On your contracts: what things did the lawyers go back-and-forth about??
Gonnacatchapeacock
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On your contracts: what things did the lawyers go back-and-forth about??
What did the homeowners have to add/take away? Anyone put down like 10% at contract?
My engineer report has some recommendations - does that mean that everyone of them has to get done before we move in?
Also, if certain aspects of the house had no C.O's - what did you do about it?
Thank again
computergirl
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Re: On your contracts: what things did the lawyers go back-and-forth about??
We did put down 10% at contract.
Re: engineer's report. Our report found a few things wrong with the house (we knew it was a fixer-upper, but these were things not visible as you're observing the house yourself). One was that the sewer was backed up. We had our lawyer put a clause in the contract that the seller had to fix the sewer and get a 1 yr written guarantee from Roto Rooter, or else they would credit us $x amount at closing.
does that mean that everyone of them has to get done before we move in?
The stuff in the engineer's report doesn't need to be fixed before closing (I think most sellers are not going to be bothered to fix them), but you could use these problems to adjust your bid before going to contract. That's what we did-- we got written estimates for what it would cost to repair the problems, presented them to the seller, and lowered our bid by that amount.
BlazeSyth
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Re: On your contracts: what things did the lawyers go back-and-forth about??
Re: COs; make sure in the contract that it says that the sellers must get the COs before closing.
Some contracts will have clauses in them that say that the seller will rip out deck, shed, etc INSTEAD of getting a CO and they will NOT lower the price.
Right now, we are waiting for sellers to get CO for finished basement, outside entrance to basement and second bathroom. Yippy.
computergirl
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Re: On your contracts: what things did the lawyers go back-and-forth about??
I feel stupid but I have to ask-- what's a CO?
AnniesSS
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Re: On your contracts: what things did the lawyers go back-and-forth about??
Certificate of Occupancy. Whenever you get something major done to your house, you need one.
computergirl
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Re: On your contracts: what things did the lawyers go back-and-forth about??
(smacks forehead) Doh! Thanks for the info.
TracyInQueens
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Re: On your contracts: what things did the lawyers go back-and-forth about??
Posted by Gonnacatchapeacock
Anyone put down like 10% at contract?
We did. And another 2% at closing.
Posted by Gonnacatchapeacock
My engineer report has some recommendations - does that mean that everyone of them has to get done before we move in?
I think it depends- we were strongly recommended to upgrade the electrical from 100 amps to 200, which we have not done but will before we move in. I really think it depends on whether or not they are safety issues or just things you should deal with. I think for us there were some other little things, but nothing that needs to be done NOW.
Posted by Gonnacatchapeacock
Also, if certain aspects of the house had no C.O's - what did you do about it?
Thank again
Our sellers had a shed that they were supposed to get a CO for. They decided not to get the CO. Our bank appraiser decided to overlook the lack of a CO. Otherwise the seller was going to tear down the shed. DH and I have been advised to get a CO, but it won't really be an issue till we sell. So we're not in a hurry.
My understanding based on my experience: if your bank's not going to make a big deal, it may not be a problem. BUT we were also talking about a shed, not a 500 sq. ft addition complete with indoor pool.
skew
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Re: On your contracts: what things did the lawyers go back-and-forth about??
Posted by Gonnacatchapeacock
What did the homeowners have to add/take away?
Anyone put down like 10% at contract?
Thank again
#1 we were in negotiations for over 6 weeks. our lawyer did an AWESOME job and was VERY detailed. a 6 page rider was added to the orginal contract. too many items to list. nothing alarming, just a lot of lawyer mumble jumble.
