Sample Addendums to standard Real Estate Contracts to protect sellers
1. Written Application for Mortgage Buyer(s) must make complete written application for a mortgage within three (3) days of the date of the contract. Buyer(s) must provide all documents requested by its mortgage company and perform all acts requested by its mortgage company.
2. Termite Treatment If the Buyer(s) elect(s) to have a termite/vermin inspection, Buyer(s) must use an inspector who has a license with the State of New Jersey to treat termite conditions. The Seller(s) shall not be required to expend more than $500 to treat or repair termite or vermin condition and/or termite or other vermin damage.
3. Termite and Home Inspections The Buyer(s) must have delivered to the Seller's(s') attorney and seller's realtor the Termite Report and Home Inspection/Structural/Engineering Report within fourteen (14) days of the date of the initial contract, or these contingencies shall be deemed waived. Seller is not required to make any repairs. If Seller is not willing to voluntarily make repairs to damage which exceeds $500 or does not response within 7 days, Buyer has only 7 days from date of mailing of home inspection report to Seller to notify Sellers attorney and Seller's realtor in writing that it wishes to cancel the contract under the home inspection clause. If Buyer does not cancel within this time period, the termite and Home inspection clause is waived.
4. As is The Buyer(s) and Seller(s) acknowledge that the property is "as is." The Seller(s) does/do not make any claims or promises about the condition or value of the property included in this sale. The Buyer(s) has inspected the property and will also rely on any rights to inspection, which may be provided for in the contract. No representations shall survive closing.
5. Mortgage contingency A mortgage commitment obtained by the Buyer(s) shall be considered to be firm and unconditional even though it contains a condition requiring the Sale of Buyer's(s') home prior to mortgage closing or other conditions. The Buyer(s) hereby waives any condition as an inducement to Seller's(s') to enter this contract. If the Buyer does not obtain a written mortgage commitment by the date established in the Contract, the Buyer has 7 days to cancel the contract or the mortgage contingency is deemed waived. The parties may agree to extend the mortgage contingency at the option of the Seller. A copy of the mortgage contingency shall be delivered to the Seller's(s') attorney and seller's realtor.
6. Damage by casualty If the premises are damaged by fire or other casualty, the Seller shall have the option to repair the damages. In the event the Seller elects not to repair the damage, the Buyer shall have the right to cancel the Contract.
7. Real estate commission The real estate commission shall not be deemed to have been earned until title is transferred and the purchase price paid, the passage of title and payment of the purchase price in accordance with the Contract being a condition precedent to any obligation to pay any commission.
8. Closing The Closing shall take place in Middlesex County or the county where the property is located. Seller shall not be required to pay more than $25.00 for the mortgage release and not more than $20.00 for Federal Express or other delivery/ mailing services.
9. Lead paint Buyer should obtain from the real estate agent the lead-based paint information format. Seller has no personal knowledge regarding lead paint. If lead paint exists, seller is not required to repair, fix or reduce purchase price.
10. Cancel notice by mail All notices to amend or cancel contract shall be sent by mail or hand delivery. Fax notices is not effective notice.
11. Addendum controls over Contract The terms of this Contract Addendum shall control over terms of the contract.
The Transfer Inheritance Tax recognizes five beneficiary classes, as follows:
Class “A” - Father, mother, grandparents, spouse, child or children of the decedent, adopted child or children of the decedent, issue of any child or legally adopted child of the decedent and step-child of the decedent.
Class “B” - Eliminated by statute effective July 1, 1963.
Class ”C” - Brother or sister of the decedent, including half brother and half sister, wife or widow of a son of the decedent, or husband or widower of a daughter of the decedent.
Class “D” - Every other transferee, distributee or beneficiary who is not included in Classes “A”, “C” or “E”.
Class “E” - The State of New Jersey or any political subdivision thereof, or any educational institution
KENNETH VERCAMMEN & ASSOCIATES, PC
ATTORNEY AT LAW
2053 Woodbridge Avenue, Edison NJ 08817