PA Agreement of Sale part 5
Page 5 of the Agreement of Sale is quite simple. I always find that pages 1 thru 4 take the longest to complete, after that it moves much faster.
Paragraph 12 handles Wood Infestation inspection contingency. Obviously this can be waived or elected. If waived our usual paragraph 27 the Release is agreed upon as well.
If elected the number of days is selected again running from the execution of the contract. Paragraph A says the inspection is at the buyer's expense and will be carried out within the contingency period selected. It is limited to all readily visible and accessible areas of all structures on the property except fences and any structures which are identified. If there is active infestation Paragraph B states buyer can at their own expense obtain within the contingency period a proposal for treatment. Paragraph C states buyer again at his own expense may obtain a written report and proposal for repair if there is any damage from active or previous infestation dealing with repairs limited to that damage caused by the infestation all to be done in the contingency period. Paragraph D handles the options if the buyer is not satisfied with the report and again within the contingency period selected, they proceed according to the choice they make from our friends from earlier Option 1 and Option 2.
Paragraph 13 is dealing with the Status of Radon. Paragraph 13 A allows any information the seller knows about previous tests and results to be entered. Or if the seller has no knowledge this choice can be selected. This information can be found and entered from the sellers disclosure form or can be completed by the seller on receipt and as part of their response to the agreement of sale. Paragraph B handles the inspection contingency, again waived with the usual acceptance of the release in paragraph 27 or elected with a number of days chosen for the contingency period. Tests are done again at the expense of the buyer and need to be carried out by a certified inspector. If seller performs any remediation they will provide certification it was performed by a properly licensed and certified radon mitigation company. However, if the test reads 4 picoCuries per liter or less the Buyer accepts the property. If the reading is above 4 picocuries per liter then the buyer will proceed according to their choice between Option 1 and Option 2.
This page is completed by Paragraph 14 dealing with Status of Water and allowing a water inspection contingency. Paragraph A indicates what service the seller represents the property is served by, Public Water, On site Water, Community Water, None or space is left for other options. Paragraph B handles the water service inspection contingency. Again buyer can choose to waive and accept the release in paragraph 27, or elects to inspect stating the contingency period. Tests are performed at buyer's expense by a properly licensed or otherwise qualified water/well testing company and may test quantity and quality. Seller is required at his expense to locate and provide access to the on-site or individual water system. Seller also agrees to restore the property at sellers' expense prior to settlement. If buyer is not satisfied with the results, within the contingency period they will proceed according to the option they choose between Option 1 and Option 2.