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erma2morga830   , 45

from Brooklyn


Real estate contracts 201 | Examiner.com

Ok everyone, take out your notebooks, laptops, tablets, etc. and http://www.homefinder.com/ get ready for today's topic which is Real Estate Contracts 201. Professor K would like to welcome all of you back from the holiday weekend. Hopefully by now your hangover is in remission and your heartburn has abated after downing all of those hamburgers and hotdogs loaded up with pickles, relish and sauerkraut at the Memorial Day barbecue. The prerequisites for this class are to have either completed Contracts 101 or you may substitute experience from buying or selling a property in Incline Village or Crystal Bay. We are assuming that you have already acquired the basic knowledge of Nevada real estate contracts along with a general understanding of the purpose of IVGID and the TRPA. So, this class will focus on some of the nuances that will help you to write a better real estate purchase agreement. While the standard Incline Village Board of Realtors purchase agreement is 11 pages long and fairly comprehensive, there are some additional provisions that you may wish to include in your next transaction.

The easiest way to do this is to create a separate addendum that will generally be one or two pages long containing the additional items that you want to address. When a buyer presents a purchase agreement to a seller there will generally be at least one or more counter offers going back and forth between the parties. Therefore, it's impossible to predict on the day that you submit an offer to a seller exactly when an agreement will be reached. That means contingency removal deadlines could potentially fall on a weekend or legal holiday. This would not be a problem if everyone worked seven days a week all year round, but that is not the case especially for banks, title companies and the County recorder. An easy solution to the problem of deadlines falling on a weekend or legal holiday is to insert the following language into an addendum to the purchase agreement. If the date for any obligation stipulated in this Agreement should fall on a Saturday, Sunday or Federal Legal Holiday, then said obligation stipulated in this Agreement shall be performed on the next business day. The only exception to this term is that the expiration for the response to this offer and any and all counter offer(s) shall be on or before the time and date stated in this offer and any and all counter offers. By utilizing the language in the paragraph above, buyers don't have to worry about needing to botanique at bartley ask for an extension in the event that the deadline for say the loan contingency removal or the close of escrow falls on a weekend or legal holiday. The deadline will simply move to the next business day making it much easier to keep the transaction flowing smoothly and without the need to generate additional paperwork or ask the seller for an extension of time to complete the task at hand. Have you ever given someone a check and they misplaced or lost it?



There are times when the physical inspection report will turn up concerns regarding the roof, water intrusion, structural issues, etc. Buyers can protect themselves by adding this provision while giving the seller confidence and assurance that the inspection process will not be strung out beyond the originally agreed upon contingency removal date. I hear the bell ringing, so that concludes today's class on Real Estate Contracts 201. We have only scratched the surface. Depending on the particular circumstances of any given transaction there may well be other special provisions that you will want to put into the addendum of your next purchase agreement. Consult your attorney if you have any questions or concerns about a real estate purchase agreement or adding any provisions to an addendum that modifies the standard documents used in transactions in Nevada.