The Waiting (In Between the Buyer’s Inspection and Their Follow-up) “If Buyer does not cancel this Purchase Agreement before the end of the Inspection Period, then this Inspection Contingency shall be removed and this Purchase Agreement shall be in full force and effect.” –Minnesota Purchase Agreement, lines 189. – 191. Anxious Sellers fretting about what...Read More
Homes scheduled to be on Broker Tour — at least in the Twin Cities, from 11 a.m. to 1 p.m. each Tuesday — get cancelled for all kinds of reasons. The Seller’s cleaner didn’t show up (or didn’t finish); someone in the household is unexpectedly home sick; the master Bathroom plumbing sprung a leak; torrential...Read More
Buyer’s Inspection Timetable: From “5-2-1” to “10 Days” I don’t know about jury verdicts, but as a listing agent representing Sellers, hearing from the Buyer’s agent immediately after the home inspection is almost invariably bad. The usual explanation: the inspection turned up one or more deal breakers, and the Buyer is canceling. That said, waiting too...Read More
“Force Majeure” Clauses [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] RISK OF LOSS: If there is any loss or damage to the Property between the Final Acceptance Date...Read More
Is the Buyer Short of Cash? Not Committed to Deal? [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] Normally in Minnesota, the Buyer’s earnest money is due to the...Read More
New Inspection Contingency Timetable for Minnesota Home Buyers, Sellers [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] The answer to the question, “when does 5+2+1 = 10?,” is, “when...Read More
