The Price Escalation Addendum (Form PEA) is one of the most misunderstood in the PAR forms library. You should review PAR’s guidelines for the form before using it, but let’s review a couple of the most common questions/complaints/misconceptions that we hear on the PAR Legal Hotline.
In a balanced market, and frequently in this seller’s market, properties are sold twice. There is the original offer and acceptance and then there is the renegotiation that follow the inspection reports.
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.
Recently revised to conform to guidance for real estate, use of the COVID-19 Property Access Notice (Form COVID-PAN) and the COVID-19 Health and Safety Acknowledgment (Form COVID-HSA) still have a place in your routine, even as restrictions loosen.
The COVID-19 Addendum to the Agreement of Sale can be used to modify the terms of the sales agreement in the event third-party services become unavailable or so limited that meeting deadlines in the sales agreement are impossible or impractical.