I received an offer on a house and have until 6pm today to respond per the purchase agreement that was sent to me. I sent it to a real estate attorney to review and not sure if he is going to be able to review today or not. I am wondering if I should wait until he does or go ahead and sign if he can't get to it today.
In my initial conversations with the attorney, he said to make sure the buyers acknowledge that I inherited the home and have limited knowledge of the home. Also he said to have it stated they are buying the house As-Is. Both of these are in the purchase agreement. The attorney reviewed the seller's disclosure and addendum that was included in the initial listing. The rest of the purchase agreement looks pretty standard as far as I can tell. Any advice will be greatly appreciated!
p.s. A link to the purchase agreement is https://drive.google.com/file/d/1abJi58 ... hRXHh/view in case anyone has time to review it. Thank you!
Sign purchase agreement or wait until lawyer can review?
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Re: Sign purchase agreement or wait until lawyer can review?
I’d wait until after attorney review or have a clause that contract is contingent upon their review. IANAL.
Re: Sign purchase agreement or wait until lawyer can review?
That sounds like a great way to go. Thanks for mentioning it and I didn't know that was an option.
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Re: Sign purchase agreement or wait until lawyer can review?
it's been 20 years since I bought/sold a home, but remember from then something about a 3 day attorney review. Essentially, you sign the realtor's real estate contract on a Monday, you have until Thursday to have your lawyer review and ratify the agreement.
Is that still a thing?
Is that still a thing?
Re: Sign purchase agreement or wait until lawyer can review?
Varies by state, definitely not a thing (and never has been) in most Western states.
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Re: Sign purchase agreement or wait until lawyer can review?
It helps to know WHY the offer has a time limit. Is the buyer from out of town? Is he trying to put pressure on the seller so seller doesn't delay to seek other offers? OP could just ask, or offer some sort of concession in exchange for a delay.
Also- is this sale in a state where involvement of a lawyer is common?
In states where I have sold I was comfortable accepting an offer in the standard form without talking to a lawyer.
Also- is this sale in a state where involvement of a lawyer is common?
In states where I have sold I was comfortable accepting an offer in the standard form without talking to a lawyer.
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Re: Sign purchase agreement or wait until lawyer can review?
I recently bought a house in a fairly tight market and my realtor had the idea of timeboxing the offer. There were no questions (that I was aware of - e.g. possible listing asked my agent but nothing got back to me) as to the rationale of putting an expiry on the offer.
I don't see a ton of downside for the buyer. Conversely it does put some pressure on the seller assuming there are no other offers on the table yet.
And so I think there are two components of this:
1) Negotiating price absent legal gotchas
2) Is there something in the offer that, beyond price, gives a great deal of power to the buyer
Net net two things: one it is possible the time limit is strictly a negotiating tactic and there is no other 'hidden' terms in there. Two - many real estate contracts are not rocket science - read through everything in particular to key terms such as earnest money down, financing, appraisal, inspection.
I don't see a ton of downside for the buyer. Conversely it does put some pressure on the seller assuming there are no other offers on the table yet.
And so I think there are two components of this:
1) Negotiating price absent legal gotchas
2) Is there something in the offer that, beyond price, gives a great deal of power to the buyer
Net net two things: one it is possible the time limit is strictly a negotiating tactic and there is no other 'hidden' terms in there. Two - many real estate contracts are not rocket science - read through everything in particular to key terms such as earnest money down, financing, appraisal, inspection.