Real Estate & Land Use

The Superior Court Recently Ruled on Two Issues Under the Real Estate Seller Disclosure Law that Realtors® Should be Aware of

The first question decided by the court was whether the seller was liable for failing to deliver a Property Disclosure Statement, where the agreement included an “as is” clause. The second question was what constitutes “actual damages” as the term is used in the Real Estate Seller Disclosure Law (RESDL) to define a buyer’s remedy for breach of the statute.

Communicating Acceptance: When is a Binding Agreement of Sale Officially Formed?

Many believe that an Agreement of Sale is effective the moment both parties sign it. It can be, when the parties are in the same room to witness the others’ signing. More often, however, the parties review agreements at separate locations and without knowing what the other side will do. Imagine that a buyer signs an agreement before bed and sets it on her nightstand, only to awaken at 3 a.m. so fearful of homeownership that she tears up the document. Was there ever an agreement? The answer is, like most legal answers, it depends.

Myths Regarding Real Estate Transactions We Just Can’t Shake

There is a lot of fake news out there! And there is a lot of fake news about news that is claimed to be fake that isn’t fake. Here you will see a number of real estate transaction myths that just might be true, or not! Keep this article and one-by-one we will pick out the fake news from the real stuff. At the end of the list I’ve answered the first two questionable facts, so read on.

Terminating A Real Estate Agreement of Sale

Terminating an agreement of sale falls into one of three categories: 1) termination based on law; 2) termination based on a contractual right; and 3) termination unsupported by law or contract. Most terminations are based on a contractual right to do so and most of those fall into rights granted under the mortgage contingency clause or the inspection contingencies. The document that is used to exercise a right of termination granted by the agreement is the Notice of Termination of Agreement of Sale (TER).