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Old 04-26-2012, 10:47 AM
 
179 posts, read 223,611 times
Reputation: 88

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Quote:
Originally Posted by jerseyjersey View Post
It's not too late, definitely. If you're not comfortable with your lawyer, then switch. And don't let your lawyer tell you that it's not "the done thing" to ask for changes to standard real estate contracts--it's done all the time (and I say this as a real estate lawyer, though I'm now a SAHM and not currently practicing) and most lawyers and realtors expect it.

FYI, the attorney review period can be more than 3 days--that's just the set amount of time that the contract provides, it can theoretically go on as long as the lawyers are going back and forth sorting out issues, as long as your lawyer has sent something to the other side saying that the contract is unacceptable in its current form (or the other side has sent your lawyer the same thing). If you really love the house in question but want to switch lawyers, do so quickly--while AR can last a long time, the seller can easily walk away during that time, so it's best not to let it drag on for no reason.

A reasonable inspection clause (assuming it's not an as-is sale) would allow you to walk for major issues, as a PP accurately described as mainly structural issues, radon, serious termite issues, that kind of thing. As far as setting a dollar amount, it's fine to say something like "$X according to estimates from licensed professionals specializing in the area in question", and not unreasonable to require multiple estimates for big-ticket items. This way, you don't need to rely on the seller's simply telling you an amount.

If there does turn out to me a major issue revealed during inspections, you can require the seller to repair, or you can ask for a credit to do the work yourself, as long as the contract specifies that. Requiring the seller to do the work means less hassle for you, but also somewhat less control, though you can be pretty specific as to your requirements for repairs by spelling them out in the contract. (A good RE lawyer should have standard language to use for these scenarios.) You can (and should) definitely reserve the right to re-inspect after the work is done and make sure it's done per the agreement. Alternatively, you can specify that you want a credit for anything found (the amount would still be determined by licensed pros, etc), so you can fix it yourself. The main trouble with that is that then it's on you--if it ends up costing more than the estimates for some reason, or the contractor performing the work becomes an issue, then it's your problem.


Good luck in the process, and feel free to ask questions. Though of course no one can give legal advice on a chat board, I'd be happy to give you any general info and my non-legal opinion on this stuff , having seen a ton of it.
Good post
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Old 04-27-2012, 03:29 PM
 
275 posts, read 325,741 times
Reputation: 270
The conditions for going thru with the sale shoudl be spelled out in the contract.

conditionaly on home inspection
termite inspection
can get a mortgage
lawyer review.
whatever else your lawyer wants to throw in there.

but from the seller side, they could/might not sign with those on it.
all negaotionalbe
from seller side, they want a time limit, condition expire in X days.

from buyer side, you wnat as many conditions as possible
want no expiration days.

example
if you have "lawyer review" as a condition
with no expiration days.
You "could" back out of contrat day before closing
saying lawyer had problem with contract.

If contract has conditions, and each codition has an expiration day after sihning. you have until time expires to back out.
If time has expired, you are stuck.

If present contract is not acceptable and you are within an expiration time, back and out and re-negociate sale contarct

Don't worry about PO'ing the seller
It's your potential house and your money.
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Old 04-28-2012, 07:20 PM
 
179 posts, read 223,611 times
Reputation: 88
Quote:
Originally Posted by boater1 View Post
The conditions for going thru with the sale shoudl be spelled out in the contract.

conditionaly on home inspection
termite inspection
can get a mortgage
lawyer review.
whatever else your lawyer wants to throw in there.

but from the seller side, they could/might not sign with those on it.
all negaotionalbe
from seller side, they want a time limit, condition expire in X days.

from buyer side, you wnat as many conditions as possible
want no expiration days.

example
if you have "lawyer review" as a condition
with no expiration days.
You "could" back out of contrat day before closing
saying lawyer had problem with contract.

If contract has conditions, and each codition has an expiration day after sihning. you have until time expires to back out.
If time has expired, you are stuck.

If present contract is not acceptable and you are within an expiration time, back and out and re-negociate sale contarct

Don't worry about PO'ing the seller
It's your potential house and your money.
In so many words, Well said
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