Skip to main content

purchasing home from relocation company - question re: specific clause that appears to favor seller

I'm looking to purchase a home from a relocation company and had a specific concern regarding one clause in the rider agreement. I understand no responses here constitute legal advice or replace an attorney, I'm just hoping someone with more experience in this situation can shed some light.

The clause reads:

Buyer acknowledges that this sale is a corporate relocation transaction and that Seller's ability to transfer title is contingent upon Seller's ability to acquire contractual ownership of the property through a contract with the individual being relocated upon terms satisfactory to that individual and Seller on or before the closing date. If Seller does not acquire ownership, authority and/or obtain marketable title on or before the closing date, the Agreement may be deemed null and void at the option of either party. In that event, the earnest money or Buyer's deposit will be refunded to Buyer as Buyer's sole and exclusive remedy and Seller will be released from further liability.

Am I wrong in reading this as extremely favorable to seller in that they can essentially walk away at any point after an agreement is reached and all I am entitled to is my deposit? Obviously if they did this at closing, I would have incurred quite a few direct costs that would not be reimbursed, not to mention the wasted time and indirect costs of moving money around and having it tied up in anticipation of purchasing the home.

submitted by /u/jochexum
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/eh0ff2/purchasing_home_from_relocation_company_question/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more