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
As I discussed in a post last week titled, “Bye, Bye, Home Seller Warranties,” the key Minnesota forms change this year is dropping various Seller warranties that had previously been in the Purchase Agreement. As a side effect of this omission, there is now much less need for “As Is” Addenda — historically, one of...Read More
Seller Disclosure Looms Larger The big 2012-2013 change in Minnesota contracts to buy or sell residential real estate — effective Oct. 1 — is the omission of a clause whereby Sellers formerly warranted that the home’s mechanical systems would be in working order as of the date of closing. The primary reason? The language effectively served as...Read More
“Gorgeous Home With Beautiful Wayne’s Coating” Two new listings + two broker tours + 15 Buyer showings + 3 Purchase Agreements — all since Saturday — equals . . . no City Lakes blog posts. Unless you count this one. P.S.: Thanks to colleague Kathy Dick for hosting the Broker Open at 3806 W. 32nd...Read More
(And Why it Matters) Preapproval subject to the Seller paying 3% toward the Buyer’s Closing Costs. –Lender Preapproval Letter Lawyers — and Realtors who used to be lawyers 🙂 — know that if a term isn’t included in a contract . . . it’s not in the contract. That’s because of something called an “integration clause” —...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
