RESIDENTIAL REAL ESTATE SALE CONTRACT
1THIS CONTRACT is made between: (PRINT NAMES AND INDICATE MARITAL STATUS; IF NOT
2 COMPLETED, SELLER'S NAMES TO BE INSERTED BY LICENSEE ASSISTING SELLER PRIOR TO
3 PRESENTATION TO SELLER)
4
5 SELLER: ____________________________________________________________________________
6BUYER: _____________________________________________________________________________
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8 Bank-Owned Property (check if applicable): If the real property is bank-owned and the titled owner
9 of record is not known at the Effective Date of this Contract, BUYER and SELLER agree the name of the
10SELLER is amended to as it is stated in the Deed at Closing and is incorporated herein by reference and in
11any amendments and addenda. SELLER warrants it has full authority to sign and perform on this Contract
12on behalf of the titled owner of record.
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14CONTRACT, ADDENDA, INCLUSIONS AND PROCESSES
161. PROPERTY. BUYER agrees to purchase and SELLER agrees to sell the real property and the
17improvements thereon (the "Property") commonly known as:
18__________________________________________________ ______________________________
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Street Address |
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County |
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STATE: (CHECK ONE) |
Missouri |
Kansas |
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23LEGAL DESCRIPTION: (As described below)
24__________________________________________________________________________________
25_________________________________________________________________________________
26_________________________________________________________________________________
27__________________________________________________________________________________
29This Contract, including the Fixtures, Equipment and Appliances paragraph of the Seller’s Disclosure
30and Condition of Property Addendum (“Seller’s Disclosure”), not the MLS, or other promotional material,
31provides for what is included in the sale of the Property.
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33Items listed in the “Additional Inclusions” or “Exclusions” below supersede the Seller’s Disclosure and
34the pre-printed list below. If there are no “Additional Inclusions” or “Exclusions” listed, the Seller’s
35Disclosure and the pre-printed list below govern what is or is not included in the sale.
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37IF THERE ARE DIFFERENCES BETWEEN THE SELLER’S DISCLOSURE AND THE PRE-PRINTED
38LIST BELOW, THE SELLER’S DISCLOSURE GOVERNS. Unless modified by the Seller’s
39 Disclosure and/or the “Additional Inclusions” and/or the “Exclusions”, all existing
40improvements on the Property (if any) and appurtenances, fixtures and equipment (which
41SELLER agrees to own free and clear) whether buried, nailed, bolted, screwed, glued or
42otherwise permanently attached to the Property are expected to remain with Property, including,
43but not limited to:
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Bathroom mirrors (wall mounted/ |
Lighting and light fixtures |
Shelving, racks and towel bars |
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hung) |
Mounted Entertainment System |
(if attached) |
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Fences |
Brackets |
Storm windows, doors & screens |
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Fireplace grates, screens and/or |
Other mirrors (if attached) |
Window blinds, curtains, coverings and |
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glass doors (if attached) |
Plumbing equipment and fixtures |
mounting components |
50Floor Coverings (if attached)
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51 Improvements on the Property include a manufactured/mobile home. (A manufactured/mobile
52home may be considered personal property unless certain requirements have been met.)
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54a. Additional Inclusions. The following items, if any, supersede the Seller’s Disclosure and the pre-
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printed list before; are considered to be part of the Property, and are included in the sale. |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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b. Exclusions. The following items, if any, supersede the Seller’s Disclosure and the pre-printed list |
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before; are not considered to be part of the Property, and are not included in the sale. |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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_______________________________________________________________________________ |
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72c. Limited Home Warranty. (Check if applicable):
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1. |
SELLER |
BUYER, at a cost not to exceed $ |
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warranty plan from |
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____ (vendor) to be paid at |
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Closing. A home warranty plan is a limited service Contract covering repair or replacement of |
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the working components of the Property for one year from the Closing Date subject to the terms |
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and conditions of the individual plan with a per claim deductible of $ ___________. |
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2. |
The (Check |
one) |
Licensee assisting SELLER |
Licensee assisting BUYER will be |
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responsible for making arrangements for the home warranty plan, submitting required |
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documentation for such to the Closing Agent prior to the Closing Date. Broker may receive a fee |
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from the warranty company. |
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85Home warranty plans may not cover pre-existing conditions and are not a substitute for
86inspections.
882. ADDITIONAL TERMS AND CONDITIONS._______________________________________________
89__________________________________________________________________________________
90__________________________________________________________________________________
91__________________________________________________________________________________
92__________________________________________________________________________________
93__________________________________________________________________________________
94__________________________________________________________________________________
95__________________________________________________________________________________
973. ADDENDA. The following Addenda (riders, supplements, etc.) are attached hereto and are a part of
98this Contract (Check applicable boxes):
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Seller’s Disclosure and Condition of Property Add. |
Dispute Resolution/Mediation Addendum |
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Lead Based Paint Disclosure Addendum |
Other: ________________________________ |
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Contingency for Sale and/or Closing Add. |
Other: ________________________________ |
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(see FINANCIAL TERMS paragraph) |
Other: ________________________________ |
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105 a. Effective Date. The Effective Date will be the date of final acceptance by the last party to sign
106this agreement or a Counter Offer Addendum, and Addendum(s) including the following signed by
107all parties and attached hereto: The Brokerage Relationship Disclosure Paragraph of this
108agreement; SELLER completes and BUYER and SELLER have signed a Seller’s Disclosure
109and Condition of Property Addendum and, if applicable, a Lead Based Paint Disclosure
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Addendum for the Property. |
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112b. Seller’s Disclosure Status. SELLER confirms information contained in the Seller’s Disclosure and
113Condition of Property Addendum is current as of the Effective Date of the Contract. SELLER
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understands that the law requires disclosure of any material defects, known to SELLER, in the |
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Property to prospective Buyer(s) and that failure to do so may result in civil liability for damages. |
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117c. Entire Agreement and Manner of Modifications. This Contract and all attachments constitute the
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complete agreement of the parties concerning the Property; supersede all previous agreements, |
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and may be modified or assigned only by a written agreement signed by all parties. |
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d. |
Parties. This is a Contract between SELLER and BUYER. If SELLER or BUYER constitutes two or |
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more persons, the terms "SELLER" or "BUYER" will be construed to read "SELLERS" or "BUYERS" |
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whenever the sense of the Contract requires. |
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Unless identified as SELLER or BUYER, Listing Broker and any Cooperating Broker and their |
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Agents (collectively referred to as "Broker") and any Escrow or Closing Agent are acting as Agents |
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only and are not parties to this Contract. |
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SELLER and BUYER acknowledge Broker may have a financial interest in third parties providing |
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specialized services required by this Contract including, but not limited to: Lender, title insurance |
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company, Escrow Agent, Closing Agent, warranty company, wood infestation/mechanical/structural |
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or other inspectors and repair personnel. SELLER and BUYER agree Broker will not be responsible |
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for the conduct of third parties providing specialized services whether those services were arranged |
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by SELLER, BUYER, or Broker on behalf of either. |
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e. |
Notices. Any notice or other communication required or permitted hereunder may be delivered in |
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person, by facsimile, United States Postal Service, courier service or email to the address set forth |
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in this Contract or such other address or number as will be furnished in writing by any such party. |
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Such notice or communication will be deemed to have been given as of the date and time so |
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delivered. Delivery to or receipt by the Licensee assisting BUYER will constitute receipt by BUYER |
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and delivery to or receipt by the Licensee assisting SELLER will constitute receipt by SELLER. |
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f. |
Electronic Transaction. All parties agree this transaction may be conducted by electronic means, |
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including email, according to the Uniform Electronic Transaction Act as adopted in Kansas and |
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Missouri. |
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147PURCHASE PRICE, FINANCIAL TERMS AND CLOSING AND POSSESSION
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4. PURCHASE PRICE. The Purchase Price for the Property is …… |
$ _________________ |
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which BUYER agrees to pay as follows: |
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a. Earnest Money in the form of: (Check one) |
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Personal check OR |
Other ______________________________ |
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in the amount of ………………………………………………… |
$________________(a) |
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Deposited with: (Check one) |
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Listing Broker |
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Escrow Agent |
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SELLER (BUYER acknowledges that funds payable to and held by |
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SELLER WILL NOT be held subject to the terms in Earnest Money |
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and Additional Deposits paragraph.) |
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b. Additional Earnest Money on or before |
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$________________(b) |
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Personal check OR |
Other ______________________________ |
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Deposited within 5 business days with: (Check one) |
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Listing Broker |
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Escrow Agent |
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SELLER (BUYER acknowledges that funds payable to and held by |
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SELLER WILL NOT be held subject to the terms of Earnest Money |
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and Additional Deposits paragraph.) |
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c. Total Amount Financed by BUYER (Zero if Cash Sale) |
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$________________(c) |
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(not including financed mortgage insurance premiums, |
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DVA Funding Fee or other closing costs, if any) |
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d. Balance of Purchase Price to be paid in CERTIFIED FUNDS |
$________________(d) |
176(Purchase Price less a, b & c of this paragraph) on or before Closing Date
178e. Total Additional Seller Expenses (Each line $0 if left blank):
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1. |
Additional SELLER paid costs. In addition to any other costs SELLER |
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agreed to pay herein, SELLER agrees to pay other allowable closing |
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costs permitted by Lender(s) and/or prepaid items for BUYER, not |
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to exceed: |
$________________ |
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2. |
Lender(s) approved down payment assistance costs. |
$________________ |
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TOTAL ADDITIONAL SELLER EXPENSES NOT TO EXCEED: |
$________________ |
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189f. Other Financing Costs.
1911. Loan Costs. BUYER agrees to pay all customary costs necessary to obtain the Loan(s)
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(including but not limited to, origination fees, discounts or buy-downs) unless otherwise agreed. |
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2. |
Private Mortgage Insurance (PMI). BUYER will pay any up front PMI premium and annual |
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renewal premiums or will finance the PMI as a part of the Loan(s), if required by Lender(s). |
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3. |
FHA Mortgage Insurance (MIP). BUYER will pay any up front MIP premium and annual |
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renewal premiums or will finance MIP as a part of the Loan(s). |
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4. |
DVA Funding Fee as required by Lender(s) will be paid at Closing by the BUYER or financed |
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as part of the Loan(s). |
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Flood Insurance. BUYER agrees to pay for flood insurance if required by Lender(s). |
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2035. APPRAISED VALUE CONTINGENCY.
205If Financing is being obtained, the appraisal must be completed before the Loan commitment
206due date.
208If a cash sale, BUYER may within _______ calendar days from the Effective Date of this Contract
209(within the Inspection Period if left blank) obtain, at BUYER’S expense, an appraisal of the Property by
210an independent licensed appraiser.
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212If the final appraised value of the Property, as determined by BUYER’S Lender’s appraiser or if a
213cash sale, BUYER’S appraiser, is not equal to or greater than the Purchase Price, BUYER may
214notify SELLER in writing, attaching a copy of the appraisal, and the following will occur:
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a. SELLER or BUYER may seek a reconsideration of value by the appraiser, to be completed within |
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_____ calendar days (7 days if left blank) of delivery of the BUYER’S notice. If such |
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reconsideration finds a value equal to or greater than the Purchase Price, the transaction will move |
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forward to Closing. |
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b. If such reconsideration finds a value less than the Purchase Price, BUYER and SELLER will have |
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_____ calendar days (5 days if left blank) to agree upon an acceptable Purchase Price in writing. If |
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BUYER and SELLER fail to agree to an acceptable Purchase Price within the time period stated |
224above, either party may cancel the Contract by written notice to the other, and BUYER’S Earnest
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Money will be subject to the provisions of the Earnest Money and Additional Deposits paragraph of |
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the Contract. |
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2286. SALE CONTINGENCY. In the event the sale is contingent upon the sale and/or Closing of BUYER’S
229Property, the Contingency For Sale and/or Closing Of Buyer’s Property Addendum must be
230attached.
231
2327. FINANCIAL TERMS.
234THIS IS A CASH SALE. BUYER must provide written verification from a depository of funds on
235deposit within ____ calendar days (5 days if left blank) which are sufficient to complete the Closing on
236this Contract.
237
238 THIS IS A FINANCED SALE. This Contract is contingent upon BUYER obtaining the financing
239described in this paragraph.
240
241BUYER may obtain Loan(s) different from those described herein provided that the terms of the Loan(s)
242do not result in additional costs to SELLER, delay the Closing date, or change the Loan approval time
243frame. These changes must be agreed in writing, by both parties, within 3 days of BUYER’S knowledge
244and no later than ____ business days before Closing Date (15 days if left blank).
245
246BUYER and SELLER are hereby informed any changes to the terms below after the Effective Date of
247the Contract have the potential to delay Closing and/or change costs due to federal regulations.
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