The Case of the Mysteriously Missing Inspection Clause “Seller Shall/Shall not have the right to continue to offer the Property for sale until this Inspection Contingency is removed.” –old Minnesota Residential Purchase Agreement, lines 192. – 193. [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire...Read More
Beginner Drafting Mistakes “As I am smoking . . . I don’t expect to be thanked.” —What John Hurt’s character ” in “Love and Death on Long Island” (1997) ” says to the cab driver, when the latter points to the cab’s “Thank You For Not Smoking” sign, and asks Hurt to extinguish his cigarette. [Editor’s Note: The views expressed here are...Read More
Just a Little Fine-Tuning This Year [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.] Unlike a year ago, when the standard Minnesota Purchase Agreement was totally revamped, there are...Read More
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
“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
FOBH & The 2017 Housing Market Once upon a time, Twin Cities Realtors eschewed rentals (vs. purchases and sales). Compared to the “For Sale” market, rentals were notoriously time-consuming, low-paying, and involved lots of red tape (the average lease has more fine print and addenda than a standard Minnesota Purchase Agreement). Then, the housing bust...Read More
