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Understand Purchase Contract Contingencies

By | December 19th, 2005|

In purchase contracts with contingencies, like financing contingencies, sellers will often insert a "kick-out" clause. The kick-out clause means the seller can accept your offer, but if a better or "cleaner" (meaning without contingencies) offer comes along, the buyer has a limited period of time (usually 24 to 48 hours) to withdraw or satisfy the contingency or the seller can cancel the contract and sell to the other buyer.

Negotiating New Construction Purchase From Out-Of-State

By | December 19th, 2005|

Purchasing a home from another state can be a confusing process. The developer has only given them 10 days to sign and return the contract. Hire a real estate attorney that has extensive experience with new construction purchases. Builder/developer contracts tend to be one-sided, and as a buyer you may not be aware of all the issues that could creep up in a new construction deal. The attorney should review the contract and negotiate any changes with the builder.

Charging Developer For Easement

By | December 12th, 2005|

A homeowner has a large development being built next door and the developer needs their land for the sewer lines. How do you determine how much money to charge for an easement? Ilyce gives suggestions on how to handle this negotiation and suggests getting an attorney in on the deal.

Building Up Grade For New Home

By | December 12th, 2005|

A homeowner is concerned about the grade leading up to their new home that the builder is working on. The builder is now stating the contract contains only an estimate in the height of the grade and they may incur additional costs. Most contracts will hold the new owners responsible for any "unforeseen circumstances."

Seller Refuses Cash Offer For Home

By | December 12th, 2005|

A reader has made a cash offer for a home in an adult community. The seller now refuses to accept the offer. A seller can refuse to sell to anyone and that she may be experiencing seller's remorse over the selling price.

Converting 1031 Exchange To Primary Residence

By | December 5th, 2005|

Real estate investors often use a 1031 exchange to sell one investment property and purchase another so that they may defer federal income taxes. If, after purchasing the rental or investment property, you decide to convert it into a primary residence after using a 1031 exchange, you must wait two years.

How To Choose A Great Digital Camera

By | December 5th, 2005|

Links to Digital Camera Review Websites

Title Unclear After Quit Claim Deed Fraud

By | December 5th, 2005|

What happens when someone executes a quit claim deed to land he or she doesn't own? How long does the rightful property owner have to unravel the quit claim deed? It depends on where the land is located. Each state has its own statute of limitations for title issues such as this quit claim deed situation.

Home Buyer: Request Real Estate Agent’s Commission Share In Writing

By | December 5th, 2005|

If you're buying a home and your real estate agent promises you a share of the commission when you close, be sure to get that agreement in writing. If home buyer doesn't get the promise of a share of a real estate agent's commission in writing, and the real estate agent doesn't follow through, there's not much the home buyer can do, even though it might be considered fraud. The home buyer can file a complaint with the agent's firm and with the state's Attorney General's Office. if the real estate agent doesn't follow through on the promise of giving the home buyer a share of the commission.

Leaving Agent For Home Sold By Owner

By | December 5th, 2005|

It happens to many agents. They work with a family to buy a home and the buyer ends up purchasing a home without the agent, resulting in a lost commission. Here's what to do if you wish to purchase a For Sale by Owner home after working with an agent.

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