Common Clauses

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Below are a short list of common clauses.  It must be remembered that these cover most home purchases, but there are special clauses that can apply to items such as pools, farms or properties that may have unique qualities.

Pay Further Sum: This refers to the buyer agreeing to pay the difference of the purchase price less the deposit.

Financing Clause: This clause refers to the offer of Purchase and Sale being conditional upon the Buyer receiving financing for the purchase of the home.

Building Inspection Clause: It is wise for every Buyer to have a building inspection of the home. A building inspection can uncover any deficiencies in the property that may not be apparent to the Buyer or the Realtor.

Survey Clause: We always ask for the most recent survey in the Sellers’ poccession. This ensures that the Buyer has an overview of the subject property. There is also Tenants Insurance which can be purchased through the lawyer.

Chattles Clause:   It is common place that appliances are included in the Agreement of Purchase and Sale. This clause is intended to protect the Buyer so that the appliances are in good working order the day of closing and that they are the same ones as were seen by the Buyer.

SPIS Clause:   The SPIS or Seller Property Information Statement is a document where the Seller has acknowledged any issues that there may be with the home and how they were rectified. We ask for this document for review during the Conditionally Sold phase.  (Some properties such as estate sales may not have an SPIS)

When a property is not on city services and there is a well and septic system there are two additional clauses to be included.

Septic Clause: This clause covers that the septic was properly installed, is working, can be inspected and is pumped.

Well Clause: This clause covers the quality of water, the quanity of water and the equipment associated with the well.

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Lars & Michele Nielsen are Real Estate Sales Representatives working with Coldwell Banker Coburn Realty