Minding time periods of a purchase contract is an essential element of our Realtor duties. An expiration date of any of the given time periods can result in a Buyer losing their deposit or the Seller failing to close on their property. Three important time periods to consider are: Loan Approval PeriodInspection PeriodCondo Rider/ Condo … Continue reading Time Frames of a Purchase Contract
A house just won’t sell and you may be stumped as to why– and occasionally someone may be sabotaging your sale. Some real estate professionals have found that the saboteur is a neighbor or even the seller’s own child. In one situation highlighted in The Wall Street Journal, a real estate agent had been showing … Continue reading Look Around: Is Someone Sabotaging Your Sale?
Question: Several years ago, I signed a contract to buy a new construction condo unit. I have made all the required deposits, and we are six months from closing. I found out I have to relocate for my job. What can I do? – Don Answer: Many things can happen between signing a contract for … Continue reading How Can I Get Out of a New Construction Condo Contract?
Real estate agents are particularly vulnerable when it comes to getting sued. With tons of details, multiple clients and valuable properties, it’s all too easy for things to slip through the cracks. Even the slightest mistake could end up costing you a lot of money, a lot of stress and worst of all, tarnish your … Continue reading See you in court! 10 ways agents typically get slapped with lawsuits
ORLANDO, Fla. – Dear Anne: My listing agreement with a seller is for six months, but this seller and I had a falling out three months into the listing. Advertising this property did not come cheap, and the cancellation fee would enable me to recoup my expenses, but the seller was unreasonable and refused to pay … Continue reading Dear Anne: What Does ‘Withdrawn’ Really Mean?
ORLANDO, Fla. – If you don’t know already, there are several types of disclosures, riders or addenda that could be used in the course of a transaction. Will you have the same ones in each transaction? Probably not, as each transaction is unique. But knowing when a particular disclosure, rider or addendum should be provided … Continue reading Riders, Addenda and Disclosures, Oh My!
Florida Realtors Legal Hotline gets many questions about the rules governing escrow deposits – and many come from listing agents upset because they haven’t received proof, or at least notification, that the buyers made deposits by the dates stated in the contract. Here is an overview of the most common issues. Proof of depositThe call … Continue reading Agents must send copies of escrow checks – right?
Some contract “blanks” have a default, such as “3 days if left blank.” But others – sometimes important ones – do not. A quick hint: If there’s an asterisk near the line number, a blank should be reviewed. And remember that key dates and timeframes are important. If your customer is satisfied with a contract’s … Continue reading What If Someone Fails to Completely Fill Out a Contract?