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Iowa Residential Real Estate Purchase Agreement Form

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Iowa Residential Real Estate Purchase Agreement Form Page 2
Iowa Residential Real Estate Purchase Agreement Form
6. FIXTURES. All property that integrally belongs to or is part of the Real Estate, whether attached or detached, such as light fixtures, shades, rods,
blinds, automatic garage door openers and transmitter units, all drapery rods and curtain rods, awnings, windows, storm doors, screens, plumbing
fixtures, water heaters, water softeners (unless water softener is rental), automatic heating equipment, air conditioning equipment, wall-to-wall
carpeting, mirrors attached to walls or doors, fireplace screen and grate, attached barbecue grills, weather vane, all built-in kitchen appliances,
built-in items and electrical service cable, outside television towers and antenna, fencing, gates and landscaping shall be considered a part of
Real Estate and also including the following: ________________________________________________________________________________
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
____________________________________________________________________________________________________________________
Each of the above included items are fixtures that integrally belong to or is a part of the Real Estate. In the event any of the above items are
characterized as personal property, such personal property items are not considered a part of the Real Estate and shall be transferred with no
monetary value, free and clear of all liens and encumbrances.
The following items shall be excluded: _____________________________________________________________________________________
7.
DEED. Upon payment of the purchase price, SELLERS shall convey the Real Estate to BUYERS or their assignees, by ____________________
______________________ Deed, free and clear of all liens, restrictions, and encumbrances except as provided in 1(a) through 1(d). Any general
warranties of title shall extend only to the time of acceptance of this offer, with special warranties as to acts of SELLERS continuing up to time of
delivery of the deed.
8.
TIME IS OF THE ESSENCE. Time is of the essence in this contract.
9.
CONDITION OF PROPERTY.
A. The property as of the date of this Purchase Agreement including buildings, grounds, and all improvements will be preserved by the
SELLERS in its present condition until possession, ordinary wear and tear excepted. The SELLERS warrant that the heating, electrical,
plumbing, and air conditioning systems, well (if applicable) and all included appliances will whether subject to inspection set forth hereinafter
or not, be in good working order and condition as of the date of delivery of possession. In determining whether or not the warranted systems
are in good working condition and, for the purpose of inspecting the property as outlined in Paragraph 9B (1) of this Purchase Agreement,
working condition shall be defined as operating in a manner in which the item was designed to operate.
B. The BUYERS must choose one of the following alternatives relative to the condition and quality of the property:
1)
By AM/PM on , 20_____, the BUYERS may, at their sole expense, have the property inspected by a
person or persons of their choice, including but not limited to a qualified home inspector, contractor(s), engineer(s), or other such
professional(s), to determine if there are major deficiencies in the FOLLOWING MAJOR COMPONENTS of the Real Estate: central
heating system, central cooling system, plumbing system, well and well water (if applicable), electrical system, roof, walls, ceilings,
floors, foundation and basement. SELLERS and BUYERS acknowledge that the property may have imperfect cosmetic conditions that
do not affect the working condition of the item and are not considered major deficiencies, including, but not limited to, broken seals in
windows; minor tears, worn spots, or discoloration of floor coverings, wallpaper, or window treatments; nail holes, scratches, dents,
scrapes, or chips in ceilings, walls, floors; and/or surface cracks in driveways or patios. Failure to meet present construction standards
and code requirements is not considered a
deficiency in the property unless it is new construction, or unless that failure produces a
condition which creates an unreasonable danger or risk to the property or to its occupants. By the same date, BUYERS must notify the
SELLERS in writing of any MAJOR deficiencies for which they are requesting remedies. The notification must be accompanied by a
copy of a written inspection report from a qualified inspector identifying the deficiencies. SELLERS shall, within FIVE (5) calendar days
after receipt of BUYERS' notification, notify the BUYERS in writing either that (1) SELLERS agree to remedy the deficiencies as
requested by BUYERS, in which case this Purchase Agreement as so modified shall be binding on all parties, or (2) SELLERS do not
agree to the remedy request in whole or in part and offer a counter proposal to BUYERS. Upon receipt of said counter proposal from
SELLERS, the BUYERS shall have FIVE (5) days in which to accept the SELLERS' counter proposal by signing it, or to notify the
SELLERS in writing that such steps are not acceptable, in which case, either SELLERS or BUYERS may declare this offer null and
void, and any earnest money shall be returned to BUYERS. IN THE ABSENCE OF WRITTEN NOTICE OF ANY DEFICIENCY FROM
BUYERS, OR, IF BUYERS FAIL TO RESPOND TO THE SELLERS COUNTER PROPOSAL, WITHIN THE TIME SPECIFIED HEREIN,
THIS PROVISION SHALL BE DEEMED WAIVED BY PARTIES AND THIS PURCHASE AGREEMENT SHALL REMAIN IN FULL
FORCE AND EFFECT. IF THE SELLERS FAIL TO RESPOND TO THE BUYERS' REMEDY REQUEST WITHIN THE TIME SPECIFIED
HEREIN, BUYERS MAY DECLARE THE OFFER NULL AND VOID AND ALL EARNEST MONEY SHALL BE RETURNED.
2)
BUYERS acknowledge that they have been advised of their right of property inspection and have declined to make said
Initials inspection.
C.
The BUYERS must choose one of the following alternatives relative to the presence of radon in the home:
1)
By AM/PM on , 20_____, the Buyers may, at their sole expense, have the property tested for the
presence of radon gas.
Such test shall be conducted by an Iowa Certified Radon Specialist. Seller agrees to sign documents required for the test to be
completed and agrees to cooperate with the specialist in carrying out the test. By the same date, BUYERS must notify SELLER in
writing of any radon in excess of ______ pCI/L. The notification shall be accompanied by a copy of the written radon report. The cost of
mitigation, if necessary, shall be negotiated within the time frames and remedies in paragraph 9B(1).
2)
BUYERS acknowledge that they have been advised of their right to conduct a radon test and have declined to order
Initials said test.
D. Septic System to be Inspected and Repaired
Yes No Not Applicable Iowa Code 455B.172 mandates the inspection of septic
systems, unless exempt, prior to the transfer of property. If applicable see the attached Septic System Inspection and Repair Addendum.
E. The BUYERS shall be permitted access to the property prior to possession or closing, whichever is sooner, in order to determine that there
have been no changes in the condition of the property except those mutually agreed upon and that it is ready for BUYERS' possession. At
the time of closing or possession, whichever occurs sooner, BUYERS will accept property in its present condition without further warranties
or guarantees by SELLERS or BROKER concerning the condition of the property. This, however, shall not relieve the SELLERS of any
liability for any condition(s) that is (are) defined as latent defect(s) or any express written warranties contained in this Purchase Agreement
or other written agreement between the parties; nor shall this paragraph relieve the Sellers of any liability for any implied warranty applicable
under Iowa law."
Buyers' Initials________________ Sellers' Initials________________ Acknowledge they have read this page.
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Iowa Residential Real Estate Purchase Agreement Form