Practice Tip. Use a specific date by which all parties have to accept or reject the offer – do not simply fill in a time period (e.g., “3 days”) as might be used in other sections of the Agreement. Subparagraph (B): Time is of the essence
Practice Tip. If the Property consists of several parcels, or if there is the possibility of confusion regarding the boundaries of the Property, prepare an addendum to the Agreement that attaches a copy of the legal description taken from the last recorded deed, a proposed deed, or the legal description prepared by an attorney. Make sure that the legal description is in fact the correct and current description of the Property being sold. Attaching a proper legal description of the Property will help ensure that there is no dispute regarding the description of the Property to be transferred. Practice Tip: Property identifiers may have different names in different counties. Use what works in your area (e.g. Parcel Number, Property Identification Number, Tax ID Number). Note: The Real Estate Licensing and Registration Act (RELRA) requires that Brokers identify: (1) the capacity in which they are engaged in a transaction; and (2) whether the Broker or any licensee affiliated with the Broker has provided services to any other party in the transaction. The information provided in the Business Relationship Blocks provides the appropriate business relationship information. Paragraph 25(D), is included to satisfy the second part of that requirement.
Practice Tip. If the parties wish to use the default time periods in the locations where blanks are provided it is not absolutely necessary to fill in the blank, but best practice would be to do so anyway. Even with a default provided, it is inadvisable to proceed with an Agreement that has any unfilled blank lines, especially considering that a misunderstanding over one of these time periods could cause major problems in the transaction. Note: There are some provisions in the Agreement that are required by law (e.g., Department of Transportation, Zoning, Coal Notice) that should not be modified. Practice Tip: Because zoning is often referred to by a letter/number combination that may mean different things in different municipalities, it is generally advisable to include a short description of the types of permitted uses as well.
Practice Tip. If the Buyer decides to make application for an FHA loan after signing the Agreement, lender practice is generally to provide the notice, then ask that the Buyers re- execute the Agreement of Sale to meet the requirement that the notice be provided prior to the Agreement being signed. If your Buyer is asked to amend the form to reflect a new execution date, remember that this new date may change all the timelines previously established in the Agreement unless an addendum states otherwise. Be sure to consult with both parties (and your broker) to be sure that everyone understands how this issue will be handled.
Practice Tip. When faced with an opposing party insisting on an inappropri- ate exclusion, try to change the language so that only damages that should not be recoverable anyway under contract are being excluded—such as punitive or non-foreseeable damages.
Practice Tip. If Xxxxx is a veteran, make sure the name on the Agreement matches the name on the discharge eligibility. SELLER(S): Starting next to the word “SELLER(S),” insert the name or names of Seller(s). Practice Tip: Do not use terms such as “all registered owners” or “owners in title.” The registered owners are not necessarily the only ones who must sign agreements and deeds to convey legal title (e.g., spouses of owners under certain circumstances). In the case of a cooperative sale where the Broker for Buyer does not have the proper names of all Sellers, leave the lines blank and ask the Broker for Seller to insert the proper names before approval.
Practice Tip. Under the Home Inspection Law, Home Inspectors may provide repair estimates, but only as a range of costs with the source of the estimate being identified, and accompanied by a statement that the parties should consider consulting with a contractor who performs the type of repairs involved. Keep in mind that you may wish to provide time to obtain outside estimates if you consider that they may be perceived as being more reliable than estimates provided by a home inspector; providing a reliable estimate as a Buyer may make it easier to negotiate for repairs or a credit. Note: The Buyer should be sure that requested repairs would be compliant with relevant codes and other requirements. The Agreement provides that if the Seller performs according to the terms of a Written Corrective Proposal, the Buyer cannot try later to hold the Seller liable for non-compliance. Note: The Seller can address each Written Corrective Proposal as it comes in, or can hold each of them and formulate a response once all of the proposals have been received.
Practice Tip. Some NMDs may be reluctant to remain under county supervision or in a particular placement, even though EFC may be in their best interest. The benefits of EFC should be explained to the NMDs and case managers may need to negotiate with NMDs to develop a plan that alleviates any concerns NMDs may have about remaining under court jurisdiction as an adult. If NMDs need help understanding the mutual agreement they can be referred to their attorneys.
Practice Tip. Case managers should work with the NMD’s current caregiver, especially relatives and NREFM, as appropriate, to determine their willingness to have the NMD remain in the current placement under the new licensing and approval standards for NMDs.
Practice Tip. Case management will have to be approached differently with NMDs; placement may an area in which conflict arises. It will be important to help NMDs understand what an appropriate and safe placement is and why they may not be ready for their placement of choice. Additionally, it will be important to let NMDs try more independent placements, even if they do not appear to be fully ready. It is better for them to try it while they have supportive services in place rather than after they exit xxxxxx care. If significant issues prevent placement of choice, it may be appropriate to develop a plan that the NMD can follow to work towards meeting the placement goal.
