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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Your Appraisal Woes… Solved?

PAR already has an Appraisal Contingency Addendum to the Agreement of Sale (Form ACA), which allows a buyer to terminate the agreement if the appraisal doesn’t hit a specified value. But member feedback indicates that parties are often trying to write in stronger language to keep buyers in the deal. This new revision addresses that issue by expanding the form with a second buyer option.

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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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