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Who is responsible for damage to the home or malfunction of systems during the post occupancy period? This is a common question for buyers, sellers, and their real estate agents, whenever a Post Settlement Occupancy Agreement (often referred to as a Rent Back Agreement) is made a part of the parties’ contract. To answer the question, we need to look at how this risk is allocated in the parties’ agreement.
At times, it is inconvenient or impossible for individuals to attend a real-estate closing or sign the documents needed to purchase, sell, or refinance property. To address such situations, the law has developed to allow one person to sign documents and represent the interests of another individual. This is possible through the creation of a document called a power of attorney or “POA”.
It was late fall of 2010 and the paperwork that conjured Vesta Settlements into existence had been filed. Not long after, business cards arrived in the mail identifying me as “President.” My children, 7 and 4 at the time, asked, “what are you President of?” After a brief pause to consider their question, I smirked and responded, “Nothing!”
A very common question for real estate agents, and by extension buyers and sellers, is whether to check the box for offer date or home inspection date as it relates to measuring whether the property is in substantially the same condition. This article hopes to put to rest the debate between the two options.
In a recent contract I reviewed, I found the following language in the “Other Terms” section: “Seller to arrange for inspection of fireplace and chimney and shall provide a written report to the Buyer.” We speak with a certain informality, and particularly in person, we can follow up, explain, expand, and clarify all while conveying non-verbal messages with our intonation and expression.
Sam Seller and Betty Buyer enter into a contract for the sale of Blackacre (“the Property”). Sam agrees to provide Betty access to the Property and as part of the contract paperwork, Sam and Betty execute the Buyer’s Limited Access to Premises Agreement. Prior to closing, Betty arranges to have contractors see the Property in order to make arrangements for planned work. In order to save time, Betty authorizes one of the contractors to install new carpeting in the home prior to closing.
