I. Weasel Clauses
A. Subject to Property Condition
It
better be good!!
"This offer is subject to inspection
and approval of the property by Buyer and building inspector, at
Buyer's expense, within ___days from Seller's acceptance of offer.
If the property is unacceptable in Buyer's reasonable opinion, Buyer
may declare this contract null and void and receive a full refund of
all earnest money."
"Seller to warrant all plumbing,
electrical, heating, cooling, and appliances to be in safe and
proper working order at close of escrow"
"Seller will deliver
home clean, vacant, and landscaping well maintained"
"Seller
warrants that there are no hidden or undisclosed defects to
property"
"Buyer reserves the right to a walk through
inspection and approval 24 hours before close of escrow. All
utilities are to be on at time of final inspection, paid for by the
Seller"
Sally Seller makes it good by fixing it up
before closing
"Subject to Buyer's inspection and
approval of property within __ hours of seller's acceptance. Seller
to accompany Buyer through inspection of property. A list of repairs
is to be prepared and provided to escrow,signed by both parties as
to who does what work. Said repairs are to be accomplished within
___days before close of escrow, evidenced by final clearance
provided to escrow. If repairs are not complete, $______shall be
held back in escrow to pay for the remainder of the repairs"
Sally Seller makes it clean
"Seller agrees
to restore the premises to a clean and orderly
condition"
Sally Seller makes it "debris free" or it's
Bob Buyer's
"All debris to be removed from the yard
and property to be free of any broken windows"
"Seller
agrees to move all any and all personal property, equipment, or
supplies that he wishes to retain no later than ________, the date
by which acceptable contractor bids to be received. After that date,
any furniture, tools, or household goods shall be transferred to the
buyer.
Whatever condition acceptable "as-is", provided
that:
"...except Seller to furnish a roof inspection
by a licensed contractor. Roof is to be in good condition and
watertight. Any repairs necessary shall be at the seller's
expense"
"...but with Buyer's approval on inspection
report"
" ...except that Buyer is to pay for electrical
inspection and Seller to make necessary repairs"
"Offer
subject to approval of a termite letter provided at_________'s
expense. Seller agrees to pay for repairs not to exceed
$_____________"
What about environmental issues and
building code violations?
"Offer is subject to seller
providing a Clay County Department of Health inspection for the
septic tank. If the inspection stipulates that the septic tank be
pumped, the purchase agrees to share ____% of the
cost"
"Seller warrants that the premises are free of building
code violations and safety hazards that would create hardship and/or
unforeseen expenses to new owner"
Condition bad and
Bob Buyer doesn't care: "as is, where is"
"Buyer will
accept the property "as-is, where-is" in its existing condition as
of date of closing"
B. Subject to Partner's
Approval
"Contract subject to partner's inspection
and approval of the property"
C. Subject to
Attorney Review
"Contract contingent on inspection
and approval of the loan documents by Buyer's
attorney"
"Contract contingent on approval of Buyer's
attorney and of Seller's attorney within ___ hours of contract
acceptance. Should Seller's attorney have a legal objection to any
phrase, clause, or concept, he/she shall so state in writing within
72 hours of contract acceptance, which shall then be reviewed by the
Buyer's attorney."
D. Subject to a Review of the
Tax Records
"Seller warrants that a) the scheduled
monthly income when fully occupied is no less than ____________; b)
1999-2000 taxes were no less than _________; c) utility expenses for
the 12-month period were __________"
"This contract is
subject to receipt of copies of tax returns regarding this property
for the last two tax years."
To see the rest of the Weasel Clauses article, for information about time frames, ensuring seller cooperation, and
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