This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website
State:
Multi-State
Control #:
US-01815BG
Format:
Word;
Rich Text
Instant download
Description Goods Purchaser
Free preview Agreement Warranties
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Agreement Representations Statement FAQ
The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
Any clause where a warranty or representation is made and states this warranty shall survive and not merge on the completion of the transaction means that whoever is making that warranty or representation is liable for that statement after closing is complete.
If a purchase agreement is silent as to survival, reps and warranties survive until the applicable jurisdiction's statute of limitations for claims for breach of contract lapses.Delaware, for example, has a 3-year statute of limitations, while California has a 4-year statute of limitations.
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
A representation is basically an assertion of a past or existing fact, true on the date that it is made. It is generally given to induce another party to enter into a contract. A warranty on the other hand, is similar to a representation but it refers to the present or future i.e. a present or future promise of a fact.
At the top of the page, you should center the title between the left- and right-hand margins. Title your document something like Purchase and Sale Agreement or Agreement to Purchase Real Estate. Identify the parties to the sale. You need to identify the purchaser and the seller at the start of your agreement.
The general rule is that the limitation of liability clause does not survive the termination of the contract unless it is expressly intended by the parties. Contractual obligations are legally binding and enforceable for the entire term of the contract.
Common obligations covered by Survival clauses include Confidentiality, Non-Competition, and Effect of Termination. After these core obligations, the Survival clause can be highly deal-specific, with certain representations, warranties, and other obligations also continuing.
All other representations and warranties in Sections 3 and 4 will survive for twelve (12) months after the Closing Date, and will thereafter terminate, together with any associated right of indemnification pursuant to Section 7.2 or 7.3 or the remedies provided pursuant to Section 7.4.