In a business where guaranties should be viewed skeptically, how can you know for sure that the Buyer’s final walk-thru inspection will be uneventful? Answer: they waive it. 🙂 At least in my experience, it’s a (very) rare occurrence. But, it’s usually associated with one (or more) of the following three factors: 1) the home is...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
Dangerous Default Language (at least for Buyers) Up until last August, Minnesota home buyers who discovered inspection issues that required negotiation with their Seller were safe. If they proposed an Amendment reducing the sales price say, $1,500 as a result, and the Seller said “no,” the deal automatically cancelled at the end of the agreed-upon inspection period....Read More
Dual Agency Dilemma #17 Never having represented both the Buyer and Seller in the same transaction (I consider it a classic conflict of interest), one of the questions I have for agents who do act as dual agents is, “how do you navigate things like the Buyer’s walk-thru inspection? Provided for in the standard Minnesota Purchase...Read More
Cost-Benefit Analysis [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.] Homeowner’s title insurance really isn’t like any other insurance consumers buy. Unlike health or life insurance, it doesn’t protect...Read More
When Doesn’t “Sold” Mean “Sold?” So, when it comes to residential real estate, when does “Sold” not mean “Sold?” When it means “Pending” (as in, when there’s a big, bold “Sold” sign in front of a “For Sale” home). Huh?!? At least in Minnesota, once the Buyer’s Inspection has been removed,** the convention is to...Read More
