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Buying a house thru relo company, the owners still own the house. We've agreed on a price with the seller and were told that all future dealings will be with relo co. The contract we received has the owner listed as the relo co but technically they're not the owners yet. Is this normal? My attorney has all kinds of issues with this but realtor says this is normal. Should I be concerned here or sign away??
My biggest issue is a clause in the addendum in reference to any inspection issues: in the event of any claim or demand by buyer as a result of buyers inspections, the seller shall have the option of:
1.Making said items operational or functional, agreeing to the expense in writing, or
2. Giving the buyer a credit for items, agreeing to the credit in writing
3. canceling this agreement and refunding the buyers earnest money or other deposit
it doesn't say anywhere that I can cancel so my attorney is making a big deal out of this but the way i look at it if i don't agree with the first two then they cancel the contract and i'm out right? It's a great house in Miami, built in 91 they've had all kinds of inspections done on the house already and haven't found any issues, the sellers agent is sending me all the info. I don't want to lose out on a great house over something silly.HELP!! do i have an over reactive attorney or should i worry?
What does your "regular" contract say? If your regular contract says you have an out if you're not happy with inspections, you can still get out. The addendum is just additional on top of what you've already agreed to.
The relo company does a simultaneous close, or some times it's a couple of days before closing, so they will own it by the time it's time for you to sign the papers.
my regular contract says that i have 10 days to change my mind, i found the house thru the sellers agent so i don't have a buyers agent.
Regardless of how you "found" the house you have a right for representation. The relo company will be paying the cooperating broker. Are they offering to pay for your attorney? If not, there is no reason for you not to have a Buyer's Agent too. Understand that the list agent has no fiduciary duty to you outside of honestly representing material facts about the property.
I just put an offer in on a house and got the same "relo addendum" sent over. Was a surprise to me! Thought I was dealing with the owners. My personally decision- I'm not considering signing something like that. From what I read, sounds like its changing the original contract and limiting my rights. As soon as I saw "10 days" and "as is" in the contract. I said "Not signing it" In this market there are way too many homes for me to choose from than to sign something like that. If they want to sell the house to me, they will need to use the standard contract or I'm moving on to another house. But that's my choice. I'm sure its a good idea to continue to consult with your attorney. Good luck on whatever you may decide!
Last edited by ImOuttaHere; 04-27-2011 at 02:20 PM..
What does your "regular" contract say? If your regular contract says you have an out if you're not happy with inspections, you can still get out. The addendum is just additional on top of what you've already agreed to....
Actually, addendums can change the terms of prior contract clauses. Happens with bank addenda all the time - they essentially rewrite the entire contract with new terms.
...the seller shall have the option of:
1.Making said items operational or functional, agreeing to the expense in writing, or
2. Giving the buyer a credit for items, agreeing to the credit in writing
3. canceling this agreement and refunding the buyers earnest money or other deposit
it doesn't say anywhere that I can cancel so my attorney is making a big deal out of this but the way i look at it if i don't agree with the first two then they cancel the contract and i'm out right?...
No, it's the seller's option to select what they will do, you don't have a choice to agree or not (unless that was indicated somewhere else). I agree with your attorney, it's a concern.
I'm not sure why you would do that, but I wish you well.
is that based on what the real estate agent wrote in because they knew that its required by the relo company? Or is it different in each state? I believe the standard is 17 days where I'm at.
If this agent wrote that in, I would be concerned about that as well. Did the agent explain the 10 days rather than the standard (if its different) I believe during that time you also need to get an inspection, then the report, and then address any concerns to the seller. Unless it states different, that is really cutting it short. However, I'm not an agent or an attorney so I'm not familiar with all laws. Good luck to you!
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