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This is my first P Agreement, and I paid a lawyer $200 to go over it with me yesterday and he never mentioned anything about those clauses, it was something I realized I needed after reading through this forum. I know a lawyer I won be going back to.
Regardless, you should consider having your attorney review your contract. You might be surprised to learn that the contract already addresses your concerns, or that there is something else in the contract that unfairly works against you.1. Seller must provide you requested docs (list them) within 3 days of binding agreement.
2. Current Tenant Rental History: Seller must provide the previous 12 months of rental history payments from current tenants. Rental history must be in the form of rent Nike Shoes Air Max rolls, bank deposit history, pictures of rental checks, or a statement of the financial health of the property as certified by an accountant. Statement of the financial health of the property must include rent history as well as current rental income. If Seller is unable to provide rental history then Seller must provide tax returns from previous two years as to verify rental income of the property.
As a seller, I reject 6 because it requires me to speculate and opens me up to liability. I already required (in the states I familiar with) to disclose known defects, but this item seems to imply a higher standard.
2. No payment for more than one month by any tenant within the last twelve months.
I also reject that whole second section about the late rent stuff.
1. Late payment by more than twenty days by the same tenant, more than two times in the last twelve months.
Unsatisfactory rental income history or unsatisfactory lease rent rates, as defined above, shall afford Buyer the right to terminate the contract. If the Buyer elects to terminate the Contract, the Contract shall become null and void, and the Deposit shall be immediately returned in Nike Air Max Red And White And Black
Within fifteen (15) days from when Buyer receives items 1 7 above from Seller, Buyer shall notify Seller of an unsatisfactory rental history, as defined below, or that current lease rent rates below $700 for any currently leased unit is unsatisfactory. An unsatisfactory rental history entails:
6. Necessary Repairs or Upgrades: Seller must provide list of repairs or upgrades that may be necessary for the property.
Having a general due diligence contingency (instead of specific circumstances in which you can back out) makes it less complicated to back out if you not happy with the information you receive.
5. Recent Repairs: Seller must provide breakdown of any repairs or upgrades performed on the property within the last year. Additionally, Seller must provide breakdown of any work done on roof since 2005, including replacement, repairs, or upgrades performed on the roof.
2. Buyer has 7 days after receiving requested documentation to back out of the deal for any reason.
I surprised that 1 through 5 and 7 aren in the P I seen those clauses, or ones worded similarly (or equivalent language) in the contracts I signed as a buyer and seller.
3. Year to Date Profit and Loss: Seller must provide a summarized financial statement for 2011 and a year to date summarized financial statement for 2012. Each of these statements shall include total collected rent and any expenses, including maintenance, utilities paid by the Seller, or any other expenditures related to the property.
Not to say you couldn propose the language, heck go for whatever you can get that protects you, Nike Air Max 2016 Midnight Navy
Should the Buyer find exception to any of the foregoing materials including rental income history, profit and loss statements from the last two years, or any of the items described in points 1 through 7 above, then and in its sole opinion, the Buyer may terminate the Purchase Agreement upon written notice to the Seller prior to the fifteen (15) day period as stated above. Upon giving of such notice of termination the Purchase Agreement shall become null and void, and of no further force or effect and the Deposit shall be immediately returned in full to the Buyer.
I wrote up an addendum that hopefully addresses Nike Air Max White Purple
but you might find that you won get agreement on all of it.
7. Recent Tax Bill: Seller must provide copy of most recent tax bill for the property.
I was going over my P Agreement, and realized there is no section in there which would allow me to nullify the contract and get my earnest money back if I discovered the rental income was not what the RE agent had told me. I then realized there was also no way to get out of the agreement if there were "unexpected" expenses the RE agent "mistakenly" forgot to tell me about, or some tenants weren paying their rent.
That doesn matter though, because your due diligence period (the way you worded it in 1 5) allows you to back out of the deal if you discover that the financials aren what was represented.
4. Copy of Management Contract: Seller must provide copy of property management contract if Seller uses a management company for the property.
most scenarios that would turn a deal sour. Any feedback would be appreciated.
full to the Buyer.
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