herein shall be interpreted as a request to alter, modify or change the commission to be received by Seller’s Broker, if any, that Seller may have agreed to pay Seller’s Broker in any separate written agreement.

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Seller Offering to Pay Buyer's Broker's Commission

Buyer instructs Buyer's Broker not to show Buyer any properties being marketed as ‘For Sale' where the Seller is not offering to compensate Buyer's Broker at an amount equal to at least ________________________.

 

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