Conspicuously Missing Term: Asking Price One of the more confusing contracts in residential real estate is what’s called a “One Time Showing Contract.” As you might guess, unlike a Listing Contract, which allows the Realtor to market a home to the world, a One Time Showing Contract contemplates a deal with exactly one prospective Buyer. Key Terms In...Read More
“Sold, Subject to Inspection” Why would an agent show Buyers a home that’s already under contract? Because the clients are (just) learning the market, and their agent is showing them the home for illustrative purposes only — that is, to educate the Buyer about how much/what kind of house can be had at a specific...Read More
Traps for the Unwary in an Environment of Rising Interest Rates In the vast majority of Financing Addenda I’ve seen — along with the Inspection Contingency, the two critical Addenda in a Purchase Agreement — the Buyer’s agent fills in the blank above with the word “market.” When rates are stable or falling . . . no problem....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
< + Δ [Editor’s Note: Nothing in this post or on this blog should be construed as offering legal counsel. If you require legal advice, please consult an attorney.] If you want to skip my post, “Counteroffer vs. Amendment vs. Addendum” and cut to the chase, here it is, in three...Read More
Items that Trigger a Purchase Agreement Amendment, Post-Inspection Want to know how much it costs to fix a cracked chimney cap? A veteran Realtor probably does. Ditto for a new roof, boiler, electric service panel, or central a/c. However, it’s a good bet that the same agent has only a rough idea how much it costs to...Read More
