New and Revised Forms to be Released on July 1
New and revised forms include the Seller’s Property Disclosure, the Appraisal Contingency Addendum, the COVID-19 Property Access Notice and the Commercial Property Management Agreement:.
Read More
It’s All About the Inspections
The PAR Legal Hotline is seeing terminations and deposit disputes shoot up, as well as a spike in seller disclosure problems and about a 40% increase in buyer-seller mediation request.
Read More
I Challenge You to a Dual (or Variable Rate Commission)!
The key to understanding dual or variable rate commission is that it applies when the fee paid by a seller to a listing broker will vary based on whether or not an agent with the listing broker procures the buyer.
Read More
Code Violation or Petty Annoyance?
There are many petty annoyances that are not the height of professionalism, but probably don’t rise to the level of a code violation.
Read MoreSubscribe To JustListed Daily Emails
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.
Read More
Notes on Terminating an Agreement of Sale
A Notice of Termination is unilateral. That is, the execution by one party is sufficient to terminate the Agreement of Sale. Why? Because the Agreement of Sale granted the right to that one party.
Read More
When a Sale Is Terminated, What Happens to That Inspection?
The Pennsylvania Seller Disclosure Law requires sellers to disclose known material defects of a residential property to potential buyers, but it does not matter how a seller learns of that material defect. This includes material defects identified through a buyer’s inspection when the transaction does not ultimately close. In this situation, the seller’s property disclosure must be updated.
Read More
Battle of the Forms: ACA vs. LTV
Often, the loan-to-value ratio and the Appraisal Contingency Addendum are seen as being the same thing and at their basic level, they do the same thing. However, they are not the same and more importantly, as they are built into the PAR forms, they function very differently.
Read More
Best of the Hotline: Price Escalation Addendum
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.
Read More
Negotiating the Change in Terms Addendum to Agreement of Sale
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.
Read More