For experienced brokers, late-stage contract adjustments are a routine part of closing transactions. The mechanics are familiar and include repair credits, possession agreements, date extensions, etc. What is less visible, and where attorney involvement becomes critical, is the legal exposure those changes can generate when they are not handled with precision. Modifications Require Mutual Assent...
Buyers often assume their mortgage choice is locked in the moment a contract is signed. In reality, loan programs can change during the transaction. What matters is whether that change alters the terms of the deal. Switching from a conventional loan to an FHA loan is possible after a contract is in place, but only...
We live in a DIY world. You can file your taxes, draft a will, and remodel a bathroom with the help of a few YouTube videos. So when it comes to real estate contracts, you might think, “How hard can it be?” The answer: hard enough to land you in a lawsuit. Know that I...
In the rare event that a buyer backs out at the closing stage of a real estate transaction, significant issues arise, particularly concerning the earnest money deposit. The fate of this deposit typically becomes a central matter of negotiation between attorneys representing both parties. Negotiating a Split When a buyer backs out, attorneys often negotiate...
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