Legal Minutiae It’s not unusual in the course of a real estate deal for numerous terms to change — and others to be added. What’s the best way to document that evolution? My personal preference is a one page Counter-Offer Addendum that effectively rides on top of all the preceding documents. Not only does that cleanly...Read More
“No Stairs to Basement” “Use caution, stairs removed leading to lowest level. Be sure to turn off all lights and lock all doors.” –Showing instructions, MLS listing Showing instructions are usually pretty mundane: besides telling the Buyer’s agent the access code and lockbox location, they typically just request that the showing agent “please remove shoes,...Read More
Q: Is a quitclaim deed executed by a divorcing spouse in favor of their ex-to-be valid before their divorce is final? A. Yes B. No C. Maybe Answer: No Being a former corporate attorney didn’t give me a clue about answering that question (my first guess was “Yes,” followed by “Maybe”). Which is a good reason...Read More
Is That Like Charlie Sheen “Winning?” John Paulson, one of the winners of the subprime crisis, is having a bad year. Investors are showing unusual patience. –“Despite Losses, Investors Stick With Paulson“; The New York Times (11/2/2011) Did you know that the housing bust has also had big “winners?” People like hedge fund titan John Paulson,...Read More
Avoiding Cliches What do you tell a client who just sold their home, but pre-signed the closing documents and therefore wasn’t at closing to collect their proceeds check? Unfortunately, it just doesn’t sound right to tell someone that “their check is in the mail.” Instead, I told them that “Edina Title had mailed the check and...Read More
No Standard Terms In theory, “rent-to-own” is a tailor-made strategy for today’s housing market, where lots of would-be Buyers have good cash flow but lousy credit, and lots of Sellers are, well, eager to sell. In practice, however, I’ve seen relatively few of these deals. My guess is that the following factors are responsible: –Although it’s...Read More
