Forms Clause Library

Forms Clause Library

The NHAR Legal Committee, in conjunction with legal counsel, has created a series of clauses to the standard forms library that we encourage you to copy and paste to utilize at your discretion.

 

Disclaimer of Intent to Create Contract: For Use With Email Communications

Nothing in any email communications sent between the parties or their agents shall be deemed to create a binding contract to purchase/sell real estate. A contract shall not exist until a purchase and sale agreement is signed by all buyers and all sellers.

 

Entire Agreement

This Agreement, including any attached Addenda, contains the entire agreement between the parties relating to the transaction contemplated hereby and all prior or contemporary agreements, understandings, representations and statements, oral or written, are merged herein. No modification, waiver, amendment, discharge or change of this Agreement will be valid unless in writing and signed by the party against whom enforcement of such modification, waiver, amendment, discharge or change is sought. Nothing in any email communications sent between the parties or their agents shall be deemed to create a binding contract to purchase/sell real estate. 

 

Agent Interest Clause: Seller

I, [LICENSEE], disclose that I or a member of my family has a present financial interest in the PROPERTY that I am currently marketing for the SELLER. By signing this PROPERTY disclosure form, you are acknowledging that I have provided you with written notice of my interest in the PROPERTY.

 

Appraisal Contingency

This Agreement is contingent upon BUYER receiving a written appraisal of the subject property at a price equal to or above the selling price within ____ days from the Effective Date of this Agreement. In the event BUYER does not receive such appraisal within the time period set forth above, the BUYER may either waive this contingency or declare this Agreement null and void and BUYER shall be entitled to the return of all deposits paid. The BUYER shall pursue the appraisal in good faith. The appraisal shall be completed by a licensed appraiser and the cost of the appraisal report shall be borne by the BUYER.

 

Board Approval of Buyer

This Agreement is contingent upon BUYER receiving written approval from the ___________________________________ (Condominium/Co-op/PUD/Park) board within ____ days of the Effective Date of this Agreement. In the absence of such approval on or before date set forth above, this Agreement will be null and void and BUYER shall be entitled to the return of all deposits paid.

 

Agent Interest Clause: Buyer

I, [LICENSEE], disclose that I am a REALTOR and that either I personally am making this offer to buy the PROPERTY of that I represent a family member who is making this offer to purchase the PROPERTY. By signing this Purchase and Sales Agreement you are acknowledging that I have provided you with written notice of this relationship.

 

Confidentiality of Terms of Agreement

SELLER(S) agrees to keep the terms of this Agreement, including but not limited to BUYER’S name, in strict confidence until the time of recording.

 

Acceptance Date

This offer shall expire unless written acceptance is delivered to BUYER or to ______________________________________, on or before _________________AM/PM ET, on _________________________, 20_____, or until withdrawn by BUYER, whichever occurs first.

 

Contingent on Binding Purchase and Sale Agreement on Buyer’s Property

This Agreement is contingent upon the execution of a binding purchase and sale agreement on BUYER?S property located at: __________________________________________________________________________on or before ____________________. If this contingency is not removed on or before midnight on ____________________, SELLER may terminate this Agreement and entitle BUYER to the return of all deposits paid.

 

Contingent on Review by Attorney or Accountant

This Agreement is contingent on its acceptable review by an attorney or accountant for the ________________ (BUYER/SELLER/BOTH) within _____ days of the Effective Date. Unless written notification of disapproval of this Agreement is provided within the time period set forth above, this contingency is waived.

 

Contingent on Sale of Buyer’s Property

This Agreement is contingent upon completion of the sale of BUYER’s property located at: ____________________________________________________________________ on or before _________________________, 20_____. Unless this contingency met or waived by BUYER on or before midnight of _________________________, 20_____, this Agreement shall be terminated and BUYER shall be entitled to the return of all deposits paid.

 

Current Use Taxation

The parties acknowledge that the PROPERTY is subject to current use taxation under the provisions of New Hampshire RSA 79-A, as amended. Any and all taxes, costs, penalties and other expenses associated with the change from such current use shall be paid by ________________.

 

Flood Insurance

BUYER has been advised that the PROPERTY is located in an area which the Secretary of HUD has identified to have special flood hazards. Therefore, it may be necessary to purchase flood insurance in order to obtain a loan secured by the PROPERTY from any federally regulated institution or a loan insured or guaranteed by an agency of the U.S. Government.

 

Insurance Loss Run Report

SELLER agrees to provide BUYER/BUYER’S Agency with insurance loss run report/clue number on the PROPERTY within _____days from Effective Date.

 

Personal Property Excluded

It is understood that the following personal property will be removed prior to the PROPERTY being conveyed: ________________________________________________________________________.

 

Personal Property Included

The following personal property will remain with the real estate being conveyed: ______________________________________________________________________________________.

 

Property Survey Contingency

A survey of the property certified by a licensed surveyor will be provided to BUYER on or before the transfer of title.  If such survey discloses that any of the improvements on the PROPERTY encroach into the applicable setbacks or onto any adjoining property, or that improvements on any adjoining property encroach onto the PROPERTY, or that the PROPERTY materially differs from the description provided in this Agreement, then BUYER may terminate this Agreement and BUYER shall be entitled to the return of all deposits paid.  The cost for the above services will be paid by ____________.

 

Seller Locating and Securing Housing

This Agreement is contingent upon SELLER locating and securing suitable housing on or before ____________________.  SELLER will provide written notice of inability to secure housing within the time period set forth above, failing which this contingency is waived.

 

Seller Repairs Prior to Transfer of Title

The SELLER agrees to install, complete, repair and or remedy _______________________________________________________________ prior to the transfer of title, the cost of which will be borne by the SELLER and will not be reduced from the SELLING PRICE.

 

Subject to Existing Leases

The PROPERTY is subject to existing leases and/or rights of tenants in possession.  SELLER agrees to deliver to BUYER on or before ________________________, 20_____, (i) true and complete copies of all existing leases, rental agreements, and outstanding tenant notices; (ii) a written statement by SELLER of all oral tenant agreements; (iii) a summary of tenant deposits; (iv) a summary of any uncured defaults by SELLER or tenants; and (v) a summary of any claims made by or against a tenant. This Agreement is contingent upon BUYER’s approval of said documents. BUYER shall be deemed to have approved said documents unless written notice to the contrary is delivered to SELLER or SELLER’s agents within ____ days of receipt of same. If BUYER does not approve said documents and delivers written notice of rejection within the time period specified above, the Agreement shall be terminated and the BUYER shall be entitled to the return of all deposits paid.

 

Time is of the Essence

TIME IS OF THE ESSENCE in all aspects of this Agreement. Therefore all dates and deadlines included in this Agreement are firm and binding.

 

Walk Through Inspection

BUYER reserves the right to conduct one (1) walk through inspection upon reasonable notice to SELLER’s AGENCY within _____ hours prior to the transfer of title to ensure compliance with the terms of this Agreement.

 

Warranties Provided to Buyer

Copies of the following limited warranties will be provided to BUYER on or before the transfer of title: ______________________________________________________________. 

 

Expiration of Offer
This Offer shall automatically expire at ________ am/pm on ______________, if prior to that date and time the SELLER has not accepted the Offer in writing.

 

Tax Stamps
The Parties agree that the tax stamps for the sale of this property shall be split equally between the BUYER and SELLER with both Parties paying half of the total value of the tax stamps at the closing.

"Amidst the sea of change to which the New Hampshire Association of REALTORS has played witness in its 85 years, one thing that has remained constant is the Realtor 'R' and the value we bring to every real estate transaction in which we take part. We are part of a unique community where our familial cooperation transcends our business competition. These are not mere platitudes, but our living ideals, and they are, in fact, the foundation on which we conduct ourselves in our day-to-day affairs."

Jim Lee, 2021 President, New Hampshire REALTORS