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An investment company wants to buy my house for man a price

Resolved Question:

An investment company wants to buy my house for man a price acceptable to us. However, he says he needs to bring in other partners to achieve said price. Before he begins looking for such partners, he says we need to sign a (1-page) contract.

Could you please review the contract verbiage (below) and advise whether or not I should have any concerns

"1. Full Purchase Price: $325,000 of which the above deposit shall apply as part. This contract is subject to: 1) buyer finding adequate financing and subject to partner's approval. Should adequate financing not be found, or property does not meet with partner's approval, all of said deposit shall be returned to the buyer. 2) Subject to clear title, seller to cover any liens, judgments, applicable fines from net proceeds. 3) Buyer will release seller from contract with advance notice for any reason before closing.

2. Other property: All Appliances, carpet, air conditioning, personal property, etc convey with property in as-is condition. Any personal property conveyed has no contributory value and is being left for Seller's convenience. No warranties given or implied.

3. Closing: Closing shall be within 60 Days or less, with possession granted upon closing. Sellers/Buyers Title Co. to hold deposit and close transaction.

4. Title commitment: This contract may be automatically extended for up to 60 days if needed to insure clear title. Seller agrees to convey title to the aforesaid property to the Buyer by deed appropriate to Sellers status, free and clear of all encumbrances or liens except real estate taxes and as noted here:

5. Radon Gas -Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities. May present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings. Additional information regarding radon and radon testing may be obtained from your county public health unit.

6. SOPHISTICATED BUYER Buyer represents that they are a sophisticated buyer and understands the term As-Is, takes complete responsibility for doing their own inspections and assessing value, and has been afforded an inspection period of 5 days. Buyer further understands expressly that there are no warranties whatsoever as to the condition of the property or anything contained in, on, or surrounding the property. The Buyer accepts the property in its As-is condition with all faults.

7. Default: Should Buyer default, for any other reason than the subject to conditions mentioned in paragraph one, the deposit is to be forfeited to seller as full damages. If Seller defaults, full deposit to be refunded.

8. Buyer-may assign, and be released from liability under this contract. 9. This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney prior to signing.
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

LegalBeacon :

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

LegalBeacon :

I have provided my comments below in bold, underlined, italicized text.

Customer:

anyone home?

LegalBeacon :

I'm typing your answer. It takes a bit of time to respond to the entire contract.

LegalBeacon :

1. Full Purchase Price: $325,000 of which the above deposit shall apply as part. This contract is subject to: 1) buyer finding adequate financing and subject to partner's approval. Should adequate financing not be found, or property does not meet with partner's approval, all of said deposit shall be returned to the buyer. You'll want to set a deadline for this...no more than 30 days; you don't want to be bound for long while he is not bound. 2) Subject to clear title, seller to cover any liens, judgments, applicable fines from net proceeds.You want to either have the right, but not the obligation, to clear unacceptable liens or decline in which case Buyer has the right to terminate. 3) Buyer will release seller from contract with advance notice for any reason before closing.No! This makes this only an option contract..you are bound and he is not. 2. Other property: All Appliances, carpet, air conditioning, personal property, etc convey with property in as-is condition. Any personal property conveyed has no contributory value and is being left for Seller's convenience. No warranties given or implied. 3. Closing: Closing shall be within 60 Days or less, with possession granted upon closing. Sellers/Buyers Title Co. to hold deposit and close transaction OK. 4. Title commitment: This contract may be automatically extended for up to 60 days if needed to insure clear title. Seller agrees to convey title to the aforesaid property to the Buyer by deed appropriate to Sellers status, free and clear of all encumbrances or liens except real estate taxes and as noted here: There will be all kinds of other encumbrances such as utility easements. You want to agree upon "permitted encumbrances" up front. 5. Radon Gas -Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities. May present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings. Additional information regarding radon and radon testing may be obtained from your county public health unit. 6. SOPHISTICATED BUYER Buyer represents that they are a sophisticated buyer and understands the term As-Is, takes complete responsibility for doing their own inspections and assessing value, and has been afforded an inspection period of 5 days. Buyer further understands expressly that there are no warranties whatsoever as to the condition of the property or anything contained in, on, or surrounding the property. The Buyer accepts the property in its As-is condition with all faults. 7. Default: Should Buyer default, for any other reason than the subject to conditions mentioned in paragraph one, the deposit is to be forfeited to seller as full damages. If Seller defaults, full deposit to be refunded. Make sure Seller has no additional liability. 8. Buyer-may assign, and be released from liability under this contract Not without your prior written consent. . 9. This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney prior to signing.

Customer:

OK - Thanks just making sure

Customer:

I guess I left off the last two items. They are as follows:

Customer:

8 - Buyer may assign and be released from liablility under this contract

Customer:

9 - this is a legal binding contract

Customer:

This seems to buttress you comment about a one-sided commitment

Customer:

sorry... I see you addressed those

LegalBeacon :

You don't want to allow the buyer to assign this contract without your prior written consent. You want to know who you are dealing with. This basically just obligates you for a period of time while he goes shopping for investors. Typically, you would want an investment buyer to already have the money tied up. I would give him 30 days to be bound; 60 days to close; and if he does not close after committing, he loses his earnest money.

Customer:

Thank you... is there anything else?

LegalBeacon :

You're welcome...it's been my pleasure to help! I think that's it! :) Have a great day!

Customer:

OK - you too

LegalBeacon :

Thanks...I appreciate that!

Richard, Attorney
Category: Legal
Satisfied Customers: 46875
Experience: Attorney with 29 years of experience.
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