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Closing Date: The Parties hereby agree that the closing of the sale shall occur on or before August 15, 2024 ("Closing Date"), unless mutually extended in writing by both Parties. All necessary documents shall be executed, and funds shall be transferred on the Closing Date to effectuate the transfer of ownership. 

Earnest Money: Upon execution of this Agreement, Buyer shall deposit £5,000 as earnest money ("Earnest Money") with XYZ Escrow Company. The Earnest Money shall be held in escrow and applied towards the purchase price at closing. In the event the Buyer terminates this Agreement due to Seller's default or failure to meet any material term of this Agreement, the Earnest Money shall be refunded to the Buyer. If the Buyer defaults, the Earnest Money may be forfeited to the Seller as liquidated damages. 

Repairs: Seller agrees to complete the following repairs prior to the Closing Date:

• Replace the broken window in the living room.
• Repair the leaky roof identified in the home inspection report dated July 20, 2024.

Alternatively, Seller may elect to provide Buyer with a repair credit of £3,000 at closing in lieu of completing the repairs. All repairs shall be performed by licensed contractors and comply with local building codes.

Possession: Buyer shall take physical possession of the Property on the Closing Date, August 15, 2024, unless otherwise agreed in writing by both Parties. If possession is to be delayed, the Parties shall mutually agree upon a new possession date in writing. Until possession is transferred, Seller agrees to maintain the Property in its current condition, reasonable wear and tear excepted. 

Contingency Removal: Buyer shall have until July 31, 2024, to remove the following contingencies:

• Financing Contingency: Buyer must secure mortgage financing by this date. If Buyer is unable to obtain financing, Buyer may terminate this Agreement and receive a full refund of the Earnest Money.
• Inspection Contingency: Buyer must complete all property inspections by this date. Should inspections reveal any material defects, Buyer may request repairs, negotiate a price reduction, or terminate the Agreement with a full refund of the Earnest Money.

Failure to remove any contingencies by the specified deadline shall be deemed a waiver of such contingencies, and the Agreement shall proceed to closing.

Escalation Clause:
In the event that a competing bona fide offer is received by Seller for the Property, Buyer agrees to increase their offer by £5,000 above the highest competing offer, up to a maximum purchase price of £350,000.

• Initial Offer: £300,000
• Escalation Amount: £5,000
• Maximum Offer: £350,000

If no competing offer is received, the purchase price remains at £300,000. Buyer acknowledges that any increase under this clause is subject to the terms and conditions of this Agreement and that Seller is not obligated to accept any increased offer.

Financing Contingency:
This Agreement is contingent upon Buyer obtaining mortgage financing for the purchase of the Property. Buyer agrees to apply for a mortgage loan within 5 business days of the Effective Date and to diligently pursue such financing.

• Loan Amount: £240,000
• Loan Type: 25-year fixed-rate mortgage
• Financing Deadline: July 15, 2024

If Buyer is unable to secure the necessary financing by the Financing Deadline, Buyer may terminate this Agreement by providing written notice to Seller, and the Earnest Money shall be refunded to Buyer in full. Buyer agrees to provide Seller with a pre-approval letter from a recognized financial institution within 10 business days of the Effective Date.

Property Inspection Contingency:
Buyer shall have the right to conduct a professional home inspection of the Property within 10 business days of the Effective Date. Buyer may, at their sole discretion, request that Seller complete repairs to the Property based on the inspection report.

• Inspection Period: 10 business days
• Repair Requests Deadline: July 10, 2024

If significant defects are discovered during the inspection, Buyer may negotiate a price reduction, request repairs, or terminate this Agreement by providing written notice to Seller. In the event Buyer chooses to terminate, the Earnest Money shall be refunded to Buyer in full. Seller agrees to provide reasonable access to the Property for inspection purposes.

Appraisal Contingency:
This Agreement is contingent upon the Property appraising for no less than the agreed-upon purchase price of £300,000. Buyer shall secure an appraisal from a licensed appraiser within 15 business days of the Effective Date.

• Minimum Appraisal Value: £300,000
• Appraisal Deadline: July 20, 2024

If the appraisal value is below £300,000, Buyer may:

1. Request that Seller reduce the purchase price to the appraised value.
2. Proceed with the purchase at the original price, provided Buyer secures additional financing to cover the difference.
3. Terminate this Agreement, with the Earnest Money refunded to Buyer in full.

Seller agrees to cooperate fully with the appraisal process and provide any necessary documentation to facilitate an accurate appraisal.

Title and Conveyance:
Seller warrants that they hold a clear and marketable title to the Property, free from any liens, encumbrances, or claims, except as expressly stated in this Agreement.
Title Insurance: Buyer shall obtain title insurance at Seller’s expense to ensure the integrity of the Property’s title.
Title Search Deadline: July 5, 2024 Seller agrees to provide all necessary documentation, including the title deed and any relevant property records, to facilitate a clear transfer of ownership. In the event that the title is found to be defective or encumbered, Seller shall take all necessary actions to cure the defect or, if unable to do so, Buyer may terminate this Agreement with a full refund of the Earnest Money.