Real Estate Contract Scavenger Hunt Instructions Instructions: For the Real Estate Contract Project, you will need this hypothetical located in this document, and also the document titled, Real Estate Contract Scavenger Hunt. No additional documents will be required to be filled out. It is suggested that you look at the document called FAR:BAR Comprehensive Rider, FAR:BAR Lead Based Paint Addendum, and Lead Based Paint Booklet in order to Answer Question 18 and 19. Read the hypothetical carefully. In order to correctly write the contract, you will answer Questions 1 to 20 in Canvas. You will need to pay attention to ALL of the information contained in the hypothetical in order to determine what information is needed in Questions 1 to 20. Hypothetical: You are the paralegal for Michelle Robles, Esq., who specializes in Estate Planning and Real Estate Law. Some of her clients are real estate agents who often hire her to write their real estate contracts, since each case is different and they prefer not to be found guilty of Unlicensed Practice of Law, in addition to them wanting to minimize claims against their Errors and Omissions Insurance. One such client, Jack Schnittman, a Real Estate Agent with Homebuyers Realty, has clients named, Walter Fielding and Anna Crowley, who are in a long-term relationship, and who want to purchase a house. After several weeks of showing them houses, they fell in love with an 8 bedroom, 6 bath Mansion on a 10 acre lot in the subdivision called Fosse d'Argent, about an hour east of Sarasota. The address is 1234 Tom Hanks Drive, Riverdale, FL 34888, in Midland County. The house was built in 1920s. The owner, Estelle Smith, was desperate to sell the home as her husband abandoned her and she was facing a large judgment. She was willing to sell the house for a fraction of the value because of her money issues, but the house must close by the end of business day Tuesday, December 5. They wish to right an offer on this property right away before another offer comes in. They wish to offer $400,000, which is full price. The value of this house should be at least $1,500,000. The house is in immaculate condition, so they agree to purchase the property As-Is. There is a Homeowner Association for the community that is required and has a yearly fee of $650. In order to purchase the house, they have found the money to pay for it by borrowing money from Walter's client, musician Benny Lombardo, and Anna's ex-husband, Alexander Godunov. They want to write the offer as being paid in all cash since there will not be a mortgage required to be filed against the property, and allows them to close quickly. As consideration, they agree to place $50,000 as an escrow deposit. The Buyer and Seller agree that the customary closing costs shall be paid by the respective party. Since they are buying As-Is, the seller will not be responsible for any repairs. The Buyers are also waiving the Right to Inspect because there is no time to do Home Inspection. The house includes all of the furniture and a 1930 Cadillac V16 antique car. Although all of the appliances are included, the washer and dryer is not because they are not in working condition. The House was being sold by owner, and not listed by a Real Estate Salesperson or Broker. Seller was willing to pay the Buyer's Agent a 1.5% commission because she was taking a loss on the house. Additionally, the Seller did not want to have lawyers involved in advising the clients because she does not trust them. She only wants a lawyer to write the contract and handle the real estate closing.