New Regional Sales Contract - What's New on Page 9

29. DEFINITIONS:

• “Appraisal” means a written appraised valuation of the Property. This was not a defined term.
• “Day(s)” or “day(s)” is the same as the 1999 Contract, except that small “d” days are included in the same definition.
• For “Delivery” and “Notices” definitions, see appropriate Jurisdictional Addendum.
  (MD & Virginia Jurisdictions were unable to agree on what should constitute Delivery and Notice)
• “Specified Financing” means the loan type(s) and amount(s), if any, specified in the PRICE AND FINANCING and DEEDS OF TRUST Paragraphs. This was a defined term in ¶ 9 of the Sales Contract but it is now in the Definitions section and is more precisely defined.
• “Possession Date” - See paragraph #19. This was not even referenced in the definitions paragraph before.

*** DELIVERY (Paragraph 1 of the new Va. Jurisdictional Addendum) Methods may include hand-carried, sent by professional courier service, by United States mail, by facsimile or by email transmission. The purchaser does not actually need to receive the contemplated Notice or item for Delivery to take place. What matters is that the Seller uses the proper method and the proper address. If so, Delivery is deemed to have occurred.
CAUTION: Delivery by Fax, e-mail or any method not specified in this paragraph is only effective on the day it is acknowledged in writing by the recipient. Lost or misplaced faxes will NOT constitute delivery. Faxes that sit on the machine over the weekend aren’t Delivered until someone picks them up on Monday morning and faxes/e-mails/instant messages or otherwise provides written acknowledgement.

**** NOTICES. Defined as a unilateral communication from one party to another. Adds that a response or acknowledgement is a courtesy but is not required. This was moved to the Jurisdictional Addendum to allow Maryland and DC to have Days be defined as Business Days (M-F) or Business Days (M-Sat) or Calendar Days depending on the method of Delivery.

30. MISCELLANEOUS: UNCHANGED FROM 1999

31. VOID CONTRACT: UNCHANGED FROM 1999

32. ADDITIONS: Reordered the list in alphabetical order (except for Jurisdictional Addendum which is first). Deleted “No” check box for the Jurisdictional Addendum.

33. HOME WARRANTY: This is now its own paragraph, not just part of the ADDITIONS paragraph.

34. OTHER TERMS: More lines.

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