“Substantially the Same Condition” & The Golden Rule ‘I know it when I see it.’ –Supreme Court Justice Potter Stewart, on the legal definition of what constitutes pornography. “Buyer has the right to a walk-through review of the property prior to closing to establish that the property is in substantially the same condition as of the...Read More
Standard for Buyer’s Walk-Through Inspection “I know it when I see it.” –United States Supreme Court Justice Potter Stewart’s threshold test for defining obscenity. What’s fair game for raising issues during the Buyer’s walk-through inspection? (typically, conducted within 48 hours of closing). At least in Minnesota, any changes to the home since the Buyer’s inspection that substantially alter its...Read More
Busy September (or, “Seeing Triple”) For a Realtor, it’s a high quality problem to have, to be sure. But 3 closings in the next 8 days means 3 of everything (I’m the listing agent, representing the Seller, in all 3 deals). Little (& Big) Details Specifically, it means: 3 walk-thru inspections to deal with; 3...Read More
Fill Out the Form and Forget it? Not Necessarily OK, there’s no such thing as a “living, breathing document” — with the possible exception of the Declaration of Independence, the U.S. Constitution, etc. What I have in mind, though — at least in the context of residential real estate — are contracts/disclosures where one party...Read More
Losing the Battle AND the War The talk of my office the last few days is a certain suburban deal that fell apart literally at the 11th hour, due to a walk-thru inspection issue. The problem? A suddenly wet basement. The Seller overplayed their hand, and grudgingly offered the Buyer only $5k to address the...Read More
