Expiration of the Buyer’s Right to Cancel the Contract

Doing Nothing Means You Accept the House “As Is” and Will Proceed to Closing Regardless…

If the Buyer elects to cancel the Contract based on the results and findings of the inspections and investigations conducted during the 10-day period following the“Time Reference Date” of the Contract, then the Buyer shall deliver written notice stating the Buyer’s objections to the Property to the Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, in which event the contract shall be null and void.

RESULTS OF INVESTIGATIONS AND INSPECTIONS

Regardless of whether the Buyer investigates and/or has inspections of the Property performed, if the Buyer fails to deliver written notice cancelling the contract or requiring specific treatments, repairs and/or replacements to the Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, then the Buyer accepts the Property in the condition or state which existed at the expiration of the time period.

INSURABILITY OF THE PROPERTY

If the Buyer does not exercise the Buyer’s right to cancel the Contract based on the inability to obtain acceptable hazard insurance coverage, by delivering written notice to Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, or the Buyer fails to obtain a loan based on unavailability of hazard insurance coverage, the Buyer shall proceed to Closing, regardless of the unavailability of hazard insurance coverage, or be subject to the breach and failure to close provisions of the Contract.

SQUARE FOOTAGE

If the Buyer does not exercise the Buyer’s right to cancel the Contract based on the size/square footage of the dwelling by delivering written notice to the Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract and any subsequent appraisal reflects the size/square footage of the dwelling to be less or more than the Buyer understood it to be, then the Buyer shall proceed to Closing, regardless of such appraisal, or be subject to the breach and failure to close provisions of the Contract.