The North Dakota Termite Report Provision for Contract for the Sale and Purchase of Real Property is a crucial document that outlines the stipulations related to termite inspections and reports during the transaction of real estate in North Dakota. This provision ensures that both buyers and sellers are aware of any potential termite infestations or damage present in the property. In North Dakota, there could be several variations or types of termite report provisions for the contract for the sale and purchase of real property, depending on specific circumstances. Some notable types may include: 1. Required Termite Inspection: This provision mandates that the seller must obtain a comprehensive termite inspection report before closing the sale. The report should be conducted by a licensed pest control professional and submitted to the buyer and lender. 2. Seller Disclosure: This provision requires the seller to disclose any known termite infestations or damages in the property, even if a formal inspection has not been conducted. It ensures transparency and protects the buyer's interests. 3. Buyer's Right to Inspection: This provision grants the buyer the right to conduct a termite inspection at their expense within a specified time frame. If the inspection reveals termite-related issues, the buyer may negotiate repairs or modifications to the contract terms. 4. Clearance Certificate: This provision implies that the seller must provide a clearance certificate, issued by a licensed pest control professional, confirming the absence of termite infestations or any damage. This certificate is typically obtained after remediation if an initial inspection reported termite presence. 5. Remediation Responsibility: In cases where a termite infestation or damage is identified, this provision clarifies the party responsible for remediation. It may state whether it falls on the seller, the buyer, or both, determining the financial obligations associated with remedial actions. 6. Negotiation Clause: This provision allows the buyer and seller to negotiate and agree upon how any termite-related issues will be resolved. It may involve repair credits, price adjustments, warranties, or sharing responsibility for remediation costs. It is essential for both buyers and sellers in North Dakota to familiarize themselves with the specific termite report provision in their contract for the sale and purchase of real property. This provision protects both parties by ensuring full disclosure and addressing any termite-related concerns that could impact the property's value or habitability.
North Dakota Termite Report Provision for Contract for the Sale and Purchase of Real Property
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FAQ
"As is" language in a realty sales contract does not shield a seller or his agent from liability for affirmative or, as in this case, negative fraud. "Generally speaking, such a provision means that the buyer takes the property in the condition visible to or observable by him.
To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.
Therefore, California courts have held that the effect of an as-is provision is to cause the buyer to take the property in the condition visible or observable to him. As explained by one court, an 'as is' provision may be effective as to a dilapidated stairway but not as to a missing structural member, a
Commercial real estate contract provisions consist of terms outlined in a contract. These terms might include warranties, representations, closing conditions, and covenants. After receiving the first draft of the contract, the seller can look over each provision suggested by the buyer and negotiate necessary changes.
If a subject to clause is in the contract, the seller commits to that buyer for a period of time and cannot accept any other offers during that time period.
What Does Where is-As is Mean? Where is-As is is a real estate term whereby the property is being sold in its present condition. No moving, cutting, shifting, replacing, redoing, changing, repairing, relocating, or refacing anything related to the property.
Commercial and residential property purchase agreements can contain a clause stating the buyer is purchasing the property as is or in its present condition, which has been interpreted by Texas courts to operate the same as an as is clause.
6 Key Clauses Found in Commercial ContractsConfidentiality.Force Majeure.Termination Triggers.Jurisdiction.Dispute Resolution.Damages.Planning.Implementation.More items...?
A broad definition of termite clause is a provision in a contract for the sale of real property that gives the purchaser the right, at his or her expense, to have the property inspected for the existence of termites.
Termite infestation/damage is fairly common, and also one of the most upsetting and most expensive-to-fix defects that can occur in the home. Yet, the MA Standards of Practice do not mandate that a home inspector look for termites and other wood destroying insects.
