If you are representing a buyer on a bank-owned property, make sure you read the bank addendum to the purchase contract THOROUGHLY AND COMPLETELY.
Some of the things you want to focus on are:
1. Closing date
2. Per Diem Charges
3. Inspection Periods
4. Credits to buyer / repairs to property
But most importantly, make sure you read the addendum and look to see if PASSIVE CONTINGENCIES are written into the contract.
Basically, passive contingencies state that once a contingency date has passed, it is AUTOMATICALLY DEEMED AS REMOVED - unless you alter that in writing perhaps in the form of an addendum to extend, etc.
it doesn't happen very often, but I have had a couple of bank owned properties that had the passive contingency clause in fine print.
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