George Clements Greenville, SC Real Estate

George Clements ~ Greenville, SC Real Estate

Paragraph 23 of the Contract For Sale is entitled "Survival" and looks something like this:

23. SURVIVAL: If any provision herein contained which by its nature and effect is required to be observed,
kept or performed after the closing, it will survive the closing and remain binding upon and for the benefit of
the parties hereto until fully observed, kept or performed.

This paragraph is wordy but very simple. It is basically saying that if something is put in this contract to be done after the closing that it will be done even if the closing has taken place.

This does not come up very often but here is an example that I came up with. Let's say that it says in the contract that the seller will buy a new washer and dryer for the purchaser and that it shall be delivered no later than 5 days after the closing. The seller would still be responsible to make sure the washer and dryer were delivered even though the seller has already closed on the property. I know this is not a very good example because I would not recommend that anyone do this. I prefer for everything to be done before the closing but it illustrates the meaning of the paragraph.

George Clements ~ Greenville, SC Real Estate

The second part of pragraph 22 of the Contract For Sale looks something like this:

The following matters are excluded from mediation hereunder: (a) judicial or non-judicial foreclosure or other
action or proceeding to enforce a deed of trust, mortgage, or land contract; (b) an unlawful detainer action;
(c) the filing or enforcement of a mechanic’s lien; or (d) any matter which is within the jurisdiction of a probate
court. The filing of a judicial action to enable the recording of a notice of pending action, for order of attachment,
receivership, injunction, or other provisional remedies, shall not constitute a waiver of the right to mediate
under this provision, nor shall it constitute a breach of the duty to mediate.

This clause is fairly wordy and full of "lawyer talk." While the first part of #22 gave examples of things that you could take to mediation, the second part gives examples of things that you can't take to mediation. This paragraph states things like foreclosures and liens.

I couldn't really find a good resource or link to point to for more information on this paragraph. The best thing to do if you were to have questions on anything here is to contact a real estate attorney. The link to realtor.org in the last entry is the closest information I could find.

George Clements ~ Greenville, SC Real Estate

Paragraph 22 of the Contract For Sale is rather long so I thought I would break up the explanation into two parts. The first part looks something like this:

22. Mediation clause: Any dispute or claim arising out of or relating to this Contract, the breach of this
Contract or the services provided in relating to this Contract, shall be submitted to mediation in accordance with
the Rules and Procedures of the Dispute Resolution System of the NATIONAL ASSOCIATION OF REA LTORS®.
Disputes shall include representations made by the Purchaser(s), Seller(s) or any Real Estate Broker or other
person or entity in connection with the sale, purchase, financing, condition or other aspect of the Property
to which this Contract pertains, including without limitation, allegations of concealment, misrepresentation,
negligence and/or fraud. Any agreement signed by the parties pursuant to the mediation conference shall be
binding. This mediation clause shall survive for a period of 120 days after the date of the closing.

This part of #22 basically says that any dispute that comes up within 120 days of closing between the Purchaser, Seller, or Real Estate Broker has to be handled according to the NAR's ® Dispute Resolution System. Examples of disputes that could come up are things that were not disclosed or that were misrepresented during the transaction.

Here is a great link from www.realtor.org for all kinds of information on mediation:

http://www.realtor.org/libweb.nsf/pages/fg700

George Clements ~ Greenville, SC Real Estate

Paragraph 21 of the Contract For Sale is entitled "Entire Contract; Binding Contract; Time:" and looks somthing like this:

21. ENTIRE CONTRACT; BINDING CONTRACT; TIME: This written Contract expresses the entire agreement
between the parties, unless there is a written addendum or modification signed by Purchaser and Seller. Any
response, counteroffer, or written communication which would alter any of the terms of this agreement must be acknowledged in writing by each party. Both the Purchaser and Seller hereby acknowledge they have not received or relied upon any statements or representations by either Broker or their Agents which are not expressly stipulated herein. This Contract shall be binding on the Purchaser, the Seller and their heirs, personal representatives, successors and assigns. This is a legally binding Contract; the Purchaser and Seller should seek legal advice if the contents are not understood. TIME IS OF THE ESSENCE IN EACH PARAGRAPH OF THIS CONTRACT WHERE A PERFORMANCE TIME IS STIPULATED.

This paragraph is saying that these 6 pages are the entire contract and that there is nothing else to it unless it has been marked that there are other addendum's. These means that anything that is to happen with a transaction has to be in writing or it does not mean anything. If someone has just put something out there verbally, there is nothing to make it binding and part of the transaction.

If time is to be extended or any part of the contract needs to be change then an addendum needs to be added to the contract showing the change. Such and addendum would need to be signed by both parties involved on the original contract.

This paragraph also states that time is very important on timed matters stated in the contract and that things should be done as fast as is possible.

George Clements ~ Greenville, SC Real Estate

Paragraph 20 of the Contract For Sale is quite long and looks something like this:

20. DISCLAIMER BY BROKERS AND AGENTS: The Listing Brokers or Selling Brokers and their Agents do
not make any warranties or representations, either expressed or implied, as to the condition of the Property
including, but not limited to: termite infestation or damage, excessive moisture or water, air quality, roof or
basement leaks, appliances, heating or air conditioning systems, plumbing (including the presence or lack
thereof of polybutylene piping), sewage disposal systems, electrical systems, building materials, the structural
components of any buildings or the presence of any hazardous substances including radon gas, lead, electromagnetic fields, asbestos or mold. Further, the Listing Brokers, Selling Brokers and their Agents make no
warranties or representations, either expressed or implied, as to the marketability of the Property, as to any
matters which would be revealed by a current survey and plat of the Property, or as to the accuracy of the
published square footage.

It is recommended the Purchaser obtain professional inspections of the Property, have an attorney
examine the title to the Property, obtain a current survey and plat of the Property, and verify any
information about which Purchaser may have questions.

This paragraph is basically just saying that the agents involved do not make any gaurantees on the condition or specifications of a property. Agents will do their best to disclose everything about the property with things like problems, square footage, title problems, etc but they cannot be held responsible for anything the purchaser finds after a closing.

The inspections and title searches should find most issues but this is not garunteed. Houses are not perfect and there will always be issues that come up after a closing no matter how new or good of shape the house is in. This is just a fact of life that things decay and inspectors cannot always find 100% of problems even though they do their best.