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While doing a puchase agreement, we were advised to also include a Chattel Agreement Addendum. We wanted some particular items to stay with the home but we didn't want to include it in the actual offer price b/c we didn't want it to cause issues with negotiations. Hence, our Realtor told us about the Chattel Agreement Addendum.
Right at the end of negotiations, the sellers counteroffered a price along with the items we were asking for in the Chattel agreement. We accepted based on those terms.
We received the purchase agreement signed by the seller & the Chattel agreement signed by seller, but the all the items we requested in the Chattel agreement were not included.
Mind you, the seller is 89 yrs old (the sole owner of this home which is 59 yrs old & the home is in amazing condition) & his son is doing the negotiations. I am not sure if the son was with the agent when the owner was signing the purchase agreement.
Needless to say, we were not pleased b/c the reason we agreed to the final price was due to receiving those items. (we are not talking thousands of dollars here, but we went about $1,000 more than we wanted b/c that is about the value of those items).
Contacted our Realtor yesterday evening & she said she was having the Selling Agent verify what items the seller would include.
BUT, why need to "verify" when the deal was what it was?
We don't want to break a deal over $1,000 but we are annoyed. That is another $1,000 added to our mortgage that didn't have to be there.
Since the Chattel Agreement is suppose to be separate from the Purchase agreement, did we screw up? Any suggestions?
(we are moving from out of state & this final part has been done via phone & emails, so we can't meet face to face with our Realtor right now)
I'm confused. Here, the selling agent (buyer's side) does up the contract/offer and any related addendums. The buyer signs, puts up the escrow check or states when they will put up the escrow check and then it goes to the seller who can accept fully or modify and initial those changes. There is NO CONTRACT if ANYTHING is changed on the contract or addendum until it goes back to the buyer and they initial the changes showing agreement. Who typed up the addendum? Your agent? Or were things crossed off by the seller? If the latter, you aren't in contract until you agree.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Here, the selling agent (buyer's side) does up the contract/offer and any related addendums. The buyer signs, puts up the escrow check or states when they will put up the escrow check and then it goes to the seller who can accept fully or modify and initial those changes. There is NO CONTRACT if ANYTHING is changed on the contract or addendum until it goes back to the buyer and they initial the changes showing agreement. Who typed up the addendum? Your agent? Or were things crossed off by the seller? If the latter, you aren't in contract until you agree.