Other “Votes”: the Lender, Local Municipality, and Insurer Unbeknownst to the Seller, the Buyer’s inspection uncovered a material problem with their home that the parties agree should be fixed. When that happens, who takes care of it? The short answer: “whomever the parties agree” (at least if no one else has a say — see...Read More
Minnesota Home Seller Disclosure Duties — and their Realtor’s(!) Just like good stand-up comedians establish themes that they keep revisiting (see, Jerry Seinfeld; Chris Rock; Louis CK), a good continuing ed speaker repeatedly invokes a mantra for practitioners (Minnesota Realtors like yours truly) to heed. Yesterday’s (much repeated) mantra: “if you crack the door open a...Read More
Inspection Contingency Catch-22 Like any contract, the Inspection Contingency — which governs the Buyer’s inspection timetable — can be amended if both parties agree. The most common amendment: a time extension to allow both sides to get more info about an inspection-related issue. The catch, though — especially if turnaround time is an issue with...Read More
. . . . Or One Realtors representing Sellers (better known as “listing agents”) tend to be a lot more focused on Written Statements — and specifically, Written Statement deadlines — than their clients. There are two reasons for that: 1) it can be a technical subject (see below); and 2) most Buyers’ lenders meet...Read More
Taking Yes Full Price For an Answer “He who governs least governs best.” –Thomas Jefferson “He who negotiates least negotiates best.” –Ross Kaplan Soviet dissident (and now Israeli politician) Natan Sharansky once explained how he and his fellow dissidents helped pass the time in solitary confinement. Adept at Morse code and held in adjacent cells, they...Read More
Business Days vs. Holidays vs. Weekend Days Scenario #1: The Buyer and Seller finalize their Purchase Agreement tomorrow (July 3). The Inspection Addendum gives the Buyer 5 days to begin the Inspection. What’s the deadline? Scenario #2: The Buyer and Seller have executed a Contingent Purchase Agreement. The Seller gives the Buyer written notice today (July 2)...Read More
