Orlando homes, vacation homes, foreclosures, fixer upper, luxury homes

Greg Staker
Watson Realty Corp
407-304-0255

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Purchase agreement addendums

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Available addendums

1. Condominium disclosure. This disclosure outlines the sellers responsibility to provide the potential buyer with information regarding the condo documents, association approval process, right of first refusal, application and/or transfer fees, parking/boat slip/storage unit, maintenance fees, damage to current unit and fire sprinkler system.

2. Homeowner’s association. This clause covers the association being a voluntary or mandatory association, association approval, right of first refusal, fees required, damage to common elements and additional disclosures.

3. Seller financing. Agreeable terms and conditions between buyer and seller are outlined.

4. Mortgage assumption. Buyer and seller obligations and assumption terms are addressed.

5. FHA financing. This is a mandatory FHA clause for those buyers and sellers involved in FHA financing.

6. VA financing. This is a mandatory VA clause for those buyers and sellers involved in VA financing.

7. New Mortgage rates. Caps the rate the buyer is obligated to accept.

8. As is with right to inspect. Covers the terms and conditions between buyer and seller for purchasing a home in it’s “as is” condition.

9. Inspections. This clause addresses self-inspections and right-to-cancel purchase agreement based on inspection results.

10. Insulation disclosure. Information about homes insulation can be provided by seller if known.

11. Lead base paint addendum. Required on property built prior to 1978.

12. Homeowner’s insurance. Covers the buyers ability to purchase insurance, flood insurance and flood damage information.

13. Housing for older persons. Housing for older person as defined by federal law notification.

14. Lease purchase / Lease option clause. Contingency clause for buyer and seller entering into either/or.

15. Interest bearing escrow account. Covers conditions for deposits held in such accounts.

16. Back up contract / kick out clause. Covers terms and conditions of back up contracts and contracts entered into with a kick-out clause.

17. Broker interest in property. Full disclosure notice.

18. Rentals. This covers pre and post occupancy, existing tenants and vacating tenants.

19. Sale or lease of buyer’s property contingency clause.

20. Rezoning clause. Covers re-zoning issues.

21. Assignment clause. Covers conditions of assignment of contract.

22. Property disclosure statement. Makes contract contingent upon seller providing buyer a sellers disclosure.

23. FIRPTA clause. Covers IRS code involving foreign sellers.

24. 1031 Exchange clause. Covers the 1031 contingency between buyer and seller.

Call me at 407-304-0255 to have a professional real estate associate help you with your transaction.

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