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arnie@a-gmarketing.com
Rolling Stone
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Joined: 07/03/2014 02:05 PM EDT
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Location: Indiana
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Ryan Hakes to Real Estate Professionals
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"PARTIES AGREE BUYER MUST BE COMPLETELY SATISFIED WITH INSPECTION REPORT AND THAT BUYER IS NOT OBLIGATED TO GIVE SELLER THE OPPORTUNITY TO REPAIR ANY DEFECTIVE ITEMS. IF BUYER IS NOT SATISFIED WITH INSPECTION REPORT FOR ANY REASON WHATSOEVER PARTIES AGREE TO EXECUTE A MUTUAL RELEASE WITHIN 24 HOURS OF BUYER'S INSPECTION RESPONSE TO SELLER AND BUYER'S EARNEST MONEY WILL BE PROMPTLY REFUNDED TO BUYER WITHIN 5 BANKING DAYS."
Thinking of adding this language to all purchase agreements I submit under further conditions.
Any constructive comments?

Arnie Goldberg
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Kevin Moore
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Joined: 06/18/2014 08:58 PM EDT
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arnie@a-gmarketing.com wrote:Ryan Hakes to Real Estate Professionals
·
"PARTIES AGREE BUYER MUST BE COMPLETELY SATISFIED WITH INSPECTION REPORT AND THAT BUYER IS NOT OBLIGATED TO GIVE SELLER THE OPPORTUNITY TO REPAIR ANY DEFECTIVE ITEMS. IF BUYER IS NOT SATISFIED WITH INSPECTION REPORT FOR ANY REASON WHATSOEVER PARTIES AGREE TO EXECUTE A MUTUAL RELEASE WITHIN 24 HOURS OF BUYER'S INSPECTION RESPONSE TO SELLER AND BUYER'S EARNEST MONEY WILL BE PROMPTLY REFUNDED TO BUYER WITHIN 5 BANKING DAYS."
Thinking of adding this language to all purchase agreements I submit under further conditions.
Any constructive comments?


Why would you need to add that? Don't you already have a inspection contingency in the contract? Why would you send the seller earnest money before the inspection is signed off?

Kevin Moore
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Philo
The Rock
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Joined: 06/18/2014 10:46 PM EDT
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Location: Dallas, Texas
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Concur with Kevin's first two questions. Beyond that, I respectfully had a real hard time understanding your phraseology and interpreting what your objective is.

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Mike Casey
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Joined: 06/28/2014 07:21 PM EDT
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I understand the intent. Most contingency clauses and contracts to purchase allow the seller the right to correct items found during the inspections in an effort to make the home acceptable to buyer. I suppose you could just cross that off in the contract, or use your addendum. It seems to get the point across that if the buyer is not satisfied in any way they can walk if desired.

It might scare the sellers a bit if they understand it, otherwise looks like it will work.

Other licensed agents probably should look and provide input and I'd ask an Indiana licensed real estate attorney just to be sure.

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Kevin Moore
Bon Jovi
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Joined: 06/18/2014 08:58 PM EDT
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Mike Casey wrote:I understand the intent. Most contingency clauses and contracts to purchase allow the seller the right to correct items found during the inspections in an effort to make the home acceptable to buyer. I suppose you could just cross that off in the contract, or use your addendum. It seems to get the point across that if the buyer is not satisfied in any way they can walk if desired.

It might scare the sellers a bit if they understand it, otherwise looks like it will work.

Other licensed agents probably should look and provide input and I'd ask an Indiana licensed real estate attorney just to be sure.


Is the real estate contract different in Indiana? Here in NY the buyer can walk from the transaction for any reason during the inspection contingency period no matter what the seller says or agrees to fix. As a matter of fact the seller does not even have a right to know what was wrong, just that the inspection was un satisfactory

Kevin Moore
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Juan Jimenez
Seal Team 6
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Joined: 06/18/2014 08:53 PM EDT
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It's a tough call. I understand giving the sellers the right to repair items, but usually what happens is the buyer will just ask for ridiculous and outrageous repairs anyway to make sure the seller won't agree. If a buyer wants to walk, their going to walk.

IMO the seller is better off letting them walk then forcing them to ask for repairs. Everyday wasting time on a buyer committed to walking away, is a day the house isn't on the market for the next buyer.


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William Chandler
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Joined: 06/23/2014 04:28 AM EDT
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I don't understand how you could supplant any conditions regarding the purchase or sale of real property into a warranty contract. What am I missing here?

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Kevin Moore
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William Chandler wrote:I don't understand how you could supplant any conditions regarding the purchase or sale of real property into a warranty contract. What am I missing here?

Nothing

Kevin Moore
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LauraHoward031
Rolling Stone

Joined: 11/30/2015 02:14 AM EST
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Location: Killeen, TX
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Nice clause to mitigate the landlord-tenant issues related to property repairs and maintenance.

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Greg Pownall
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Joined: 07/01/2014 08:35 PM EDT
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Location: Fort Myers, Florida
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That additional clause is not necessary. It screams paranoia knowing most contracts already gives the Buyer all the rights to walk if they choose.
Maybe some states adopted contracts are more giving than others but is it really necessary ? Did you have an event that wants you to include that clause ??
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Nathan
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Joined: 06/17/2014 09:32 PM EDT
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Location: Carmel, IN
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This line makes no sense, from a legal standpoint, as it ties the home inspection into a contingency that basically says "I can break this contract for any reason or no reason at all".

If the intent is to have that ability, just write it like that because you took any binding effect of the purchase agreement and eliminated it.

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Kevin
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Joined: 09/16/2016 11:01 AM EDT
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Location: Edmond,Oklahoma
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Since real estate contracts are heavy weighted towards the buyer (At least Oklahoma) there would be no need for that clause in our contacts here. They have 10 days to do their due diligent and can back out at any time during that process for most any reason. This type language to do that is already built into a Oklahoma R.E. contract and I would think most anywhere else.

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Jeremiah Anderson
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Joined: 08/02/2014 01:45 PM EDT
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Wait...what?

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RCHI1434
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Joined: 11/06/2016 08:40 PM EST
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Location: Northeast Ohio
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I would see absolutely no reason to add that to an already complex and complicated amount of words and jargon in all the paperwork everyone already has to do. I think that's already in the realtors paperwork anyway.

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