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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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contract question - stipulations
other than not being approved for a mortgage, are there any other stipulations that are commonly placed in a contract to allow either party to get out of it?
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Posted 5/1/09 10:55 AM  |
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Prudential Douglas Elliman Real Estate
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: contract question - stipulations
There might be one about homeowner's insurance. If buyer can't obtain insurance or if there's an underground tank and sellers won't abandon tank at their expense then buyer can back out.
I think we had something like this.
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| Posted 5/1/09 11:01 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: contract question - stipulations
The people we bought from needed a C.O. for the deck and there was a stipulation that if they couldn't get it in X days, or if getting it cost them more than a certain amount, we could get out of the contract.
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| Posted 5/1/09 11:08 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: contract question - stipulations
Have them get a letter for the oil tank abandonment if they don't aleady.
A C/O for the deck if they don't have one already.
If there is anything in the house you want, like air conditioners or light fixtures.
Your lawyer should be able to take care of this for you and think of things.
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| Posted 5/1/09 11:14 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: contract question - stipulations
I am not sure if it will fly, but based on what I went through and what some other posters on here have spoken about, I would love to see some sort of clause in my next real estate contract that says if the SELLERS pull out for any reason they must reimburse the buyers for all amounts paid by the buyers in pursuing the home/mortgage to date.
Mine only stipulated that the sellers would have to pay for the title company services. If everything had fallen apart (which we thought it might at one point) we wanted them to have to pay for the inspection, the fee we paid to extend our rate lock (due to a delay on their end), as well as bank and attorney fees.
Fortunately everything worked out in the end, but we did take a few hits along the way financially since everything took so long - ours went from a regular sale to an estate sale which was NOT handled well by the seller's attorney and caused additional delays.
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| Posted 5/1/09 11:15 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: contract question - stipulations
Posted by neener1211
Have them get a letter for the oil tank abandonment if they don't aleady.
A C/O for the deck if they don't have one already.
If there is anything in the house you want, like air conditioners or light fixtures.
Your lawyer should be able to take care of this for you and think of things.
stupid question - the house has gas, not oil, how do i check to see if/when they switched?
they have CAC so that isn't an issue.
i will ask my atty, thanks 
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| Posted 5/1/09 11:38 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: contract question - stipulations
Posted by headoverheels
Posted by neener1211
Have them get a letter for the oil tank abandonment if they don't aleady.
A C/O for the deck if they don't have one already.
If there is anything in the house you want, like air conditioners or light fixtures.
Your lawyer should be able to take care of this for you and think of things.
stupid question - the house has gas, not oil, how do i check to see if/when they switched?
they have CAC so that isn't an issue.
i will ask my atty, thanks
Um, they should know if they have an abandoned oil tank. You might see the pipes still? You don't want to get stuck with them having not filled the tank, and then there is a leak. You'll have to pay to clean it up. (usually doesn't happen though).
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| Posted 5/1/09 12:24 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: contract question - stipulations
Posted by neener1211
Um, they should know if they have an abandoned oil tank. You might see the pipes still? You don't want to get stuck with them having not filled the tank, and then there is a leak. You'll have to pay to clean it up. (usually doesn't happen though).
dude i told you i was new at this 
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| Posted 5/1/09 1:13 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: contract question - stipulations
all new homeowners are.
(the question mark was bc I really have no idea how else you would tell.  )
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| Posted 5/1/09 1:47 PM |
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Re: contract question - stipulations
Posted by Megs4
I am not sure if it will fly, but based on what I went through and what some other posters on here have spoken about, I would love to see some sort of clause in my next real estate contract that says if the SELLERS pull out for any reason they must reimburse the buyers for all amounts paid by the buyers in pursuing the home/mortgage to date.
Mine only stipulated that the sellers would have to pay for the title company services. If everything had fallen apart (which we thought it might at one point) we wanted them to have to pay for the inspection, the fee we paid to extend our rate lock (due to a delay on their end), as well as bank and attorney fees.
Fortunately everything worked out in the end, but we did take a few hits along the way financially since everything took so long - ours went from a regular sale to an estate sale which was NOT handled well by the seller's attorney and caused additional delays.
I agree. We paid to have an inspection done in one house and then the sellers backed out. It actually turned out to be a blessing in disguise that we didn't end up buying that house but we were ****** at the time that we lost that $$$.
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| Posted 5/1/09 5:53 PM |
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