escape clauses - Posted by joseph churchill

Posted by elena on January 19, 2000 at 16:03:55:

We bought our personal residence in December, but didn’t close until May. The reason was not to disrupt the kids schooling. Everyone was fine with that.

escape clauses - Posted by joseph churchill

Posted by joseph churchill on January 17, 2000 at 13:31:45:

Hi folks,
Im just wondering if anyone can help me out on this transaction.Heres the deal.Im looking at purchasing a bank owned property for approx.200,000 with the intention of flipping it within 6 months.We do not want to own the property but simply want it under contract until new buyer is found. Ive done several deals like this in the past but Im rusty and would like some standard escape clauses if we dont find the buyer.Any help would be greatly appreciated.Thanks.

Joe Churchill

Re: escape clauses - Posted by chris

Posted by chris on January 18, 2000 at 05:51:44:

Hi Joe-

I was over at recently and noticed that they have by Wade Cook “The First National Bank of Real Estate Clauses.” It would have to be ordered used because it is out of print, but it appears interesting.

Another title was:

The Real Estate Book : Forms, Letters, and Clauses : The Ultimate Paper Trail (Real Estate Law Series)
by Oliver E. Frascona, Katherine E. Reece

Might be good to have for reference.


Re: escape clauses - Posted by Rob FL

Posted by Rob FL on January 17, 2000 at 22:08:37:

The best escape clauses IMHO are 1) financing 2) inspection 3) liquidated damages for deposit. Maybe something is unique about this transaction, but I find it hard to believe that a bank would take a property off the market for 6 months until you can close the deal. Around here, if you want more than about 60 days (in many cases 45 or less), they will reject your offer.

Re: escape clauses - Posted by joe churchill

Posted by joe churchill on January 18, 2000 at 01:52:54:

I`m in Canada and the bank has held the house that long at least already
Thanks for your response