Purchase Agreement - Posted by Ling

Posted by BTI on June 19, 2006 at 23:27:12:


Sorry to hear your in a binder state, I once had two brokers from such a state trying to pass the real estate exam in the state I was in. They each had 25 years experience but because of the limited knowledge required in the state they were from they couldn’t pass the new states exams.

I only have one bit of advice, don’t sign anything you don’t agree with just because a 3rd rate attorney put it together. Sorry, had to take the cheap shot at the lawyers in those states. I sold a property I had inherited in such a state and wrote the contract and did the escrow myself and a few of the local attorneys threatened me with practicing law without a license, I told them take their shot because I would enjoy suing them and the entire state bar, and maybe overturn their monopoly in the federal courts. Never heard another word.


Purchase Agreement - Posted by Ling

Posted by Ling on June 19, 2006 at 15:22:11:

I have a quick question hopefully someone can help me…
I am selling my house, and the agent just faxed over the purchase agreement for me to sign. Two questions.

  1. On top of the agreement, the agent wrote down “as is condition” because I told the agent that I don’t want to be responsible for anything the buyer inspector might find (house is in decent condition, i just don’t want the hassle). Is this good enough to hold the buyer to the contract even if his inspector find something?
  2. for the contract signing date and the deed delivery date, both says “ASAP” on the agreement. How long does the buyer has legally before they have to sign the contract?

thank you all for your time in reading my questions.

Re: Purchase Agreement - Posted by BTI

Posted by BTI on June 19, 2006 at 16:55:32:


I don’t like “as-is”, I much prefer buyer(s) acknowledge that the property is being sold in it’s present state and condition. Seller(s) has(have) disclosed any material facts or problems known to him (her)(them), and any or all repairs desired by buyer(s) are to be made at the buyers expense.

And where are you located where you sign a contract before the buyers do?

As for ASAP it is worthless, use actual dates or number of business or calender days from a specific point such as acceptance of the contract.


Re: Purchase Agreement - Posted by Ling

Posted by Ling on June 19, 2006 at 17:57:03:

Thank you for the help,
Actually, I don’t think it is a contract, but just a binder. We have disclosed anything we know about the house to the buyer, but I don’t want to have the hassle of dealing with anything the buyer’s inspector might find, that I might not know at this time. It just causes more delays and negotiation, and at this point, I am tired of negotiating with the buyer (it has been a long process so far).
It sounded like a binder really only binds me (to sell to the buyer at the agreed price), but doesn’t really have any legal power, is this correct? The buyer didn’t give me any deposit or anything yet.
thank you again for your help.