It’s Not Too Early – Real Estate License Renewal Time Approaches
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?
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).
What’s the Follow-Up?
Home Inspection Contingency Periods
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 being disappointed with specialist’s report of the Dryvit, the buyers decided to terminate the Agreement of Sale outside of the contingency period.
Take My Advice . . . Please Get a Home Inspection Before You Buy
I was helping an old friend of mine’s son and daughter-in-law with their home purchase. The house that most caught their fancy, and the one they eventually purchased, was a flip. Now, I have a lot to say about flipped houses, primarily based upon the volume of litigation that I have handled arising from the purchase of flipped homes. For purposes of this story, let me just say that I was very concerned that my friend’s son and daughter-in-law would later regret their purchase or have serious problems. And so, I embark on my mission, full of advice.
Your Real Estate Seller May Not Have a Dime’s Worth of Recourse!
In those good ole days of real estate transactions, offers were also accompanied by deposit checks. There was no place on the standard agreement to accommodate today’s practice of transmitting deposits “within ___ days (5 if not specified) from execution.” It is evident from the many inquiries on this topic, that today’s practice leaves sellers vulnerable, for at least those first days. To protect sellers, the realtor practice of accepting offers, with a deposit, constitutes the sole remedy available to a seller in the event of buyer default.
Mette, Evans & Woodside Selected as 2018 Best Law Firm for the Eighth Consecutive Year
For the eighth consecutive year, Mette, Evans & Woodside has been named as a Best Law Firm by U.S. News & World Report. The 2018 first-tier ranking for the Harrisburg, PA metropolitan area is for the firm’s work in the Trust and Estates practice area. To be eligible for a ranking, a firm must have a lawyer listed in The Best Lawyers in America, which recognizes the top 4 percent of practicing attorneys in the United States.
There’s a New I-9 in Town
Starting on September 18, 2017, all employers will be required to have completed a new I-9 Form for every NEW employee. However, you can start using the new form immediately.
Mette, Evans & Woodside Teams Up With RSVP for Children’s Book Drive
Firm’s Second Annual Book Drive With An Increased Goal Of 1,800 Books
Mette, Evans & Woodside is partnering with RSVP of the Capital Region for a children’s book collection drive. Collection of new and gently used books for children ages 4 to 12 will begin on September 11th and continue through October 27th.
Agricultural Production Contracts
The use of formal contracts in agricultural production, including crop growing and livestock production arrangements, has been on the rise in recent years. If you find yourself wondering whether it’s worth it to have a formal agreement in place in a production relationship, remember that the purpose of a formal contract is to minimize risk.
Kathryn L. Simpson Elected President of the Lipsitt Inn of Court
Kathryn L. Simpson, a Shareholder with Mette, Evans & Woodside, was elected President of the Honorable William W. Lipsitt American Inn of Court.
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