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2708.ARM
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1991-06-27
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918b
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25 lines
/*Para. 2708: If a building */
At closing, SELLER shall provide a report from a licensed
entomologist certifying the absence of termites and other wood
destroying organisms. Should the report show the active presence
of any wood destroying organisms, and the BUYER shall have the
following options:
a) if the damage and cost of treatment is less than 10% of the
purchase price, the BUYER may withhold this sum and close, and
the same shall be a credit on the sums due at closing;
b) if the damage exceeds 10% the BUYER may agree to an extension
of closing for 90 days to allow SELLER to repair the same at its
expense, or, the BUYER may refuse to close, and shall have the
sums paid for the option fully refunded by SELLER.
During the period between excercise of the option by the
buyer and the closing the premises shall be adequately insured
for fire and other perils.