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What do you do if you’re involved in a transaction with a home that was just flooded? If you’re working with a seller or buyer in a transaction involving a flood-damaged property, a thorough knowledge of the PAR Agreement of Sale will help you to properly represent your client.
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In this example, the ASR was contingent on the outcome of a home inspection. The sellers had taken good care of their home, so they were shocked to receive a Reply to Inspections demanding multiple repairs.
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The first change to PAR’s Agreement of Sale is the addition of a new paragraph 9 called Change in Buyer’s Financial Status. This new language requires a buyer to inform a seller if the buyer’s financial status has changed in any way that would affect the buyer’s ability to purchase the property.
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Who is legally responsible when a buyer relies (to his detriment) on a flawed MLS Sheet? The answer depends on the agreement of sale and any modifications made to that agreement. It also depends on the specific facts of the transaction in question.
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One of the sticking points last year in HUD’s proposed changes to the Real Estate Settlement and Procedures Act (RESPA) was a proposed change to the prohibition against “required use” that would have limited or prevented a builder from offering incentives such as a finished basement or free upgrade to buyers who used the...
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REALTORS® who have reviewed the document are pleased with the revisions, according to Mike Barth, PAR’s standard forms specialist. In part two of our series, Barth discusses the changes to the form regarding inspections and deposits.
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In part one of our series, Mike Barth, PAR’s standard forms specialist, discusses some of the more apparent revisions.
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A divorcing couple has listed their home for sale. Shortly after listing it, their agent finds a buyer and the couple signs an agreement of sale. Then, unbeknownst to the agent, the husband enters into a side agreement with the buyer. When the agent asks about the nature of this agreement, the husband refuses...
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The new PAR Standard Agreement for the Sale of Real Estate (ASR) is set for release in mid-to-late January. Print forms are now available for preorder and the electronic version will be available from the electronic form vendors around January 15.
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Tuesday, Feb. 7, 2012
