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.
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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.
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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.
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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.
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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.
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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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Real Estate Best Practices Still Incorporate COVID-19 Forms
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.
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Using an Online Platform for Sellers Disclosures
With both Glide and Sellers Shield, you have access to an online platform which walks your clients, step by step through the Seller’s Property Disclosure form.
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COVID-19 Opens Door to New Scams
Be aware of the various ways that scammers are using COVID-19 to exploit individuals.
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COVID-19 Addendum Available for Use
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.
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