Answer: a Lawsuit and Big $$$ (Potentially) [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.] “PREVIOUSLY WRITTEN PURCHASE AGREEMENT: This Purchase Agreement Is/Is Not subject to cancellation of a...Read More
Who’s Most Likely to Get Bit: the Buyer or the Seller? “What’s sauce for the goose is sauce for the gander.” –Proverb [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...Read More
New Real Estate Form: “Earnest Money Receipt” “No one uses it.” “No one’s going to use it.” “It doesn’t work online.” The “it” in question is a new Realtor form, titled “Earnest Money Check,” that agents are being encouraged to use instead of faxing or emailing a copy of the Buyer’s actual check (the current practice)....Read More
Real Estate Legal Trivia That question is HUGE in residential real estate, for a number of reasons. The three biggest: One. The “Final Acceptance Date” — when the deal’s officially a deal — starts the clock running on the Buyer’s Inspection Contingency (Buyers typically have 3-5 business days to inspect, once the ink on the deal is...Read More
Multiple Choice Quiz Test your knowledge of today’s real estate market, and answer the following question: Which of the following are to blame when a home does not appraise pursuant to a Purchase Agreement and mortgage application? (Note: the home being appraised is called the “subject home”; its peers, which establish value, are individually known...Read More
“Hmm, I Wonder Where That Lockbox Key Went??” An interesting little contest is shaping up over a certain Twin Cities foreclosure that came on the market yesterday for 50% of its tax assessed value. I am withholding the address because I have a client interested in buying it, but here’s the background: A saved search...Read More
