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Communicating Acceptance: When is a Binding Agreement of Sale Officially Formed?
By: James L. Goldsmith, Esquire 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...
Myths Regarding Real Estate Transactions We Just Can’t Shake
By Jim Goldsmith, Esq. 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...
It’s Not Too Early – Real Estate License Renewal Time Approaches
By Jim Goldsmith, Esq. Time is relative so whether May 31 is fast approaching or is way far out is for you to decide. What I can tell you is that by the summer and fall of 2018, many of you will be calling for help with real estate license renewal problems. So what can and should you be doing now to avoid the potential problems that may be unfolding a year from now? Read...
Terminating A Real Estate Agreement of Sale
By Jim Goldsmith, Esq. 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...
What’s the Follow-Up?
Home Inspection Contingency Periods By James L. Goldsmith, Esq. The buyers entered an agreement to purchase a property with an external insulation finish system known as Dryvit. Upon inspection of the Dryvit, the report noted a few areas that were suspect for some moisture infiltration. The buyers decided to submit a corrective proposal asking the sellers to engage a specialist to conduct a “further evaluation” of the Dryvit and to undertake any “necessary repairs.” After...
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