Hotline FAQS: Commonly Misunderstood Clauses
Aside from reading JustListed and calling the PAR Legal Hotline with your individual questions, brokers and agents should review the Guidelines for Preparation and Use for the forms you use the most.
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Can My Buyer Waive Receipt of HOA Documents?
Because there is no waiver provision for residential transactions, the law appears to say that buyers are not able to waive receipt of association documents as part of their offers.
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Something Breaks, Floods or Needs Repair Right Before Closing… Now What?
Closing is scheduled for tomorrow morning and everyone is excited to finalize the deal. You suddenly get a frantic call from your seller who explains they were about to leave the house with the last few boxes when a torrential downpour blew through the area and they now have an inch of standing water in the basement. Now what do you do about the closing in the morning?
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Certificates of Resale and Building Collapse – What Do They Have in Common?
Agents understand the importance of obtaining certificates of resale limit the buyer’s opportunity to terminate, and thus the emphasis has been on obtaining and delivering the appropriate documents. Many, however, fail to appreciate the reason behind the law’s requirement.
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What Waiving the Mortgage Contingency Really Means
Plainly stated, waiving the mortgage contingency has no effect on whether a buyer is allowed to obtain mortgage financing to complete the purchase.
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Terminating an Agreement of Sale
A breach of the agreement by one party may justify termination by the other, even though the agreement does not specifically spell this out.
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Read. The. Forms.
Each year the PAR Legal Hotline fields a fair number of calls with questions can be answered simply by taking the time to carefully read some of the most common transactional forms every so often.
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Agreement of Sale to be Updated July 1
Beginning July 1, all of the agreements should have the following elements to them, where applicable: fixtures and personal property, inspection limitations and reports and the Internet of Things and recordings.
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Drafting Legal Documents
Anticipate the unanticipated and prepare an agreement that offers guidance.
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Inspection Contingency Review
In case you haven’t heard, the housing market is a bit crazy out there. Shocking, I know. The PAR Legal Hotline has been just as busy, so perfect time to […]
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