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Old 06-19-2008, 06:12 AM
 
1 posts, read 2,206 times
Reputation: 11

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Hi,

We are move here from another state and trying to buy a house in Marlboro area. Current the contract is under attorney review. The seller side wants to add a term regarding the potential CCO (continue cert of occupancy) item saying if the fix cost lower than 500, they will take care of it. If it is above $500, they will negotiate with us and if both ends can't reach agreement, contract will be terminated.

Here is my question:
1) Is this a normal term?
2) Usually the CCO result shall be come out before or after the survey and title insurance is ordered?


Also the buyer end want we put down the second the deposit (around 3% of the house sale price) before the home inspection, which we have some concern about.

Thanks in advance if someone can give us some suggestion about these questions.

Regards
Sunny
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Old 06-19-2008, 08:51 AM
 
526 posts, read 1,391,908 times
Reputation: 74
Consult your Attorney. That is what your Attorney is for and what you are paying him/her for.
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Old 06-19-2008, 10:47 AM
 
Location: Central, NJ
2,731 posts, read 6,119,535 times
Reputation: 4110
Definitely listen to your lawyer. I don't know about the CO but our seller's wanted more money down, too. It was because we wanted a few extra weeks before the closing though. Yours might be asking because of the CO thing so you should make your lawyer explain exactly what's going on with that.
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Old 06-19-2008, 11:23 AM
 
Location: Cherry Hill, New Jersey
1,369 posts, read 4,639,323 times
Reputation: 685
Hi, I hope you don't mind but I copied your post and got all that code mess out of the way because it was hard to read.

Hi,

We are move here from another state and trying to buy a house in Marlboro area.

Current the contract is under attorney review. The seller side wants to add a term regarding the potential CCO (continue cert of occupancy) item saying if the fix cost lower than 500, they will take care of it. If it is above $500, they will negotiate with us and if both ends can't reach agreement, contract will be terminated.
Here is my question
1) Is this a normal term?
2) Usually the CCO result shall be come out before or after the survey and title insurance is ordered?
Also the buyer end want we put down the second the deposit (around 3% of the house sale price) before the home inspection, which we have some concern about.
Thanks in advance if someone can give us some suggestion about these questions

I agree with pp, have your attorney explain this to you.

GL!

Shanny
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