George Clements Greenville, SC Real Estate

George Clements ~ Greenville, SC Real Estate

Paragraph 28 of the Contract for Sale Deals with addendums and looks something like this:

28. OTHER ADDENDA: (A) LEAD-PAINT ADDENDUM: Seller states house may have been built prior to 1978. No___ Yes___. (If yes, lead-paint disclosure form EPA-3 sales (rev. 5/99) must be attached and made part of this Contract.) (B) ADDITIONAL ADDENDA: No___ Yes___.

If the house is built before 1978, "yes" would need to be checked and a lead based paint addendum would need to be added to the contract. Any home built before 1978 requires a lead based paint addendum because of the potential danger it can cause. Purchasers are required to sign off that they understand that the home could have lead based paint in it and are given a pamphlet of information.

The other "yes" would need to be checked if there is an addendum for anything else concerning the sale. For instance, if there was a special sitiation concerning timing on possession then an addendum would need to be used to spell out the exact terms.

George Clements ~ Greenville, SC Real Estate

Paragraph 27 of the Contract For Sale deals with the date at which a contract goes into effect and looks something like this.

27. EFFECTIVE DATE : The Effective Date shall be the last date upon which the Purchaser or Seller signs or initials, dates, and delivers this Contract as evidenced by the date beside the name or initials of the last party to sign or initial.

This basically means that the first date a contract is in effect is when the last initials and/or signatures are placed in the blanks or on changes and it is delivered to both partes. If certain terms have been agreed upon, changes have been made and initialed and the contract is complete, but it has not been delivered to one of the parties, then it is not under contract. The final contract has to be in the hands of both parties to be considered effective. Time is of the essence!

George Clements ~ Greenville, SC Real Estate

Paragraph 26 of the Contract For Sale deals with the acceptable forms of accepting an offer and looks something like this:

26. Acc eptable Methods of Deliv ery and comm unic ation: The parties agree that the offer,
any counter offer and/or acceptance of any offer, as well as any other notice or response required to
be given, may be communicated by hand delivery, Federal Express or other overnight courier, by facsimile
or other secure electronic means, including, but not limited to, electronic mail. The signatures, initials
and handwritten or typewritten modifications to any of the foregoing which are conveyed electronically
shall be deemed to be valid and binding upon the parties as if the original signatures, initials and handwritten
or typewritten modifications were present on the documents in the handwriting of each party.

This paragraph tells the different ways a contract can be delivered for acceptance. These delivery ways include by hand, mail, fax, and email. Completed contracts are usually delivered by fax or email just to get it there as soon as possible. It is important to get an acceptance of an offer to the other party as soon as possible whether you are the purchaser or the seller. In the case of a purchaser, you do not want another offer to come in before yours is under contract. In the case of a seller, you do not want to mess around and risk loosing the purchaser for some reason before you go under contract.

This paragraph also says that any changes or initials/signatures are completely valid if sent by electronic means such as email or fax.

George Clements ~ Greenville, SC Real Estate

Paragraph 25 of the Contract For Sale deals with weather an offer is accepted or not and looks something like this:

25. Communication of Aceptance: The acceptance of this offer or any counteroffer shall be ineffective
unless and until such acceptance is communicated by the accepting party to the offering party by one of
the acceptable methods set forth in paragraph 26 hereinbelow.

This paragraph is also pretty simple. It just states that an offer cannot be considered accepted until the person that makes the offer gets an acceptance from the person the offer is made to. The person making the offer could be the seller or the purchaser based on if it were an initial offer or a counter offer. It then states that the acceptable methods of accepting an offer are in the next paragraph #26.

George Clements ~ Greenville, SC Real Estate

Paragraph 24 of the Contract For Sale deals with the expiration of the offer and looks something like this:

24. Expiration of Original Offer: The original offer is deemed revoked if not accepted and a signed
acceptance communicated by delivery to Purchaser or Purchaser’s Agent by _________________ 20___ , at___AM___PM

This is a pretty simple clause and just lets the seller know exactly how much time the purchaser is giving for them to respond to the offer. Normally, anywhere from 4 hours to 2 days are given to respond. It just depends on that paticular offer and situation on how much time is given. The seller can either accept, reject, or counter the offer that the purchser has given in this time period.