Issues That Do (and Don’t) Come Up on Inspection Want to know how much it costs to fix a cracked chimney cap? A veteran Realtor probably has at least a ballpark idea. Ditto for a new roof, boiler, electric service panel, or central a/c. However, it’s a good bet that the same agent doesn’t have...Read More
Items that Trigger a Purchase Agreement Amendment, Post-Inspection Want to know how much it costs to fix a cracked chimney cap? A veteran Realtor probably does. Ditto for a new roof, boiler, electric service panel, or central a/c. However, it’s a good bet that the same agent has only a rough idea how much it costs to...Read More
< + Δ [Editor’s Note: Nothing in this post or on this blog should be construed as offering legal counsel. If you require legal advice, please consult an attorney.] If you want to skip my post, “Counteroffer vs. Amendment vs. Addendum” and cut to the chase, here it is, in three easy symbols:...Read More
Other “Votes”: the Lender, Local Municipality, and Insurer Unbeknownst to the Seller, the Buyer’s inspection uncovered a material problem with their home that the parties agree should be fixed. When that happens, who takes care of it? The short answer: “whomever the parties agree” (at least if no one else has a say — see...Read More
Inspection Contingency Catch-22 Like any contract, the Inspection Contingency — which governs the Buyer’s inspection timetable — can be amended if both parties agree. The most common amendment: a time extension to allow both sides to get more info about an inspection-related issue. The catch, though — especially if turnaround time is an issue with...Read More
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
