October 21st - 2003

Additional Insurance clause added

OREA’s Standard Forms committee has added another insurance clause to provide REALTORS with another option for the Agreement of Purchase and Sale.

OREA's Standard Forms committee has added another insurance clause to provide REALTORS with another option for the Agreement of Purchase and Sale.  It reads:

Condition- Obtaining Insurance- Cost Not to Exceed

This offer is conditional upon the Buyer obtaining insurance on the property for the following named perils; _________________________________, at a yearly cost not to exceed_____________________ excluding applicable taxes. Unless the Buyer gives notice in writing delivered to the Seller not later than ___ p.m. on the _______ day of ____________, 20___, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. The Seller agrees to co-operate in providing access to the property for the purpose of obtaining insurance. This condition is included for the benefit of the Buyer and may be waived at the Buyer’s sole option by notice in writing to the Seller within the time period stated herein.

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