http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/ The Boston Condo Blog - Boston Condos Information Source Thu, 28 Aug 2008 20:07:04 +0000 http://wordpress.org/?v=2.6.1 http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/#comment-393 Michelle Wed, 06 Aug 2008 19:10:18 +0000 http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/#comment-393 Thank you this is very informative. Does the same hold true for commercial properties in MA? would you have the same top 4 concerns? Thank you this is very informative. Does the same hold true for commercial properties in MA? would you have the same top 4 concerns?

]]> http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/#comment-302 Boston Condo Guy Thu, 08 May 2008 23:23:39 +0000 http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/#comment-302 Yvonne, you should be leveraging your real estate attorney for this, you have been working with an attorney, correct? Yvonne, you should be leveraging your real estate attorney for this, you have been working with an attorney, correct?

]]> http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/#comment-300 Yvonne Thu, 08 May 2008 18:30:51 +0000 http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/#comment-300 How about the seller not meeting the closing date? We have a messy situation. We signed a P&S with 20% down of purchase price. Within that timeframe, we reviewed the condo docs and didn't like the hazard waste information and so we canceled our agreement. All that was within the timeframe allowed. However, we took more time afterwards and decided that the hazard information was okay to deal with. But, we found out that borrowing for the downpayment out of our retirement was costly and we then didn't want to do the 20%, instead we said 8%. The builder said okay but there was no need to change the old P&S, he'd just do an addendum. The addendum had a line item stating 'upon pre-approved letter' for the new percentage down. Our bank approved us. The deadline was past due when our bank called us a week later and said no we can't do the 8% because the appraiser stated 'declining market'. Now it has to be 10%. We told the builder we couldn't do that. He threatened to take the deposit money ($18,000) and sue us for performance if we didn't more forward with the deal. He held us to the original P&S which we initially asked to change when we came back to the table. Would that hold up in court? The P&S also had a closing date of 5-12-08. Well, because of us being threatened for a lawsuit, we worked out a deal that the builder pay half of that 2% and we come up with the other monies. He now said that he can't close till May 23rd. I can't do that. It has to be before May 16th. Is there anyway of us not getting sued? We don't like losing the 18k but would, just don't want to be sued. How about the seller not meeting the closing date? We have a messy situation. We signed a P&S with 20% down of purchase price. Within that timeframe, we reviewed the condo docs and didn’t like the hazard waste information and so we canceled our agreement. All that was within the timeframe allowed. However, we took more time afterwards and decided that the hazard information was okay to deal with. But, we found out that borrowing for the downpayment out of our retirement was costly and we then didn’t want to do the 20%, instead we said 8%. The builder said okay but there was no need to change the old P&S, he’d just do an addendum. The addendum had a line item stating ‘upon pre-approved letter’ for the new percentage down. Our bank approved us. The deadline was past due when our bank called us a week later and said no we can’t do the 8% because the appraiser stated ‘declining market’. Now it has to be 10%. We told the builder we couldn’t do that. He threatened to take the deposit money ($18,000) and sue us for performance if we didn’t more forward with the deal. He held us to the original P&S which we initially asked to change when we came back to the table. Would that hold up in court? The P&S also had a closing date of 5-12-08. Well, because of us being threatened for a lawsuit, we worked out a deal that the builder pay half of that 2% and we come up with the other monies. He now said that he can’t close till May 23rd. I can’t do that. It has to be before May 16th. Is there anyway of us not getting sued? We don’t like losing the 18k but would, just don’t want to be sued.

]]> http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/#comment-228 Victoria Sat, 23 Feb 2008 23:24:57 +0000 http://www.boston-condos-for-sale.com/2008/01/17/nothing-standard-about-standard-purchase-and-sale-agreement/#comment-228 Very informative and excellent advice. Thank you. Very informative and excellent advice. Thank you.

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