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How to Breach a Listing Agreement Without Even Trying

  Reprinted from REALTOR® Magazine  May, 2003 by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2003. All rights reserved. Q: What are the main forms of contract breach in real estate? Frascona: In real estate, contract breaches can occur in the property listing agreement between the broker and the seller or in the sales … Continue Reading

Out of Contract

I am the listing broker for a transaction set to close tomorrow. My seller and I have just learned that the buyer’s lender will not fund tomorrow. The buyer needs a three-day extension. All of the contingency deadlines in the contract have passed so that there is no longer any contingency excusing the buyer from … Continue Reading

Legal Ramifications of a Letter of Intent

  I am working on a transaction on behalf of the seller. The buyer would like to agree to a letter of intent. What are the legal ramifications of such a letter? While letters of intent can be a constructive step towards reaching a contract, they have pitfalls, especially for sellers and landlords. Parties frequently … Continue Reading

Anonymous Purchase of Real Estate

  Question: How can a buyer purchase a property and remain anonymous? Response: Contracts must identify a buyer against whom the contract can be enforced. Yet sometimes buyers seek to remain anonymous. For example, Joe Developer wants to assemble contiguous lots in downtown Denver on which to build a new skyscraper. Mary seeks to buy … Continue Reading

Contract Issues

  Question 1: I am the listing broker. The offer from the buyer, counter from the seller, and acceptance of the counter from the buyer was all done by fax. I received a faxed copy of the earnest money check from the buyer with the initial offer. The buyer accepted and signed the counterproposal five … Continue Reading

Backup Contracts

  I am listing a property and my Seller has entered into a contract with “Buyer 1.” We also received an offer from a second competing buyer, “Buyer 2.” We countered Buyer 2’s offer with a backup contingency. The closing date on Contract 1 is approaching and Buyer 1 has asked for an extension. If … Continue Reading

CLUE Reports Comprehensive Loss Underwriting Reports

Co-Author: Eric R. Jaworski, Esq. What is a CLUE Report? CLUE stands for Comprehensive Loss Underwriting Exchange. It is a comprehensive database of personal property information relating mainly to insurance claims on private property. CLUE was developed by, and is currently operated by, ChoicePoint Asset Co., a Georgia firm. What type of information is found … Continue Reading

Payback Time – Earnest Money

  Reprinted from REALTOR® Magazine( by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2002. All rights reserved. Oxymoron: Words used together that have opposite meanings – jumbo shrimp, for example. A seeming oxymoron is nonrefundable earnest money, a euphemism that some sellers use for a deposit that they intend to keep whether or … Continue Reading

Property Specific Deed Exceptions

Owner purchased Black Acre in 1987 for $60,000 from Seller. Seller conveyed Black Acre to Owner through a general warranty deed. Seller paid for a title policy. The title company which issued Owner’s policy did not find a recorded mineral reservation against Black Acre and therefore failed to show the mineral reservation as an exception … Continue Reading

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