New Regional Sales Contract - What's New on Page 2

Continuing a series that started with this post discussing the changes on Page 1, here is a highlighted copy of page two and a text explanation of what has changed.

4. DEPOSIT: Changed “has made a deposit with” to “has delivered a deposit to.” Added language limiting Escrow Agent liability to any party on account of disbursement or failure to disburse the Deposit, except in the event of the Escrow Agent’s gross negligence or willful misconduct.

5. DOWN PAYMENT: Changes “at Settlement” to “on or before the Settlement Date” and adds that an “Assignment of funds cannot be used without prior written consent of Seller.”

6. SETTLEMENT: Combines the old Settlement Agent Paragraph (old ¶19) with the SETTLEMENT paragraph (old ¶18). Specifies that each party can select their own “legal” counsel.

7. EQUIPMENT, MAINTENANCE AND CONDITION: The following sentence is added to remind the Seller once again not to turn off the utilities: “The Seller will have all utilities in service through Settlement or as otherwise agreed.” Adds language “except as otherwise provided” to Seller’s warranty that all items will be in normal working order.

8. UTILITIES

1. New checkbox options for alternative and community septic systems and community wells
2. Septic system check box adds language making clear we are looking for approved “bedrooms”
3. Under Water Supply: added space for Private Well, Community Well
4. Added “zones” for Heating and AC
   
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