Real Estate Jargon 101 What’s the difference between an “accepted” offer and a “fully executed” one? Absolutely nothing. As a former corporate attorney, I actually prefer the latter term, because it’s just a tad more precise, descriptive, etc. However, it can also sound a bit . . . intimidating (especially the “executed” part). Which is why...Read More
Good Faith Gesture: “Sold, Subject to Inspection” As veteran Realtors (if not their clients) know all too well, it ain’t officially a deal until all parties have signed, and the Purchase Agreement and any Addenda have been delivered to the other party (actually, their agent). Lots of Buyers learn that painful truth each year when,...Read More
Real Estate Terminology 101 “Final acceptance” sounds like something that happens in a hospice, or perhaps what Woody Allen has been seeking in therapy all these years. Fortunately, the real estate version is not so macabre: it’s just a fancy way of saying, “Done Deal!” “Signed, Sealed, & (Constructively) Delivered” Specifically, “Final Acceptance” refers to...Read More
Putting Clients at Ease (Just Not Too Much) My guess is, if you’ve worked with a Realtor (or any salesperson) lately, what you were ultimately asked to sign wasn’t referred to as a “legal contract.” It was called “paperwork” (sample agent-to-client dialogue: “if you’re comfortable with everything we discussed, let’s get the paperwork taken care...Read More
“Turtles All the Way Down” Realtors who don’t want to run afoul of the Minnesota Department of Commerce take care to have prospective clients sign and initial — (very) early in the relationship** — a state-required form called “Agency Relationships in Real Estate Transactions.” So early, in fact, that the would-be client may not yet be...Read More
Real Estate Terminology 101 “Final acceptance” sounds like something that happens in a hospice, or perhaps what Woody Allen has been seeking in therapy all these years. Fortunately, the real estate version is not so macabre: it’s just a fancy way of saying, “Done Deal!” “Signed, Sealed, & (Constructively) Delivered” Specifically, “Final Acceptance” refers to...Read More
