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addendum: Protecting your Buyers & Yourself: Bank "Trick" #4 - 10/16/08 07:35 AM
I was in shock when I read this most recent addition to a contract with a bank addendum because it essentially gave the bank carte-blanche over the P&S.
Article 15.  The Seller reserves the right to terminate the Contract for any reason in its sole discretion.  Should the Seller terminate this contract, the Seller's sole liability to the Buyer will be to return the Buyer's deposit, at which time the Contract and all addendums thereto shall cease and terminate and Seller and Buyer shall have no further obligations, liabilities, or responsibilities to one another.
In the dozens of addendums I've had the opportunity to … (13 comments)

addendum: Protecting your Buyers & Yourself: Bank "Trick" #3 - 10/16/08 07:02 AM
With the current economy the way it is right now and foreclosures rolling into the market in waves, I'm sure many of my fellow agents have seen this clause already, but buyers may not have.  The importance being, make sure you disclose the following clause to your buyers and the lender they are working with so all parties understand the timetable they are bound by.
Article 10.  (Which can vary) Buyer(s) may take possession after the final closing papers are signed by the Seller and the Contract is funded.  Possession to the property may not be taken before the occurrence of both … (4 comments)

addendum: Protect your Buyers: Bank owned trick #1 - 02/25/08 05:35 PM
For those of you who haven't had the opportunity to sell a bank owned property yet, look out for this little fast one the bank likes to try, if you're not looking for it, you just may miss it:
Recording fees, escrow fees and other customary closing costs WITH THE EXCEPTION OF TRANSFER TAXES, shall be paid by either Seller and/or Buyer in the manner customary for residential real estate transactions in the city in which the Property is located.
ALL OTHER COSTS AND EXPENSES, INCLUDING ANY COST, EXPENSE OR TRANSFER TAX, imposed by any state or local entity not otherwise addressed herein, including … (11 comments)

 
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Joshua Matthews

Wakefield, NH

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Keller Williams Coastal Realty

Address: 501 Islington Street Suite 2, Portsmouth, NH, 03801

Office Phone: (603) 610-8500 x 576

Cell Phone: (603) 781-4030

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