11.14 Property preservation: The seller requires that the current condition of the property be maintained until the property closes. B. Fiduciary Instructions: Check the box to indicate that trust instructions have been prepared and are attached to this sales contract. Prepare the prepared trust instructions and add them to the sales contract and receive the signatures of the parties. [See Form RPI 401] 12.7 Personal property: The seller requires the seller to execute a sales invoice for all personal property transferred in that transaction, as requested in Section 1. 11.7 Other real estate returns: Activate the appropriate checkbox to display additional seller information about the location of the property. Enter and add a reference to a local settlement statement (option) that is attached in addition to the sales contract. [See RPI forms 307 and 308] A. TDS added: Check the box to indicate that the seller`s TDS has been prepared and handed over to the buyer, and then paste it to that agreement. Therefore, the condition of the property is accepted as prescribed by the buyer when the offer of sale contract is concluded. Thank you so much for your request! TDS, NHD and other information are mentioned in the sales contract so that the buyer can indicate if he has already received a copy of this information – as would be the case if the information in the marketing package that the seller gave to the buyer before the buyer submits his offer of a sales contract.
The buyer can also click on the box to indicate that the information will be provided at a later date so that the buyer can confirm the condition of the property. Why are things like TDS or NHD appropriate in this sales contract? Since when did a buyer leave these items and attach them to an offer? 11.4 Buyer Verification: Allows the buyer to inspect the property twice during the trust period to verify that its condition was disclosed by the Seller prior to the acceptance date. 10.2 Appointment Extension: Allows brokers to extend delivery dates to one month to achieve the objectives of the agreement – time is of reasonable duration and not the core of this agreement as a matter of policy. This extension authority does not apply to the acceptance period. Editorial Note – The liability limitation provisions avoid the misleading and unenforceable recovery required in the liquidation clauses contained in most of the sales forms of other form publishers. They would not believe how common it is for a real estate agent to think that they can sell a duplex, 4 Plex, etc. by the same techniques they use when selling a home. I think I talked about it in your last class. Here in CA, we should use the DesaTOMe Housing Income Property Purchase Contract (RIPA) form for each residential income property, as it contains clauses that deal with deposits and limit what the seller can and does and what the seller can do and what is not while in trust, etc.