Means to an End (“Eyes on the Prize”) [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. If you need legal advice, please consult an attorney.] What do you suppose is the best way for a home Buyer...Read More
Financial Due Diligence for Home Sellers (and Their Agents) As a former corporate attorney and CPA, one of my strengths selling real estate is helping Sellers “vet” the Buyer’s finances. Before they get to closing. In a nutshell, it comes down to this: “Can the prospective Buyer financially perform?” (legalese for “can they afford the property...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
“Subject to” . . “Statutory” . . . “Cancellation” . . . Huh?!? [Editor’s Note: In addition to “statutory cancellation,” there is another legal status called “subject to statutory Rescission.” At least in Minnesota, purchasers of condo’s and townhomes have a 10 day right to rescind while they review the related Association disclosures. While that 10-day...Read More
“Earnest Money” vs. “Ernest Money” If your first name is Ernest and you were buying a house, I suppose the check you wrote to go with the Purchase Agreement could be called “Ernest money.” However, for everyone else, the proper term is “earnest money.” 🙂 Definition For those not familiar with earnest money, think of...Read More
Why Buyers Can Walk When the Home Doesn’t Appraise “Buyer agrees to pay in the following manner: 1) Cash of _____ percent (%) of the sale price, or more in Buyer’s sole discretion . . . “ –Excerpt, standard Minnesota Purchase Agreement (emphasis added). [Editor’s Note: The views expressed here are solely those of Ross Kaplan,...Read More
