Purchasing real estate for investment purposes may be the easy part. Managing the property can be the challenge. Multiple unit dwellings and commercial buildings are often managed by a property manager or property management company independent of the property owner. Single unit or single properties or duplexes, on the other hand, are often managed by … Continue Reading
Relationships Made Easy By Marital And Cohabitation Agreements Are you planning on getting married, but want to decide in advance what to do if the marriage does not last “forever?” Or, are you married, but realize that if you do get divorced, you want it go as smoothly as possible without a lot of expense … Continue Reading
For years buyers were told that the solution for those nagging “property condition” problems was to have a new home inspected and obtain a Homeowner Warranty Policy (“HOW”). That way the buyer would know the current condition of the property, and if certain things failed, there was a policy to cover them. Some real … Continue Reading
What are the pitfalls of structuring a seller-financed transaction through an installment land contract? Though the Real Estate Commission dropped its approval of the use of Installment Land Contracts (“ILCs”), consumers still frequently ask brokers about ILCs. Even in its pre-disapproval comments, the Manual stated: “this instrument is full of pitfalls for both buyer and … Continue Reading
What are some of the important considerations for the REALTOR® who is contemplating a procuring cause dispute? REALTORS® contemplating procuring cause disputes should be aware that the points to consider tend to divide themselves into procedural and substantive matters. PROCEDURAL CONSIDERATIONS A REALTOR®’s right to arbitrate arises out of Article 17 of the Code of … Continue Reading
You’ve probably worked long and hard to develop your business to the point where it is today. Along the way, you may have developed customer lists, business knowledge, business methods, technology or other processes which help you to be competitive. These items may be “trade secrets.” If you fail to take proper steps to make … Continue Reading
I have just received an otherwise desirable offer on one of my listings. Unfortunately, it is not clear whether the purchaser will be able to qualify for the loan. My seller is inclined to accept the offer, but wants to preserve the flexibility of replacing this first purchaser with another one, if a better … Continue Reading
Representing a seller who is experiencing marital difficulties poses special concerns for real estate professionals. It is common for divorcing couples or couples who are about to be divorced to have differing interests in connection with the sale or other disposition of real estate. As agent or broker, you should be sensitive to those differing … Continue Reading
Four Documents We All Should Have, or Why You Really Do Need a Will It used to be that people were worried that if they didn’t have a will, all their assets would go to the state. Most people are now aware that this doesn’t happen, but there is a great deal of misinformation still … Continue Reading
Must a seller honor a written offer he verbally accepted? A seller verbally accepted a written offer for a property. A second, better offer has come from a second buyer. The seller would prefer to get out of any obligations it might have to the first purchaser. Is the seller bound by the first … Continue Reading
