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Calling all real estate internet lawyers

 
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Faust
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PostPosted: May 01, 2015 2:14 am    Post subject: Calling all real estate internet lawyers Reply with quote

I'm the seller. Have an accepted offer with $2000 seller credit (line 200 of addendum a).

Buyer did home inspection. Finds minor things and wants another $1500. I say no, these aren't major defects, but I'll buy a home warranty for them. They just responded by sending a signed amendment written as such:

-Line 200 of addendum a changed to $1000.
-Buyer waives home inspection contingency.

I just signed it. Now I assume they meant they wanted to change the credit to $3000. And eventually the bank or title agency will point this out to them. So when that time comes, can I pin this on the buyer agent's e&o insurance? Keep in mind I never previously agreed to an extra $1000. But I did make a verbal offer to purchase a home warranty for them.
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ohsix
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PostPosted: May 01, 2015 5:29 am    Post subject: Reply with quote

Not a lawyer, but I would tell your agent you think they screwed up the paperwork in your favor. If I agree to something verbally and it comes out different in writing, whether in my favor or not, I'll point it out to make sure both sides "are on the same page." I like doing friendly deals. When both sides are trying to find loopholes to screw the other, the deal is much more stressful.
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Faust
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PostPosted: May 01, 2015 7:27 am    Post subject: Reply with quote

I don't want to screw over the buyer. If it were just between him and me, everything would be cool. But there are agents involved that I'm paying 5% of purchase price to get shlt like this right. I hold realtors in about the same regard as used car salesmen. I wouldn't mind in the least making them suffer a bit.
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RampageWake
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PostPosted: May 01, 2015 7:45 am    Post subject: Reply with quote

I would imagine their recourse could be to walk from the deal, and then you could keep earnest money as liquidated damages. I have found in earnest money disputes the title company will not just hand it over, but can pay it into the court, etc... thus making it a loser for all parties - unless your time spent chasing it is worth nothing. I doubt the E&O insurance of Re-Max is going to step in and cover a 2000 claim. At best, the buyers agent may pay the 2000 penalty to placate his client. In this instance, I would not do anything, just wait for closing. It is not your job to ensure their written offer matches the intent that they expressed verbally. You can always re-negotiate with them if you so desire, meanwhile, you can accept backup offers.
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Faust
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PostPosted: May 01, 2015 7:55 am    Post subject: Reply with quote

Their earnest money is also $2000 so if they want to back out it wouldn't exactly make financial sense. But yeah for now I'm just hanging tight waiting to see how the appraisal pans out. I guess I'm just more curious about what would take precedence here in the eyes of the law... the contract amendment, or the intent?
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chavez
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PostPosted: May 01, 2015 10:00 am    Post subject: Reply with quote

E&O insurance with a <$2,000 deductible = highly unlikely.

Ours is $10k.

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Partyb
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PostPosted: May 01, 2015 10:29 am    Post subject: Reply with quote

"Real estate internet lawyer" here. Just to clarify, you are waiting to see if they notice the error/typo that you noticed but signed anyway without advising anyone of the error so that you could see if you could get away with it?

FYI, the contract is between you and the buyer, not the agents. FYI2, the boiler plate language in your contract says somewhere "this is the only contract, there are no other agreements verbal or otherwise, all amendments must be in writing."

Answer to question: No

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Faust
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PostPosted: May 01, 2015 11:29 am    Post subject: Reply with quote

Partyb wrote:
"Real estate internet lawyer" here. Just to clarify, you are waiting to see if they notice the error/typo that you noticed but signed anyway without advising anyone of the error so that you could see if you could get away with it?

FYI, the contract is between you and the buyer, not the agents. FYI2, the boiler plate language in your contract says somewhere "this is the only contract, there are no other agreements verbal or otherwise, all amendments must be in writing."

Answer to question: No


No, I know that it will eventually be noticed. At some point, the buyer will come along saying oops, please fix this. When that time comes, I am considering telling him to take it up with his agent, since his agent drafted the document. But i don't have enough experience to know if this will hold up.
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Partyb
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PostPosted: May 01, 2015 11:42 am    Post subject: Reply with quote

The question was asked & answered.

How about you stop trying to get away with something? Seems ridiculous to me, and only hurting yourself--assuming you really want to sell. Otherwise, you only just created another dispute that could lead to this deal falling apart and not only wasting your time, but the buyers, the title companies, both agents, the buyers, the lenders, etc etc.

If you dislike agents so much, why did you hire one? You can put a FSBO ad in the newspaper & a sign in your yard and hire a lawyer instead for less than 1%.

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Faust
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PostPosted: May 01, 2015 12:01 pm    Post subject: Reply with quote

I live 1000 miles away from the home sale, unfortunately need a realtor. And it really rubbed me the wrong way when both agents called me to say $1500 was completely reasonable for what the inspector found (leaky basement sink, chipped paint on one frame, furnace needs tune up).

But anyway you're right the question has been answered, thanks
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Broccoli B
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PostPosted: May 04, 2015 6:15 am    Post subject: Reply with quote

Faust, Why didn't you just say no to the $1500 and then fix the 3 items? That would be the standard way of handling it.
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Faust
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PostPosted: May 04, 2015 5:52 pm    Post subject: Reply with quote

There is a line in the contract that says the seller shall not have the right to cure any defects found in the home inspection. That is the standard in the area.
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Broccoli B
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PostPosted: May 05, 2015 7:06 am    Post subject: Reply with quote

Interesting, you can't fix items in your own home?
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Brent B
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don't assume what you think i assume. you would assume wrong.


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you assume that i assume that my assuming is wrong and assume your assumption therefore must be correct.
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Faust
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PostPosted: May 05, 2015 3:05 pm    Post subject: Reply with quote

Of course, I can do whatever I want to my house. But it wouldn't resolve the fact that the buyer can just claim defects and back out. And mainly in this particular situation, I don't want to try to navigate dinky contractor repairs when I'm 1000 miles away and the house is occupied by tenants.
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